Rates Are "Flat"

Freddie Mac’s Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 6.18% with an average 0.4 point for the week ending January 4, 2007, unchanged from last week when it averaged 6.18%. Last year at this time, the 30-year FRM averaged 6.21%.

The 15-year FRM on Friday averaged 5.94% with an average 0.4 point, up slightly from last week when it averaged 5.93%. A year ago, the 15-year FRM averaged 5.76%.

“Interest rates were flat this past week, reflecting the mixed messages from recent economic indicators,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The recently released manufacturing report showed improvement, and while new construction spending for November was down, it was still better than expected. On the other hand, a private sector employment report suggested that the labor market was weaker than anticipated. As a result, 30-year fixed-rate mortgage rates started off the year at about the same level as this time last year.”

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