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Primary Mortgage Market Survey

30-Year and 15-Year Fixed-Rate Mortgages Fall to New Lows

For Immediate Release

November 11, 2010
or (703) 903-3933

McLean, VA – Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which found that the 30-year fixed-rate mortgage (FRM) and the 15-year (FRM) set new records for all-time lows. The 5-year ARM also reached another new low in the survey while the 1-year ARM remained at its nadir.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.17 percent with an average 0.8 point for the week ending November 11, 2010, down from last week when it averaged 4.24 percent. Last year at this time, the 30-year FRM averaged 4.91 percent.

  • 15-year FRM this week averaged 3.57 percent with an average 0.8 point, down from last week when it averaged 3.63 percent. A year ago at this time, the 15-year FRM averaged 4.36 percent.

  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.25 percent this week, with an average 0.7 point, down from last week when it averaged 3.39 percent. A year ago, the 5-year ARM averaged 4.29 percent.

  • 1-year Treasury-indexed ARM averaged 3.26 percent this week with an average 0.7 point, unchanged from last week when it also averaged 3.26 percent. At this time last year, the 1-year ARM averaged 4.46 percent.

Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.


Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

  • "Following the Federal Reserve (Fed) November 3rd policy announcement that it plans to purchase up to $600 billion in government securities, Treasury bond yields initially fell and then gradually rose again. This allowed mortgage rates to fall to record levels this week.

  • "Despite historically low mortgage rates, however, the housing recovery continues to be slow owing in part to household job uncertainty and tight credit conditions. The unemployment rate has remained at 9.5 percent or higher for the past 15 months, while commercial banks tightened lending standards in 16 of the last 17 quarters, according to the Fed's Senior Loan Officer Opinion Survey."

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

Summary of Survey Results

Fixed-Rate Mortgages
  Average Conventional
30-Year Commitment Rate
Fees & Points Average Conventional
15-Year Commitment Rate
Fees & Points
US 4.17 0.8 3.57 0.8
Northeast 4.17 0.8 3.58 0.7
Southeast 4.18 0.9 3.59 0.8
N. Central 4.16 0.9 3.52 0.8
Southwest 4.18 0.9 3.59 0.8
West 4.17 0.8 3.56 0.8

Five/One-Year Adjustable-Rate Mortgages
  First Commitment Rate Fees & Points Margin
US 3.25 0.7 2.75
Northeast 3.40 0.6 2.77
Southeast 3.19 0.6 2.75
N. Central 3.10 0.7 2.75
Southwest 3.23 0.8 2.76
West 3.23 0.8 2.73

One-Year Adjustable-Rate Mortgages
  First Commitment Rate Fees & Points Margin
US 3.26 0.7 2.77
Northeast 3.30 0.5 2.80
Southeast 3.05 0.5 2.75
N. Central 3.43 0.5 2.75
Southwest 3.34 0.9 2.77
West 3.20 1.0 2.75

Freddie Mac defines its regions as follows:

Northeast: NY, NJ, PA, DE, MD, DC, VA, WV, ME, NH, VT, MA, RI, CT
Southeast: NC, SC, TN, KY, GA, AL, FL, MS, PR, VI
North Central: OH, IN, IL, MI, WI, MN, IA, ND, SD
Southwest: TX, LA, NM, OK, AR, MO, KS, CO, NE, WY
West: CA, AZ, NV, OR, WA, UT, ID, MT, HI, AK, GU

Freddie Mac's Primary Mortgage Market Survey (PMMS) is for informational purposes only and Freddie Mac is not responsible for business decisions made based on the reported results of the PMMS. In general, the data presented were calculated from information collected Monday through Wednesday of the same week that the PMMS is released and may not reflect mortgage rates, fees or points currently available from any lender. Freddie Mac may change the methodology used to conduct the PMMS at any time and without notice.


Commitment Rate is the interest rate a lender would charge to lend mortgage money to a qualified borrower exclusive of the fees and points required by the lender. This commitment rate applies only to conventional financing on conforming mortgages with loan-to-value rates of 80 percent or less.

ARM Index is the one-year Treasury

Loan to Value Ratio (LTV) is the ratio of the loan amount of a mortgage loan to the lower of the appraisal value or purchase price of the property securing the loan.

Origination Fees and Discount Points are the total charged by the lender at settlement. One point equals one percent of the loan amount.

Margin is a fixed amount added to the underlying index to establish the fully indexed rate for an ARM.

Weighted Averages for the Primary Mortgage Market Survey have been adjusted as of October 28, 2010. The new weights use the dollar volume of conventional first-lien mortgage originations within the 1-unit Freddie Mac loan limit as reported under the Home Mortgage Disclosure Act (HMDA) for 2008. The weights are listed in the table below.

Freddie Mac Region PMMS Weights
North Central

Primary Mortgage Market Survey Results
November 11, 2010

30-Year Fixed Rate Mortgages
Average 4.17 4.17 4.18 4.16 4.18 4.17
Fees & Points 0.8 0.8 0.9 0.9 0.9 0.8

15-Year Fixed Rate Mortgages
Average 3.57 3.58 3.59 3.52 3.59 3.56
Fees & Points 0.8 0.7 0.8 0.8 0.8 0.8

5/1-Year Adjustable Rate Mortgages
Average 3.25 3.40 3.19 3.10 3.23 3.23
Fees & Points 0.7 0.6 0.6 0.7 0.8 0.8
Margin 2.75 2.77 2.75 2.75 2.76 2.73

1-Year Adjustable Rate Mortgages
Average 3.26 3.30 3.05 3.43 3.34 3.20
Fees & Points 0.7 0.5 0.5 0.5 0.9 1.0
Margin 2.77 2.80 2.75 2.75 2.77 2.75

The National Mortgage Rate Snapshot
  One Year Ago One Week Ago
  30-YR 15-YR 5/1-YR 1-YR ARM 30-YR 15-YR 5/1-YR 1-YR ARM
Average 4.91   4.36   4.29   4.46   4.24   3.63   3.39   3.26  
Fees & Points 0.7   0.6   0.6   0.6   0.8   0.7   0.6   0.7  
Margin N/A N/A 2.74   2.75   N/A N/A 2.75   2.77  

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