WASHINGTON (MNI) – The following is the text of statement from
Freddie Mac Thursday regarding its survey of weekly mortgage rates:

Freddie Mac (NYSE:FRE) today released the results of its Primary
Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage
(FRM) averaged 5.21 percent with an average 0.7 point for the week
ending April 8, 2010, up from last week when it averaged 5.08 percent.
Last year at this time, the 30-year FRM averaged 4.87 percent. This is
the highest the 30-year FRM has been since the week ending August 13,
2009 when it averaged 5.29 percent.

The 15-year FRM this week averaged 4.52 percent with an average 0.6
point, up from last week when it averaged 4.39 percent. A year ago at
this time, the 15-year FRM averaged 4.54 percent. This is the highest
the 15-year FRM has been since the week ending December 31, 2009, when
it averaged 4.54 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)
averaged 4.25 percent this week, with an average 0.6 point, up from last
week when it averaged 4.10 percent. A year ago, the 5-year ARM averaged
4.93 percent.

The 1-year Treasury-indexed ARM averaged 4.14 percent this week
with an average 0.6 point, up from last week when it averaged 4.05
percent. At this time last year, the 1-year ARM averaged 4.83 percent.

(Average commitment rates should be reported along with average
fees and points to reflect the total cost of obtaining the mortgage.)

“Once again, mortgage rates followed bond yields higher amid a
positive March employment report,” said Frank Nothaft, Freddie Mac vice
president and chief economist. “The economy added 162,000 jobs, which
was the largest monthly gain over the past three years. In addition,
revisions raised the January and February figures by a combined 61,000
workers. Excluding government employees, private payrolls rose for the
third consecutive month and were the strongest increase since May 2007.

“Following its extension in early November of last year, the
homebuyer tax credit is showing some impact on housing market activity,
mostly through the use of government-insured mortgages, which tend to be
a favorite among first-time homebuyers. Compared to the week ending
December 4, 2009, which was the first week after the original expiration
date, mortgage applications for home purchases are up 17 percent for the
first week in April of this year for government-insured loans, compared
to an 11 percent decline in conventional loans, according to the
Mortgage Bankers Association. Also, pending existing home sales jumped
8.2 percent in February, well above the market consensus and represented
the second largest increase since records began in 2001, the National
Association of Realtors reported. Homebuyers must enter a housing
contract by April 30th and close by June 30th in order to receive the
tax credit.”

** Market News International Washington Bureau: 202-371-2121 **

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