One-Year ARM Rates Rise, All Others Fall

According to Freddie Mac's Primary Mortgage Market Survey the 30-year fixed-rate mortgage (FRM) averaged 5.94%, down from last week when it averaged 6.10%. Last year at this time, the 30-year FRM averaged 6.40%. Similarly, the 15-year FRM this week averaged 5.63%, down from last week when it averaged 5.78%. A year ago at this time, the 15-year FRM averaged 6.06%. Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.90%, down from last week when it averaged 6.00%. The only rise came among one-year Treasury-indexed ARMs, which averaged 5.15% this week, up from last week when it averaged 5.12%. Putting the numbers into context, Frank Nothaft, Freddie Mac vice president and chief economist said, "Longer-term mortgage rates fell for the first time in three weeks, roughly following bond market yields. Meanwhile, the latest housing market data showed some pickup in home purchase activity in August."