The average 30-year fixed mortgage rate fell from 6.17% to 6.07% over the seven-day period ended Jan. 3, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 5.79% to 5.68%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages declined from 5.90% to 5.78%, and the average rate for one-year Treasury-indexed ARMs decreased from 5.53% to 5.47%, Freddie Mac reported. Fees and points averaged 0.5 of a point for 30-year fixed-rate mortgages and ARMs and 0.6 of a point for 15-year FRMs. "The latest home sales data ... sent mixed messages on the direction of housing activity towards the end of 2007," said Frank Nothaft, Freddie Mac's chief economist. "The mostly grave home sales reports came with a few light notes. While new-home sales fell in November to the slowest pace since April 1995, existing-home sales rose by a small margin to an annual pace of 5 million units." A year ago, the average 30-year and 15-year fixed rates were 6.18% and 5.94%, respectively, and the average hybrid and one-year ARM rates were 6.02% and 5.42%, Freddie Mac said. Freddie 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