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HUD Secretary Preston announces $2.1 billion in disaster assistance

National Mortgage Professional
Nov 28, 2008

Freddie Mac PMMS: 30-year fixed-rate mortgages at seven-week lowMortgagePress.comFreddie Mac, PMMS, Primary Mortgage Market Survey, ARM, statistics, 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 5.97 percent with an average 0.7 point for the week ending Nov. 26, 2008, down from last week when it averaged 6.04 percent. Last year at this time, the 30-year FRM averaged 6.10 percent. The 30-year FRM has not been this low since October 9, 2008, when it was 5.94 percent. The 15-year FRM this week averaged 5.74 percent with an average 0.7 point, up slightly from last week when it averaged 5.73 percent. A year ago at this time, the 15-year FRM averaged 5.73 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.86 percent this week, with an average 0.6 point, down slightly from last week when it averaged 5.87 percent. A year ago, the 5-year ARM averaged 5.86 percent. One-year Treasury-indexed ARMs averaged 5.18 percent this week with an average 0.5 point, down from last week when it averaged 5.29 percent. At this time last year, the 1-year ARM averaged 5.43 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 mortgages fell for the fourth consecutive week as signs the overall economy is flagging lowered most interest rates market-wide," said Frank Nothaft, Freddie Mac vice president and chief economist. "And economic growth in the third quarter was revised downward this week, led by the first decline in consumer spending since the fourth quarter of 1991 and the largest drop since the second quarter of 1980. "However, declining house prices and low mortgage rates have raised housing affordability in September to the highest level since February of this year, according to the National Association of Realtors." For more information, visit www.freddiemac.com.
Published
Nov 28, 2008
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