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Mortgage rates continue to remain at historic lows, but Freddie Mac is insisting that this situation is helping to stabilize the housing market.
Freddie Mac’s latest Primary Mortgage Market Survey (PMMS) found the 30-year fixed-rate mortgage (FRM) averaged 3.42 percent for the week ending Sept. 29, down from last week’s 3.48 percent, marking a 10-week low for this product. The 15-year FRM this week averaged 2.72 percent, below last week’s 2.76 percent. And the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.81 percent this week, up from last week’s 2.80 percent.
Separately, Freddie Mac’s Multi-Indicator Market Index recorded an 85.1 value for this month, largely unchanged from last month and 4.77 percent above the same time last year. Thirty-eight of the 50 states plus the District of Columbia and 79 out of 100 major metro areas registered MiMi values within range of their benchmark averages.
“Despite rising house prices, the majority of housing markets have sustained their momentum due in large part to low mortgage rates,” said Freddie Mac Deputy Chief Economist Len Kiefer. “For example, purchase applications, as measured by MiMi, were up more than 17 percent year over year in July and remaining at their highest level since December 2007.”