NO BIG CHANGES IN MORTGAGE RATES ACCORDING TO FREDDIE MAC WEEKLY SURVEY
Long- and Short-Term Rates All Well Above Figures At the Same Time Last Year
McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 6.37 percent with an average 0.6 point for the week ending July 10, 2008, up from last week when it averaged 6.35 percent. Last year at this time, the 30-year FRM averaged 6.73 percent.
The 15-year FRM this week averaged 5.91 percent with an average 0.6 point, down from last week when it averaged 5.92 percent. A year ago at this time, the 15-year FRM averaged 6.39 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.82 percent this week, with an average 0.6 point, up from last week when it averaged 5.78 percent. A year ago, the 5-year ARM averaged 6.35 percent.
One-year Treasury-indexed ARMs averaged 5.17 percent this week with an average 0.5 point, unchanged from last week. At this time last year, the 1-year ARM averaged 5.71 percent.
(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)
“In the housing sector, economic reports were mixed this week,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Pending sales for existing homes fell more than expected in May but April’s increase was revised even higher, according to the National Association of Realtors. Offsetting this decline, the number of mortgage applications for home purchases over the week ending July 4th was nearly 10 percent above the over five-year low set just two weeks prior, despite the holiday break, according to the Mortgage Bankers Association.”
Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible more than 50 million times, ensuring financing for one in six homebuyers and more than four million renters.
SUMMARY OF SURVEY RESULTS
| Fixed-Rate Mortgages | ||||
| Average Conventional 30-Year Commitment Rate | Fees & Points | Average Conventional 15-Year Commitment Rate | Fees & Points | |
| US | 6.37 | 0.6 | 5.91 | 0.6 |
| Northeast | 6.40 | 0.5 | 5.94 | 0.5 |
| Southeast | 6.32 | 0.7 | 5.87 | 0.7 |
| N. Central | 6.42 | 0.7 | 5.95 | 0.6 |
| Southwest | 6.42 | 0.6 | 5.95 | 0.6 |
| West | 6.37 | 0.7 | 5.90 | 0.7 |
Filed under: mortgage
