The average 30-year fixed mortgage rate rose to 5.77% for the seven-day period ending May 12 from 5.75% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate increased from 5.31% to 5.33%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages climbed from 5.16% to 5.21%, while the average rate for one-year Treasury-indexed ARMs crept up from 4.22% to 4.23%. Fees and points averaged 0.5 of a point for 30-year fixed-rate mortgages and 0.6 of a point for the other three mortgage categories. "According to the Mortgage Bankers Association, purchase applications hit a record high last week, and this can be directly attributed to continuing low mortgage rates," said Frank Nothaft, Freddie Mac's chief economist. "The bond market isn’t exactly sure how fast or slow the economy will expand in the long term, and thus bond yields have remained remarkably low." A year ago, the average 30-year and 15-year fixed rates were 6.34% and 5.72%, respectively, and the average one-year ARM rate was 3.90%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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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.
April 24