Industry News

Real estate rates climb further

Housing market to feel little impact in '05

Long-term mortgage rates rose for the second consecutive week, according to Freddie Mac's weekly mortgage survey. Freddie Mac reported that the 30-year fixed-rate mortgage averaged 5.81 percent for the week ended today, up from last week when it averaged 5.75 percent. The average for the 15-year fixed-rate mortgage this week is 5.23 percent, up from last week when it averaged 5.18 percent. Points on both the 30- and 15-year averaged 0.6. One-year Treasury-indexed adjustable-rate mortgages averaged 4.19 percent this week, with an average 0.6 point, up slightly from last week when they averaged 4.17 percent. "The 30-year (fixed-rate mortgage) came in under 6 percent for the last 22 weeks of this year. As a matter of fact, mortgage rates in 2004 averaged around 5.84 percent, the second lowest annual rate ever recorded in the history of Freddie Mac's Primary Mortgage Market Survey," said Amy Crews Cutts, Freddie Mac deputy chief economist. "Total home sales reflected those affordable ...

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