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Thursday, June 21, 2007

Market Rates

June 21, 2007

Freddie Mac's latest survey reports the 30-year fixed-rate mortgage (FRM) averaged 6.69 percent this week, down from last week when it averaged 6.74 percent. Last year at this time, the 30-year FRM averaged 6.71 percent.
Frank Nothaft, Freddie Mac vice president and chief economist, explain the downward moves, saying, "Mortgage rates eased this week due to market concerns that the housing market will be a longer drag on the economy. May's housing starts fell for the first time in four months, while homebuilder optimism in June fell to a sixteen-year low."
He added, "Thus far this year, the housing sector directly shaved 0.8 percentage points off real economic growth in the first quarter, compared to the 1.2 percentage points it lopped off growth in the second half of 2006."

Preferred Mortgage
Bobbi Dickerson, loan officer


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