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MORTGAGE RATES MOSTLY FLAT AMID MIXED ECONOMIC NEWS

Posted: June 26, 2009 10:18 am.

MORTGAGE RATES MOSTLY FLAT AMID MIXED ECONOMIC NEWS
McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.42 percent with an average 0.7 point for the week ending June 25, 2009, up from last week when it averaged 5.38 percent. Last year at this time, the 30-year FRM averaged 6.45 percent.

The 15-year FRM this week averaged 4.87 percent with an average 0.7 point, down from last week when it averaged 4.89 percent. A year ago at this time, the 15-year FRM averaged 6.04 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.99 percent this week, with an average 0.7 point, up from last week when it averaged 4.97 percent. A year ago, the 5-year ARM averaged 5.99 percent.

One-year Treasury-indexed ARMs averaged 4.93 percent this week with an average 0.7 point, down from last week when it averaged 4.95 percent. At this time last year, the 1-year ARM averaged 5.27 percent.

(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)

“Mixed economic reports on the state of the housing market helped hold mortgage rates fairly flat this week,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Existing home sales rose for the second consecutive month in May by 2.4 percent, slightly less than the market consensus forecast; however the median sales price was 16.8 percent below that of the same time last year, according to the National Association of Realtors® (NAR). In contrast, new home sales fell 0.6 percent and the median sales price was only 3.4 percent lower than May 2008.

"On a more positive note, the inventory of unsold homes has lessened from a year ago, which may help cushion further house price declines. The number of existing homes for sale was 15.3 percent below that of May 2008, and new homes for sale fell by 35.9 percent. In addition, distressed properties accounted for only about one-third of existing home sales in May, down from over a half in March, according to the NAR.”

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.



Summary of Survey Results
Fixed-Rate Mortgages
Average Conventional 30-Year Commitment Rate Fees & Points Average Conventional 15-Year Commitment Rate Fees & Points
US 5.42 0.7 4.87 0.7
Northeast 5.47 0.7 4.92 0.8
Southeast 5.36 0.7 4.87 0.7
N. Central 5.49 0.6 4.92 0.6
Southwest 5.44 0.6 4.91 0.6
West 5.37 0.8 4.80 0.8

Five/One-Year Adjustable-Rate Mortgages
First Commitment Rate Fees & Points Margin
US 4.99 0.7 2.74
Northeast 4.77 0.6 2.75
Southeast 4.87 0.8 2.75
N. Central 5.22 0.7 2.74
Southwest 5.09 0.5 2.77
West 5.10 0.7 2.72

One-Year Adjustable-Rate Mortgages
First Commitment Rate Fees & Points Margin
US 4.93 0.7 2.76
Northeast 4.46 0.8 2.77
Southeast 5.18 0.6 2.75
N. Central 5.18 0.7 2.85
Southwest 5.31 0.8 2.77
West 4.86 0.7 2.71


Freddie Mac defines its regions as follows:

Northeast: NY, NJ, PA, DE, MD, DC, VA, WV, ME, NH, VT, MA, RI, CT
Southeast: NC, SC, TN, KY, GA, AL, FL, PR, VI, MS
North Central: OH, IN, IL, MI, WI, MN, IA, ND, SD
Southwest: TX, LA, NM, OK, AR, MO, KS, CO, NE, WY
West: CA, AZ, NV, OR, WA, UT, ID, MT, HI, AK, GU

Freddie Mac's Primary Mortgage Market Survey (PMMS) is for informational purposes only and Freddie Mac is not responsible for business decisions made based on the reported results of the PMMS. Freddie Mac may change the methodology used to conduct the PMMS survey at any time and without notice.

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