Freddie Mac PMMS: Bond yields push mortgage rates up MortgagePress.comFreddie Mac, Primary Mortgage Market Survey, fixed-rate mortgage, adjustable-rate mortgages, 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 5.15 percent with an average 0.7 point for the week ending
March 5, 2009, up from last week when it averaged 5.07 percent.
Last year at this time, the 30-year FRM averaged 6.03 percent.
The 15-year FRM this week averaged 4.72 percent with an average
0.7 point, up from last week when it averaged 4.68 percent. A year
ago at this time, the 15-year FRM averaged 5.47 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages
(ARMs) averaged 5.08 percent this week, with an average 0.6 point,
up from last week when it averaged 5.06 percent. A year ago, the
5-year ARM averaged 5.34 percent.
One-year Treasury-indexed ARMs averaged 4.86 percent this week
with an average 0.5 point, up from last week when it averaged 4.81
percent. At this time last year, the one-year ARM averaged 4.94
percent.
Average commitment rates should be reported along with average
fees and points to reflect the total cost of obtaining the
mortgage.
"Mortgage rates followed bond yields higher this week following
reports of record continuing jobless claims and a downward revision
in economic growth in the fourth quarter of 2008," said Frank
Nothaft, Freddie Mac vice president and chief economist. "Real
Gross Domestic Product was revised from a 3.8 percent decline to a
6.2 percent drop in the fourth quarter mostly led by a 4.3 percent
fall in consumer spending, which was the largest decrease since the
second quarter of 1980.
"The housing market continues to slow as well. New home sales
fell 10.2 percent in January to the slowest pace since records
began in January 1963 while pending existing home sales slowed by
7.7 percent, the weakest since the series began in January 2001.
More recently the Federal Reserve noted in its March 4th regional
economic report that residential real estate markets remained in
the doldrums in most areas, with only scattered, very tentative
signs of stabilization."
For more information, visit www.freddiemac.com.
