Freddie Mac and the Mortgage Bankers� Association surveys for the weeks ended June 16 and June 17 were, for once, in total agreement - the average mortgage rates for all the products they tracked went up, some as much as 9 basis points.
Freddie Mac reported the 30-year fixed mortgage rate at 5.63. This was up from 5.56 percent the previous week. Fees and points, however, declined to 0.5 from 0.6. The 15-year fixed increased from 5.14 to 5.22 percent with fees holding steady at 0.5. The 1-year ARM was up only slightly to 4.25 percent from 4.21 percent and the 5/1 ARM showed the greatest increase from 5.01 to 5.10 percent. Fees for the 5/1 and the 1-year were unchanged at 0.5 and 0.6 respectively. In spite of the increases both of the fixed rate products and the hybrid (5/1) ARM were still well below 2005 highs reached in March of this year.
The MBA also reported the 30-year fixed at 5.63 percent, up .01 percent. 15-year mortgages averaged 5.24 percent from 5.18 the previous week and the 1-year ARM increased to 4.46 percent from 4.38 percent one week earlier.
Mortgage applications were down approximately 11.5 percent on both a seasonally adjusted and unadjusted basis from the previous week but were still running well ahead of the same week in 2004 � an increase of 29.6 percent.
The refinance share of mortgage activity dropped back a bit from the surprising 46.4 percent of the previous week but still represented 45.6 percent of all applications. The ARM share of the market continued its gradual decline and now represents 30.7 percent of mortgages compared to 30.9 the previous week.