The Federal Home Loan Mortgage Corporation, Freddie Mac, stated that mortgages rated are hovering at an all time low is a report released on February 18, 2010. Freddie Mac released results of its Primary Mortgage Market Survey® (PMMS®).
The Freddie Mac Primary Mortgage Market Survey found that the 30-year fixed-rate mortgage (FRM) averaged 4.93 percent with an average 0.7 point for the week ending February 18, 2010, down from the previous week when the FRM averaged 4.97 percent. During the same time period in 2009 the 30-year FRM averaged 5.04 percent.
Freddie Mac Vice President and Chief Economist Frank Nothaft stated that the data suggest that the housing market may be is a slow state of recovery. “Mortgage rates eased for the second week, while economic data releases suggest that the housing market may be in a slow state of recovery,” Nothalf went on to say that the National Association of Realtors has reported that existing home sales have increased in 48 states toward the second half of 2009.
Nothaft also mentioned positive indicators about new home construction, stating, “New home construction is also slowly improving. One-family housing starts rose to an annual pace of 484,000 homes in January, which is up almost 36 percent from January 2009, based on the U.S. Census figures.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac provides mortgage capital to lenders, ho help finance home ownership in communities across the United States.
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