Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing mortgage rates declining amid continued weak economic and housing data. The PMMS shows that the 30-year fixed-rate mortgage (FRM) averaged 4.22 percent with an average 0.7 point for the week ending Sept. 1, 2011, unchanged from last week when it also averaged 4.22 percent. Last year at this time, the 30-year FRM averaged 4.32 percent. The 15-year FRM averaged 3.39 percent this week, with an average 0.6 point, down from last week when it averaged 3.44 percent. Last year at this time, the 15-year FRM averaged 3.83 percent.
"Weaker economic data reports eased upward pressure on mortgage rates this week and kept them at or near all-time record lows," said Frank Nothaft, vice president and chief economist for Freddie Mac. "The economy grew at a slower rate of one percent in the second quarter than was originally reported due to a smaller increase in inventories and fewer exports. In addition, consumer confidence in August fell to the lowest reading since April 2009, according to The Conference Board."
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week, with an average 0.6 point, down from last week when it averaged 3.07 percent. A year ago, the five-year ARM averaged 3.54 percent. The one-year Treasury-indexed ARM averaged 2.89 percent this week with an average 0.6 point, down from last week when it averaged 2.93 percent. At this time last year, the one-year ARM averaged 3.50 percent.