Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS) where the 30-year fixed-rate mortgage (FRM) averaged 6.09 percent for the week ending June 5, 2008, up very slightly from last week when it averaged 6.08 percent. Last year at this time, the 30-year FRM averaged 6.53 percent.

The 15-year FRM this week averaged 5.65 percent, down very slightly from last week when it averaged 5.66 percent. Same period last year,A year ago at this time, the 15-year FRM averaged 6.22 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.51 percent this week, down from last week when it averaged 5.62 percent. Last year, the 5-year ARM averaged 6.24 percent.

One-year Treasury-indexed ARMs averaged 5.06 percent this week with an average 0.7 point, down from last week when it was 5.22 percent. A year ago, the 1-year ARM averaged 5.65 percent.

"Interest rates for fixed-rate mortgages were nearly unchanged this week over reports of continued inflation," said Frank Nothaft, Freddie Mac vice president and chief economist. "Although the gross domestic product grew at a faster rate in the first quarter than originally reported, consumer spending rose only 1 percent, representing the smallest increase since the 2001 recession.

"In addition, the core price deflator was revised downward to an annualized rate of 2.1 percent and remained at that pace in April, but this is still above the Federal Reserve's stated comfort zone."

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