McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market SurveySM (PMMSSM) in which the 30-year fixed-rate mortgage (FRM) averaged 6.37 percent, with an average 0.6 point, for the week ending March 9, 2006, up from last week's average of 6.24 percent. Last year at this time, the 30-year FRM averaged 5.85 percent. The 30-year FRM has not been higher since September 5, 2003, when it was 6.43 percent.
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So, the mortgage re-finance market is finally slowing down, mortgage interest rates are going up, and combined with home prices that are higher than most people can approach affording, are we seeing more and more signs that the real estate market has to slow down, correct itself, etc?
Sounds like Realtors better start seriously considering their positions in the market and their property listing advertising tactics, and whether they'll be well-positioned for the era when homes stop selling themselves and start requiring actual work and advertising dollars to sell.
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