Applications for Purchase and for Refinancing Up Nicely as Mortgage Rates Remain Under 5%Location: McLean Freddie Mac (NYSE:FRE) last week released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.87 percent with an average 0.7 point for the week ending April 9, 2009, up from last week when it averaged 4.78 percent. Last year at this time, the 30-year FRM averaged 5.88 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.93 percent this week, with an average 0.7 point, upfrom last week when it averaged 4.92 percent. A year ago, the 5-year ARM averaged 5.56 percent. . One-year Treasury-indexed ARMs averaged 4.83 percent this week with an average 0.5 point, up from last week when it averaged 4.75 percent. At this time last year, the 1-year ARM averaged 5.18 percent. The 1-year ARM has not been lower since the week ending September 29, 2005, when it averaged 4.68 percent. (Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.) “Mortgage rates rose slightly this week but still remained historically low,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Interest rates for 30-year fixed-rate mortgages have averaged below 5.0 percent for the last four weeks, which should keep homeowner affordability at record levels. “Given these low rates, housing demand has strengthened. Conventional mortgage applications both for refinancing and for home purchases have increased over the past five consecutive weeks ending April 3. Since the end of February, applications for home purchases were up about 22 percent and nearly 129 percent for refinancing, according to the Mortgage Bankers Association.” 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 2.73 2.73 2.75 2.74 2.78 2.71 1-YEAR ADJUSTABLE RATE MORTGAGES (ARMs)
Margin 2.76 2.75 2.75 2.72 2.83 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. In general, the data presented were calculated from information collected Monday through Wednesday of the same week that the PMMS is released and may not reflect mortgage rates, fees or points currently available from any lender. Freddie Mac may change the methodology used to conduct the PMMS survey at any time and without notice.
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