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Freddie Mac's Primary Mortgage Market Survey for the week ending February 3, 2005 reports that the 30-year fixed mortgage is down yet again, dropping from 5.66 percent the week before to 5.63 percent. The 15-year rate was unchanged at 5.14 percent while the one-year ARM was up 0.05 percent to 4.23 percent. The newly tracked five-year ARM was also down from 5.02 percent to 5 percent.
Fees and points for three of the four categories rose from 0.6 to 0.7. Only the five year ARM remained at .06.
The Weekly Application Survey from The Mortgage Bankers Association for the week ending February 9 posted the 30 year fixed rate at 5.48 percent, down from 5.61, the 15 year rate at 5.06, down .04 percent, and the One-year Arm up substantially to 4.24 percent from 4.08 the previous week.
MBA's survey also showed its Market Composite Index, a measure of mortgage loan application volume, at 735.9, an increase of 4.2 percent (seasonally adjusted) from last week. On an unadjusted basis, this was down 8.7 percent from the same week in 2004.
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