Thursday, December 01, 2005

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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