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 the average 30-year and 15-year
fixed-rate mortgage hitting new all-time record lows along with the
5-year ARM. The average 30-year fixed has been below 4.00 percent all
but one week in 2012. The average 15-year fixed-rate mortgage has been
below 3.00 percent for 8 consecutive weeks. Freddie Mac’s Chief
Economist highlights how these record low mortgage rates are fueling
housing demand in its July U.S. Economic and Housing Market Outlook.

News Facts

– 30-year fixed-rate mortgage (FRM) averaged 3.53 percent with an
average 0.7 point for the week ending July 19, 2012, down from last week
when it averaged 3.56 percent. Last year at this time, the 30-year FRM
averaged 4.52 percent.

– 15-year FRM this week averaged 2.83 percent with an average 0.6
point, down from last week when it averaged 2.86 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 2.69 percent this week, with an average 0.6 point, down from
last week when it averaged 2.74 percent. A year ago, the 5-year ARM
averaged 3.27 percent.

– 1-year Treasury-indexed ARM averaged 2.69 percent this week with
an average 0.4 point, the same as last week. At this time last year, the
1-year ARM averaged 2.97 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.

“With little signs of inflation and the Federal Reserve’s
“Operation Twist” keeping U.S. Treasury bond yields in check, fixed
mortgage rates are remaining low and helping to stir the housing market.
For instance, the 12-month growth rate in the core Consumer Price Index
has been in a narrow 2.1 to 2.3 percent band over the past nine months
ending in June. Meanwhile, new construction on one-family homes rose for
the fourth consecutive month in June to its strongest pace since April
2010 with builders restocking their lean inventories of new homes. In
fact, homebuilder confidence for the next six months rose for the third
month in a row in July to its highest reading since March 2007.”

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

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