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May 3, 2012 /PRNewswire/ --
Freddie Mac (OTC: FMCC) today released the results of its
Primary Mortgage Market Survey® (PMMS
®), showing average fixed mortgage rates finding new all-time record lows continuing to help keep homebuyer affordability high. The 30-year fixed averaged 3.84 percent, down from its previous all-time record low of 3.87 percent last registered on
February 9, 2012. The 15-year fixed averaged 3.07 percent, also dropping below its previous all-time record low of 3.11 percent set
April 12 of this year. The 1-year ARM also averaged a new all-time record low in the PMMS at 2.70 percent.
30-year fixed-rate mortgage (FRM) averaged 3.84 percent with an average 0.8 point for the week ending May 3, 2012, down from last week when it averaged 3.88 percent. Last year at this time, the 30-year FRM averaged 4.71 percent.
15-year FRM this week averaged 3.07 percent with an average 0.7 point, down from last week when it averaged 3.12 percent. A year ago at this time, the 15-year FRM averaged 3.89 percent.
1-year Treasury-indexed ARM averaged 2.70 percent this week with an average 0.6 point, down from last week when it averaged 2.74 percent. At this time last year, the 1-year ARM averaged 3.14 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for
Regional and National Mortgage Rate Details and
Definitions. Borrowers may still pay closing costs which are not included in the survey.
Frank Nothaft, vice president and chief economist, Freddie Mac.
"Signs of slowing economic growth and inflation remaining subdued allowed yields on Treasury bonds to ease somewhat and brought most mortgage rates to new all-time record lows this week. Real Gross Domestic Product rose at an annualized rate of 2.2 percent in the first quarter of this year, down from the previous quarter of 3.0 percent and below the market consensus forecast of 2.5 percent. In addition, the 12-month growth in the core price index of personal consumption expenditures was 2.0 percent in March which matches the Federal Reserve's implied inflation target."
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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.