McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.04 percent with an average 0.7 point for the week ending November 20, 2008, down from last week when it averaged 6.14 percent. Last year at this time, the 30-year FRM averaged 6.20 percent.
The 15-year FRM this week averaged 5.73 percent with an average 0.7 point, down from last week when it averaged 5.81 percent. A year ago at this time, the 15-year FRM averaged 5.83 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.87 percent this week, with an average 0.6 point, down from last week when it averaged 5.98 percent. A year ago, the 5-year ARM averaged 5.88 percent.
One-year Treasury-indexed ARMs averaged 5.29 percent this week with an average 0.5 point, down from last week when it averaged 5.33 percent. At this time last year, the 1-year ARM averaged 5.42 percent.
"Long- and short-term mortgage rates fell for the third consecutive week amid continuing signs of a slowing economy," said Frank Nothaft, Freddie Mac vice president and chief economist. "Retail sales fell for the fourth straight month in October and consumer sentiment remained near a 28-year low in November."
"In fact, the Federal Reserve during its October 28-29 committee meeting lowered its economic growth forecasts for 2008 and 2009, according to its minutes released this week."