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

ANOTHER WEEK OF RECORD-BREAKING LOWS FOR FIXED-RATE MORTGAGES

Freddie Mac (OTC: FMCC) today released the results of its Primary
Mortgage Market Survey (PMMS ), showing average fixed mortgage rates
continuing to find new all-time record lows amid easing bond yields
following June’s lackluster employment report. Both the average 30-year
and 15-year fixed-rate mortgage hit new lows. The average 30-year fixed
has been below 4.00 percent for 16 weeks. The average 15-year fixed has
been below 3.00 percent for 7 weeks.

News Facts

– 30-year fixed-rate mortgage (FRM) averaged 3.56 percent with an
average 0.7 point for the week ending July 12, 2012, down from last week
when it averaged 3.62 percent. Last year at this time, the 30-year FRM
averaged 4.51 percent.

– 15-year FRM this week averaged 2.86 percent with an average 0.7
point, down from last week when it averaged 2.89 percent. A year ago at
this time, the 15-year FRM averaged 3.65 percent.

– 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)
averaged 2.74 percent this week, with an average 0.6 point, down from
last week when it averaged 2.79 percent. A year ago, the 5-year ARM
averaged 3.29 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 2.68 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.

“Following a lackluster employment report for June, long-term U.S.
Treasury bond yields eased somewhat this week allowing fixed mortgage
rates to reach yet another record low. Only 80,000 net new jobs were
added to the economy last month, not enough to lower the unemployment
rate from 8.2 percent. This was the concern of the Federal Reserve’s
monetary policy meeting held June 19-20. Minutes released from that
meeting on July 11, revealed that a few members felt further monetary
stimulus was needed to promote satisfactory growth in employment to meet
the Committee’s goal.”

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

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