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

30-YEAR FIXED-RATE MORTGAGE AVERAGES 3.66 PERCENT

McLEAN, VA — Freddie Mac (OTC: FMCC) today released the results of
its Primary Mortgage Market Survey (PMMS ), showing average mortgage
rates easing amid worsening economic indicators. Both the 30-year fixed
and the 5-year ARM registered new average record lows.

News Facts

– 30-year fixed-rate mortgage (FRM) averaged 3.66 percent with an
average 0.7 point for the week ending June 21, 2012, down from last week
when it averaged 3.71 percent. Last year at this time, the 30-year FRM
averaged 4.50 percent.

– 15-year FRM this week averaged 2.95 percent with an average 0.6
point, down from last week when it averaged 2.98 percent. A year ago at
this time, the 15-year FRM averaged 3.69 percent.

– 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)
averaged 2.77 percent this week, with an average 0.6 point, down from
last week when it averaged 2.80. A year ago, the 5-year ARM averaged
3.25 percent.

– 1-year Treasury-indexed ARM averaged 2.74 percent this week with
an average 0.5 point, down from last week when it averaged 2.78 percent.
At this time last year, the 1-year ARM averaged 2.99 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.

– “Treasury bond yields eased somewhat this week on some worsening
economic indicators bringing mortgage rates back into record low
territory. Industrial production fell in two of the last three months
ending in May, and below the expected market consensus forecast. In
addition, consumer sentiment fell in June to its lowest level this year,
according to the University of Michigan survey. In its June 20th
monetary policy announcement, the Federal Reserve also noted growth in
employment has slowed in recent months and household spending appears to
be rising at a somewhat slower pace.

– “However, there were also some positive indicators on the housing
market. Construction on one-family homes rose for the third consecutive
month in May to an annualized pace of 516,000. Furthermore, homebuilder
confidence rose in June to its highest reading in over five years.”

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

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