Mortgage Rates Rise on Positive Economic News Reported During the Week

Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.84 percent with an average 0.7 point for the week ending May 7, 2009, up from last week when it averaged 4.78 percent. Last year at this time, the 30-year FRM averaged 6.05 percent.