Skip to main content

Freddie Mac PMMS: Mortgage rates flat this week

May 21, 2009

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.82 percent with an average 0.7 point for the week ending May 21, down from last week when it averaged 4.86 percent. Last year at this time, the 30-year FRM averaged 5.98 percent. The 15-year FRM this week averaged 4.50 percent with an average 0.7 point, down from last week when it averaged 4.52 percent. A year ago at this time, the 15-year FRM averaged 5.55 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.79 percent this week, with an average 0.6 point, down from last week when it averaged 4.82 percent. A year ago, the 5-year ARM averaged 5.61 percent.  One-year Treasury-indexed ARMs averaged 4.82 percent this week with an average 0.6 point, up from last week when it averaged 4.71 percent. At this time last year, the 1-year ARM averaged 5.24 percent. "Long-term fixed-rate mortgage rates have remained below 5.0 percent for the past 10 weeks as the U.S. Treasury and Federal Reserve (Fed) act to keep interest rates low through security purchases,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The Treasury purchased $136 billion in mortgage-backed securities through April and the Fed bought $740 billion through mid-May. In addition, the Fed purchased $115 billion in Treasury bonds since March of this year. “Housing construction continued to decline, as total starts fell to the lowest level since the Census Bureau began its monthly series in January 1959. While single-family construction appears to be near or at a bottom, multi-unit construction continued to recede. Reflecting the apparent stabilization in single-family construction levels, homebuilder confidence rose in May to the highest level since September 2008 and represented the first back-to-back up tick since February 2008.” For more information, visit www.freddiemac.com.
About the author
Published
May 21, 2009
About $18.6 Million Severance Payout For First American Ex-CEO Kenneth DeGiorgio

Rather than a brusque exit, high-performer DeGiorgio eligible to catch a soft breeze off into the horizon

Apr 23, 2025
New VantageScore Credit Model Aims To Boost Predictive Performance

Also, company’s pilot program gives nonprofit lenders access to modern credit scoring while helping them maintain sound lending practices

Apr 22, 2025
Mortgage Women Leadership Council Breaks 500-Member Benchmark

Becomes nation’s largest organization for women in the industry

Apr 21, 2025
Tug-Of-War Continues Between President Trump, Fed Chair Powell Over Rate Cuts

President’s April 17 social media post expresses growing impatience with Federal Reserve Board not cutting rates

Apr 18, 2025
Mortgage Insurance Premium Tax Write-Off Back On The Table

Bipartisan bill would restore, expand expired MIP deduction, aiming to ease homeownership costs for millions

Apr 15, 2025
FBI Boston Warns Of Growing Title Fraud

Fraudsters forging documents to sell properties or take out mortgages on them, FBI says

Apr 14, 2025