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.

For Better and Worse

For Better and Worse

Average 30-year fixed rate 6.47%

September 7, 2006


photo of Coco Salazar
Mortgage requests and mortgage rates crept higher.

The average 30-year fixed-rate mortgage interrupted five consecutive weekly declines by edging up 3 basis points from last week to 6.47%, according to Freddie Mac’s latest Primary Mortgage Market Survey announcement. A year ago, the average was 0.76% lower.

“We expect that mortgage rates will continue to fluctuate as new economic data are released, but still remain in the 6.5 to 7 percent range for the rest of the year,” said Frank Nothaft, Freddie chief economist, in a written statement.

Sixty of the 100 mortgage bankers, brokers and other individuals surveyed by this week forecasted that rates will remain relatively unchanged over the next 35 to 45 days, 30 believed rates would rise and the remainder foresaw a fall.

The 15-year reportedly averaged 6.16%, or 2 BPS higher than a week ago.

The closely-watched 10-year Treasury yield closed today at 4.78%, five BPS higher than the previous week.

Up 3 BPS to 6.14% this week was the average for 5-year Treasury-indexed hybrid adjustable-rate mortgages, Freddie said.

The 1-year Treasury-indexed ARM average reportedly climbed 4 BPS from last week to 5.63%. The 1-year T-bill itself was up 0.01% within a week to 5.02% Tuesday, Federal Reserve data showed.

Meanwhile, the ARM share of mortgage application activity decreased from the previous week to 26% — the lowest level since October 2003, the Mortgage Bankers Association reported Wednesday.

Overall application volume improved about 2 percent for the week ending Sept. 1 as purchase money demand increased 4% and offset a 1% decline in refinance requests, MBA said.

Accordingly, the refinance share reportedly inched down from the prior week to 41%.


Coco Salazar is an assistant editor and staff writer for e-mail: [email protected]

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...