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Mortgage Rates For Week Ending May 3, 2007

Main / Mortgage Rates

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 6.16 percent with an average 0.5 point for the week ending May 3, 2007, unchanged from last week when it averaged 6.16 percent. Last year at this time, the 30-year FRM averaged 6.59 percent.

The 15-year FRM this week averaged 5.87 percent with an average 0.5 point, unchanged from last week when it averaged 5.87 percent. A year ago, the 15-year FRM averaged 6.22 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.87 percent this week, with an average 0.6 point, down slightly from last week when it averaged 5.88 percent. A year ago, the 5-year ARM averaged 6.21 percent.

One-year Treasury-indexed ARMs averaged 5.42 percent this week with an average 0.7 point, also down slightly from last week when it averaged 5.43 percent. At this time last year, the 1-year ARM averaged 5.67 percent.

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

"The recently advanced report of first quarter Gross Domestic Product (GDP) was weaker than expected, growing only 1.3 percent. The housing market alone shaved a full percentage point off real GDP growth," said Frank Nothaft, Freddie Mac vice president and chief economist. "Additionally, both consumer spending and price increases in consumer expenditures were quite tame in March. These contributing factors allowed mortgage rates to hold steady this week.

"Interestingly, the refinance share of mortgage applications has been on a downward trend from a recent peak of nearly 53 percent in December, 2006 to around 42 percent last week. But a majority of refinancing involved homeowners extracting equity from their homes. Given that rates on home equity loans are currently around 8.25 percent, homeowners have a big incentive to use cash-out refinancing as an alternative source of financing."

Freddie Mac is a stockholder-owned company established by Congress in 1970 to support homeownership and rental housing. Freddie Mac fulfills its mission by purchasing residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than four million renters in America.