Mortgage rates near six-month low

McLean, VA - Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 6.26 percent with an average 0.4 point for the week ending November 1, 2007, down from last week when it averaged 6.33 percent. Last year at this time, the 30-year FRM averaged 6.31 percent. The 30-year FRM has not been this low since the week ending May 17, 2007, when it averaged 6.21 percent.

The 15-year FRM this week averaged 5.91 percent with an average 0.4 point, down from last week when it averaged 5.99 percent. A year ago, the 15-year FRM averaged 6.02 percent. The 15-year FRM has not been this low since the week ending May 10, 2007, when it averaged 5.87 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.98 percent this week, with an average 0.4 point, down from last week when it averaged 6.03 percent. A year ago, the 5-year ARM averaged 6.05 percent. The 5-year ARM has not been this low since the week ending May 17, 2007, when it averaged 5.92 percent.

One-year Treasury-indexed ARMs averaged 5.57 percent this week with an average 0.6 point, down from last week when it averaged 5.66 percent. At this time last year, the 1-year ARM averaged 5.53 percent. The 1-year ARM has not been this low since the week ending May 31, 2007, when it averaged 5.57 percent.

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

Read full report from Fannie Mac