Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.57 percent with an average 0.7 point for the week ending July 15, 2010, unchanged from last week when it averaged 4.57 percent. Last year at this time, the 30-year FRM averaged 5.14 percent. This rate ties the all-time low reached last week in Freddie Mac's 39-year survey.

The 15-year FRM this week averaged 4.06 percent with an average 0.7 point, down from last week when it averaged 4.07 percent. A year ago at this time, the 15-year FRM averaged 4.63 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.85 percent this week, with an average 0.7 point, up from last week when it averaged 3.75 percent. A year ago, the 5-year ARM averaged 4.83 percent.

The 1-year Treasury-indexed ARM averaged 3.74 percent this week with an average 0.7 point, down from last week when it averaged 3.75 percent. At this time last year, the 1-year ARM averaged 4.76 percent.

"Fixed-rate mortgages continued to hover at 50-year lows, thereby supporting homebuyer affordability and refinance activity” Frank Nothaft, vice president and chief economist of FreddieMac said in a statement. “Over the past month, about four out of five conventional loan applications and more than one-half of FHA and VA loan applications were for refinance. Compared to the recent peak in 30-year fixed interest rates 13 months ago (week of June 11, 2009), current rates are a full percentage point lower. With today's rates, homebuyers would save about $1,500 in payments each year on a $200,000 loan compared to rates last June."

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.

Source: FreddieMac, Primary Mortgage Market Survey® (PMMS®), www.freddiemac.com