WASHINGTON (MNI) – The following is the text of the latest Freddie
Mac Primary Mortgage Market Survey released Thursday:

Freddie Mac (OTC: FMCC) today released the results of its Primary
Mortgage Market Survey (PMMS ), showing average fixed mortgage rates
finding new all-time record lows continuing to help keep homebuyer
affordability high. The 30-year fixed averaged 3.84 percent, down from
its previous all-time record low of 3.87 percent last registered on
February 9, 2012. The 15-year fixed averaged 3.07 percent, also dropping
below its previous all-time record low of 3.11 percent set April 12 of
this year. The 1-year ARM also averaged a new all-time record low in the
PMMS at 2.70 percent.

News Facts

– 30-year fixed-rate mortgage (FRM) averaged 3.84 percent with an
average 0.8 point for the week ending May 3, 2012, down from last week
when it averaged 3.88 percent. Last year at this time, the 30-year FRM
averaged 4.71 percent.

– 15-year FRM this week averaged 3.07 percent with an average 0.7
point, down from last week when it averaged 3.12 percent. A year ago at
this time, the 15-year FRM averaged 3.89 percent.

– 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)
averaged 2.85 percent this week, with an average 0.7 point, unchanged
from last week when it averaged 2.85 percent. A year ago, the 5-year ARM
averaged 3.47 percent.

– 1-year Treasury-indexed ARM averaged 2.70 percent this week with
an average 0.6 point, down from last week when it averaged 2.74 percent.
At this time last year, the 1-year ARM averaged 3.14 percent.

Average commitment rates should be reported along with average fees
and points to reflect the total upfront cost of obtaining the mortgage.
Visit the following links for Regional and National Mortgage Rate
Details and Definitions. Borrowers may still pay closing costs which are
not included in the survey.

Quotes

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

“Signs of slowing economic growth and inflation remaining subdued
allowed yields on Treasury bonds to ease somewhat and brought most
mortgage rates to new all-time record lows this week. Real Gross
Domestic Product rose at an annualized rate of 2.2 percent in the first
quarter of this year, down from the previous quarter of 3.0 percent and
below the market consensus forecast of 2.5 percent. In addition, the
12-month growth in the core price index of personal consumption
expenditures was 2.0 percent in March which matches the Federal
Reserve’s implied inflation target.”

** MNI Washington Bureau: 202-371-2121 **

[TOPICS: M$U$$$,M$$AG$,MAUDS$]