Interest Rates Increase, then retreat on Friday

Nationwide, 30-year fixed-rate mortgages averaged 6.30%, for the week ending February 15, up from last week's 6.28%.  Last year at this time, the 30-year FRM averaged 6.28%.  The average for the 15-year FRM this week is 6.03%, up from last week’s 6.02%.  One-year “T”ARMs were up at 5.59% and five-year “T”ARMs averaged 5.95% down from last week’s 5.99%.

"Mortgage interest rates exhibited little change in the past week according to our weekly Primary Mortgage Market Survey, as there was little new information that would cause any great change," said Frank Nothaft, Freddie Mac vice president and chief economist. "For example, January's retail sales were virtually unchanged from December's level. Further, Fed Chairman Bernanke testified before the Senate committee and forecasted that the economy seemed likely to expand at a moderate pace this year and next with gradual easing in core inflation.

"In the course of the coming week, January's housing starts, producer price index and consumer price index are all scheduled for release. These will be the first indicators of the housing market and inflation in early 2007, and we could see interest rates move in response."

• Freddie Mac

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