Get Your Mortgage Rate Quote in Just 30 Seconds

Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below.

Current Rates to Hold All Year

Current Rates to Hold All Year

Average 30-year fixed rate 6.24%

February 9, 2006


photo of Coco Salazar
Rates rose to a level they are expected to remain this year.

The 30-year fixed-rate mortgage averaged 6.24%, edging up 1 basis point from a week ago, the latest Freddie Mac Primary Mortgage Market Survey reportedly showed. Last year at this time, the average was 5.57%.

“With no big economic news to influence the direction of mortgage rates this week, the numbers drifted very slightly upward,” explained Frank Nothaft, Freddie chief economist, in a written statement. “We see this trend continuing throughout 2006, with the 30-year … ending the year at about 6.3 percent.”

The expected level for the 30-year at yearend is about 20 BPS lower than what Freddie forecasted last month because even though “long-term bond yields have come up in recent weeks, long-term fixed mortgage rates have been slower to rise,” the secondary lender said in its February forecast.

The average for the 15-year came in at 5.83%, up 2 BPS from last week, Freddie said.

Two-thirds of the 100 mortgage industry “experts” surveyed this week reportedly believe rates will rise over the next 35 to 45 days, and the rest predicted they’d stay within 2 basis points of current levels.

Going the opposite direction, the 10-year Treasury note, the gauge for long-term mortgage rates, yielded 4.53% with a price of 99.69 in afternoon trading today, slightly better than 4.56% and 99.50 at the market’s close a week earlier.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage reportedly nudged up 2 BPS in one week to 5.89%.

Freddie said the 1-year Treasury-indexed ARMs averaged 5.34%, just 1 BPS above last week’s average. The 1-year ARM’s index, the 1-year Treasury-bill itself, was 4.66% Wednesday, up six BPS from a week earlier, according to the Federal Reserve.

Initial rates on fully amortizing, 1-year ARMs are also forecasted to rise at a slower rate than predicted last month, now ending the year with an average of 5.3%, instead of 5.5%, according to Freddie’s updated forecast.

ARMs comprise about 30% of total mortgage applications, the Mortgage Bankers Association reported.

Originators took in 1% fewer applications last week than in the week ending Jan. 27, MBA said. The slight decline reflected the 2% decrease in purchase money application activity, as requests were unchanged from the prior week.

The refinance share of total applications slipped from the previous week to 42%.

Coco Salazar is an assistant editor and staff writer for

Popular posts

7 Refinance Strategies
7 Refinance Strategies

Refinance to a lower interest rate: If interest rates have dropped since you took out your original mortgage, refinancing to a lower rate can help you save money on your monthly payments and reduce the overall cost of your loan. Refinance to a shorter loan term:...

7 Refinance Strategies
Is Refinancing With Your Present Lender Preferable?

Do Not Accept the First Refinancing Offer You Receive Homeowners should not accept the first refinancing rate provided to them. This is particularly important if you are applying with your existing lender. Some mortgage lenders have mechanisms in place that prioritize...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

Fannie Mae Profile

Fannie Mae Profile

Last Updated December 27, 2018 7:38 PM Central   full list | other directories | bank search | SEC...