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Rates mixed in last weeks reports
Mortgage interest rates made substantial moves during the week ended March 6 and 7, but according to surveys conducted by Freddie Mac and by the Mortgage Bankers Association (MBA) they made the moves in opposite directions. There are frequently differences in the trends revealed in the two surveys which have different sized data bases (MBA is larger) and collect information from different if overlapping participants (Freddie Mac's survey is limited to conforming mortgages), but seldom is the disparity as stark as it was this week.
Freddie's Primary Mortgage Market Survey reported that the 30-year fixed-rate mortgage (FRM) dropped from 6.24 during the week ended February 29 to 6.03 percent last week. Fees and points were unchanged at an average of 0.5. This was the lowest rate for the 30-year so far in 2008.The 15 year FRM was 25 basis points lower than the previous week, averaging 5.47 percent. Fees and points for this product were also unchanged at 0.5.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 5.34 percent with 0.5 point down from the previous week when it averaged 5.43 percent with 0.4 point.
One-year Treasury-indexed ARMs dropped below 5 percent again, averaging 4.94 percent with 0.5 point compared with an average ... more
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