Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), with the 30-year and 15-year fixed-rate mortgages reaching record lows. This week, the 30-year fixed-rate mortgage (FRM) averaged 4.54 percent, with an average 0.7 point for the week
ending July 29, 2010, down from the previous week when it averaged 4.56 percent. Last year at this time, the 30-year FRM averaged 5.25 percent.
“For the sixth week in a row, interest rates on fixed-rate mortgages eased to all-time record lows during a week of mixed housing data reports," said Frank Nothaft, vice president and chief economist for Freddie Mac. "The number of local markets experiencing annual increases in home prices appears to be growing. For instance, 13 metropolitan areas in the
S&P/Case-Shiller 20-city index experienced price appreciation over the 12-months ending in
May, compared to 11 in April and 10 in March."
According to the survey, 15-year FRM averaged a record low of four percent this week, with an average 0.7 point, down from last week when it averaged 4.03 percent. A year ago at this time, the 15-year FRM averaged 4.69 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.76 percent this week, with an average 0.7 point, down from last week when it averaged 3.79 percent. A year ago, the five-
year ARM averaged 4.75 percent. The one-year Treasury-indexed ARM averaged 3.64 percent this week with an average 0.7 point, down from the previous week when it averaged 3.70 percent. At this time last year, the one-year ARM averaged 4.80 percent.
"However, existing home sales in June slowed to an annualized pace of 4.37 million units, the fewest since March," said Nothaft. "Moreover, although new home sales jumped by almost 24 percent to 330,000 dwellings, it represented the second slowest rate since 1963.”
For more information, visit www.freddiemac.com.