{"id":800,"date":"2010-08-27T09:35:05","date_gmt":"2010-08-27T16:35:05","guid":{"rendered":"http:\/\/www.swproperties.com\/new-mexico-news\/?p=800"},"modified":"2010-08-27T09:35:05","modified_gmt":"2010-08-27T16:35:05","slug":"long-term-mortgage-rates-fall-for-the-ninth-week-out-of-ten","status":"publish","type":"post","link":"https:\/\/www.swproperties.com\/new-mexico-news\/uncategorized\/long-term-mortgage-rates-fall-for-the-ninth-week-out-of-ten\/","title":{"rendered":"Long-Term Mortgage Rates Fall for the Ninth Week Out of Ten"},"content":{"rendered":"<p>McLean, VA \u2013 Freddie Mac (OTC: FMCC) today released the results of  its Primary Mortgage Market Survey\u00ae (PMMS\u00ae), and for yet another week,  fixed-rate mortgages reached record lows, while the 5-year adjustable  rate remained tied at its low for this survey. (The 30-year fixed-rate  survey began in 1971, the 15-year began in 1991, and the 5-year  adjustable in 2005.)<\/p>\n<h3>News Facts<\/h3>\n<ul>\n<li>30-year fixed-rate mortgage (FRM) averaged 4.36 percent with an  average 0.7 point for the week ending August 26, 2010, down from last  week when it averaged 4.42 percent.  Last year at this time, the 30-year  FRM averaged 5.14 percent.<\/li>\n<li>15-year FRM this week averaged a record low of 3.86 percent with  an average 0.6 point, down from last week when it averaged 3.90 percent.   A year ago at this time, the 15-year FRM averaged 4.58 percent.<\/li>\n<li>5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)  averaged 3.56 percent this week, with an average 0.6 point, unchanged  from last week when it also averaged 3.56 percent.  A year ago, the  5-year ARM averaged 4.67 percent.<\/li>\n<li>1-year Treasury-indexed ARM averaged 3.52 percent this week with  an average 0.7 point, down slightly from last week when it also averaged  3.53 percent.  At this time last year, the 1-year ARM averaged 4.69  percent.<\/li>\n<\/ul>\n<p>Average commitment rates should be reported along with average fees  and points to reflect the total cost of obtaining the mortgage.<\/p>\n<h3>Quotes<\/h3>\n<p>Attributed to Amy Crews Cutts, deputy chief economist, Freddie Mac.<\/p>\n<ul>\n<li>&#8220;<a href=\"http:\/\/www.realtor.org\/research\/research\/ehsdata\" target=\"_blank\">Existing home sales<\/a> plunged 27 percent in July, while new homes fell 12 percent to a new  all-time record low, which led to some market concerns that the housing  market may slow the economic recovery. As a result, long-term bond  yields fell to the lowest levels since January 2009, allowing fixed  mortgage rates to ease to new record lows this week.<\/li>\n<li>&#8220;Much of the slowdown in sales, however, was expected due to the recently expired homebuyer tax programs, which pulled through <a href=\"http:\/\/www.census.gov\/const\/www\/newressalesindex.html\" target=\"_blank\">future home purchases<\/a> into the first half of the year.  For instance, average existing home  sales over the first seven months of 2010 were nearly 8 percent higher  than over the same period a year ago.<\/li>\n<li>&#8220;Moreover, house prices still appear to be stabilizing. Nationally,  house prices rose 0.9 percent on a seasonally-adjusted basis during the  second quarter of this year this year after 11 consecutive quarterly  declines, according to the <a href=\"http:\/\/www.fhfa.gov\/Default.aspx?Page=87\" target=\"_blank\">Federal Housing Finance Agency&#8217;s<\/a> purchase only index. Eight of the nine census regions experienced positive gains, compared to none in the first quarter.&#8221;<\/li>\n<\/ul>\n<p>Freddie Mac was established by Congress in 1970 to provide liquidity,  stability and affordability to the nation&#8217;s residential mortgage  markets. Freddie Mac supports communities across the nation by providing  mortgage capital to lenders. Over the years, Freddie Mac has made home  possible for one in six homebuyers and more than five million renters.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>McLean, VA \u2013 Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey\u00ae (PMMS\u00ae), and for yet another week, fixed-rate mortgages reached record lows, while the 5-year adjustable rate remained tied at its low for this survey. (The 30-year fixed-rate survey began in 1971, the 15-year began in 1991, and the &hellip; <a href=\"https:\/\/www.swproperties.com\/new-mexico-news\/uncategorized\/long-term-mortgage-rates-fall-for-the-ninth-week-out-of-ten\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Long-Term Mortgage Rates Fall for the Ninth Week Out of Ten&#8221;<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-800","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Long-Term Mortgage Rates Fall for the Ninth Week Out of Ten - Southwest Properties, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.swproperties.com\/new-mexico-news\/uncategorized\/long-term-mortgage-rates-fall-for-the-ninth-week-out-of-ten\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Long-Term Mortgage Rates Fall for the Ninth Week Out of Ten - Southwest Properties, Inc.\" \/>\n<meta property=\"og:description\" content=\"McLean, VA \u2013 Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey\u00ae (PMMS\u00ae), and for yet another week, fixed-rate mortgages reached record lows, while the 5-year adjustable rate remained tied at its low for this survey. 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