MCLEAN, Va., Sept. 1, 2011 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates declining amid continued weak economic and housing data. While the 30-year fixed held steady, the 5-year ARM set a new all-time record low having fallen for the eighth consecutive week and now standing at 2.96 percent.
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 4.22 percent with an average 0.7 point for the week ending September 1, 2011, matching last week when it also averaged 4.22 percent. Last year at this time, the 30-year FRM averaged 4.32 percent.
- 15-year FRM this week averaged 3.39 percent with an average 0.6 point, down from last week when it averaged 3.44 percent. A year ago at this time, the 15-year FRM averaged 3.83 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week, with an average 0.6 point, down from last week when it averaged 3.07 percent. A year ago, the 5-year ARM averaged 3.54 percent.
- 1-year Treasury-indexed ARM averaged 2.89 percent this week with an average 0.6 point, down from last week when it averaged 2.93 percent. At this time last year, the 1-year ARM averaged 3.50 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.
Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
- "Weaker economic data reports eased upward pressure on mortgage rates this week and kept them at or near all-time record lows. The economy grew at a slower rate of 1 percent in the second quarter than was originally reported due to a smaller increase in inventories and fewer exports. In addition, consumer confidence in August fell to the lowest reading since April 2009, according to The Conference Board.
- "Recently released data on the housing market also showed less strength as well. The S&P/Case-Shiller® National Index fell 5.9 percent between the second quarters of 2010 and 2011, representing the largest yearly decrease since the third quarter of 2009. Moreover, July's pending sales of existing homes fell at a monthly rate of 1.3 percent, the first decline since April 2011."
Get the latest information from Freddie Mac's Office of the Chief Economist on Twitter: @FreddieMac
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
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