This Week’s Primary Mortgage Market Survey® (PMMS) Results
January 15, 2010 by Victoria Stankard · Leave a Comment
Freddie Mac released its Primary Mortgage Market Survey® (PMMS) results yesterday. Every week, Freddie Mac surveys approximately 125 lenders on rates and points they are quoting for their most popular mortgages, including 30-year fixed rate, 5/1 hybrid amortizing adjustable rate, 15-year fixed rate and 1-year amortizing adjustable rate mortgages.
The PMMS is based on prime conventional conforming mortgages and is relied upon by the mortgage industry for gauging market conditions and borrowers for evaluating mortgage loan options. The survey is generally collected from Monday through Wednesday and the results are posted on Thursdays.
Mortgage Rates Eased Over the Week
“Mortgage rates eased further over the week, helping to promote an affordable home-purchase market and stimulate refinance,” said Frank Nothaft, Freddie Mac vice president and chief economist. “This comes at a time when house price declines are moderating and consumer demand for prime mortgages at commercial banks has picked up,” said Nothaft.
30-Year Fixed Rate Mortgage
This week, the 30-year fixed rate mortgage (FRM) averaged 5.06% with an average of 0.7 point for the week ending January 14th, 2010, which was down from last week at 5.09%. This time last year, the 30-year FRM averaged 4.96.
15-Year Fixed Rate Mortgage
This week the 15-year FRM averaged 4.45 with an average 0.6 point. It was down from last week, averaging 4.50%. This time last year, the 15-year FRM averaged 4.65%.
5-year Treasury-indexed Hybrid Adjustable-rate Mortgage (ARM)
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.32% with an average 0.6 point. It was down from last week, averaging 4.44%. This time last year, the 5-year ARM averaged 5.25%.
1-year Treasury-indexed ARM
The 1-year Treasury-indexed ARM averaged 4.39% with an average 0.5 point. It was up from last week, averaging 4.31%. This time last year, the 1-year ARM averaged 4.89%.
According to Freddie Mac, “home sales, especially for lower-priced homes, increased due in part to the home buyer tax credit and house prices appeared to have changed little since its last report.”
Charlotte, NC Real Estate Homes for Sale
Leigh Brown , a native of Concord, NC, is the leading real estate agent of the Charlotte Metro Area. Over the years, Leigh has helped many clients buy and sell property in Charlotte, NC .
If you are in the market to purchase real estate in Charlotte, NC or sell your existing home, you need Leigh on your team! You can reach Leigh by filling out her online contact form or by calling her at (704) 688-5005 or toll free at (866) 440-7136.
Sources:
Freddie Mac
Reality Times
Victoria Stankard is a freelance journalist, SEO copywriter and co-owner of Get Found Now, an online marketing and search engine optimization company. She and her husband, Michael Stankard, live in Tampa, Florida with their two children. Victoria writes for industry leaders who desire a strong Internet presence. If you would like Victoria to write for your current website/blog or create a dynamic, search engine friendly WordPress website/blog that will rank high in the search engines, email Victoria at: victoria (@) getfoundnow.com.
Leigh Brown, aka The Real Estate Diva, is a native of Concord NC in the Charlotte area. She grew up on a farm at the edge of Cabarrus County, still goes to the same church she grew up in (home of the world famous Mallard Creek Barbecue!), but has become a leader in area real estate through constant learning and continually upgrading technology to better serve buyer and seller clients. Leigh does indeed have a reputation as a barracuda-when it comes to protecting client interests. Her softer side is reserved for her husband and two kids who provide a constant source of joy-and entertainment
