Mortgage Rates Stable This Week


McLean, VA – November 24, 2010 – (RealEstateRama) — 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) edged up slightly this week. The 5-year ARM also rose, while the 1-year ARM fell a bit from the previous week.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.40 percent with an average 0.8 point for the week ending November 24, 2010, up slightly from last week when it averaged 4.39 percent. Last year at this time, the 30-year FRM averaged 4.78 percent.
  • 15-year FRM this week averaged 3.77 percent with an average 0.7 point, up slightly from last week when it averaged 3.76 percent. A year ago at this time, the 15-year FRM averaged 4.29 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.45 percent this week, with an average 0.6 point, up from last week when it averaged 3.40 percent. A year ago, the 5-year ARM averaged 4.18 percent.
  • 1-year Treasury-indexed ARM averaged 3.23 percent this week with an average 0.6 point, down from last week when it averaged 3.26 percent. At this time last year, the 1-year ARM averaged 4.35 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.

  • “During a holiday-shortened week, average mortgage rates were largely unchanged from the prior week. Growth in gross domestic product in the third quarter was revised up from the initial estimate to an annualized rate of 2.5 percent, as stronger consumer spending and exports supported the revision.
  • “Homeowner balance sheets are also improving. Mortgage delinquency rates continued to move down in the third quarter, with the overall delinquency rate falling to 9.13 percent, the lowest since the first quarter of 2009. For the first time during the housing downturn, the overall delinquency rate is lower than it was a year earlier.”

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 US 4.40 0.8 3.77 0.7
Northeast 4.40 0.7 3.80 0.6
Southeast 4.40 0.9 3.78 0.8
N. Central 4.50 0.6 3.82 0.6
Southwest 4.36 0.7 3.77 0.7
West 4.35 0.9 3.72 0.7
Five/One-Year Adjustable-Rate Mortgages US 3.45 0.6 2.75
Northeast 3.55 0.5 2.77
Southeast 3.30 0.6 2.75
N. Central 3.53 0.5 2.73
Southwest 3.44 0.7 2.78
West 3.40 0.8 2.73
One-Year Adjustable-Rate Mortgages US 3.23 0.6 2.77
Northeast 3.19 0.5 2.80
Southeast 3.05 0.6 2.75
N. Central 3.40 0.2 2.75
Southwest 3.31 0.8 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 Northeast




North Central







Primary Mortgage Market Survey Results
November 24, 2010

30-Year Fixed Rate Mortgages Average 4.40 4.40 4.40 4.50 4.36 4.35
Fees & Points 0.8 0.7 0.9 0.6 0.7 0.9
15-Year Fixed Rate Mortgages Average 3.77 3.80 3.78 3.82 3.77 3.72
Fees & Points 0.7 0.6 0.8 0.6 0.7 0.7
5/1-Year Adjustable Rate Mortgages Average 3.45 3.55 3.30 3.53 3.44 3.40
Fees & Points 0.6 0.5 0.6 0.5 0.7 0.8
Margin 2.75 2.77 2.75 2.73 2.78 2.73
1-Year Adjustable Rate Mortgages Average 3.23 3.19 3.05 3.40 3.31 3.20
Fees & Points 0.6 0.5 0.6 0.2 0.8 1.0
Margin 2.77 2.80 2.75 2.75 2.77 2.75
The National Mortgage Rate Snapshot Average 4.78 4.29 4.18 4.35 4.39 3.76 3.40 3.26
Fees & Points 0.7 0.6 0.6 0.7 0.9 0.7 0.7 0.6
Margin N/A N/A 2.74 2.75 N/A N/A 2.75 2.77
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