Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.20 percent with an average 0.7 point for the week ending July 23, 2009, up from last week when it averaged 5.14 percent. Last year at this time, the 30-year FRM averaged 6.63 percent. The 15-year FRM this week averaged 4.68 percent with an average 0.7 point, up from last week when it averaged 4.63 percent. A year ago at this time, the 15-year FRM averaged 6.18 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.74 percent this week, with an average 0.7 point, down from last week when it averaged 4.83 percent. A year ago, the five-year ARM averaged 5.49 percent. One-year Treasury-indexed ARMs averaged 4.77 percent this week with an average 0.6 point, up slightly from last week when it averaged 4.76 percent. At this time last year, the one-year ARM averaged 5.49 percent. Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage. "Mortgage interest rates were mixed this past week with fixed-rate loans averaging somewhat higher, while initial rates on ARMs were flat-to-down slightly" said Frank Nothaft, Freddie Mac vice president and chief economist. "Federal Reserve Chairman Bernanke, during his July 22 Senate testimony, noted that mortgage rates are lower than they were last fall, in part because of the Federal Reserve's actions, and housing affordability right now is the highest its been in many years. "Newly released housing indicators contain positive signs that the worst may be behind us. Home prices were down 5.6 percent between May 2008 and May 2009, the smallest 12-month decline since June 2008, based on the Federal Housing Finance Agency’s monthly House Price Index. New construction of one-family homes jumped 14.4 percent in June to an annualized pace of 470,000 units, the most since October 2008, according to the Commerce Department. In addition, the National Association of Home Builders reported that homebuilders' assessments of market conditions in July and for the remainder of this year strengthened to a 10-month high." For more information, visit www.freddiemac.com.