Mortgage Rates Down
Freddie Mac just released the results of its Primary Mortgage Market Survey. The survey indicates that the 30-year fixed-rate mortgage (FRM) averaged 6.28%, with an average 0.6 point, for the week ending November 24, 2005. This is down from last week’s average of 6.37%. At this time last year, the 30-year FRM averaged 5.72 percent. The average for the 15-year FRM this week is 5.81%, with an average 0.6 point, also down from last week when it averaged 5.90 percent. A year ago, the 15-year FRM averaged 5.15%.
“Lower oil prices — at least compared to the last several months — have helped to alleviate some of the inflation fears that the market has been experiencing lately,” said Frank Nothaft, Freddie Mac vice president and chief economist. “That helped to reduce upward pressure on interest rates last week, allowing mortgage rates to ease a bit for the first time in 13 weeks.”
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