The average 30-year fixed mortgage rate fell to 6.21% for the week ending July 2 from 6.25% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 5.64% to 5.62%, while the average rate for one-year Treasury-indexed ARMs rose from 4.13% to 4.19%. Fees and points averaged 0.6 of a point for fixed-rate mortgages and 0.7 of a point for ARMs. "As expected, long-term mortgage rates were relatively unaffected by the Fed's recent actions to pre-empt any future inflationary trend," said Frank Nothaft, Freddie Mac's chief economist. "And, as also expected, short-term mortgage rates moved upward in response to those same actions." A year ago, the average 30-year and 15-year fixed rates were 5.24% and 4.63%, respectively, and the average one-year ARM rate was 3.45%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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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.
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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.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24