MCLEAN, Va., June 16, 2011 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows fixed mortgages rates changing little despite recent inflation reports. After declining for eight consecutive weeks, the 30-year fixed ticked up to 4.50 percent, while the 15-year inched down again to 3.67 percent.
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 4.50 percent with an average 0.7 point for the week ending June 16, 2011, up from last week when it averaged 4.49 percent. Last year at this time, the 30-year FRM averaged 4.75 percent.
- 15-year FRM this week averaged 3.67 percent with an average 0.7 point, down from last week when it averaged 3.68 percent. A year ago at this time, the 15-year FRM averaged 4.20 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.27 percent this week, with an average 0.6 point, down from last week when it averaged 3.28 percent. A year ago, the 5-year ARM averaged 3.89 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 3.82 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.
- "Mortgage rates were little changed this week as financial market participants shrugged off the recent inflation reports. The core producer price index rose just 0.2 percent in May while the core consumer price index increased 0.3 percent, both near the market consensus forecast.
- "Much of the run down in home mortgage debt so far has been through second mortgages, according to the Federal Reserve Board. Household mortgage balances fell by more than $930 billion between the peak set at the end of March 2008 and March of this year, of which, second mortgages accounted for $820 billion of the decline."
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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