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RISMEDIA, July 12, 2010—Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.57% with an average 0.7 point for the week ending July 8, 2010, down from last week when it averaged 4.58%. Last year at this time, the 30-year FRM averaged 5.20%. This rate is yet another all-time low in Freddie Mac’s 39-year survey.

The 15-year FRM this week averaged 4.07% with an average 0.7 point, up from last week when it averaged 4.04%. A year ago at this time, the 15-year FRM averaged 4.69%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.75% this week, with an average 0.7 point, down from last week when it averaged 3.79%. A year ago, the 5-year ARM averaged 4.82%. This rate is also an all-time low since Freddie Mac began tracking it in 2005.

The 1-year Treasury-indexed ARM averaged 3.75% this week with an average 0.7 point, down from last week when it averaged 3.80%. At this time last year, the 1-year ARM averaged 4.82%.

“With mortgage rates falling to historic lows, refinance activity has been strong over the past three months,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The Bureau of Economic Analysis reported that the effective mortgage rate of all loans outstanding was just below 6% in the first quarter of 2010, the lowest since the series began in 1977. Since the start of the second quarter, two out of three mortgage applications on average were for refinancing, according the Mortgage Bankers Association.

“Household balance sheets also improved in other ways over the first three months of the year. The Federal Reserve (Fed) reported household net worth rose by almost $1.1 trillion in the first quarter of 2010. The share of credit card loans that were 30-days or more past due fell to the lowest since the first quarter of 2002, according to the American Bankers Association. Finally, the aggregate household debt burdens were at a level not seen since the third quarter of 2000, based on the Fed’s debt service ratio.”

For more information, visit www.freddiemac.com.

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