Freddie Mac PMMS results: Little movement in mortgage rates seen this weekMortgagePress.comFreddie Mac, PMMS, 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 6.05 percent with an average 0.3 point for the week ending
May 8, 2008, down very slightly from last week when it averaged
6.06 percent. Last year at this time, the 30-year FRM averaged 6.21
percent.
The 15-year FRM this week averaged 5.60 percent with an average
0.3 point, up very slightly from last week when it averaged 5.59
percent. A year ago at this time, the 15-year FRM averaged 5.92
percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages
(ARMs) averaged 5.67 percent this week, with an average 0.5 point,
down from last week when it averaged 5.73 percent. A year ago, the
5-year ARM averaged 5.92 percent.
One-year Treasury-indexed ARMs averaged 5.29 percent this week
with an average 0.6 point, unchanged from the last two weeks when
it was 5.29 percent. At this time last year, the 1-year ARM
averaged 5.48 percent. Average commitment rates should be reported
along with average fees and points to reflect the total cost of
obtaining the mortgage.
"Despite a weak housing market, mortgage rates remained almost
unchanged this week based on better-than-expected economic data
releases that indicated the economy still has some staying power,"
said Frank Nothaft, Freddie Mac vice president and chief economist.
"Job losses lessened in April and conditions in both the
manufacturing and service industry outperformed market forecasts.
Worker productivity also rose in the first quarter as increases in
labor costs diminished.
"The housing market is still struggling amid falling house
prices and stricter lending standards. Coupled with higher
delinquency and foreclosure rates, a smaller share of families own
their homes this year. The national homeownership rate held at 67.8
percent in the first quarter of 2008, down from its recent peak of
69.0 percent in the third quarter of 2006 and was the lowest rate
since 67.6 percent in the second quarter of 2002, according to the
Census Bureau."
For more information, visit www.freddiemac.com.
