The average 30-year fixed mortgage rate fell from 6.28% to 6.26% over the seven-day period ended Dec. 1, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate was unchanged at 5.81%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages rose from 5.75% to 5.76%, and the average rate for one-year Treasury-indexed ARMs climbed from 5.14% to 5.16%. Fees and points averaged 0.5 of a point for fixed-rate mortgages, 0.6 of a point for hybrid ARMs, and 0.8 of a point for one-year ARMs. "Mortgage rates are in a holding pattern at the moment as financial markets try to discern where inflation and growth in the economy are headed," said Frank Nothaft, Freddie Mac's chief economist. "Until the market decides these issues, mortgage rates should stay within a relatively narrow band." A year ago, the average 30-year and 15-year fixed rates were 5.81% and 5.23%, respectively, and the average one-year ARM rate was 4.19%, Freddie Mac said.
-
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
3h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
7h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
10h ago -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24