The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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From: Paul Kern	6/7/2007 10:38:37 AM
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Freddie Mac: 30-Yr Mortgage Average Rose To 6.53% This Week Last update: 6/7/2007 10:34:41 AM DOW JONES NEWSWIRES Freddie Mac (FRE) said that the benchmark 30-year fixed rate mortgage average rose in the week ending Thursday to 6.53% from 6.42% last week. The mortgage agency said its weekly survey showed the 15-year loan also rose, to 6.22% from 6.12%. The 1-year Treasury-indexed adjustable rate increased to 5.65% from 5.57%, while the 5-year hybrid ARM averaged 6.24%, up from 6.19% last week. "Mortgage rates climbed this week owing to market concerns of a tight labor force and wage growth," said Frank Nothaft, Freddie Mac chief economist, in a statement. "May's unemployment rate remained at the second lowest level since May 2001 while average hourly earnings rose. Additionally, unit labor costs increased 1.8% over the first three months of the year, tripling the original estimate, and fueling inflation fears." -Gabriel Madway; 415-439-6400; AskNewswires@dowjones.com (END) Dow Jones Newswires June 07, 2007 10:34 ET (14:34 GMT)

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