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 average fixed mortgage rates
hitting new all-time record lows for the second consecutive week as they
followed bond yields lower. The 30-year fixed-rate mortgage has averaged
below 4 percent all but one week since December 8, 2011, helping to keep
homebuyer affordability high.

News Facts

– 30-year fixed-rate mortgage (FRM) averaged 3.83 percent with an
average 0.7 point for the week ending May 10, 2012, down from last week
when it averaged 3.84 percent. Last year at this time, the 30-year FRM
averaged 4.63 percent.

– 15-year FRM this week averaged 3.05 percent with an average 0.7
point, down from last week when it averaged 3.07 percent. A year ago at
this time, the 15-year FRM averaged 3.82 percent.

– 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)
averaged 2.81 percent this week, with an average 0.5 point, down from
last week when it averaged 2.85 percent. A year ago, the 5-year ARM
averaged 3.41 percent.

– 1-year Treasury-indexed ARM averaged 2.73 percent this week with
an average 0.5 point, up from last week when it averaged 2.70 percent.
At this time last year, the 1-year ARM averaged 3.11 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 April’s weaker than expected employment report, and the
French and Greek election results raising concerns over the stability of
the Euro currency zone, long-term Treasury bond yields declined allowing
fixed mortgage rates to ease to new all-time record lows this week. The
economy added just 115,000 jobs, below the market consensus forecast and
less than in March. And although the unemployment rate declined, it
reflected fewer people actively seeking jobs.”

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

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