quote.bloomberg.com
U.S. 30-YR MTGE RATE UNCHANGED AT 7% THIS WK, FREDDIE MAC SAYS
(The following is a reformatted version of a press release issued by Freddie Mac and was obtained via the fax. All tables has been deleted.)
AUGUST 9, 2001
MARKET STABILITY LEAVES MORTGAGE RATES UNMOVED ACCORDING TO WEEKLY FREDDIE MAC SURVEY
One-Year Adjustable Rate Mortgage Drops This Week
McLEAN, VA -- In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 7.00 percent, with an average 0.9 point, for the week ending August 10, 2001, unchanged from 7.00 percent last week. A year ago, the 30-year FRM average was 8.04 percent.
The average for the 15-year FRM this week is 6.54 percent, with an average 0.9 point, unchanged from last week's average. A year ago, the 15-year FRM averaged 7.75 percent.
One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 5.70 percent this week, with an average 0.9 point, falling from last week's average of 5.77 percent. This time last year, the one-year ARM averaged 7.28 percent.
(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)
"Long-term mortgage rates, virtually unchanged from last week's figures, reflect the lack of any substantive inflation fears in economic markets this week," said Robert Van Order, Freddie Mac chief economist. "This on-going affordability of mortgage rates continues to fuel the housing market, which may help keep the overall economy out of serious trouble until the manufacturing sector gets back on its feet again."
Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage- related securities. Over the years, Freddie Mac has opened doors for one in six homebuyers and more than two million renters in America. |
