Long-Term Rates Slip for Fourth Week

Freddie Mac, McLean, Va., released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage averaged 6.52% with an average 0.3 point for the week ending August 17, 2006, down from last week's average of 6.55%.By contrast, the 30-year FRM averaged 6.80% four weeks ago. Last year at this time, the 30-year FRM averaged 5.80%. The average for the 15-year FRM this week is 6.20%, with an average 0.3 point, unchanged from last week. A year ago, the 15-year FRM averaged 5.40%. Five-year Treasury-indexed hybrid adjustable-rate mortgages fell to 6.18% this week, with an average 0.4 point, from last week's rate of 6.21%. A year ago, the five-year ARM averaged 5.34%. One-year Treasury-indexed ARMs averaged 5.65% this week, with an average 0.5 point, was down from last week when it averaged 5.69 %. At this time last year, the one-year ARM averaged 4.58%.