US 30-Year and 15-Year Fixed-Rate Mortgages Fall to New LowsLocation: McLean Freddie Mac (OTC: FMCC) yesterday released the results of its Primary Mortgage Market Survey (PMMS), which found that the 30-year fixed-rate mortgage (FRM) and the 15-year (FRM) set new records for all-time lows. The 5-year ARM also reached another new low in the survey while the 1-year ARM remained at its nadir. News Facts · 30-year fixed-rate mortgage (FRM) averaged 4.17 percent with an average 0.8 point for the week ending November 11, 2010, down from last week when it averaged 4.24 percent. Last year at this time, the 30-year FRM averaged 4.91 percent. · 15-year FRM this week averaged 3.57 percent with an average 0.8 point, down from last week when it averaged 3.63 percent. A year ago at this time, the 15-year FRM averaged 4.36 percent. · 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.25 percent this week, with an average 0.7 point, down from last week when it averaged 3.39 percent. A year ago, the 5-year ARM averaged 4.29 percent. · 1-year Treasury-indexed ARM averaged 3.26 percent this week with an average 0.7 point, unchanged from last week when it also averaged 3.26 percent. At this time last year, the 1-year ARM averaged 4.46 percent. Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage. Quotes Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
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 PMMS Week: 45 Week Ending: November 11, 2010
THE NATIONAL MORTGAGE RATE SNAPSHOTOne Year Ago 30-YR FRM 15-YR FRM 5/1 ARM 1-YR ARM 4.91 4.36 4.29 4.46 0.7 0.6 0.6 0.6 One Week Ago 30-YR FRM 15-YR FRM 5/1 ARM 1-YR ARM 4.24 3.63 3.39 3.26 0.8 0.7 0.6 0.7 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.
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