New foreclosure prevention system revealed at Congressional Black Caucus
Freddie Mac PMMS: One-year ARM ticks up as all other rates fallMortgagePress.comFreddie Mac, Primary Mortgage Market Survey, ARMs, statistics Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.94 percent with an average 0.6 point for the week ending Oct. 9, 2008, down from last week when it averaged 6.10 percent. Last year at this time, the 30-year FRM averaged 6.40 percent. The 15-year FRM this week averaged 5.63 percent with an average 0.6 point, down from last week when it averaged 5.78 percent. A year ago at this time, the 15-year FRM averaged 6.06 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.90 percent this week, with an average 0.6 point, down from last week when it averaged six percent. A year ago, the 5-year ARM averaged 6.12 percent. One-year Treasury-indexed ARMs averaged 5.15 percent this week with an average 0.6 point, up from last week when it averaged 5.12 percent. At this time last year, the one-year ARM averaged 5.73 percent. Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage. "Longer-term mortgage rates fell for the first time in three weeks, roughly following bond market yields," said Frank Nothaft, Freddie Mac vice president and chief economist. "Meanwhile, the latest housing market data showed some pickup in home purchase activity in August. Pending existing home sales in August rose 8.4 percent, reflecting the largest monthly increase since October 2001, and July's figures had an upward revision, according to the National Association of Realtors. "More recently mortgage applications for both home purchases and refinancing grew slightly over the week ending Oct. 3, reversing a two-week decline, based on figures from the Mortgage Bankers Association." For more information, visit www.freddiemac.com.