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Mortgage Rates For Week Ending January 31st, 2008

Main / Mortgage Rates

Mortgage Rates Bounce Back From Four-Week Downward Trend -Rates Are Still Well Below Historical Average

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 5.68 percent with an average 0.4 point for the week ending January 31, 2008, up from last week when it averaged 5.48 percent. Last year at this time, the 30-year FRM averaged 6.34 percent.

The 15-year FRM this week averaged 5.17 percent with an average 0.4 point, up from last week when it averaged 4.95 percent. A year ago at this time, the 15-year FRM averaged 6.06 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.32 percent this week, with an average 0.4 point, up from last week when it averaged 5.13 percent. A year ago, the 5-year ARM averaged 6.04 percent.

One-year Treasury-indexed ARMs averaged 5.05 percent this week with an average 0.7 point, upfrom last week when it was 4.99 percent. At this time last year, the 1-year ARM averaged 5.54 percent

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

"Mortgage rates ended their four-week descent this week, with average rates on 30-year and 15-year fixed rate mortgages coming up by about 0.2 percentage points," said Frank Nothaft, Freddie Mac vice president and chief economist." This increase completely erased the previous week's decline. The movement in fixed mortgage rates was broadly consistent with the movements of Treasury bonds over the week.

"Reinforcing the Fed's resolution to thwart a recession, the Federal Open Market Committee announced another cut in the target federal funds rate by half of a percentage point in their most recent scheduled meeting. This came on the heels of the Fed's rate cut of three-quarters of a percentage point the previous week, and the shaping-up of a fiscal stimulus package by Congress and the White House. This cut was in line with market expectations."

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.