Freddie Mac (OTC: FMCC) yesterday released the
results of its Primary Mortgage Market Survey (PMMS). While the 30-year
fixed-rate mortgage rate rose, the 15-year fixed-rate dipped slightly;
shorter-term rates fell.
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 4.37 percent with an
average 0.7 point for the week ending September 16, 2010, up from
last week when it averaged 4.35 percent. Last year at this time, the
30-year FRM averaged 5.04 percent.
- 15-year FRM this week averaged a record low of 3.82 percent with
an average 0.6 point, down slightly from last week when it averaged
3.83 percent. A year ago at this time, the 15-year FRM averaged 4.47
percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)
averaged 3.55 percent this week, with an average 0.6 point, down
slightly from last week when it averaged 3.56 percent. A year ago,
the 5-year ARM averaged 4.51 percent.
- 1-year Treasury-indexed ARM averaged 3.40 percent this week with
an average 0.7 point, down from last week when it averaged 3.46
percent. At this time last year, the 1-year ARM averaged 4.58
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.
- "Interest rates on 30-year fixed mortgages have remained below 5
percent for the last 19 weeks giving people ample opportunity to
refinance their existing mortgage debt. As a result, homeowners
reduced their financial obligations relative to disposable personal
income during the second quarter of 2010 to the lowest share in
almost eight years, according to the
Federal Reserve. Currently, four out of five mortgage
applications are for refinancing existing mortgage debt, based on
figures by 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.
Summary of Survey Results
Fixed-Rate Mortgages
|
|
Average Conventional
30-Year Commitment Rate
|
Fees & Points
|
Average Conventional
15-Year Commitment Rate
|
Fees & Points
|
US
|
4.37
|
0.7
|
3.82
|
0.6
|
Northeast
|
4.39
|
0.6
|
3.89
|
0.6
|
Southeast
|
4.37
|
0.8
|
3.86
|
0.7
|
N. Central
|
4.36
|
0.6
|
3.74
|
0.6
|
Southwest
|
4.41
|
0.7
|
3.86
|
0.6
|
West
|
4.33
|
0.8
|
3.77
|
0.7
|
Five/One-Year Adjustable-Rate Mortgages
|
|
First Commitment Rate
|
Fees & Points
|
Margin
|
US
|
3.55
|
0.6
|
2.74
|
Northeast
|
3.73
|
0.4
|
2.75
|
Southeast
|
3.38
|
0.6
|
2.75
|
N. Central
|
3.52
|
0.4
|
2.72
|
Southwest
|
3.53
|
0.9
|
2.79
|
West
|
3.51
|
0.7
|
2.73
|
One-Year Adjustable-Rate Mortgages
|
|
First Commitment Rate
|
Fees & Points
|
Margin
|
US
|
3.40
|
0.7
|
2.77
|
Northeast
|
3.39
|
0.4
|
2.80
|
Southeast
|
3.38
|
0.8
|
2.75
|
N. Central
|
3.35
|
0.5
|
2.73
|
Southwest
|
3.44
|
0.8
|
2.81
|
West
|
3.44
|
0.9
|
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
September 16, 2010
30-Year Fixed Rate Mortgages
|
|
US
|
NE
|
SE
|
NC
|
SW
|
W
|
Average
|
4.37
|
4.39
|
4.37
|
4.36
|
4.41
|
4.33
|
Fees & Points
|
0.7
|
0.6
|
0.8
|
0.6
|
0.7
|
0.8
|
15-Year Fixed Rate Mortgages
|
|
US
|
NE
|
SE
|
NC
|
SW
|
W
|
Average
|
3.82
|
3.89
|
3.86
|
3.74
|
3.86
|
3.77
|
Fees & Points
|
0.6
|
0.6
|
0.7
|
0.6
|
0.6
|
0.7
|
5/1-Year Adjustable Rate Mortgages
|
|
US
|
NE
|
SE
|
NC
|
SW
|
W
|
Average
|
3.55
|
3.73
|
3.38
|
3.52
|
3.53
|
3.51
|
Fees & Points
|
0.6
|
0.4
|
0.6
|
0.4
|
0.9
|
0.7
|
Margin
|
2.74
|
2.75
|
2.75
|
2.72
|
2.79
|
2.73
|
1-Year Adjustable Rate Mortgages
|
|
US
|
NE
|
SE
|
NC
|
SW
|
W
|
Average
|
3.40
|
3.39
|
3.38
|
3.35
|
3.44
|
3.44
|
Fees & Points
|
0.7
|
0.4
|
0.8
|
0.5
|
0.8
|
0.9
|
Margin
|
2.77
|
2.80
|
2.75
|
2.73
|
2.81
|
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
|
5.04
|
4.47
|
4.51
|
4.58
|
4.35
|
3.83
|
3.56
|
3.46
|
Fees & Points
|
0.7
|
0.6
|
0.5
|
0.5
|
0.7
|
0.6
|
0.6
|
0.7
|
Margin
|
N/A
|
N/A
|
2.74
|
2.75
|
N/A
|
N/A
|
2.75
|
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.