Long-term US Mortgage Rates Down for Third Consecutive WeekLocation: McLean Freddie Mac (NYSE:FRE) yesterday released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.04 percent with an average 0.7 point for the week ending November 20, 2008, downfrom last week when it averaged 6.14 percent. Last year at this time, the 30-year FRM averaged 6.20 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.87 percent this week, with an average 0.6 point, down from last week when it averaged 5.98 percent. A year ago, the 5-year ARM averaged 5.88 percent. One-year Treasury-indexed ARMs averaged 5.29 percent this week with an average 0.5 point, downfrom last week when it averaged 5.33 percent. At this time last year, the 1-year ARM averaged 5.42 percent. (Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.) “Long- and short-term mortgage rates fell for the third consecutive week amid continuing signs of a slowing economy,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Retail sales fell for the fourth straight month in October and consumer sentiment remained near a 28-year low in November. “In fact, the Federal Reserve during its October 28-29 committee meeting lowered its economic growth forecasts for 2008 and 2009, according to its minutes released this week.” Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.
PRIMARY MORTGAGE MARKET SURVEY RESULTS 30-YEAR FIXED RATE MORTGAGES
15-YEAR FIXED RATE MORTGAGES
5/1 ADJUSTABLE RATE MORTGAGES (ARMs)
Margin 2.74 2.72 2.75 2.76 2.77 2.73 1-YEAR ADJUSTABLE RATE MORTGAGES (ARMs)
Margin 2.74 2.70 2.75 2.73 2.80 2.75 THE NATIONAL MORTGAGE RATE SNAPSHOT
Freddie Mac's Primary Mortgage Market Survey (PMMS) is for informational purposes only and Freddie Mac is not responsible for business decisions made based on the reported results of the PMMS. Freddie Mac may change the methodology used to conduct the PMMS survey at any time and without notice.
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