Mortgage Rates Down Again as GDP is Revised Lower

It's Primary Mortgage Market Survey ® (pMMS ®) explained that the survey results for the 30-year fixed mortgage and 15-year-old record low was achieved. (In 1971, 30 year fixed 15-year-old in 1991 and began the survey began.) Five-year adjustable rate mortgages from Freddie Mac, the lowest level of monitoring began in 2005.

News Facts

* 30-year fixed-rate mortgage (FRM) weeks of August 5, 2010 final with an average 0.7 point, down 4.54 percent last week when the average 4.49 percent average. Last year at this time, the average 30 year FRM rate of 5.22.

* 15-year FRM this week, with average 0.6 point, down 4.00 percent average last week when a record low average of 3.95 percent. In this time a year ago, 15-year FRM rate of 4.63 average.

* Year Treasury (ARM)-indexed hybrid adjustable-rate mortgage to 5, with average 0.6 point, down 3.76 percent last week when the average 3.63 percent this week, average. A year ago, the average five-year ARM 4.73 percent.

One-year Treasury-indexed ARM with average 0.7 point, down 3.64 percent last week when the average 3.55 percent this week, the average *. 1-year ARM now 4.78 percent average last year.

Quotes

Frank Nothaft, vice president and chief economist, Freddie Mac, attributed.

* "And, again, fixed mortgage for the interest rates and now hybrid five-year ARM, all-time record lows this week, second quarter GDP release following falls. The annual revision of the last three years, 2010 in the first quarter 1.4 percent 0.6 percent ended in half the cumulative GDP growth was cut. This will reduce inflationary pressures and provide more long-term rates ease room.

* "More recently, housing investment this year in the second quarter homebuyer tax for new and existing sales and low mortgage rates spurred the raised remodeling encouraged. Fixed housing investment in the second quarter real GDP growth fall in two quarters following 0.6 percentage point added."

By Congress in 1970, Freddie Mac liquidity, stability and affordability to the nation's residential mortgage market has been established to offer. Freddie Mac, the mortgage loans provide capital support of communities across the country. Over the years, Freddie Mac home possible six homebuyers and more than five million were made to landlords.