""Freddie Mac"":http://www.freddiemac.com released the results of its ""Primary Mortgage Market Survey"":http://www.freddiemac.com/pmms/release.html (PMMS) on Thursday, which showed interest rates on fixed-rate home loans and some adjustable-rate products eased this week.
The GSE reported that the 30-year fixed-rate mortgage (FRM) averaged 4.82 percent (0.6 point) for the week ending April 16, 2009. That's down from last week when it rose slightly for the first time in over a month to an average of 4.87 percent. Last year at this time, the 30-year FRM was 5.88 percent.
The 15-year FRM this week averaged 4.48 percent (0.6 point), also down from last week when it came in at 4.54 percent. A year ago at this time, the 15-year FRM was 5.40 percent. This week's average is the lowest the 15-year FRM has been since Freddie Mac began tracking it in August 1991.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.88 percent this week (0.6 point). Last week the average for the 5-year ARM was 4.93 percent, and a year ago, it was 5.48 percent. This week's 5-year ARM also hit a new record bottom, coming in the lowest the 5-year ARM interest rate has been since Freddie Mac began tracking it in January 2005.
The 1-year Treasury-indexed ARM is the only mortgage product that Freddie reported rose this week. One-year ARMs averaged 4.91 percent (0.7 point), up from last week when they averaged 4.83 percent. At this time last year, the 1-year ARM was 5.10 percent.
Frank Nothaft, Freddie Mac's VP and chief economist, commented, ""The housing industry is starting to exhibit some positive signs, albeit scarce and too early to tell how permanent.""
Nothaft pointed to the fact that the Federal Reserve, in its April 15th regional economic report, said that better-than-expected buyer traffic led to a scattered pickup in home sales over the previous six weeks. ""Factors such as homebuyer tax credits, low mortgage rates, and more affordable prices were cited as leading to more potential buyers,"" Nothaft said.