Freddie Mac PMMS: Mortgage rates down for second week runningMortgagePress.comFreddie Mac, PMMS,
Freddie Mac has released the results of its Primary Mortgage
Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM)
averaged 6.14 percent with an average 0.7 point for the week ending
November 13, 2008, down from last week when it averaged 6.20
percent. Last year at this time, the 30-year FRM averaged 6.24
percent.
The 15-year FRM this week averaged 5.81 percent with an average
0.7 point, down from last week when it averaged 5.88 percent. A
year ago at this time, the 15-year FRM averaged 5.88 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages
(ARMs) averaged 5.98 percent this week, with an average 0.6 point,
down from last week when it averaged 6.19 percent. A year ago, the
5-year ARM averaged 5.96 percent.
One-year Treasury-indexed ARMs averaged 5.33 percent this week
with an average 0.5 point, up from last week when it averaged 5.25
percent. At this time last year, the 1-year ARM averaged 5.50
percent.
Average commitment rates should be reported along with average
fees and points to reflect the total cost of obtaining the
mortgage.
"Long-term mortgage rates fell slightly this week as signs the
overall economy is weakening brought interest rates down
market-wide," said Frank Nothaft, Freddie Mac vice president and
chief economist. "In addition, the actions of the Fed in recent
weeks to assist commercial paper markets appear to be thawing part
of the credit freeze that has gripped capital markets in the U.S.,
giving banks some breathing room. This is the second week that
rates have come down for fixed-rate mortgages.
"Mortgage applications for home purchase loans fell during the
final week in October to the slowest pace since the week of Dec.
29, 2000, based on figures published by the Mortgage Bankers
association. Meanwhile, the National Association of Realtors (NAR)
reported that pending existing home sales fell 4.6 percent in
September, below the market consensus; however, the index was 1.6
percent above that of the same period last year."
For more information, visit www.freddiemac.com.
