Freddie Mac PMMS: Long-term mortgage rates barely move this weekMortgagePress.comFreddie Mac, Primary Mortgage Market Survey, PMMS, Frank Nothaft, rates, market watch, housing market
Freddie Mac has released the results of its Primary Mortgage
Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM)
averaged 6.10 percent with an average 0.6 point for the week ending
Oct. 2, 2008, up from last week when it averaged 6.09 percent. Last
year at this time, the 30-year FRM averaged 6.37 percent.
The 15-year FRM this week averaged 5.78 percent with an average
0.6 point, up from last week when it averaged 5.77 percent. A year
ago at this time, the 15-year FRM averaged 6.03 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages
(ARMs) averaged six percent this week, with an average 0.6 point,
down from last week when it averaged 6.02 percent. A year ago, the
five-year ARM averaged 6.11 percent.
One-year Treasury-indexed ARMs averaged 5.12 percent this week
with an average 0.5 point, down from last week when it averaged
5.16 percent. At this time last year, the 1-year ARM averaged 5.58
percent. Average commitment rates should be reported along with
average fees and points to reflect the total cost of obtaining the
mortgage.
"Average mortgage rates were nearly unchanged during the past
week, leaving rates above the levels of two weeks ago," said Frank
Nothaft, Freddie Mac vice president and chief economist.
"Reflecting the rate uptick from two weeks ago, the Mortgage
Bankers Association reported that loan applications were down 23
percent last week.
"The Institute for Supply Management's manufacturing index
dropped from August's 49.9 to 43.5 in September, indicating further
erosion in new orders, a decline in order backlog, and lessened
production, suggesting further cutbacks in manufacturing activity
in coming weeks. Consumers are feeling the effects of the slowing
economy as well. For example, consumer spending was unchanged in
August and revised downward for the month of July."
For more information, visit www.freddiemac.com.
