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Freddie Mac survey finds fixed-rate mortgage drops even further this week

Jun 25, 2010

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) in which  the 30-year fixed-rate mortgage (FRM) averaged 4.69 percent with an average 0.7 point for the week ending June 24, 2010, down from last week when it averaged 4.75 percent. Last year at this time, the 30-year FRM averaged 5.42 percent. The 15-year FRM this week averaged 4.13 percent with an average 0.6 point, down from last week when it averaged 4.20 percent. A year ago at this time, the 15-year FRM averaged 4.87 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.84 percent this week, with an average 0.7 point, down from last week when it averaged 3.89 percent. A year ago, the five-year ARM averaged 4.99 percent. The one-year Treasury-indexed ARM averaged 3.77 percent this week with an average 0.7 point, down from last week when it averaged 3.82 percent. At this time last year, the one-year ARM averaged 4.93 percent. This is the lowest the one-year ARM has been since the week ending May 6, 2004 when it averaged 3.76 percent. Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage. “Mortgage rates for all but traditional one-year ARMs hit all-time record lows this week in our survey, while activity in housing market slowed in May following the expiration of the homebuyer tax credit,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Freddie Mac began collecting rates for 30-year fixed loans in April 1971, 15-year fixed mortgages in September 1991 and five-year hybrid ARMs in January 2005. The record low for traditional one-year ARMs of 3.36 percent occurred during the week of March 25, 2004. Both new and existing home sales showed unexpected declines in May. Existing sales fell 2.2 percent, compared to the market consensus forecast of a 6.0 percent gain, based on figures published by the National Association of Realtors. Sales of new homes fell 32.7 percent to an annualized rate of 300,000 units, which was the largest monthly drop and slowest pace since records began in 1963, according to the Census Bureau.” For more information, visit www.freddiemac.com.
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