Rates dip to lowest level all year according to Freddie Mac survey
Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.93 percent with an average 0.7 point for the week ending May 13, 2010, down from last week when it averaged five percent. Last year at this time, the 30-year FRM averaged 4.86 percent. The 30-year FRM has not been lower since the week ending Dec. 10, 2009, when it averaged 4.81 percent. The 15-year FRM this week averaged 4.30 percent with an average 0.6 point, down from last week when it averaged 4.36 percent. A year ago at this time, the 15-year FRM averaged 4.52 percent. The 15-year FRM has not been lower since the week ending Dec. 3, 2009, when it averaged 4.27 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.95 percent this week, with an average 0.6 point, down from last week when it averaged 3.97 percent. A year ago, the five-year ARM averaged 4.82 percent. The five-year ARM has not been lower since Freddie Mac started tracking the five-year ARM in January of 2005. The one-year Treasury-indexed ARM averaged 4.02 percent this week with an average 0.6 point, down from last week when it averaged 4.07 percent. At this time last year, the one-year ARM averaged 4.71 percent. The one-year ARM has not been lower since the week ending Nov.r 4, 2004, when it averaged four percent. Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage. “Interest rates on fixed-rate mortgage declined for the fifth straight week,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The National Association of Realtors reported that median house prices are recovering in more local areas in the latest quarter. On a year-over-year basis for the 152 areas the association reports on, 91 metropolitan areas had positive growth in the first quarter of this year. This compares to 67 areas showing positive annual growth in the fourth quarter of 2009 and only 30 cities in the third quarter of last year.” For more information, visit www.freddiemac.com.