The average 30-year fixed mortgage rate fell to 6.00% for the week ending July 16 from 6.01% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 5.42% to 5.40%, while the average rate for one-year Treasury-indexed ARMs declined from 4.05% to 4.02%. Fees and points averaged 0.6 of a point for all three mortgage categories. "Taken as a whole, there are few compelling reasons why mortgage rates should dramatically increase right now," said Frank Nothaft, Freddie Mac's chief economist. "In terms of the economy, retail sales, industrial production, and producer prices were all lower than expected in June. Additionally, the Federal Reserve Board appears to be on target in quelling any future surges in inflation." A year ago, the average 30-year and 15-year fixed rates were 5.52% and 4.85%, respectively, and the average one-year ARM rate was 3.55%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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