Last week, Freddie Mac released the results of its Primary
Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM)
averaged 6.20 percent with an average 0.5 point for the week ending
November 21, 2007, down from the prior week when it averaged 6.24
percent. Last year at this time, the 30-year FRM averaged 6.18 percent.
The 30-year FRM has not been lower since the week ending May 10, 2007,
when it averaged 6.15 percent. The 15-year FRM averaged 5.83 percent
with an average 0.5 point, down from the previous week when it averaged
5.88 percent. A year ago, the 15-year FRM averaged 5.91 percent. The
15-year FRM has not been lower since the week ending February 2, 2006,
when it averaged 5.81 percent.
"Both the producer price index and the consumer price index
remained contained in October while industrial production fell," said
Frank Nothaft, Freddie Mac vice president and chief economist. "This
allowed interest rates for the 30-year FRM to decline to the lowest
levels since early May 2007 and the 15-year FRM to fall to a level not
experienced since early last year."
[SOURCES: Freddie Mac; Information, Inc./ 11-27-07 Edition of the TAR DIGEST]
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