Freddie Mac
(OTC: FMCC) yesterday released the results of its
Primary
Mortgage Market Survey (PMMS), showing the record lows for
average fixed mortgage rates holding steady for the week. The
30-year fixed-rate mortgage ticked slightly down to 3.78 percent and
15-year fixed-rate mortgages remained unchanged from last week at
3.04 percent.
News Facts
-
30-year fixed-rate mortgage (FRM) averaged 3.78 percent with
an average 0.8 point for the week ending May 24, 2012, down from
last week when it averaged 3.79 percent. Last year at this time,
the 30-year FRM averaged 4.60 percent.
-
15-year FRM this week averaged 3.04 percent with an average
0.7 point, unchanged from last week. A year ago at this
time, the 15-year FRM averaged 3.78 percent.
-
5-year Treasury-indexed hybrid adjustable-rate mortgage
(ARM) averaged 2.83 percent this week, with an average 0.6
point, unchanged from last week. A year ago, the 5-year ARM
averaged 3.41 percent.
-
1-year Treasury-indexed ARM averaged 2.75 percent this week
with an average 0.4 point, down from last week when it averaged
2.78 percent. At this time last year, the 1-year ARM averaged
3.11 percent.
Average commitment rates should be reported along with average
fees and points to reflect the total upfront cost of obtaining the
mortgage. Visit the following links for
Regional and National Mortgage Rate Details and
Definitions. Borrowers may still pay closing costs which are not
included in the survey.
Quotes
Attributed to Frank Nothaft, vice president and chief economist,
Freddie Mac.
- "Mortgage rates were virtually unchanged this week with
fixed-rate loans remaining at record lows and helping to drive
homebuyer affordability. The National Association of Realtor's
Housing Affordability Index reached an all-time record high
in the first quarter of this year since records began in 1970.
In April,
existing home sales rose to the highest rate since January
with an annualized rate of 4.62 million homes with purchases
increasing in all four Census Regions. Similarly, sales of
new homes also rose last month, beating the market consensus
forecast. In addition, the Federal Housing Finance Agency
purchase-only house price index rose 0.4 between the first
quarter of 2011 and 2012 and represented the first 4-quarter
increase since the first quarter of 2007.
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