According to Freddie Mac's Primary Mortgage Market Survey®, average mortgage rates fell to new all-time record lows as data on economic growth fell short of what was projected. All products in the PMMS survey, except the 1-Year ARM, averaged new lows.

30-year fixed-rate mortgage (FRM) are an average of 3.87 percent with a median 0.8 point for the week ending February 2, 2012, decreasing from last week when it averaged 3.98 percent. At this same time a year ago, the 30-year FRM averaged 4.81 percent.

This week the 15-year FRM averaged 3.14 percent with an average 0.8 point, falling from last week’s average of 3.24 percent. At this same time last year, the 15-year FRM averaged 4.08 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent this week, with an average 0.7 point, a decline from last week’s average of 2.85 percent. At this time last year, the 5-year ARM averaged 3.69 percent.

1-year Treasury-indexed ARM averaged 2.76 percent this week with an average 0.6 point, which is an increase from last week when it averaged 2.74 percent. Last year at this time, the 1-year ARM averaged 3.26 percent.

According to Frank Nothaft, vice president and chief economist, Freddie Mac:

"Most mortgage rates eased to all-time record lows this week as fourth quarter growth in the economy fell short of market projections. The Gross Domestic Product rose 2.8 percent in the final three months of 2011, below the market consensus forecast of 3.0 percent, while consumer spending in December was flat. One bright spot, however, was that fixed residential investment increased for the third consecutive quarter and residential construction spending rebounded in December, rising 0.7 percent."

To learn more about Feddie Mac, please visit: http://www.californiamortgagedirect.com/Freddie-Mac

For more information on mortgage rates, please go to: http://www.mortgagenewsdaily.com/