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Mortgage Rates For Week Ending Thursday, October, 25th, 2007

Main / Mortgage Rates

WORRIES OVER SLOWER ECONOMIC GROWTH HELPED MORTGAGE RATES

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 6.33 percent with an average 0.5 point for the week ending October 25, 2007, down from last week when it averaged 6.40 percent. Last year at this time, the 30-year FRM averaged 6.40 percent.

The 15-year FRM this week averaged 5.99 percent with an average 0.6 point, down from last week when it averaged 6.08 percent. A year ago, the 15-year FRM averaged 6.10 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.03 percent this week, with an average 0.5 point, down from last week when it averaged 6.11 percent. A year ago, the 5-year ARM averaged 6.14 percent.

One-year Treasury-indexed ARMs averaged 5.66 percent this week with an average 0.6 point, down from last week when it averaged 5.76 percent. At this time last year, the 1-year ARM averaged 5.60 percent.

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

“Market concerns about slower economic growth over the next few months allowed mortgage rates to drift lower from last week,” said Frank Nothaft, Freddie Mac vice president and chief economist. “How much of a drag the housing slump will be on the economy remains unknown. Additionally, recent reports suggest some regional manufacturing weakness in October.

“Meanwhile, sales of existing single-family homes in September dropped to the slowest pace in nearly a decade – since January 1998 – reflecting the effects of the credit tightening that occurred in August.”

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.