McLean, VA -
Freddie Mac
today released the results of its Primary
Mortgage Market Survey® (PMMS®). The survey results
showed mixed results for both long- and short-term rates, with
the 30-year rising slightly and the 15-year falling just as
slightly.
30-year fixed-rate mortgage (FRM) averaged 4.74 percent with an
average 0.8 point for the week ending January 20, 2011, up from last
week when it averaged 4.71 percent. Last year at this time, the
30-year FRM averaged 4.99 percent.
15-year FRM this week averaged 4.05 percent with an average 0.8
point, down from last week when it averaged 4.08 percent. A year ago
at this time, the 15-year FRM averaged 4.40 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)
averaged 3.69 percent this week, with an average 0.7 point, down
from last week when it averaged 3.72 percent. A year ago, the 5-year
ARM averaged 4.27 percent.
1-year Treasury-indexed ARM averaged 3.25 percent this week with
an average 0.6 point, up from last week when it averaged 3.23
percent. At this time last year, the 1-year ARM averaged 4.32
percent. Frank Nothaft, vice president and chief economist at
Freddie Mac, report, "Mortgage
rates were little changed during the holiday week amid reports that
inflation remains tame. Both the December core producer price index
and consumer price index matched the market consensus. Compared to
December 2009, core consumer prices rose at a 0.8 percent rate, the
smallest yearly increase since records began in 1958."
"The housing construction market, however, still remains weak. The
Commerce Department reported that new building of one-family homes fell
by 9 percent in December, led by a 38 percent drop in the Midwest
region. Moreover, homebuilder confidence remained the same in January
according to the NAHB/Wells
Fargo Housing Market Index , but was below the market
consensus forecast."