Excerpts from HSH Associates newsletter dated 11/3/06:
Although fixed mortgage rates dropped by a dozen basis points this week to land at 6.38%, you shouldn’t expect them to wait there for long, according to the latest data from the nation’s leading survey of mortgage pricing. Hybrid five-one ARMs tripped lower, too, easing 13 basis points to close the survey period at 6.16%. Both figures are close to their year’s low.Rates wended their way down this week in a fairly steady fashion, as each piece of soft economic data seemed to make it more likely that the next Fed move would be to cut interest rates amid a slowing economy.
Fixed Rate Variable
|Survey Area||15 Year||30 Year||Composite||1 Year||Composite|
Data above include both conforming and jumbo loans for “A” credit borrowers and include a wide range of LTV and discount structures.