Weekly rates rise slightly, but remain down a full percentage point over last year

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS). While the 30-year fixed-rate mortgage rate and the five-year adjustable-rate mortgage (ARM) rose slightly, other rates remained flat or fell lower. The 30-year fixed-rate mortgage (FRM) averaged 4.35 percent with an average 0.7 point for the week ending Sept. 9, 2010, up from last week when it averaged 4.32 percent. Last year at this time, the 30-year FRM averaged 5.07 percent. “While overall employment was down in August, private non-farm payrolls rose more than the market consensus forecast, and the prior two months' employment figures were revised up," said Frank Nothaft, vice president and chief economist, Freddie Mac. "This somewhat sanguine report had a mixed effect on mortgage rates this week, with the 30-year fixed rate nudged up but the 15-year fixed rate unchanged. Pending sales of existing homes rebounded in July, a hopeful sign that existing home sales picked up toward the end of summer.” The 15-year FRM this week averaged a record low of 3.83 percent with an average 0.6 point, unchanged from last week when it also averaged 3.83 percent. A year ago at this time, the 15-year FRM averaged 4.50 percent. The five-year Treasury-indexed hybrid ARM averaged 3.56 percent this week, with an average 0.6 point, up from last week when it averaged 3.54 percent. A year ago, the five-year ARM averaged 4.51 percent. The one-year Treasury-indexed ARM averaged 3.46 percent this week with an average 0.7 point, down from last week when it averaged 3.50 percent. At this time last year, the one-year ARM averaged 4.64 percent. For more information, visit www.freddiemac.com.