Freddie Report Indicates Rates Easing

Freddie Mac's Primary Mortgage Market Survey notes that the 30-year fixed-rate mortgage rate averaged 6.52% with an average 0.4 point for the week ending August 23, 2007, down from last week when it averaged 6.62.Last year at this time, the 30-year FRM averaged 6.48%. The 15-year FRM this week averaged 6.18% with an average 0.5 point, down from last week when it averaged 6.30%. A year ago, the 15-year FRM averaged 6.18%. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.34% this week, with an average 0.6 point, down from last week when it averaged 6.35%. A year ago, the 5-year ARM averaged 6.14%. One-year Treasury-indexed ARMs averaged 5.60% this week with an average 0.6 point, down from last week when it averaged 5.67%. At this time last year, the 1-year ARM averaged 5.60%. (Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)