Mortgage Rate Update

Slower Than Expected Economic Growth Pushes Mortgage
Rates Lower, Reversing Trend of the Last Two Weeks

• Today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.31 percent with an average 0.4 point for the week ending November 2, 2006, down from last week when it averaged 6.40 percent. Last year at this time, the 30-year FRM averaged 6.31 percent.
• The 15-year FRM this week averaged 6.02 percent with an average 0.4 point, down from last week when it averaged 6.10 percent. A year ago, the 15-year FRM averaged 5.85 percent.
• Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.05 percent this week, with an average 0.5 point, down from last week when it averaged 6.14 percent. A year ago, the five-year ARM averaged 5.76 percent.
• One-year Treasury-indexed ARMs averaged 5.53 percent this week with an average 0.6 point, down from last week when it averaged 5.60 percent. At this time last year, the one-year ARM averaged 5.09 percent.

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