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

— Freddie Mac (OTC: FMCC) today released the results of its
Primary Mortgage Market Survey (PMMS ), showing fixed mortgages rates
continuing their streak of record-breaking lows. The 30-year fixed rate
mortgage averaged 3.49 percent, more than a full percentage point lower
than a year ago when it averaged 4.55 percent. Meanwhile, the 15-year
fixed-rate mortgage, a popular choice for those looking to refinance,
also set another record low at 2.80 percent.

News Facts

– 30-year fixed-rate mortgage (FRM) averaged 3.49 percent with an
average 0.7 point for the week ending July 26, 2012, down from last week
when it averaged 3.53 percent. Last year at this time, the 30-year FRM
averaged 4.55 percent.

– 15-year FRM this week averaged 2.80 percent with an average 0.7
point, down from last week when it averaged 2.83 percent. A year ago at
this time, the 15-year FRM averaged 3.66 percent.

– 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)
averaged 2.74 percent this week with an average 0.6 point, up from last
week when it averaged 2.69 percent. A year ago, the 5-year ARM averaged
3.25 percent.

– 1-year Treasury-indexed ARM averaged 2.71 percent this week with
an average 0.5 point, up from last week when it averaged 2.69 percent.
At this time last year, the 1-year ARM averaged 2.95 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.

“Market concerns over the strength of the economic recovery brought
long-term Treasury yields to new lows this week allowing fixed mortgage
rates to reach record levels. The Conference Board Leading Economic
Index showed the largest monthly decline in June since September 2011.
Existing home sales fell to 4.36 million homes (annualized) in June and
represented the slowest pace since October 2011. Similarly, new home
sales fell in June to their lowest level since January of this year.”

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

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