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Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), which found that the 30-year fixed-rate mortgage rate rose slightly for the second consecutive time in six weeks. The 15-year fixed-rate mortgage rate also rose slightly while the 5-year ARM set another low, and the 1-year ARM tied last week’s low.

30-year fixed-rate mortgage (FRM) averaged 4.23 percent with an average 0.8 point for the week ending October 28, 2010, up from last week when it averaged 4.21 percent. Last year at this time, the 30-year FRM averaged 5.03 percent.

15-year FRM this week averaged 3.66 percent with an average 0.7 point, up from last week when it averaged 3.64 percent. A year ago at this time, the 15-year FRM averaged 4.46 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.41 percent this week, with an average 0.6 point, down from last week when it averaged 3.45 percent. A year ago, the 5-year ARM averaged 4.42 percent. The 5-year ARM has not been lower since Freddie Mac started tracking it in January 2005.

1-year Treasury-indexed ARM averaged 3.30 percent this week with an average 0.7 point, unchanged from last week. At this time last year, the 1-year ARM averaged 4.57 percent . The 1-year ARM ties last week’s low.

Frank Nothaft, vice president and chief economist at Freddie Mac, reports, “Mixed economic data releases left mortgage rates little changed this week. Consumer confidence increased slightly in October, according to The Conference Board , but still remains at low levels. Based on the S&P/Case-Shiller 20-city composite index, house prices fell 0.3 percent between July and August, while the purchase-only index by the Federal Housing Finance Agency showed a 0.4 percent gain over the same period.”

“Historically low rates are supporting home sales and reducing the excess stock of homes available for sale. Existing home sales, including condominiums and co-ops, rose for the second consecutive month in September, up almost 18.0 percent over July’s low. Similarly, sales of new homes had back-to-back increases and were 7.7 percent above July. The inventory of new homes for sale has either stayed the same or declined every month of this year.”

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Baltimore mortgage rates dropped again last week, the 10th time in the last 13 weeks that rates have fallen, tying a record low. It seems that the lackluster economy is now the only thing keeping people from taking advantage of them.

The benchmark 30-year fixed-rate mortgage fell 3 basis points this week, to 4.74 percent, according a national survey of large lenders. One basis point is equal to one-hundredth of 1 percentage point. The mortgages in this week’s survey had an average total of 0.39 discount and origination points. One year ago, the rate stood at 5.55 percent.  Just four weeks ago it was 4.81 percent.

The benchmark 15-year fixed-rate mortgage dropped 5 basis points to 4.18 percent. The benchmark 5/1 adjustable-rate mortgage fell 6 basis points, to 4.06 percent. Also sinking was the average jumbo 30-year fixed, which fell 7 basis points, to an all-time low of 5.43 percent.

In the 25-year history of the weekly mortgage rate survey, this week’s 30-year mark of 4.74 percent ties the record low, which was set the week of July 7.

The 15-year fixed also tied a record low set on July 7, while the 5/1 ARM and the 30-year jumbo hit new lows.

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Baltimore mortgage rates are remarkably good, with the 30-year fixed remaining unchanged from the previous week’s record low.

The benchmark 30-year fixed-rate mortgage remained at 4.88 percent this week, according to a national survey of large lenders. The mortgages in the survey this week had an average total of 0.48 discount and origination points. One year ago the mortgage index was 5.76 percent.  Four weeks ago it was 4.96 percent.

The benchmark 15-year fixed-rate mortgage fell 1 basis point, to 4.32 percent. A basis point is one-hundredth of 1 percentage point. The benchmark 5/1 adjustable-rate mortgage rose 3 basis points, to 4.19 percent.

In the nearly 25-year history of the weekly Baltimore mortgage rate survey, the 30-year fixed rate mortgage has fallen below 5 percent only five times, and all five times were within the past five weeks.

Refi Surge

According to the Mortgage Bankers Association, refinance applications went up 21 percent last week, as homeowners recognized the rare chance to grab rates at their lowest. They created the busiest refi surge since May 2009. Three-quarters of mortgage applicants were homeowners who wanted to refinance.

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• Mortgage applications rise nearly 18 percent (seattletimes.nwsource.com)
• US mortgage rates steady, 30-yr at 4.75 pct-Freddie (reuters.com)