MCLEAN, Va., April, 21 2011 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows mortgage rates dropping after four consecutive weeks of inching higher.  

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.80 percent with an average 0.7 point for the week ending April 21, 2011, down from last week when it averaged 4.91 percent. Last year at this time, the 30-year FRM averaged 5.07 percent.  

 

  • 15-year FRM this week averaged 4.02 percent with an average 0.7 point, down from last week when it averaged 4.13 percent. A year ago at this time, the 15-year FRM averaged 4.39 percent.  

 

 

  • 1-year Treasury-indexed ARM averaged 3.16 percent this week with an average 0.6 point, down from last week when it averaged 3.25 percent. At this time last year, the 1-year ARM averaged 4.22 percent.  

 

Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions.

Quotes

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

  • "Low inflation is keeping mortgage rates at bay. The core consumer price index rose just 0.1 percent in March, below the market consensus forecast. The 12-month growth rate in core prices was 1.2 percent, which is also rather low by historical standards.

 

 

Get the latest information from Freddie Mac's Office of the Chief Economist on Twitter:  @FreddieMac

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation'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.

Find more information about Freddie Mac at http://www.freddiemac.com

SOURCE Freddie Mac