Freddie: Weaker Job Market Equals Lower Rates

Freddie Mac released the results of its Primary Mortgage Market Survey in which the GSE concluded that a stalling jobs market and a pullback in consumer spending has caused rates to fall. The 30-year fixed-rate mortgage averaged 6.20% with an average 0.7 point for the week ending November 6, 2008, down from last week when it averaged 6.46%. Last year at this time, the 30-year FRM averaged 6.24%. Similarly, the 15-year FRM this week averaged 5.88% with an average 0.7 point, down from last week when it averaged 6.19%. A year ago at this time, the 15-year FRM averaged 5.90%. Lastly, five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 6.19% this week, with an average 0.6 point, down from last week when it averaged 6.36% and one-year Treasury-indexed ARMs averaged 5.25% this week with an average 0.4 point, down from last week when it averaged 5.38%.