Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows fixed-rate mortgages declining for the fifth consecutive week amid mixed economic and housing data. The 30-year fixed averaged 4.61 percent and the 15-year, 3.80 percent. 30-year fixed-rate mortgage (FRM) averaged 4.61 percent with an average 0.7 point for the week ending May 19, 2011, down from last week when it averaged 4.63 percent.
Last year at this time, the 30-year FRM averaged 4.84 percent. 15-year FRM this week averaged 3.80 percent with an average 0.7 point, down from last week when it averaged 3.82 percent. A year ago at this time, the 15-year FRM averaged 4.24 percent. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.48 percent this week, with an average 0.6 point, up from last week when it averaged 3.41 percent.
A year ago, the 5-year ARM averaged 3.91 percent. 1-year Treasury-indexed ARM averaged 3.15 percent this week with an average 0.6 point, up from last week when it averaged 3.11 percent. At this time last year, the 1-year ARM averaged 4.00 percent. Frank Nothaft, vice president and chief economist at Freddie Mac, reports, “Fixed mortgage rates inched down for the fifth consecutive week as financial markets try to ascertain the current strength of the economy.
”Data on the housing market was mixed. New construction on single-family homes fell 5.1 percent in April, with the largest declines occurring in the Midwest and South regions where tornados hit the hardest. Homebuilder confidence remained unchanged in May and near its January 2009 historical low, according to the NAHB/Wells Fargo Housing Market Index. However, conventional mortgages applications rose for the past five straight weeks ending May 13th, buoyed by lower mortgage rates and stronger refinancing activity.”