Freddie Mac PMMS: Long-term rates changed little this weekMortgagePress.comFreddie Mac, PMMS, Primary Mortgage Market Survey, statistics, S and P Case Shiller
Freddie Mac released the results of its Primary Mortgage Market
Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM)
averaged 6.45 percent with an average 0.6 point for the week ending
June 26, 2008, up from last week when it averaged 6.42 percent.
Last year at this time, the 30-year FRM averaged 6.67 percent. The
last time the 30-year FRM was higher was the week ending August 23,
2007, when it averaged 6.52 percent.
The 15-year FRM this week averaged 6.04 percent with an average
0.6 point, up from last week when it averaged 6.02 percent. A year
ago at this time, the 15-year FRM averaged 6.34 percent. The last
time the 15-year FRM was higher was the week ending October 18,
2007, when it averaged 6.08 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages
(ARMs) averaged 5.99 percent this week, with an average 0.7 point,
up from last week when it averaged 5.89 percent. A year ago, the
5-year ARM averaged 6.30 percent. This is the highest the 5-year
ARM has been since the week ending October 25, 2007, when it
averaged 6.03 percent.
One-year Treasury-indexed ARMs averaged 5.27 percent this week
with an average 0.6 point, up from last week when it was 5.19
percent. At this time last year, the 1-year ARM averaged 5.65
percent. The last time the one-year ARM was higher was the week
ending May 8, 2008, when it averaged 5.29 percent. Average
commitment rates should be reported along with average fees and
points to reflect the total cost of obtaining the mortgage.
"Fixed-rate mortgage rates held relatively stable this week
leading up to the June 24-25 Federal Reserve (Fed) Policy Committee
meeting," said Frank Nothaft, Freddie Mac vice president and chief
economist. "ARM rates, which are typically tied to short-term
instruments, rose slightly due to market uncertainty over how the
Fed might respond.
"This week's release of the April S&P-Case Shiller house
price indexes offered a few surprises. The decline in the 20-city
composite index was less than that in March and eight cities had
positive monthly growth in April--compared to only two cities in
March. In addition, May's new home median sales price increased
from the prior month, according the Commerce Department. It should
be noted, however, that seasonality may have played a factor in
these results."
For more information, visit www.freddiemac.com.
