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Low Rates Might be Lower Next Week

Average 30-year 4.69%

Sept. 1, 2011

By SAM GARCIA MortgageDaily.com


portrait of Sam Garcia

Mortgage rates turned in a mixed performance this week, though they still remain very low by historical standards. One adjustable-rate product fell to its lowest level on record.

There was no week-over-week change in the average 30-year fixed-rate mortgage, which was 4.22 percent in Freddie Mac's survey of 125 mortgage lenders for the week ended Thursday. The 30-year was 4.32 percent during the same week last year.

For the month of July, the 30-year averaged 4.69 percent, according to Freddie's regulator, the Federal Housing Finance Agency. The average was 10 basis points better than in June.

It looks like the 30-year could be at least 5 BPS better in next week's report based on the 10-year Treasury note yield, which fell to 2.15 percent today from 2.23 percent last Thursday according to data reported by the Department of the Treasury.

But don't expect any changes based on 42 percent of the panelists surveyed by Bankrate.com for the week Sept. 1 to Sept. 7. A third, however, predicted a decline of at least 3 BPS, while a quarter forecasted an increase.

In the U.S. Mortgage Market Index report from Mortech Inc. and Mortgage Daily for the week ended Aug. 26 the spread between the conforming 30-year mortgage and the jumbo 30 year was 65 BPS, the same as the previous week.

The average 15-year fixed-rate mortgage was 3.39 percent in Freddie's survey, lower than 3.44 percent a week earlier. The 15-year mortgage became more attractive, with the spread between the 15 year and the 30 year widening to 83 BPS from 78 BPS in the prior report from Freddie.

At 2.96 percent, the five-year, Treasury-indexed, hybrid, adjustable-rate mortgage was the lowest ever recorded by Freddie. The five-year ARM was 3.07 percent in last week's survey.

Freddie reported that the one-year Treasury-indexed ARM averaged 2.89 percent, down from 2.93 percent a week earlier and 3.50 percent a year earlier.

The rate on the one-year ARM changes based on movement in the one-year Treasury note yield, which was unchanged from last Thursday at 0.10 percent, the Treasury Department reported.

The six-month London Interbank Offered Rate was unchanged from seven days prior at 0.48 percent as of Wednesday, Bankrate.com reported.

ARM share of new loan inquiries was 6.82 percent in the Mortgage Market Index report, up from 6.63 percent the prior week.


Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Before that, he worked in mortgage lending for two decades.

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