From Realtor Magazine Online, Daily Real Estate News August 22, 2008
The 30-year fixed-rate mortgage declined in the week ending Aug. 21, falling to an average of 6.47 percent from last week's 6.52 percent, according to Freddie Mac.
Last year at this time, the 30-year rate averaged 6.52 percent.
"Even with the current historically affordable mortgage rates, news continues to show signs of weakening in the housing sector," said Frank Nothaft, Freddie Mac vice president and chief economist. "For example, housing starts fell to 0.965 million units (annualized) in July, the slowest pace since March 1991. As a result, homebuilder confidence remained at an all-time record low in August since the series began in January 1985.
The 15-year fixed-rate mortgage this week averaged 6.00 percent, down from last week when it averaged 6.07 percent, and last year when it averaged 6.18 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.99 percent this week, down from last week when it averaged 6.02 percent.
A year ago, the 5-year ARM averaged 6.34 percent.
One-year Treasury-indexed ARMs averaged 5.29 percent this week with an average 0.5 point, up from last week when it averaged 5.18 percent. At this time last year, the 1-year ARM averaged 5.60 percent.
"Next week, market watchers will be looking to the release of house price indices from S&P/Case-Shiller, OFHEO, and Freddie Mac for signs of whether home prices may be slowing their descent as recent monthly indices have shown, or whether the observed deceleration was temporary," Nothaft says. Read more coverage of this week's Primary Mortgage Market Survey by Freddie Mac.
Source: Freddie Mac
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