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Home arrow Financial News arrow Mortgage News arrow Mortgage rates plunge to levels

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Mortgage rates plunge to levels
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Friday, 15 September 2006

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McLEAN, VA --  Primary Mortgage Market Survey (PMMSSM) released today the results of the 30-year fixed-rate mortgage, which averaged 6.43 percent with an average 0.5 point for the week ending in September 14.   The 15-year FRM this week averaged 6.11 percent with an average 0.4 point, down from last week when it averaged 6.16 percent. A year ago, the 15-year FRM averaged 5.32 percent.

"Although 30-year mortgage rates are about three-fourths of a percentage point higher than they were last year, it's good to keep in mind that rates have dropped from the high of 6.80 percent reached just eight weeks ago," said Frank Nothaft, Freddie Mac vice president and chief economist. "And with short-term interest rate increases seemingly on hold, for a while at least, interest rates over all should not experience any big shifts in either direction."

"The risk to our forecast of relatively stable mortgage rates is that inflation will unexpectedly heat up, causing bond markets to raise their expectations that the Fed will intervene by raising short-term rates. In that case, mortgage rates will again start to rise."


Edwina Baniqued

 
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