The average 30-year fixed mortgage rate fell from 6.21% to 6.15% over the seven-day period ended Jan. 12, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 5.76% to 5.71%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages decreased from 5.78% to 5.76%, and the average rate for one-year Treasury-indexed ARMs declined from 5.16% to 5.15%. Fees and points averaged 0.6 of a point for fixed-rate mortgages and one-year ARMs and 0.5 of a point for hybrid ARMs. "Interest rates for long-term mortgages slipped lower this week due to some economic data releases that pointed towards more subdued inflation in the near term," said Frank Nothaft, Freddie Mac's chief economist. "Rates for 30-year fixed-rate mortgages are about the same as they were in late October of 2005. However, shorter-term rates, such as those for adjustable-rate mortgages, were basically unchanged due to market expectations of another rate hike by the Federal Reserve Board at the end of January." A year ago, the average 30-year and 15-year fixed rates were 5.74% and 5.19%, respectively, and the average one-year ARM rate was 4.10%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.
-
While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
2h ago -
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
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.
April 24 -
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.
April 24