The average 30-year fixed mortgage rate rose from 6.21% to 6.37% for the seven-day period ended May 24, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 5.92% to 6.06%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages climbed from 5.92% to 6.02%, and the average rate for one-year Treasury-indexed ARMs rose from 5.48% to 5.64%, Freddie Mac reported. Fees and points averaged 0.4 of a point for fixed-rate mortgages, 0.5 of a point for hybrid ARMs, and 0.6 of a point for one-year ARMs. "Stronger-than-expected consumer confidence and recent comments from members of the Federal Reserve raised some inflation concerns in the market, causing it to lower expectations of a Fed rate cut this year," said Frank Nothaft, Freddie Mac's chief economist. "This helped push mortgage rates higher this week. We expect a gradual rise in mortgage rates over the remainder of the year, with sales slipping further in the second half of the year. A gradual recovery returns toward the end of 2007, with modest increases in sales and construction during 2008." A year ago, the average 30-year and 15-year fixed rates were 6.62% and 6.23%, respectively, and the average hybrid and one-year ARM rates were 6.21% and 5.61%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.
-
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
1h ago -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
2h ago -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
4h ago -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
4h ago -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18 -
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.
April 18