Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.14 percent with an average 0.7 point for the week ending July 16, 2009, down from last week when it averaged 5.20 percent. Last year at this time, the 30-year FRM averaged 6.26 percent. The 15-year FRM this week averaged 4.63 percent with an average 0.7 point, downfrom last week when it averaged 4.69 percent. A year ago at this time, the 15-year FRM averaged 5.78 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.83 percent this week, with an average 0.7 point, up slightlyfrom last week when it averaged 4.82 percent. A year ago, the five-year ARM averaged 5.80 percent. One-year Treasury-indexed ARMs averaged 4.76 percent this week with an average 0.5 point, down from last week when it averaged 4.82 percent. At this time last year, the one-year ARM averaged 5.10 percent. Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage. “Average fixed-rate mortgage rates were lower than last week and were down 0.4 percent to 0.5 percent from the levels of early June.,” said Frank Nothaft, Freddie Mac vice president and chief economist. “For a 30-year fixed-rate mortgage, the rate reduction over the past five weeks translates into a monthly payment saving of $56 on a $200,000 loan. "The latest economic reports were influenced by recent energy-cost movements. Although higher gasoline prices fueled a 0.7 percent monthly jump in the consumer price index for June, the index was down 1.4 percent from June 2008 and represented the largest 12-month drop since January 1950. In addition, retail sales rose 0.6 percent in June bolstered by automobile sale incentives and higher gasoline prices; the average price for regular gasoline has since fallen 6.1 percent from its recent high set over the week ending June 22, according to the Energy Information Administration. And finally, industrial production fell only 0.4 percent in June, the slowest decline in eight months.” Freddie Mac defines its regions as follows: ► Northeast: NY, NJ, PA, DE, MD, DC, VA, WV, ME, NH, VT, MA, RI, CT ► Southeast: NC, SC, TN, KY, GA, AL, FL, MS, PR, VI ► North Central: OH, IN, IL, MI, WI, MN, IA, ND, SD ► Southwest: TX, LA, NM, OK, AR, MO, KS, CO, NE, WY ► West: CA, AZ, NV, OR, WA, UT, ID, MT, HI, AK, GU Freddie Mac's PMMS is for informational purposes only and Freddie Mac is not responsible for business decisions made based on the reported results of the PMMS. In general, the data presented were calculated from information collected Monday through Wednesday of the same week that the PMMS is released and may not reflect mortgage rates, fees or points currently available from any lender. Freddie Mac may change the methodology used to conduct the PMMS survey at any time and without notice. For more information, visit www.freddiemac.com.