MCLEAN, VA -- Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows slower economic activity pushing fixed-rate mortgages slightly lower for the sixth consecutive week. The 30-year averaged 4.60 percent; the 15-year averaged 3.78 percent, marking new lows for 2011.

News Facts

30-year fixed-rate mortgage (FRM) averaged 4.60 percent with an average 0.7 point for the week ending May 26, 2011, down from last week when it averaged 4.61 percent. Last year at this time, the 30-year FRM averaged 4.84 percent.

15-year FRM this week averaged 3.78 percent with an average 0.7 point, down from last week when it averaged 3.80 percent. A year ago at this time, the 15-year FRM averaged 4.21 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.41 percent this week, with an average 0.5 point, down from last week when it averaged 3.48 percent. A year ago, the 5-year ARM averaged 3.97 percent.

1-year Treasury-indexed ARM averaged 3.11 percent this week with an average 0.5 point, down from last week when it averaged 3.15 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 for Regional and National Mortgage Rate Details and Definitions.

Quotes

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

"Fixed mortgage rates eased slightly for the sixth consecutive week amid reports of slower economic activity. The index of leading indicators fell 0.3 percent in April and represented the first monthly decline since June 2010. In addition, the Federal Reserve banks reported less business and manufacturing activity in Philadelphia, Chicago and Richmond."

U.S. house prices indexes may be nearing a bottom soon. On a national basis, prices fell 0.3 percent between February and March, which was the smallest decline since November 2009, according to the Federal Housing Finance Agency. In addition, four of the nine Census Regions exhibited positive growth, compared to none in February. Separately, the Mortgage Bankers Association reported a further reduction in the serious delinquency rate (90 or more days plus foreclosures) in the first quarter, which stood at the lowest reading since the second quarter of 2009."