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

Freddie Mac (OTC: FMCC) today released the results of its Primary
Mortgage Market Survey (PMMS), showing fixed mortgage rates moving
slightly lower for the week and remaining near their 60-year lows
helping to keep homebuyer affordability high.

News Facts

– 30-year fixed-rate mortgage (FRM) averaged 3.90 percent with an
average 0.8 point for the week ending March 1, 2012, down from last week
when it also averaged 3.95 percent. Last year at this time, the 30-year
FRM averaged 4.87 percent.

– 15-year FRM this week averaged 3.17 percent with an average 0.8
point, down from last week when it also averaged 3.19 percent. A year
ago at this time, the 15-year FRM averaged 4.15 percent.

– 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)
averaged 2.83 percent this week, with an average 0.7 point, up from last
week when it averaged 2.80 percent. A year ago, the 5-year ARM averaged
3.72 percent.

– 1-year Treasury-indexed ARM averaged 2.72 percent this week with
an average 0.6 point, down from last week when it averaged 2.73 percent.
At this time last year, the 1-year ARM averaged 3.23 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.

“Fixed mortgage rates bottomed out in January and February of this
year which is helping spur the housing market. For instance, pending
existing home sales rose in January to its strongest pace since April
2010 and sales figures for December saw upward revisions. In addition,
the Federal Reserve noted in its February 29th regional economic review
(or Beige Book) that residential real estate activity increased modestly
in most of its Districts over the course of January and early February,
with several reports of increased home sales.”

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

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