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Freddie Mac PMMS finds rates remain stable and low for the week

NationalMortgageProfessional.com
Feb 04, 2010

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.01 percent with an average 0.7 point for the week ending Feb. 4, 2010, up from last week when it averaged 4.98 percent. Last year at this time, the 30-year FRM averaged 5.25 percent. The 15-year FRM this week averaged 4.40 percent with an average 0.7 point, up slightly from last week when it averaged 4.39 percent. A year ago at this time, the 15-year FRM averaged 4.92 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.27 percent this week, with an average 0.6 point, up from last week when it averaged 4.25 percent. A year ago, the five-year ARM averaged 5.26 percent. The one-year Treasury-indexed ARM averaged 4.22 percent this week with an average 0.5 point, down from last week when it averaged 4.29 percent. At this time last year, the one-year ARM averaged 4.92 percent. Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage. “Mortgage rates remained relatively stable for a second week amid news of a strengthening housing market," said Frank Nothaft, Freddie Mac vice president and chief economist. “Residential fixed investment rose for two consecutive quarters over the last half of 2009 following a steady quarterly decline since the beginning of 2006. Pending existing home sales rebounded by one percent in December from a record drop in November that was due in part to the original expiration of the homebuyer tax credit, according the National Association of Realtors. More recently mortgage applications for home purchases jumped 10 percent at the end of January, according to figures from the Mortgage Bankers Association. Even more encouraging news came from the Federal Reserve’s Senior Loan Officer Opinion Survey, which reported that banks have generally stopped tightening standards on most types of loans in the fourth quarter of 2009, with commercial real estate as the exception. However, banks have yet to unwind the tightening that occurred over the last two years. Moreover, substantially fewer banks expected credit quality to deteriorate over the coming year.” For more information, visit www.freddiemac.com. 
Published
Feb 04, 2010
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