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Mortgage rates sink to 4.4 percent, the lowest in decades

NationalMortgageProfessional.com
Aug 12, 2010

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), and again, fixed-rate and five-year adjustable-rate mortgages (ARMs) set record lows for this survey. According to the survey, 30-year fixed-rate mortgage (FRM) averaged 4.44 percent, with an average 0.7 point for the week ending Aug. 12, 2010, down from last week when it averaged 4.49 percent. Last year at this time, the 30-year FRM averaged 5.29 percent. Fifteen-year FRMs averaged a record low of 3.92 percent this week, with an average 0.6 point, down from last week when it averaged 3.95 percent. A year ago at this time, the 15-year FRM averaged 4.68 percent. Five-year Treasury-indexed hybrid ARM) averaged 3.56 percent this week, with an average 0.7 point, down from last week when it averaged 3.63 percent. A year ago, the five-year ARM averaged 4.75 percent. “Low rates are helping to heal many battered local housing markets by increasing home purchase activity," said Frank Nothaft, vice president and chief economist, Freddie Mac. "The National Association of Realtors (NAR) reported that 65 percent of the 155 metropolitan areas they track experienced yearly increases in the second quarter of this year. This compares to 60 percent of areas in the first quarter and only 44 percent in the fourth quarter of 2009.” One-year Treasury-indexed ARM averaged 3.53 percent this week with an average 0.7 point, down from last week when it averaged 3.55 percent. At this time last year, the one-year ARM averaged 4.72 percent. “Interest rates for fixed mortgages and five-year hybrid ARMs again broke record lows this week following reports of a sluggish job market," said Nothaft. "Private payrolls increased by 71,000 jobs in July, below the market consensus forecast, and revisions shaved June’s growth by 34,000 workers. The Federal Reserve also noted in its Aug. 10 policy statement that the pace of recovery in output and employment slowed since its last meeting in June." For more information, visit www.freddiemac.com.
Published
Aug 12, 2010
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