US 30-Year Mortgage Rate Ties Last Week's Record Low
Location: McLean
Author:
Eileen Fitzpatrick
Date: Friday, July 16, 2010
McLean, VA – Freddie Mac (OTC:FMCC) yesterday released the results of
its Primary Mortgage Market Survey (PMMS).
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 4.57 percent with an
average 0.7 point for the week ending July 15, 2010, unchanged from
last week when it averaged 4.57 percent. Last year at this time, the
30-year FRM averaged 5.14 percent. This rate ties the all-time low
reached last week in Freddie Mac's 39-year survey.
- 15-year FRM this week averaged 4.06 percent with an average 0.7
point, down from last week when it averaged 4.07 percent. A year ago
at this time, the 15-year FRM averaged 4.63 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)
averaged 3.85 percent this week, with an average 0.7 point, up from
last week when it averaged 3.75 percent. A year ago, the 5-year ARM
averaged 4.83 percent.
- 1-year Treasury-indexed ARM averaged 3.74 percent this week with
an average 0.7 point, down from last week when it averaged 3.75
percent. At this time last year, the 1-year ARM averaged 4.76
percent.
Quotes
Attributed to Frank Nothaft, vice president and chief economist,
Freddie Mac
- "Fixed-rate mortgages continued to hover at 50-year lows,
thereby supporting homebuyer affordability and refinance activity.
Over the past month, about four out of five conventional loan
applications and more than one-half of FHA and VA loan applications
were for refinance. Compared to the recent peak in 30-year fixed
interest rates 13 months ago (week of June 11, 2009), current rates
are a full percentage point lower. With today's rates, homebuyers
would save about $1,500 in payments each year on a $200,000 loan
compared to rates last June."
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.
Summary of Survey Results
Fixed-Rate Mortgages |
|
Average Conventional
30-Year Commitment Rate |
Fees & Points |
Average Conventional
15-Year Commitment Rate |
Fees & Points |
US |
4.57 |
0.7 |
4.06 |
0.7 |
Northeast |
4.57 |
0.7 |
4.07 |
0.7 |
Southeast |
4.61 |
0.7 |
4.06 |
0.7 |
N. Central |
4.60 |
0.6 |
4.08 |
0.6 |
Southwest |
4.60 |
0.7 |
4.06 |
0.7 |
West |
4.52 |
0.9 |
4.02 |
0.7 |
Five/One-Year
Adjustable-Rate Mortgages |
|
First Commitment Rate |
Fees & Points |
Margin |
US |
3.85 |
0.7 |
2.74 |
Northeast |
4.02 |
0.6 |
2.76 |
Southeast |
3.63 |
0.7 |
2.75 |
N. Central |
3.94 |
0.5 |
2.72 |
Southwest |
3.82 |
0.9 |
2.77 |
West |
3.78 |
0.7 |
2.73 |
One-Year Adjustable-Rate
Mortgages |
|
First Commitment Rate |
Fees & Points |
Margin |
US |
3.74 |
0.7 |
2.77 |
Northeast |
3.72 |
0.5 |
2.81 |
Southeast |
3.79 |
0.9 |
2.75 |
N. Central |
3.83 |
0.6 |
2.73 |
Southwest |
3.80 |
0.9 |
2.77 |
West |
3.66 |
0.7 |
2.77 |
Freddie Mac Region
|
PMMS Weights |
|
Northeast |
26.0 |
|
Southeast |
16.7 |
|
North Central |
15.9 |
|
Southwest |
13.2 |
|
West |
28.2 |
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Primary Mortgage Market Survey Results
July 15, 2010
30-Year Fixed Rate
Mortgages |
|
US |
NE |
SE |
NC |
SW |
W |
Average |
4.57 |
4.57 |
4.61 |
4.60 |
4.60 |
4.52 |
Fees & Points |
0.7 |
0.7 |
0.7 |
0.6 |
0.7 |
0.9 |
15-Year Fixed Rate
Mortgages |
|
US |
NE |
SE |
NC |
SW |
W |
Average |
4.06 |
4.07 |
4.06 |
4.08 |
4.06 |
4.02 |
Fees & Points |
0.7 |
0.7 |
0.7 |
0.6 |
0.7 |
0.7 |
5/1-Year Adjustable Rate
Mortgages |
|
US |
NE |
SE |
NC |
SW |
W |
Average |
3.85 |
4.02 |
3.63 |
3.94 |
3.82 |
3.78 |
Fees & Points |
0.7 |
0.6 |
0.7 |
0.5 |
0.9 |
0.7 |
Margin |
2.74 |
2.76 |
2.75 |
2.72 |
2.77 |
2.73 |
1-Year Adjustable Rate
Mortgages |
|
US |
NE |
SE |
NC |
SW |
W |
Average |
3.74 |
3.72 |
3.79 |
3.83 |
3.80 |
3.66 |
Fees & Points |
0.7 |
0.5 |
0.9 |
0.6 |
0.9 |
0.7 |
Margin |
2.77 |
2.81 |
2.75 |
2.73 |
2.77 |
2.77 |
The National Mortgage
Rate Snapshot |
|
One Year Ago |
One Week Ago |
|
30-YR |
15-YR |
5/1-YR |
1-YR ARM |
30-YR |
15-YR |
5/1-YR |
1-YR ARM |
Average |
5.14 |
4.63 |
4.83 |
4.76 |
4.57 |
4.07 |
3.75 |
3.75 |
Fees & Points |
0.7 |
0.7 |
0.7 |
0.5 |
0.7 |
0.7 |
0.7 |
0.7 |
Margin |
N/A |
N/A |
2.74 |
2.76 |
N/A |
N/A |
2.74 |
2.77 |
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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 at any time and without notice.
To subscribe or visit go to:
http://www.riskcenter.com
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