The average 30-year fixed mortgage rate rose from 5.62% to 5.66% over the seven-day period ended July 14, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate increased from 5.20% to 5.25%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages fell from 5.19% to 5.15%, and the average rate for one-year Treasury-indexed ARMs climbed from 4.33% to 4.39%. Fees and points averaged 0.6 of a point for fixed-rate mortgages and 0.7 of a point for ARMs. "Over the past few weeks, financial markets have been gearing up for greater growth in the economy, which ultimately leads to higher inflation rates," said Frank Nothaft, Freddie Mac's chief economist. "As a result, mortgage rates increased for the second straight week. Interest rates for 30-year fixed-rate mortgages now match those set in mid-May, but are still below January's monthly average." A year ago, the average 30-year and 15-year fixed rates were 6.00% and 5.40%, respectively, and the average one-year ARM rate was 4.02%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.
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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.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
April 18