Rates drift lower on reports of economic weakness: Other reports point to progressMortgagePress.comPMMS, fixed-rated mortgage, adjustable-rate mortgage, treasury-indexed, hybrid Freddie Mac recently released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.35 percent with an average 0.7 point for the week ending September 4, 2008, down from last week when it averaged 6.40 percent. Last year at this time, the 30-year FRM averaged 6.46 percent. The 15-year FRM this week averaged 5.90 percent with an average 0.6 point, down from last week when it averaged 5.93 percent. A year ago at this time, the 15-year FRM averaged 6.15 percent. Five-year treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.97 percent this week, with an average 0.6 point, down from last week when it averaged 6.03 percent. A year ago, the five-year ARM averaged 6.32 percent. One-year treasury-indexed ARMs averaged 5.15 percent this week with an average 0.6 point, down from last week when it averaged 5.33 percent. At this time last year, the 1-year ARM averaged 5.74 percent. (Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.) "Mortgage rates eased a bit over the holiday-shortened week following release of economic data that suggest consumer spending may slow," said Frank Nothaft, Freddie Mac vice president and chief economist. "The economy grew at an upwardly revised 3.3 percent pace in the second quarter, boosted by the smallest trade deficit in eight years, and residential fixed investment slowed growth by 0.6 percent, the least amount since the same period a year ago. However, personal income fell 0.7 percent in July, the first decline since August 2005 and will likely slow consumer spending in the third quarter." For more information, visit www.freddiemac.com.