The average 30-year fixed mortgage rate rose from 6.16% to 6.17% for the seven-day period ended April 5, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 5.86% to 5.87%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages climbed from 5.88% to 5.92%, and the average rate for one-year Treasury-indexed ARMs increased from 5.43% to 5.44%, Freddie Mac reported. Fees and points averaged 0.4 of a point for 30-year fixed-rate mortgages, 0.5 of a point for 15-year fixed-rate mortgages, and 0.6 of a point for ARMs. "Mortgage rates have remained within a narrow band of 0.1 percentage point over every week in March," said Frank Nothaft, Freddie Mac's chief economist. "This relative stability is due to mixed economic data releases as to how strong the economy is and whether future inflation will recede. One bright spot this week came from an unexpected increase in pending home sales for February, which suggests the housing market is still healthy." A year ago, the average 30-year and 15-year fixed rates were 6.43% and 6.10%, respectively, and the average hybrid and one-year ARM rates were 6.11% and 5.57%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
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The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
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Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
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