Freddie Mac Weekly Survey Reports Long-Term Mortgage Rates Lowest Since February
McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market SurveySM (PMMSSM) in which the 30-year fixed-rate mortgage (FRM) averaged 5.71 percent, with an average 0.7 point, for the week ending May 19, 2005, down from last week when it averaged 5.77 percent. Last year at this time, the 30-year FRM averaged 6.30 percent. The average for the 15-year FRM this week is 5.27 percent, with an average 0.7 point, also down from last week when it averaged 5.33 percent. A year ago, the 15-year FRM averaged 5.67 percent. Five-Year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.07 percent this week, with an average 0.7 point, falling from 5.21 percent last week. There is no annual historical information for last year since Freddie Mac only began tracking this mortgage rate at the start of this year. One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 4.26 percent this week, with an average 0.7 point, up from last week when it averaged 4.23 percent. At this time last year, the one-year ARM averaged 3.99 percent. "It is remarkable how mortgage rates have remained so low for so long," said Frank Nothaft, vice president and chief economist. "But as long as inflation is held in check, there is little or no pressure to push mortgage rates higher. And at the moment, despite high fuel prices, core inflation does indeed seem to be a nonevent." "Continuing low rates will keep the housing industry abuzz. As a matter of fact, both new and existing housing sales figures in April are expected to come in at or near record levels." |
