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 mortgage rates
following bond yields lower to new all-time record lows. The 30-year
fixed averaged 3.75 percent setting a new all-time record low for the
fifth consecutive week. The 15-year fixed averaged an unprecedented 2.97
percent bringing three of the four benchmark mortgage rates below 3
percent for the first time in Freddie Mac’s weekly survey.

News Facts

– 30-year fixed-rate mortgage (FRM) averaged 3.75 percent with an
average 0.8 point for the week ending May 31, 2012, down from last week
when it averaged 3.78 percent. Last year at this time, the 30-year FRM
averaged 4.55 percent.

– 15-year FRM this week averaged 2.97 percent with an average 0.7
point, down changed from last week when it averaged 3.04 percent. A year
ago at this time, the 15-year FRM averaged 3.74 percent.

– 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)
averaged 2.84 percent this week, with an average 0.6 point, up from last
week when it averaged 2.83. A year ago, the 5-year ARM averaged 3.41
percent.

– 1-year Treasury-indexed ARM averaged 2.75 percent this week with
an average 0.4 point, unchanged from last week. At this time last year,
the 1-year ARM averaged 3.13 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 tensions in the Eurozone led to a decline
in long-term Treasury bond yields helping to bring fixed mortgage rates
to new record lows this week. Compared to a year ago, rates on 30-year
fixed mortgage rates are almost 0.9 percentage points lower which
translates into nearly $1,200 less in annual payments on a $200,000
loan. Meanwhile, the S&P/Case-Shiller 20-city composite home price index
(not seasonally adjusted) showed annual home-value gains in March in
seven cities and a monthly gain in 12 cities.”

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

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