Freddie Mac PMMS: No big changes in mortgage rates MortgagePress.comFreddie Mac, Primary Mortgage Market Survey, ARMs
Freddie Mac 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
five-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 one-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."
For more information, visit www.freddiemac.com.