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The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending August 29, 2008 and applications are up 5.8 percent. The Market Composite Index, a measure of mortgage loan application volume, was 453.1, an increase of 7.5 percent on a seasonally adjusted basis from 421.6 one week earlier. On an unadjusted basis, the Index increased 5.8 percent compared with the previous week and was down 27.0 percent compared with the same week one year earlier.  The four-week moving average for the seasonally adjusted Market Index is up 1.2 percent. The four-week moving average for the seasonally adjusted Purchase index is up 2.7 percent. The increase in mortgage applications may be evidence that the housing market is beginning to firm up.

On September 11, 2008, Freddie Mac released the results of its Primary Mortgage Market Survey^® (PMMS^®) and report that the 30-year fixed-rate mortgage (FRM) averaged 5.93% for the week end, down from last week when it averaged 6.35%. Last year at this time, the 30-year FRM averaged 6.31%.

The 15-year FRM this week averaged 5.54% down from last week when it averaged 5.90%. A year ago at this time, the 15-year FRM averaged 5.97%.

Please visit http://www.freddiemac.com/news/mediaroom/ to read the entire press release.