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Average
Mortgage Rates Continue To Rise
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Wed, 27 Jul 2005 14:08:56 EST
Average mortgage rates were up again last week according to
both Freddie Mac and the Mortgage Bankers Association (MBA).
Freddie Mac reported that fixed rate products were up for the
fourth week in a row with the 30-year fixed at 5.73 percent compared
to 5.66 percent the previous week and the 15-year up 7 basis
points to 5.32 percent. Fees and points, however, dropped a bit
dramatically, from 0.6 to 0.4 for both kinds of fixed rate mortgages.
This is the lowest point for fees and points this year.
The 5/1 hybrid ARM was also up from 5.15 percent for the previous
week to 5.26 percent and the 1-year ARM increased from 4.39 percent
to 4.42 percent. Again, fees and points were lower at 0.5 for
the 5/1 (compared to 0.7) and 0.6 for the one year, down 0.1
from the previous week.
The MBA survey had the 30-year fixed unchanged at 5.72 percent
and associated points (including the origination fee) up to 1.31
from 1.14. The 15-year fixed-rate mortgage increased to 5.32
percent from 5.28 percent, with fees and points decreasing almost
imperceptivity to 1.25. The one-year ARM increased to 4.70, up
7 basis points from one week earlier. Points for this product
decreased .01 to 0.98.
The MBA survey showed that mortgage applications decreased 5.8
percent on a seasonally adjusted basis from the week of July
15 but were still running well ahead of the 2004 pace; 20.7 percent
higher than the same week in 2004.
Given the increasing rates, it is no surprise that refinancing
as a share of total loan applications dropped from 45.7 percent
to 42.9 percent for the week. However, the adjustable rate mortgage
share increased to 29.4 percent from 28.5 the previous week.
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