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

FIXED MORTGAGE RATES MOVE HIGHER FOR THIRD CONSECUTIVE WEEK

McLEAN, VA — Freddie Mac (OTC: FMCC) today released the results of
its Primary Mortgage Market Survey (PMMS ), showing fixed mortgage
rates following long-term Treasury yields higher. This marks the third
straight week of fixed mortgage rates moving higher.

News Facts

– 30-year fixed-rate mortgage (FRM) averaged 3.62 percent with an
average 0.6 point for the week ending August 16, 2012, up from last week
when it averaged 3.59 percent. Last year at this time, the 30-year FRM
averaged 4.15 percent.

– 15-year FRM this week averaged 2.88 percent with an average 0.6
point, up from last week when it averaged 2.84 percent. A year ago at
this time, the 15-year FRM averaged 3.36 percent.

– 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)
averaged 2.76 percent this week with an average 0.6 point, down from
last week when it averaged 2.77 percent. A year ago, the 5-year ARM
averaged 3.08 percent.

– 1-year Treasury-indexed ARM averaged 2.69 percent this week with
an average 0.4 point, up from last week when it averaged 2.65 percent.
At this time last year, the 1-year ARM averaged 2.86 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.

“The latest economic indicators point toward low inflation but
gradually stronger economic activity which placed further upward
pressure on long-term Treasury yields and, in turn, fixed mortgage
rates. For example, inflation remains in check with 12-month growth in
the core consumer price index falling for a second month to 2.1 percent
in July. At the same time, industrial production rose 0.6 percent in
July compared to a 0.1 percent increase in June and retail sales jumped
0.8 percent in July from a 0.7 percent decline in June.”

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

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