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Home Buying Up as Rates See Small Decline

NationalMortgageProfessional.com
Jul 28, 2011

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), which shows mortgage changing little for the week amid mixed macroeconomic data. The 30-year fixed-rate mortgage (FRM) averaged 4.55 percent with an average 0.8 point for the week ending July 28, 2011, up from last week when it averaged 4.52 percent. Last year at this time, the 30-year FRM averaged 4.54 percent. The 15-year FRM this week averaged 3.66 percent with an average 0.7 point, the same as last week when it also averaged 3.66 percent. A year ago at this time, the 15-year FRM averaged 4.00 percent. "Macroeconomic data released this week were a mixed bag," said Frank Nothaft, vice president and chief economist for Freddie Mac. "On the positive side, the index of leading indicators in June rose for the second consecutive month, beating the market consensus forecast. Partly offsetting this, orders for durable goods were weaker than market expectations for the same month. The net effect on mortgage interest rates was very little change from the prior week." The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.25 percent this week, with an average 0.6 point, down from last week when it averaged 3.27 percent. A year ago, the 5-year ARM averaged 3.76 percent. The one-year Treasury-indexed ARM averaged 2.95 percent this week with an average 0.5 point, down from last week when it averaged 2.97 percent. At this time last year, the one-year ARM averaged 3.64 percent. "Seasonal home buying is beginning to prop up house price indexes across the nation," said Nothaft. "For instance, the S&P/Case-Shiller 20-City Composite index (not seasonally-adjusted) rose for the second consecutive month in May to the highest reading since January. In addition, 17 of the 20 cities exhibited increases, led by a 2.7 percent monthly gain in Boston and a 2.6 percent rise in Minneapolis. Compared to a year ago, though, values were lower in 19 of the 20 markets as of May; bucking the trend elsewhere, the Washington, DC metro area posted a 1.3 percent gain in prices over the past year."
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