The average 30-year fixed mortgage rate fell to 5.66% for the week ending Feb. 13 from 5.72% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 5.03% to 4.96%, and the average rate for one-year Treasury-indexed adjustable-rate mortgages dipped from 3.61% to 3.57%. Fees and points averaged 0.7 of a point for all three mortgage categories. "Markets remained tame while waiting for Federal Reserve Board Chairman Alan Greenspan's semiannual testimony to House members about the state of the economy," said Frank Nothaft, Freddie Mac's chief economist. "Greenspan led the markets to believe that the Fed's actions would be on hold until there was more than sufficient growth in the economy to warrant a change in monetary policy. In other words, there is still enough slack in the economy to leave rates at their current accommodative level for some months to come." A year ago, the average 30-year and 15-year fixed rates were 5.86% and 5.26%, respectively, and the average one-year ARM rate was 3.89%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11