Freddie Mac last week released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 5.07 percent with an average 0.6 point for the week ending April 15, 2010, down from the previous week when it averaged 5.21 percent.  Last year at this time, the 30-year FRM averaged 4.82 percent .

The 15-year FRM last week averaged 4.40 percent with an average 0.7 point, down from the previous week when it averaged 4.52 percent.  A year ago at this time, the 15-year FRM averaged 4.48 percent.

Last week Freddie Mac vice president and chief economist, Frank Northaft, made the following remarks. “After rising for four consecutive weeks, mortgage rates eased back to where they were two weeks ago and still remain historically low. The Federal Reserve (Fed) indicated in its April 14th regional business survey that consumer prices generally remained level and producers had difficulty passing along increases in some raw materials.  This will likely keep inflation at bay as evidenced by the 1.1 percent growth in core consumer prices for the 12-months ending in March 2010, which was the lowest annual increase since January 2004.”

Northaft further noted that, “Low mortgage rates continue to help stabilize the housing market.  The Fed noted that residential activity increased while home prices were stable across most of its 12 Districts over the six weeks prior to April 5th.  In addition, credit standards remained generally unchanged across the nation, while credit quality was mixed according to the report.”

For the most current mortgage and real estate information in the Greenville, NC and Pitt County area, contact The Pistol Tingen Team at (252) 321-6161.