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Mortgage
Rates Up For Week While Activity Continues To Slow
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Thu, 18 Aug 2005 14:40:34 EST
Mortgage rates were up again for the week ended August 11 (Freddie
Mac) and August 12 (Mortgage Bankers Association.) This is the
sixth straight week that Freddie Mac's Weekly Primary Mortgage
Market Survey showed an increase in the 30 year fixed rate mortgage.
That product averaged 5.89 percent last week, up from 5.82 percent
the previous week but fees and points dropped 0.1 to 0.5. The
15-year fixed increased 9 basis points to 5.47 percent while
fees and points remained unchanged at 0.6. The hybrid 5/1 ARM
increased from 5.30 percent to 5.40 percent; fees and points
for that product were down 0.1 from the previous week - to 0.6
and the 1-year ARM was up 10 basis points to 4.57 with fees and
points unchanged at 0.7.
Still, six weeks does not a pattern make - at least not recently.
Rates climbed for eight straight weeks in February and March
of this year, reaching 6.04 percent before turning tail and dropping
for 13 weeks in a row.
MBA's survey reported the average contract interest rate for
30-year fixed-rate mortgages increased to 5.91 percent from 5.83
percent with points, including the origination fees up from 1.16
to 1.24. The 15-year was up 8 basis points to 5.49 percent with
fees increasing 0.16 to 1.29. One-year ARMS increased from 4.78
percent to 4.88 percent and points bumped up 0.01 to 1.00.
Mortgage activity continues to slow. Applications were down
0.9 percent on a seasonally adjusted basis from the previous
week and down 1.3 percent on an unadjusted basis. The pace was
still, however, running 20.8 percent higher than the same week
in 2004.
Refinances as a percent of overall activity also continued to
decline, down 0.8 percent from the previous week to 40.9 percent.
The ARM share of all mortgages was up slightly to 19.7 percent
from 28.5 the previous week.
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