Skip to main content

Fixed-rate mortgages dip even lower to 4.32 percent

NationalMortgageProfessional.com
Sep 02, 2010

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), and for yet another week, fixed-rate mortgages reached record lows, as did the five-year adjustable rate in this survey. The 30-year fixed-rate survey began in 1971, the 15-year began in 1991, and the five-year adjustable in 2005. “The 12-month price growth of core personal expenditures remained at 1.4 percent in July, which kept overall inflation expectations well at bay," said Amy Crews Cutts, deputy chief economist, Freddie Mac. "Fed chairman Bernanke reiterated this in his Aug. 27 speech in Wyoming, noting that with inflation expectations reasonably stable and the economy growing, inflation should remain near current readings for some time before rising slowly. As a result, mortgage rates eased further this week to new historic lows." Thirty-year fixed-rate mortgages (FRMs) averaged 4.32 percent with an average 0.7 point for the week ending Sept. 2, 2010, down from last week when it averaged 4.36 percent. Last year at this time, the 30-year FRM averaged 5.08 percent. Fifteen-year FRMs this week averaged a record low of 3.83 percent with an average 0.6 point, down from last week when it averaged 3.86 percent. A year ago at this time, the 15-year FRM averaged 4.54 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.54 percent this week, with an average 0.6 point, down from last week when it averaged 3.56 percent. A year ago, the five=year ARM averaged 4.59 percent. The one-year Treasury indexed ARM averaged 3.50 percent this week with an average 0.7 point, down from last week when it averaged 3.52 percent. At this time last year, the one-year ARM averaged 4.62 percent. “House prices, however, appear to be firming. Home prices rose 2.3 percent between the first and second quarter of this year, reaching the highest level since the fourth quarter of 2008, according to the S&P/Case Shiller National Home Price Index," said Cutts. "In addition, 15 metropolitan areas in the 20-City Composite Index experienced annual house price growth in June, compared to 13 in May and 11 in April.” For more information, visit www.freddiemac.com.
Published
Sep 02, 2010
RMF: Payments Going Out In The Next 24 Hours

Company filed for Chapter 11 bankruptcy last week.

Industry News
Dec 06, 2022
Bankruptcy Court Approves RMF Requests

Payments to reverse mortgage borrowers to resume.

Industry News
Dec 05, 2022
Redfin Adds Zoning Data For More Than 70M Homes

Real estate brokerage teamed with Zoneomics to educate buyers on zoning implications.

Industry News
Dec 05, 2022
Guild Mortgage Acquires Inlanta Mortgage

Guild CEO says acquisition is part of broader plans to expand nationwide.

Industry News
Dec 02, 2022
Ohio Couple Sues Mr. Cooper Unit Over Loan Modification Denial

Seek class action status over denial of COVID-19

Industry News
Dec 01, 2022
Ready Life Changing The Homebuying Narrative

CEO says that the credit score system is an out-of-date barrier to people of color

Industry News
Nov 30, 2022