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MORTGAGE RATES ARE VERY ATTRACTIVE...
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Rates Reach Record
Lows
McLean, VA – Freddie Mac (OTC: FMCC)
today released the results of its Primary Mortgage Market
Survey® (PMMS®), with the 30-year and 15-year fixed-rate
mortgages reaching record lows for this survey. (The
30-year fixed-rate survey began in 1971, and the 15-year
began in 1991.)
News Facts
- 30-year fixed-rate mortgage (FRM)
averaged 4.54 percent with an average 0.7 point for
the week ending July 29, 2010, down from last week
when it averaged 4.56 percent. Last year at this time,
the 30-year FRM averaged 5.25 percent.
- 15-year FRM this week averaged
a record low of 4.00 percent with an average 0.7 point,
down from last week when it averaged 4.03
percent. A year ago at this time,
the 15-year FRM averaged 4.69 percent.
- 5-year Treasury-indexed hybrid
adjustable-rate mortgage (ARM) averaged 3.76 percent
this week, with an average 0.7 point, down from last
week when it averaged 3.79 percent. A year ago, the
5-year ARM averaged 4.75 percent.
- 1-year Treasury-indexed ARM averaged
3.64 percent this week with an average 0.7 point,
down from last week when it averaged
3.70 percent. At this time last year, the 1-year ARM
averaged 4.80 percent.
Quotes
Attributed to Frank Nothaft, vice
president and chief economist, Freddie Mac.
- “For the sixth week in a row, interest
rates on fixed-rate mortgages eased to all-time record
lows during a week of mixed housing data reports.
The number of local markets experiencing annual increases
in home prices appears to be growing. For instance,
13 metropolitan areas in the S&P/Case-Shiller® 20-city
index experienced price appreciation over the 12-months
ending in May, compared to 11 in April and 10 in March.
- “However, existing home sales in
June slowed to an annualized pace of 4.37 million
units, the fewest since March. Moreover, although
new home sales jumped by almost 24 percent to 330,000
dwellings, it represented the second slowest rate
since 1963.”
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.
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