The average 30-year fixed rate mortgage fell to 5.57% with an average 0.8 points for the week ending February 10, 2005, down from 5.63% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed rate mortgage was 5.10% down from 5.14% the previous week. A year ago, the 15-year FRM averaged 4.96%. The average five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.99%, down very slightly from 5.00 the previous week. One-year Treasury-indexed adjustable-rate mortgages) averaged 4.11%, with an average 0.8 point, down from the previous week when it averaged 4.23% "January’s employment figures came out lower than expected, allowing bond yields to fall even further. This, in turn, caused mortgage rates to perform somewhat differently than we had expected," said Frank Nothaft, Freddie Mac vice president and chief economist. "In particular, the 1-year ARM fell for the first time in five weeks." At this time last year, the one-year ARM averaged 3.57%
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Government officials confirmed the California Democrat is under scrutiny over a long-held Maryland property he designated as a second home in 2020.
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Credit availability declined in June as the job market and rising delinquency figures have some lenders concerned, the leading mortgage trade group said.
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CEO Robin Vince refused to comment on "rumors or speculation" about a potential merger between the custody banking giant and its smaller rival, Northern Trust. He also said that the bar for BNY to engage in M&A is "very high."
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House Financial Services Committee Chairman French Hill promised to begin combing through Dodd-Frank to find areas for deregulation, while the panel's ranking member made it clear that Democrats would fight for the Consumer Financial Protection Bureau.
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Gain on sale at JPMorgan Chase fell by 5 basis points in the second quarter, which could be a slightly adverse sign for mortgage banker results, KBW said.
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