Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 6.35 percent with an average 0.7 point for the week ending September 04, 2008, down from last week when it averaged 6.40 percent. Last year at this time, the 30-year FRM averaged 6.46 percent.
'Mortgage rates eased a bit over the holiday-shortened week following release of economic data that suggest consumer spending may slow,' says Frank Nothaft, Freddie Mac vice president and chief economist. 'The economy grew at an upwardly revised 3.3 percent pace in the second quarter, boosted by the smallest trade deficit in eight years, and residential fixed investment slowed growth by 0.6 percent, the least amount since the same period a year ago. 'However, personal income fell 0.7 percent in July, the first decline since August 2005 and will likely slow consumer spending in the third quarter.'"
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