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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Fathom Holdings acquired START Real Estate to expand its first-time homebuyer program, the company announced Thursday.
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Noninterest income at the Minneapolis-based company jumped more than 10% during the third quarter, while asset quality improved and expenses held steady. "Our focus is very much on organic growth," said CEO Gunjan Kedia.
October 16 -
Observers believe the government shutdown and lack of data is keeping mortgage rates in the same narrow range, as investors have issues reading the tea leaves.
October 16 -
The Detroit-based mortgage bank's announcement trailed competitors' by over two weeks, but is taking a more aggressive risk-reward stance on the limit.
October 16 -
Despite the decrease, average profit margins approached 50%, as the lock-in effect continues to stymie inventory growth and keep home values elevated.
October 16 -
The head of the government-sponsored enterprises' oversight agency also asked existing investors to review risk factors as officials eye a new public offering.
October 15