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Freddie Mac and the Mortgage Banker's Association continued their yin and yang over mortgage rates this week, but, as they often do, ended up in essentially the same place when all was said and done.
Freddie's rates for the week ended April 7 nearly mirrored MBA's figures from the week before. Its Weekly Primary Mortgage Market Survey reported that rates were down 10 basis points almost across the board (the 30 year was down 11 points.) The reported rates were 5.93 percent for the 30-year, 5.48 percent for the 15-year, 5.33 percent for the 5/1 ARM and 4.23 for the 1-year ARM. Fees and points were stable at 0.7 for the first three categories but down 0.1 to 0.7 for the 1-year ARM.
MBA reported all but the 1-year was up compared to the previous week. The 30-year increased to 5.95 percent from 5.91; the 15-year was up 0.03 percent to 5.51 percent while the 1-year ARM was down to 4.28 percent from 4.29 percent the previous week.
The MBA's Mortgage Composite Index, a measure of mortgage loan application volume, was up 6.1 percent from a week earlier but continued its 2005 trend of under-performing figures of a year ago. It was down 12.1 percent compared with the same week in 2004.
Refinances last week dropped to 38.1 percent of total mortgage loan applications, down 0.1 percent from the previous week and the adjustable rate mortgage share of all mortgage activity increase to 35.8 percent from 35.2 the previous week.
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