Skip to main content

Tie-died shirts

National Mortgage Professional
Apr 30, 2009

Freddie Mac PMMS: Almost two points lower than peak in October, 30-year FRM ties record low reached in AprilMortgagePress.comfixed-rate mortgage, Freddie Mac, PMMS, statistics, Primary Mortgage Market Survey, 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 4.78 percent with an average 0.7 point for the week ending April 30, 2009, down from last week when it averaged 4.80 percent. Last year at this time, the 30-year FRM averaged 6.06 percent. The 30-year FRM now equals the record low that was set the week of April 7, 2009. It has never been recorded lower in Freddie Macs survey, which goes back to 1970. The 15-year FRM this week averaged 4.48 percent with an average 0.7 point, unchanged for the third week in a row. A year ago at this time, the 15-year FRM averaged 5.59 percent. This is tied with the last two weeks for the lowest the 15-year FRM has been since Freddie Mac began tracking it in August 1991. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.80 percent this week, with an average 06 point, down from last week when it averaged 4.85 percent. A year ago, the 5-year ARM averaged 5.73 percent. This is the lowest the 5-year ARM has been since Freddie Mac began tracking it in January 2005. One-year Treasury-indexed ARMs averaged 4.77 percent this week with an average 0.7 point, down from last week when it averaged 4.82 percent. At this time last year, the 1-year ARM averaged 5.29 percent. Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage. "Rates for fixed-rate mortgages hovered at record lows this week as ARM rates eased further," said Frank Nothaft, Freddie Mac vice president and chief economist. "Mortgage rates for 30-year fixed rate mortgages, the most popular loan among homebuyers and families seeking to refinance, are more than 1.6 percentage points below the recent peak set at the end of October 2008. For a $200,000 loan, this means a monthly savings of almost $212 in mortgage payments or over $2,500 per year. In aggregate, borrowers who refinanced during the first quarter reduced their mortgage payments by about $2.5 billion over the coming year. "he housing market may be edging towards a bottom. Existing home sales stayed near its four-month average in March while new home sales were stronger than the market consensus. More importantly, the inventory of unsold new homes fell to the lowest number since January 2002. And, the S&P/Case-Shiller 20-city composite index did not show a record year-over-year decline in February for the first time since December 2006. Finally, housing affordability hit record highs in the first quarter of this year, according to figures from the National Association of Realtors, which date back to January 1971." For more information, visit www.freddiemac.com.
Published
Apr 30, 2009
Navigating The Five C’s

New Year is a good time to review what makes up a good credit profile

Sales and Marketing
Jan 04, 2022
Is Your Brand Voice Loud Enough?

Don’t assume potential customers can clearly hear your message.

Sales and Marketing
Jan 03, 2022
Reach Out And Touch

How Better Communication Can Increase Your Bottom Line

Sales and Marketing
Jan 03, 2022
Turn Your Clients Into Repeat Borrowers

A Guide to Customer Retention

Sales and Marketing
Dec 20, 2021
You, In All Your Glory

You've got a strong business brand, but how well does your personal brand support it?

Sales and Marketing
Dec 13, 2021
Growing Your Business With Green Mortgages

Would you like fries with that?

Sales and Marketing
Dec 11, 2021