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 6.24 percent with an average 0.5 point for the week ending February 28, 2008, up from last week when it averaged 6.04 percent. Last year at this time, the 30-year FRM averaged 6.18 percent.
The 15-year FRM this week averaged 5.72 percent with an average 0.5 point, up from last week when it averaged 5.64 percent. A year ago at this time, the 15-year FRM averaged 5.92 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.43 percent this week, with an average 0.4 point, up from last week when it averaged 5.37 percent. A year ago, the 5-year ARM averaged 5.93 percent.
One-year Treasury-indexed ARMs averaged 5.11 percent this week with an average 0.7 point, up from last week when it was 4.98 percent. At this time last year, the 1-year ARM averaged 5.49 percent
(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)
"Long-term fixed mortgage rates trended up for a third week, bringing rates on 30-year and 15-year fixed-rate mortgages back to their levels of last November," said Frank Nothaft, Freddie Mac vice president and chief economist. "Refinancing activities, which had surged to a 12-month high in January, according to Freddie Mac's monthly refi share report, are likely to ebb following this recent rise in rates."
Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily 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 more than 50 million times, ensuring financing for one in six homebuyers and more than four million renters.
Source: Idaho Business Review