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.
