Freddie Mac’s Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 6.74% with an average 0.4 point for the week ending June 14, 2007, up from the previous week when it averaged 6.53%. Last year at this time, the 30-year FRM averaged 6.63%. The 30-year FRM has not been higher since the week ending July 20, 2006, when it averaged 6.83%.
The 15-year FRM on Friday averaged 6.43% with an average 0.4 point, up from the prior week when it averaged 6.22%. A year ago, the 15-year FRM averaged 6.25%. The 15-year FRM has not been higher since the week ending July 6, 2006, when it averaged 6.44%.
“Mortgage rates moved sharply upward this week, with rates on 30-year fixed-rate mortgages jumping more than 20 basis points, the largest upward movement in over three years,” said Frank Nothaft, Freddie Mac vice president and chief economist. “These moves parallel rising yields on Treasury securities, as concerns about inflation pressures and continuing strength of consumer and business spending have dimmed hopes for an interest rate cut.”
“Higher mortgage rates may weigh on the housing market’s gradual recovery. While demand appears to have stabilized, inventories of new homes remain high, putting downward pressure on new construction and home prices.”
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