Freddie Mac PMMS: 30-year fixed-rate falls to at least a 37-year lowMortgagePress.comFreddie Mac, Primary Mortgage Market Survey, PMMS, ARMs, Treasury
Freddie Mac has released the results of its Primary Mortgage
Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM)
averaged 5.19 percent with an average 0.7 point for the week ending
December 18, 2008, down from last week when it averaged 5.47
percent. Last year at this time, the 30-year FRM averaged 6.14
percent. The 30-year FRM has not been lower since Freddie Mac
started the Primary Mortgage Market Survey in 1971.
The 15-year FRM this week averaged 4.92 percent with an average
0.7 point, down from last week when it averaged 5.20 percent. A
year ago at this time, the 15-year FRM averaged 5.79 percent. The
15-year FRM has not been lower since April 1, 2004, when it
averaged 4.84 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages
(ARMs) averaged 5.60 percent this week, with an average 0.6 point,
down from last week when it averaged 5.82 percent. A year ago, the
five-year ARM averaged 5.90 percent.
One-year Treasury-indexed ARMs averaged 4.94 percent this week
with an average 0.5 point, down from last week when it averaged
5.09 percent. At this time last year, the 1-year ARM averaged 5.51
percent. Average commitment rates should be reported along with
average fees and points to reflect the total cost of obtaining the
mortgage.
"Interest rates for 30-year fixed-rate mortgage rates fell for
the seventh consecutive week, moving these rates to the lowest
since the survey began in April 1971," said Frank Nothaft, Freddie
Mac vice president and chief economist. "The decline was supported
by the Federal Reserve announcement on December 16th, when it cut
the federal funds target to a record low and stated it stood ready
to expand its purchases of mortgage-related assets as conditions
warrant."
For more information, visit www.freddiemac.com.
