Freedie Mac today released the results of its Primary Mortgage Market Survey in which the 30-year-fixed mortgage averged 5.00 percent with an average 0.7 point for the week ending October 22, 2009, up from the last week when it averaged 4.92 percent.  Last year at this time, the 30-year FRM averaged 6.04 percent.

The 15-year FRM this week averaged 4.43 percent with an average 0.6 point, up fom last week when it averaged 4.37 percent.  A year ago at this time, the 15-year FRM average 5.72 percent.

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.40 percent this week, with an average 0.6 point, up from last week when it average 4.38 percent.  A year ago, the 5-year ARM averaged 6.06 percent.

The one-year Treasury-indexed ARM averaged 4.54 percent this week with an average 0.6 point, down from last week when it averaged 4.60 percent.  At this time last year, the 1-year ARM averaged 5.23 percent.

"Following bond yields, long-term mortgages rates edged up slightly this week," said Frank Nothaft, Freddie Mac vice president and chief economist.  "Although rates for 5/1 ARMs and traditional 1-year ARMs are around half a percentage point below 30-year fixed mortgages, consumers appear to be seeking the stability of fixed-rate mortgages.  According to the Mortgage Bankers Association, ARMs averaged only about 6 percent of the number of mortgage applications in September and October thus far."

"The housing market is still trying to recover in the second half of the year.  the Federal Reserve reported in its October 21st regional economic review that housing market conditions improved in recent weeks, primarily from a pick up in sales of low-to-medium-priced houses.  However, residential construction activity was reported to remain weak in most areas.  New construction of single family homes rebounded in September, rising at a 3.9 percent annual rate, but did not erase all of the declines set in August, cased on figures released by the Department of Commerce.  Moreover, homebuilder confidence, as measured by the National Association of Homebuilder's Housing Market Index, fell slightly in  October and marked the first decline since January of this year."

"National Average Long-Term Mortgage Rate Rises to 5 Percent." Realty Times. 23 Oct. 2009. Web. 27 Oct. 2009. <>.