The average 30-year fixed mortgage rate fell from 6.40% to 6.31% over the seven-day period ended Nov. 2, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 6.10% to 6.02%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages declined from 6.14% to 6.05%, and the average rate for one-year Treasury-indexed ARMs decreased from 5.60% to 5.53%, 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. "Lower-than-expected third-quarter gross domestic product figures helped to put a damper on rising rates this week," said Frank Nothaft, Freddie Mac's chief economist. "With mortgage rates down this week, we may see a spurt of refinancing by those who want to get out of ARMs that are scheduled to reset in the next year while interest rates are still comparatively low." A year ago, the average 30-year and 15-year fixed rates were 6.31% and 5.85%, respectively, and the average hybrid and one-year ARM rates were 5.76% and 5.09%, respectively, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.
-
The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
2h ago -
The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
3h ago -
One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
4h ago -
There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
4h ago -
Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
6h ago -
Test your knowledge of the biggest mortgage headlines of the week. No. 2 pencil not required!
May 10