Freddie Mac PMMS: Rates down to lowest level in three months – NMP Skip to main content

Freddie Mac PMMS: Rates down to lowest level in three months

NationalMortgageProfessional.com
Aug 20, 2009

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.12 percent with an average 0.7 point for the week ending Aug. 20, 2009, down from last week when it averaged 5.29 percent. Last year at this time, the 30-year FRM averaged 6.47 percent. The 15-year FRM this week averaged 4.56 percent with an average 0.7 point, down from last week when it averaged 4.68 percent. A year ago at this time, the 15-year FRM averaged 6.00 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.57 percent this week, with an average 0.6 point, down from last week when it averaged 4.75 percent. A year ago, the 5-year ARM averaged 5.99 percent. One-year Treasury-indexed ARMs averaged 4.69 percent this week with an average 0.5 point, down from last week when it averaged 4.72 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. “U.S. Treasury bond yields fell nearly a quarter of a percentage point over the week, and other long-term yields followed suit,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Interest rates on 30-year and 15-year fixed-rate mortgages fell to the lowest level since the end of May, while initial rates on 5/1 hybrid ARMs declined to levels not seen since January 2005. “Low mortgage rates are helping to reinforce the housing market. New construction on one-family homes rose for the fifth consecutive month in July to an annualized pace of almost 500,000 homes, the most since October 2008. In addition, homebuilder views of housing market conditions for the remainder of the year rose for the second month in a row in August to the most positive reading since June 2008, according to the National Association of Home Builders.” For more information, visit www.freddiemac.com. 
Published
Aug 20, 2009
Redfin 2Q Revenues Up, Profits Down

Company officials said that in the third quarter they expect total revenue between $590 million and $627 million.

Industry News
Aug 05, 2022
Mutual of Omaha Mortgage Announces Wholesale Division

Loans available through its own platform and in partnership with ReadyPrice, LenderPrice, and Loansifter.

Industry News
Aug 05, 2022
MISMO Seeks Public Comment On 3 eMortgage Resources

Updates proposed to MISMO Business Glossary, eMortgage Glossary, and eModification Reference Flyer.

Regulation and Compliance
Aug 05, 2022
Deal With Opendoor Allows Zillow Back Into iBuying Business

As it releases rough 2Q earnings report, Zillow announces partnership with former rival.

Tech
Aug 04, 2022
Rocket Companies' Earnings Plunge 94% In 2Q

Mortgage originations fell 59% year over year, while rate lock volume fell 65%.

Industry News
Aug 04, 2022
Remembering Steven Schnall, Quontic Bank CEO

Schnall died in a motorcycle accident while on his way back from a biking trip to Canada. 

Industry News
Aug 04, 2022