Freddie Mac PMMS Survey: Inflation concerns ease as do mortgage ratesMortgagePress.comFreddie Mae, PMMS, fixed-rate mortgages, ARMs, Primary Mortgage Market Survey
Freddie Mac has released the results of its Primary Mortgage
Market Survey (PMMS), in which the 30-year fixed-rate mortgage
(FRM) averaged 6.52 percent with an average 0.7 point for the week
ending July 31, 2008, down from last week when it averaged 6.63
percent. Last year at this time, the 30-year FRM averaged 6.68
percent.
The 15-year FRM this week averaged 6.07 percent with an average
0.6 point, down from last week when it averaged 6.18 percent. A
year ago at this time, the 15-year FRM averaged 6.32 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages
(ARMs) averaged 6.07 percent this week, with an average 0.6 point,
down from last week when it averaged 6.16 percent. A year ago, the
5-year ARM averaged 6.29 percent.
One-year Treasury-indexed ARMs averaged 5.27 percent this week
with an average 0.6 point, down from last week when it averaged
5.49 percent. At this time last year, the 1-year ARM averaged 5.59
percent. Average commitment rates should be reported along with
average fees and points to reflect the total cost of obtaining the
mortgage.
"Mortgage rates moved lower this week as a drop in commodity
prices eased market concerns over inflation pressures," said Frank
Nothaft, Freddie Mac vice president and chief economist. "For
instance, the Department of Energy reported that gasoline prices
were the lowest since the end of May, and oil prices were at levels
not seen since early May.
"Meanwhile, there were mixed reports this week on the state of
the U.S. housing market. While the months of supply for existing
single-family homes for sale rose to 11 months in June, the supply
of new homes fell for the second consecutive month to seven months.
Further, the seasonally-adjusted U.S. homeownership rose slightly
from 68.0 percent in the first quarter of this year to 68.1 percent
in the second, yet still below the 68.3 percent set in the second
quarter of 2007."
For more informaiton, visit www.freddiemac.com.
