6.33% and 0.8 points - 30-year fixed-rate mortgage, average in Western U.S. for week ending November 9, 2006. Blue line is Freddie Mac forecast made 11/02/2006.
“Mortgage rates rose earlier in the week on news of large upward revisions over the past three months in employment figures, but began to drift lower as the market looked more deeply into the numbers,” said Frank Nothaft, Freddie Mac vice president and chief economist. “For instance, in October the construction industry lost jobs, primarily due to the slowing housing market.
“That same slowing housing market shaved a little over 1 percentage point from the growth rate of Gross Domestic Product (GDP) in the third quarter. However, we expect that the GDP growth rate will increase in the final quarter of this year, although that increase is expected to come from areas other than housing.”
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