McLean, VA – Freddie Mac (OTC:FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®).

News Facts

• 30-year fixed-rate mortgage (FRM) averaged 4.57 percent with an average 0.7 point for the week ending July 15, 2010, unchanged from last week when it averaged 4.57 percent. Last year at this time, the 30-year FRM averaged 5.14 percent. This rate ties the all-time low reached last week in Freddie Mac's 39-year survey.

• 15-year FRM this week averaged 4.06 percent with an average 0.7 point, down from last week when it averaged 4.07 percent. A year ago at this time, the 15-year FRM averaged 4.63 percent.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.85 percent this week, with an average 0.7 point, up from last week when it averaged 3.75 percent. A year ago, the 5-year ARM averaged 4.83 percent.

• 1-year Treasury-indexed ARM averaged 3.74 percent this week with an average 0.7 point, down from last week when it averaged 3.75 percent. At this time last year, the 1-year ARM averaged 4.76 percent.

Quotes

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac

• "Fixed-rate mortgages continued to hover at 50-year lows, thereby supporting homebuyer affordability and refinance activity. Over the past month, about four out of five conventional loan applications and more than one-half of FHA and VA loan applications were for refinance. Compared to the recent peak in 30-year fixed interest rates 13 months ago (week of June 11, 2009), current rates are a full percentage point lower. With today's rates, homebuyers would save about $1,500 in payments each year on a $200,000 loan compared to rates last June."

“Interest rates on fixed-rate mortgages and the 5-year hybrid ARM fell once again to all-time record lows this week in a period where the economy struggles to gain momentum and inflation remains very low,” said Frank Nothaft, Freddie Mac vice president and chief economist.

February 4, 2010
River Edge, NJ – Approved Funding Corp's (AFC) President Shmuel Shayowitz, has sent out notices to past and current client & Business Professionals today, stating that there hasn't been a better time to buy or refinance a home in many years. "The current tumultuous housing market presents an enormous opportunity for potential home buyers", Mr. Shayowitz wrote. "Sellers are willing to discuss and deal on any genuine offer knowing the current market, and the low rates are an added incentive to close sooner than later for buyers. We continue to see movement and loan locks from potential homebuyers and current home-owners alike".