The average fixed rate for 30-year mortgages fell to 5.62% during the week ending June 2 from 5.65% the previous week, according to Freddie Mac.In addition, the average fixed rate for 15-year mortgages inched down to 5.20% from 5.21%, according to Freddie Mac. A year previous, the average 30-year rate was 6.28% and the average 15-year rate was 5.63%. These relatively lower fixed rates may be only a short-term trend, Freddie Mac said. "Improvements in the job market and rising wages will likely put upward pressure on mortgage rates in the coming months," said Frank Nothaft, Freddie Mac vice president and chief economist. "However, the same growth in income will partially offset any rise in rates, enabling housing to continue to be a healthy industry. Given the low rates we experienced last month, we expect home sales in May will remain strong," he said. The average hybrid and adjustable mortgage rates last week rose slightly, according to Freddie Mac. Five-year, Treasury-indexed hybrids averaged 5.10% vs. 5.07% the previous week and one-year Treasury-indexed adjustable rates averaged 4.26% vs. 4.21% the previous week. A year ago -- before Freddie started tracking the average five-year rate -- one-year ARMs averaged 3.98%.
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
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Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
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In a motion to dismiss UWM's suit, Ramon Walker argues the trademark infringement claim made by UWM is a "pretext to muzzle [his] criticism."
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The Federal Reserve chair's comments coincide with the spring meeting of the International Monetary Fund and the World Bank Group in Washington. They also come as groups like the Basel Committee on Banking Supervision are being scrutinized.
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