The average 30-year fixed mortgage rate rose from 6.60% to 6.62% over the seven-day period ended May 25, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 6.20% to 6.23%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages fell from 6.23% to 6.21%, and the average rate for one-year Treasury-indexed ARMs declined from 5.62% to 5.61%, Freddie Mac reported. Fees and points averaged 0.4 of a point for fixed-rate mortgages, 0.6 of a point for hybrid ARMs, and 0.7 of a point for one-year ARMs. "Currently, mortgage rates are roughly a half a percentage point higher than they were at the start of the year, which has led to some moderation in the housing market," said Frank Nothaft, Freddie Mac's chief economist. "Indeed, in the first quarter of 2006, the housing industry directly accounted for only 7% of the real Gross Domestic Product, compared with 19% in the fourth quarter of 2005." A year ago, the average 30-year and 15-year fixed rates were 5.65% and 5.21%, respectively, and the average one-year ARM rate was 4.21%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
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April 25 -
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April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25