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 off
their at- or-near record lows for the first time in three weeks amid
recent data showing the housing market continues to improve.

News Facts

– 30-year fixed-rate mortgage (FRM) averaged 3.95 percent with an
average 0.8 point for the week ending February 23, 2012, up from last
week when it also averaged 3.87 percent. Last year at this time, the
30-year FRM averaged 4.95 percent.

– 15-year FRM this week averaged 3.19 percent with an average 0.8
point, up from last week when it also averaged 3.16 percent. A year ago
at this time, the 15-year FRM averaged 4.22 percent.

– 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)
averaged 2.80 percent this week, with an average 0.7 point, down from
last week when it averaged 2.82 percent. A year ago, the 5-year ARM
averaged 3.80 percent.

– 1-year Treasury-indexed ARM averaged 2.73 percent this week with
an average 0.6 point, down from last week when it averaged 2.84 percent.
At this time last year, the 1-year ARM averaged 3.40 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.

“New data releases this week suggest the housing market is
continuing to gradually improve. Loans that were seriously delinquent
(90 days or more past due plus the foreclosure inventory) fell to 5.3
percent of prime mortgages at the end of 2011, representing the lowest
quarterly share since the start of 2009, according to the Mortgage
Bankers Association. The Census Bureau reported new residential
construction starts in January outpaced the market consensus forecast,
led by condominiums and apartment buildings, and December’s figures had
upward revisions. Finally, existing home sales were at the strongest
pace in January since May 2010, according to the National Association of
Realtors”

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

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