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Weekly Mortgage Rates for Week Ending August 9th, 2007

Main / Mortgage Rates

Lower Job Creation, Higher Employment Drop Mortgage Rates

Short Term Rates Up This Week

McLean, VA Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.59 percent with an average 0.4 point for the week ending August 9, 2007, down from last week when it averaged 6.68. Last year at this time, the 30-year FRM averaged 6.55 percent.

The 15-year FRM this week averaged 6.25 percent with an average 0.4 point, down from last week when it averaged 6.32 percent. A year ago, the 15-year FRM averaged 6.20 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.33 percent this week, with an average 0.5 point, up from last week when it averaged 6.29 percent. A year ago, the 5-year ARM averaged 6.21 percent.

One-year Treasury-indexed ARMs averaged 5.65 percent this week with an average 0.5 point, up from last week when it averaged 5.59 percent. At this time last year, the 1-year ARM averaged 5.69 percent.

(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)

"Interest rates on prime conforming fixed-rate mortgages eased further in the past week, according to the Primary Mortgage Market Survey, even though other sources such as HSH Associates reported that jumbo fixed rates increased by a quarter percent or more last week," said Frank Nothaft, Freddie Mac vice president and chief economist. "Job creation fell short of market expectations, with 92,000 jobs added in July, the smallest gain since February, and June's number was revised down by 6,000. In addition, the unemployment rate ticked up for the first time in four months to 4.6 percent.

"Freddie Mac reported that the amount of home equity cashed out through refinancing totaled $76.7 billion in the second quarter. Although slightly higher than the previous quarter's level, it still reflected a drop of $24.5 billion compared to the same quarter last year. Both the tightening of underwriting standards and slackening house price appreciation are possible contributing factors to the decline."

Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible more than 50 million times, ensuring financing for one in six homebuyers and more than four million renters.