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
declining for the third consecutive week on the heels of a weaker than
expected employment report. The 30-year fixed averaged just above its
record low while the 15-year fixed averaged a new all-time record low of
3.11 percent breaking its previous low of 3.13 percent on March 8, 2012.

News Facts

– 30-year fixed-rate mortgage (FRM) averaged 3.88 percent with an
average 0.7 point for the week ending April 12, 2012, down from last
week when it averaged 3.98 percent. Last year at this time, the 30-year
FRM averaged 4.91 percent.

– 15-year FRM this week averaged 3.11 percent with an average 0.7
point, down from last week when it averaged 3.21 percent. A year ago at
this time, the 15-year FRM averaged 4.13 percent.

– 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)
averaged 2.85 percent this week, with an average 0.7 point, down from
last week when it averaged 2.86 percent. A year ago, the 5-year ARM
averaged 3.78 percent.

– 1-year Treasury-indexed ARM averaged 2.80 percent this week with
an average 0.6 point, up from last week when it averaged 2.78 percent.
At this time last year, the 1-year ARM averaged 3.25 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:

“Fixed mortgage rates eased for the third consecutive week
following long-term Treasury bond yields lower after a weaker than
expected employment report for March. Although the unemployment rate
fell to the lowest reading since January 2009, the overall economy added
just 120,000 new jobs in March, nearly half that of the market consensus
forecast. On a more positive note, the Federal Reserve reported hiring
was steady, or showed a modest increase, across many of its Districts in
its April 11th Beige Book of regional economic conditions.”

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

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