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Drastic Move of Some Mortgage Rates
In the previous week's Freddie Mac Primary Mortgage Market Survey, the short term mortgage rates that had been rising very sharply during the time of last few weeks suddenly fell slightly last week. Whereas the long term rates almost remained unchanged.
The 30-year fixed rate mortgage (FRM) moved up one basis point with 0.5 point from 6.45 percent to 6.46 percent with same 0.5 point. During the year of 2006, at this same time the average rate of 30 year fixed rate mortgage was 6.47 percent.
The 15 year fixed rate mortgage with 0.5 point averaged 6.15 percent. Hardly shifting from 6.12 percent with 0.5 point during the week ending in August 30. Previous year during this time the 15 year fixed rate mortgage was at 6.16 percent.
The 5-year Treasury indexed hybrid adjustable rate mortgage (ARM) had an average contract interest rate of 6.32 percent with 0.6 point, yet again just a very little change from the previous week when it running at a rate of 6.35 percent with 0.6 point. The current rate is 19 basis points higher compared to what it was at this same time of 2006.
The most dramatic change has been shown by the 1-year treasury indexed adjustable rate mortgage. After jumping 24 basis points to 5.84 percent with 0.8 point during the last week, the adjustable rate mortgage settled down and returned back 10 of those basis points, averaging 5.74 percent with 0.6 point.
Frank Nothaft, vice-president and chief economist of Freddie Mac said, "Over the past week, long term mortgage rates were largely unchanged as the most recent economic news showed smaller increases than had been expected." He explained it with the example of rise in the core personal consumption expenditure price index at an annualized rate of only 1.3 percent in the second quarter where as the July's consumer spending data has shown a 1.9 percent gain in the core price index for the 12 months ending in July.
In the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ended September 7 demonstrated a remarkable drop in the 30-year fixed rate mortgage, from 6.42 percent with 1.09 point to 6.25 percent with 1 point.
The average contract interest rate for the 15-year fixed rate mortgage also had a strong decrease to 5.9 percent with 1.03 points from 6.10 percent with 1.16 points. The short term 1-year ARM decreased to 6.34 percent from 6.52 percent with points remaining unchanged at 0.93.
The mortgage application volume increased 5.5 percent from the previous week on a seasonally adjusted basis, but was down 16.7 percent from that previous week and was up with a slight 0.1 percent from what it was in the earlier year during the same time.
As a share of total mortgage activity, refinancing is up by 0.7 percent. It is now 42.1 percent from 41.4 percent during the last week. However, the market share of adjustable rate mortgages is dropping down continuously from 13.2 percent the previous week to 12.6 percent this week.