Skip to main content

"Soft Housing Market" Does Little to Impact Rates in Latest Freddie Mac Survey

NationalMortgageProfessional.com
Jun 23, 2011

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), which shows mortgage rates mixed but holding steady for the second week with the 30-year fixed-rate mortgage (FRM) matching last week's 4.50 percent average, with an average 0.8 point for the week ending June 23, 2011. Last year at this time, the 30-year FRM averaged 4.69 percent. The 15-year FRM averaged 3.69 percent this week, with an average 0.7 point, up from last week when it averaged 3.67 percent. A year ago at this time, the 15-year FRM averaged 4.13 percent. "Mortgage rates were virtually unchanged this week amid further indications of a soft housing market," said Frank Nothaft, VP and chief economist for Freddie Mac. "Although new construction on single-family homes ticked up in May from April, it was still below the overall pace set in 2010. Moreover, existing home sales fell 3.8 percent in May to the fewest since November 2010." The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.25 percent this week, with an average 0.6 point, down from last week when it averaged 3.27 percent. A year ago, the five-year ARM averaged 3.84 percent. The one-year Treasury-indexed ARM averaged 2.99 percent this week with an average 0.5 point, up from last week when it averaged 2.97 percent. At this time last year, the one-year ARM averaged 3.77 percent. "The Federal Reserve also reiterated that the housing sector continues to be depressed in its June 22 policy committee statement," said Nothaft. "The S&P/Case-Shiller National Home Price Index fell 2.1 percent between the fourth quarter of 2010 and first quarter 2011. Based on a recent survey by MarcoMarkets of 108 professional forecasters taken in early June, the index is predicted to decline another 1.5 percent by the fourth quarter of this year."
Published
Jun 23, 2011
PenFed CU Sees Record Annual Mortgage Lending Volume

PenFed Credit Union announced it's financial highlights from 2021 which includes record annual mortgage lending volume.

Industry News
Jan 21, 2022
Angel Oak Lending Platform Reveals Record-Setting 2021

Last year was a record-setting year for many companies in the mortgage lending space, especially for the Angel Oak lending platform that consists of Angel Oak Mortgage Solutions and Angel Oak Home Loans.

Non-QM
Jan 21, 2022
What Are The Biggest Deal-Breakers For Homebuyers?

The housing market is holding strong but that doesn't mean homebuyers don't have their fair share of deal-breakers when it comes to purchasing a home.

Analysis and Data
Jan 20, 2022
Popular Bank Names National Director Of Residential Lending

Popular Bank named Adam Dejak as its national director of residential lending for Popular Mortgage.

Industry News
Jan 20, 2022
Total Expert Appoints Gaydos As President

Former Talkdesk and SAP senior executive brings extensive cloud, go-to-market, sales, and operations experience.

Industry News
Jan 20, 2022
Sagent Appoints Thompson As Chief Product Officer

Founder of fintech managment consulting firm Consigliera will lead and expand product development.

Industry News
Jan 20, 2022