Freddie Mac PMMS: Mortgage rates fall back a bit this weekMortgagePress.comFreddie Mac, Primary Mortgage Market Survey, fixed-rate mortgage, housing statistics, adjustable-rate mortgage
Freddie Mac has released the results of its Primary Mortgage
Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM)
averaged 5.03 percent with an average 0.7 point for the week ending
March 12, 2009, down from last week when it averaged 5.15 percent.
Last year at this time, the 30-year FRM averaged 6.13 percent.
The 15-year FRM this week averaged 4.64 percent with an average
0.7 point, down from last week when it averaged 4.72 percent. A
year ago at this time, the 15-year FRM averaged 5.60 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages
(ARMs) averaged 4.99 percent this week, with an average 0.6 point,
down from last week when it averaged 5.08 percent. A year ago, the
5-year ARM averaged 5.58 percent.
One-year Treasury-indexed ARMs averaged 4.80 percent this week
with an average 0.5 point, down from last week when it averaged
4.86 percent. At this time last year, the 1-year ARM averaged 5.14
percent.
Average commitment rates should be reported along with average
fees and points to reflect the total cost of obtaining the
mortgage.
"Mortgage rates had room to ease this week following news of a
weaker jobs market, which may slow consumer spending and keep
inflation at bay," said Frank Nothaft, Freddie Mac vice president
and chief economist. "The 30-year fixed-rate mortgage rate remains
very close to January's all time recorded low of 4.96 percent.
Indeed, mortgage rates have drifted up and down only by about
one-quarter of a percent in the first months of this year.
"Given the recent historically low mortgage rates, homeowners
have a strong incentive to try and refinance. For instance, the
Bureau of Economic Analysis reports that the effective mortgage
rate for loans outstanding in the fourth quarter of 2008 was around
6.2 percent, or almost 1.2 percentage points above this weeks
average rate for 30-year fixed-rate mortgages."
For more information, visit www.freddiemac.com.
