Skip to main content

MISMO releases MXCompliance Title v2.3.2

Apr 15, 2008

Freddie Mac survey: Inflation jitters push mortgage rates up this weekMortgagePress.comFreddie Mac, Primary Mortgage Market Survey, Frank Nothaft Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year, fixed-rate mortgage (FRM) averaged 6.03 percent with an average 0.3 point for the week ending April 24, 2008, up from last week when it averaged 5.88 percent. Last year at this time, the 30-year FRM averaged 6.16 percent. The 15-year FRM this week averaged 5.62 percent with an average 0.3 point, up from last week when it averaged 5.40 percent. A year ago at this time, the 15-year FRM averaged 5.87 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.68 percent this week, with an average 0.5 point, up from last week when it averaged 5.48 percent. A year ago, the 5-year ARM averaged 5.88 percent. One-year Treasury-indexed ARMs averaged 5.29 percent this week with an average 0.5 point, up from last week when it was 5.10 percent. At this time last year, the 1-year ARM averaged 5.43 percent. Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage. "Average rates on mortgages increased across the board this last week as the most recent economic data raised inflationary concerns in the capital markets," said Frank Nothaft, Freddie Mac vice president and chief economist. "For example, the Producer Price Index--a measure of wholesale inflation--increased 1.1 percent in March, nearly double the consensus expectations. "March's index of leading indicators showed a tepid increase of 0.1 percent, after five consecutive months of decline. As a result, trading of federal funds futures contracts implied a reduced likelihood of a substantial rate cut at the next Federal Open Market Committee meeting." For more information, visit www.freddiemac.com.
About the author
Published
Apr 15, 2008
More from
Tech
Fidelity National Financial Names Jason Nadeau As Chief Artificial Intelligence Officer

Nadeau joined Fidelity National Financial in 2018, serving as Chief Digital Officer

May 23, 2024
Planet Home Lending Welcomes New Executive Vice President And Chief Information Officer

Bill Shuler brings a diverse background in IT leadership and mortgage consulting to the role

May 21, 2024
Automation Attracts Investors Who Love Homogenous Loan Pools

Human-free underwriting promises to expand primary and secondary, non-agency markets

May 02, 2024
Raising An Ai Brainchild In The Mortgage Industry

Angel Ai takes on the next five years with a new ‘do and functions to boot

May 02, 2024
NAR Partners With SoFi

NAR members and their clients can receive exclusive rates and discounts on mortgages, student loan refinancing and personal loans.

Apr 09, 2024
How InstaAI Transforms Loan Officers' Efficiency And Performance

By building a first-of-its-kind GenAI solution, InstaMortgage continues to redefine industry standards

May 07, 2024