Fixed Mortgage Rates Fall Again(December 23, 2005) --
The national average commitment rate on a 30-year, fixed mortgage hit 6.26 percent this week, a decline from 6.30 percent a week ago, according to Freddie Mac.
The national average commitment rate on a 15-year, fixed mortgage slipped as well to 5.79 percent from 5.85 percent last week; however, The average rate on a one-year, adjustable-rate mortgage and five-year adjustable mortgage were up—5.82 percent this week from 5.77 percent and 5.22 percent this week from 5.15 percent last week, respectively.
"Although mortgage rates by and large are higher than they were at the start of the year, they've only risen about 1 percentage point since hitting a four-decade low in June of 2004," says Freddie Mac chief economist Frank Nothaft.
Analysts generally agree that the Federal Reserve will raise rates once again at policy-setting meetings on Jan. 31 and March 28.
Source: Detroit Free Press (12/23/05); Crutsinger, Martin
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