The average 30-year fixed mortgage rate fell from 5.71% to 5.65% over the seven-day period ending May 26, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate decreased from 5.27% to 5.21%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages was unchanged, at 5.07%, and the average rate for one-year Treasury-indexed ARMs declined from 4.26% to 4.21%. Fees and points averaged 0.6 of a point for fixed-rate mortgages and 0.7 of a point for ARMs. "Release of the May Federal Open Market Committee minutes this week reinforced the notion that inflation in the economy in the first three months of the year was contained, and upward price pressure in the near term seems unlikely," said Frank Nothaft, Freddie Mac's chief economist. "And when inflation is contained, mortgage rates decline. Housing continued to help fuel the economy this year, accounting for about 20% of real GDP growth in the first quarter alone." A year ago, the average 30-year and 15-year fixed rates were 6.32% and 5.69%, respectively, and the average one-year ARM rate was 3.87%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18