US Fixed-Rate Mortgage Rates Inch Downward to Another New Low for the Sixth Consecutive Week
Location: McLean
Author:
Eillen Fitspatrick
Date: Friday, July 30, 2010
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 4.54 percent with an average 0.7 point for the week ending July 29, 2010, down from last week when it averaged 4.56 percent. Last year at this time, the 30-year FRM averaged 5.25 percent.
- 15-year FRM this week averaged a record low of 4.00 percent with an average 0.7 point, down from last week when it averaged 4.03 percent.A year ago at this time, the 15-year FRM averaged 4.69 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.76 percent this week, with an average 0.7 point, down from last week when it averaged 3.79 percent. A year ago, the 5-year ARM averaged 4.75 percent.
- 1-year Treasury-indexed ARM averaged 3.64 percent this week with an average 0.7 point, downfrom last week when it averaged 3.70 percent. At this time last year, the 1-year ARM averaged 4.80 percent.
Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
- “For the sixth week in a row, interest rates on fixed-rate mortgages eased to all-time record lows during a week of mixed housing data reports. The number of local markets experiencing annual increases in home prices appears to be growing. For instance, 13 metropolitan areas in the S&P/Case-Shiller® 20-city index experienced price appreciation over the 12-months ending in May, compared to 11 in April and 10 in March.
- “However, existing home sales in June slowed to an annualized pace of 4.37 million units, the fewest since March. Moreover, although new home sales jumped by almost 24 percent to 330,000 dwellings, it represented the second slowest rate since 1963.”
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 | 4.54 | 0.7 | 4.00 | 0.7 | |||
| Northeast | 4.55 | 0.7 | 4.04 | 0.7 | |||
| Southeast | 4.60 | 0.7 | 4.03 | 0.7 | |||
| N. Central | 4.54 | 0.6 | 4.00 | 0.6 | |||
| Southwest | 4.55 | 0.7 | 3.99 | 0.7 | |||
| West | 4.48 | 0.8 | 3.95 | 0.7 | |||
| Five/One-Year Adjustable-Rate Mortgages | |||||||
| First Commitment Rate | Fees & Points | Margin | |||||
| US | 3.76 | 0.7 | 2.75 | ||||
| Northeast | 3.98 | 0.6 | 2.76 | ||||
| Southeast | 3.62 | 0.6 | 2.75 | ||||
| N. Central | 3.67 | 0.7 | 2.75 | ||||
| Southwest | 3.81 | 0.7 | 2.79 | ||||
| West | 3.66 | 0.8 | 2.73 | ||||
| One-Year Adjustable-Rate Mortgages | |||||||
| First Commitment Rate | Fees & Points | Margin | |||||
| US | 3.64 | 0.7 | 2.77 | ||||
| Northeast | 3.59 | 0.5 | 2.80 | ||||
| Southeast | 3.77 | 0.9 | 2.75 | ||||
| N. Central | 3.75 | 0.6 | 2.75 | ||||
| Southwest | 3.68 | 0.8 | 2.80 | ||||
| West | 3.52 | 0.7 | 2.75 | ||||
| Freddie Mac Region | PMMS Weights | ||||||
| Northeast | 26.0 | ||||||
| Southeast | 16.7 | ||||||
| North Central | 15.9 | ||||||
| Southwest | 13.2 | ||||||
| West | 28.2 | ||||||
Primary Mortgage Market Survey Results
July 29, 2010
| 30-Year Fixed Rate Mortgages | |||||||||||||
| US | NE | SE | NC | SW | W | ||||||||
| Average | 4.54 | 4.55 | 4.60 | 4.54 | 4.55 | 4.48 | |||||||
| Fees & Points | 0.7 | 0.7 | 0.7 | 0.6 | 0.7 | 0.8 | |||||||
| 15-Year Fixed Rate Mortgages | |||||||||||||
| US | NE | SE | NC | SW | W | ||||||||
| Average | 4.00 | 4.04 | 4.03 | 4.00 | 3.99 | 3.95 | |||||||
| 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 | 3.76 | 3.98 | 3.62 | 3.67 | 3.81 | 3.66 | |||||||
| Fees & Points | 0.7 | 0.6 | 0.6 | 0.7 | 0.7 | 0.8 | |||||||
| Margin | 2.75 | 2.76 | 2.75 | 2.75 | 2.79 | 2.73 | |||||||
| 1-Year Adjustable Rate Mortgages | |||||||||||||
| US | NE | SE | NC | SW | W | ||||||||
| Average | 3.64 | 3.59 | 3.77 | 3.75 | 3.68 | 3.52 | |||||||
| Fees & Points | 0.7 | 0.5 | 0.9 | 0.6 | 0.8 | 0.7 | |||||||
| Margin | 2.77 | 2.80 | 2.75 | 2.75 | 2.80 | 2.75 | |||||||
| 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 | 5.25 | 4.69 | 4.75 | 4.80 | 4.56 | 4.03 | 3.79 | 3.70 | |||||
| Fees & Points | 0.7 | 0.7 | 0.6 | 0.5 | 0.7 | 0.7 | 0.6 | 0.7 | |||||
| Margin | N/A | N/A | 2.74 | 2.74 | N/A | N/A | 2.74 | 2.77 | |||||
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