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Freddie Mac: Cash-out refinance share through three quarters of 2008 lowest in four years

National Mortgage Professional
Oct 30, 2008

Freddie Mac PMMS: Mortgage rates hold steady MortgagePress.comFreddie Mac, PMMS, Primary Mortgage Market Survey, ARMs, Frank Nothaft Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.10 percent with an average 0.7 point for the week ending Jan. 29, 2009, down from last week when it averaged 5.12 percent. Last year at this time, the 30-year FRM averaged 5.68 percent. The 15-year FRM this week averaged 4.80 percent with an average 0.7 point, unchanged last week when it averaged 4.80 percent. A year ago at this time, the 15-year FRM averaged 5.17 percent. Five-year Treasury-indexed hybrid, adjustable-rate mortgages (ARMs) averaged 5.27 percent this week, with an average 0.6 point, up from last week when it averaged 5.24 percent. A year ago, the 5-year ARM averaged 5.32 percent. One-year Treasury-indexed ARMs averaged 4.90 percent this week with an average 0.6 point, down from last week when it averaged 4.92 percent. At this time last year, the one-year ARM averaged 5.05 percent. Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage. "Mortgage rates held steady this week," said Frank Nothaft, Freddie Mac vice president and chief economist. "The index of leading indicators rose 0.3 percent in December, the first increase in six months, fueled by an expansion in the money supply. However, the Federal Reserve acknowledged in its Jan. 28 policy committee statement that since December the economy has weakened further. "Both the S and P/Case-Shiller 20-city composite index, which registered an 18 percent annual decline through November, and the National Association of Realtors (NAR) sales data, down 15 percent in December from a year ago, indicate sharply lower house prices across many U.S. metropolitan areas. At the same time, interest rates for 30-year fixed-rate mortgages reached a 50-year low toward the end of December. These two factors contributed to housing affordability reaching its highest level since 1973, as measured by the NAR's monthly affordability index and help to explain the 7.0 percent increase in existing home sales in December. For more information, visit www.freddiemac.com.
Published
Oct 30, 2008
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