McLEAN, VA -- In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 5.62 percent, with an average 0.7 point, for the week ending May 9, 2003, slipping from 5.70 percent last week. Last year at this time, the 30-year FRM averaged 6.79 percent.

The average for the 15-year FRM this week is 4.97 percent, with an average 0.7 point, down from last week's average of 5.03 percent. A year ago, the 15-year FRM averaged 6.27 percent.

One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 3.66 percent this week, with an average 0.7 point, down from last week's average of 3.74 percent. At this time last year, the one-year ARM averaged 4.80 percent.

"It is amazing how resilient the American housing system continues to be. Even in the face of recession, terrorist attack and international conflicts, the housing industry is booming," said Frank Nothaft, Freddie Mac chief economist. "New records have been set in originations, refinancing, and housing starts over the last few years, highlighting the industry as a strong, functional segment of the economy.

"The Mortgage Bankers Association of America's applications for home purchase figures for last week hit an all-time record high, bolstering our prediction that 2003 will be yet another banner year for housing."