Freddie Mac PMMS: Mortgage rates changed little this weekMortgagePress.comFreddie Mac, PMMS, Primary Mortgage Market Survey, fixed-rate mortgage, 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 5.07 percent with an average 0.7 point for the week ending
Feb. 26, 2009, up from last week when it averaged 5.04 percent.
Last year at this time, the 30-year FRM averaged 6.24 percent.
The 15-year FRM this week averaged 4.68 percent with an average
0.7 point, unchanged from last week when it averaged 4.68 percent.
A year ago at this time, the 15-year FRM averaged 5.72 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages
(ARMs) averaged 5.06 percent this week, with an average 0.7 point,
up from last week when it averaged 5.04 percent. A year ago, the
5-year ARM averaged 5.43 percent.
One-year Treasury-indexed ARMs averaged 4.81 percent this week
with an average 0.6 point, up from last week when it averaged 4.80
percent. At this time last year, the 1-year ARM averaged 5.11
percent.
Average commitment rates should be reported along with average
fees and points to reflect the total cost of obtaining the
mortgage.
"Mortgage rates were little changed this week amid mixed data
reports of a slowing economy," said Frank Nothaft, Freddie Mac vice
president and chief economist. "Both the core Producer Price and
Consumer Price Indexes ticked up in January, higher than the market
consensus, while consumer confidence in February fell to the lowest
reading since records began in January 1967.
"Lower house prices and affordable mortgage rates have yet to
spur housing demand. For instance, house prices declined by 8.7
percent for the 12 months ending in December 2008 and were down
10.9 percent from their highs set ion April of 2007, according to
the Federal Housing Finance Agency's purchase-only monthly home
price index. However, existing home sales (excluding condominiums
and co-ops) fell 4.7 percent in January to 4.05 million units
(annualized), the slowest pace since July 1997."
For more information, visit www.freddiemac.com.
