Mortgage Rate Update

by Osman Parvez

Freddie Mac released its mortgage market survey (PMMS) today. 30 YR fixed rates averaged 6.26% with 0.5pt, down for a second week in a row from 6.28% the previous week. 5 YR ARMS averaged 5.76% with an average 0.6 points, up a slight 0.01% from the previous week.

"Mortgage rates are in a holding pattern at the moment as financial markets try to discern where inflation and growth in the economy are headed," said Frank Nothaft, Freddie Mac's vice president and chief economist. "Until the market decides these issues, mortgage rates should stay within a relatively narrow band."  

"Current low mortgage rates, coupled with the higher 2006 conforming loan limits of $417,000, should help to keep the mortgage industry bustling as we head into the new year."

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This document contains forward-looking statements. You are strongly cautioned that investment results are subject to business, economic and other uncertainties. There are no guarantees associated with any forecast and the opinions stated here are subject to change at any time. Always consult your financial advisor before making an investment decision.