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Record Rates Recur

Average 30-year 4.78%

April 2, 2009

By SAM GARCIA


Conditions continued to improve for mortgage origination firms.

In its Primary Mortgage Market Survey for the week ending April 2, Freddie Mac reported the average 30-year fixed-rate mortgage at 4.78 % -- the lowest level ever recorded by Freddie. The 30-year was 4.85% the previous week and 5.88% the previous year.

This is the second consecutive week that the 30-year reached a record.

The average 15-year fixed-rate mortgage was 4.52%, down from 4.58% seven days earlier, the survey said.

A gauge for fixed mortgage rates, the 10-year Treasury yield, was 2.735% in early afternoon trading, easing from 2.794% last Thursday.

In assessing interest rate movements, Freddie's chief economist, Frank Nothaft, pointed to slower economic growth.

Freddie said the five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.92%, down from 4.96% a week prior.

Down 10 basis points from the previous week, the one-year Treasury-indexed ARM averaged 4.75%. The underlying index, the yield on the one-year Treasury, closed yesterday at 0.58%, down from 0.60 one week earlier.

Another ARM index, the six-month London Interbank Offered Rate, was 1.74% yesterday, lower than 1.77% last week.

ARMs accounted for almost 2% of all applications tracked in the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending March 27, edging up slightly from last week.

Overall applications increased 3.0 percent on a seasonally adjusted basis in MBA's survey, bringing its Market Composite Index to 1194.4. Refinance activity increased 4% from the prior week and the refinance share maintained at 79%. Purchase applications were unchanged and government business was up 1%.


Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com.

e-mail: [email protected]



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