Freddie Mactoday released the results of itsPrimary Mortgage Market Survey, which showed fixed-rate mortgages declining for the seventh consecutive week to new lows amid continuing weak economic and housing data. The 30-year fixed averaged 4.55 percent and the 15-year averaged 3.74 percent.

News Facts

• 30-year fixed-rate mortgage(FRM) averaged 4.55 percent with an average 0.6 point for the week endingJune 2, 2011, downfrom last week when it averaged 4.60 percent. Last year at this time, the 30-year FRM averaged 4.79 percent.

• 15-year FRMthis week averaged 3.74 percent with an average 0.7 point, down from last week when it averaged 3.78 percent. A year ago at this time, the 15-year FRM averaged 4.20 percent.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage(ARM) averaged 3.41 percent this week, with an average 0.6 point, the same from last week when it averaged 3.41 percent. A year ago, the 5-year ARM averaged 3.94 percent.

• 1-year Treasury-indexed ARMaveraged 3.13 percent this week with an average 0.6 point, up from last week when it averaged 3.11 percent. At this time last year, the 1-year ARM averaged 3.95 percent.

Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage. Visit the following links forRegional and National Mortgage Rate DetailsandDefinitions.

Quotes

Attributed toFrank Nothaft, vice president and chief economist, Freddie Mac.

• "Fixed mortgage rates followed U.S. Treasury yields lower this week amid financial market concerns that the current lull in the economy is continuing. First quarter growth in consumer spending was revised downward by half of a percentage point to 2.2 percent, according to theBureau of Economic Activity,consumer confidencein May was weaker than the market consensus forecast, and themanufacturing industryslowed for the third straight month in May.

• "The housing market is showing strain as well. The S&P/Case-ShillerNational Home Price Indexfell 5.1 percent between the first quarters of 2010 and 2011, representing the largest annual decline since the third quarter of 2009. In addition, theindex of pending existing home salesdropped 11.6 percent from March to April, led by the Midwest and South regions where the tornados and flooding occurred."