Mortgage Daily

Published On: December 27, 2007
Mortgage Market WeakensAverage 30-year 6.17%

December 27, 2007


Mortgage rates were mixed this past week, though loan applications were clearly lower.

The average 30-year fixed-rate mortgage was 6.17% in Freddie Mac’s latest Primary Mortgage Market Survey announced today. The 30-year rose 3 basis points from a week earlier but was 1 BPS lower than a year earlier.

The 15-year fixed-rate averaged 5.79%, unchanged from the prior week, Freddie said.

Stronger consumer spending and an increase in the November core price deflator was offset by a decline in the November index of leading economic indicators and a weak December manufacturing report in Philadelphia, Frank Nothaft, chief economist for Freddie, said in the statement.

While one-third of the mortgage bankers, mortgage brokers and others surveyed by this week forecast falling rates, 58% saw an uptick while the rest predicted no change.

A barometer of fixed mortgage rates, the 10-year Treasury yield, was 4.23% near midday, down 5 BPS for the day but well above 4.00% reported week earlier.

The average 5-year Treasury-indexed hybrid adjustable-rate mortgage was unchanged from the prior week at 5.90%, Freddie’s data indicated.

The 1-year Treasury ARM averaged 5.53%, up from 5.51% last week, Freddie reported. The yield on the 1-year Treasury itself was 3.49% yesterday, rising about 23 BPS over the prior seven days, according to data from the U.S. Treasury.

Another ARM index, the London Interbank Offered Rate — or LIBOR, yielded 4.72% as of Wednesday, falling from 4.83% seven days earlier, reported.

ARMs accounted for 10% of loan applications tracked in the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey. A week earlier, the ARM share was slightly lower.

MBA said 9% decline in refinance applications led to an 8% decline in overall applications. Refinances represented 53 percent of all applications, barely changed from the previous week.

Tools for Your Next Big Decision.

Amortization Calculator

Affordability Calculator

Mortgage Calculator

Refinance Calculator

FHA Mortgage Calculator

VA Mortgage Calculator

Real Estate Calculator


Pre-Approval Resources!

Making well educated decions in a matter of minutes and stay up to date on the latest news Mortgage Daily has to offer. Read our latest articles to stay up to date on what’s going on…

Resource Center

Since 1998, Mortgage Daily has helped millions of people such as yourself navigate the complicated hurdles of the mortgage industry. See our popular topics below, search our website. With over 300,000 articles, we are guaranteed to have something for you.

Your mortgages approval starts here.

Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here.

Stay Up To Date with Today’s Latest Rates


Today’s rates starting at


5/1 ARM
$200,000 LOAN

Home Refinance

Today’s rates starting at


$200,000 LOAN

Home Equity

Today’s rates starting at


$200,000 LOAN


Today’s rates starting at


$200,000 LOAN