MCLEAN, Va., July 21, 2011 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows mortgage rates changing little over the previous week following mixed economic and housing data. The 30-year fixed average 4.52 percent and the 15-year fixed averaged 3.66 percent.
- 30-year fixed-rate mortgage (FRM) averaged 4.52 percent with an average 0.7 point for the week ending July 21, 2011, up from last week when it averaged 4.51 percent. Last year at this time, the 30-year FRM averaged 4.56 percent.
- 15-year FRM this week averaged 3.66 percent with an average 0.7 point, up from last week when it averaged 3.65 percent. A year ago at this time, the 15-year FRM averaged 4.03 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.27 percent this week, with an average 0.5 point, down from last week when it averaged 3.29 percent. A year ago, the 5-year ARM averaged 3.79 percent.
- 1-year Treasury-indexed ARM averaged 2.97 percent this week with an average 0.5 point, up from last week when it averaged 2.95 percent. At this time last year, the 1-year ARM averaged 3.70 percent.
Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage. Visit the following links for Regional and National Mortgage Rate Details and Definitions.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
- "Mortgage rates were virtually unchanged this week amid mixed economic data reports. Although both the overall producer price index and consumer price index fell moderately in June on lower energy costs, the core price indexes inched up. In addition, consumer sentiment sank to the lowest reading since March 2009, based on figures from the University of Michigan.
- "The recent housing data also varied. For example, single-family housing starts jumped 9.4 percent in June to the strongest pace since November 2010 and homebuilder confidence rebounded in July. Yet, existing home sales fell 0.8 percent in June and represented the fewest since November 2010."
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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.
SOURCE Freddie Mac