The average 30-year fixed mortgage rate rose to 6.34% for the week ending May 14 from 6.12% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 5.47% to 5.72%, and the average rate for one-year Treasury-indexed ARMs climbed from 3.76% to 3.90%. Fees and points averaged 0.7 of a point for all three mortgage categories. "Last month's huge surge in employment figures reaffirmed market expectations that the Fed will move sooner now rather than later," said Frank Nothaft, Freddie Mac's chief economist. "This put pressure on the bond market, and as yields grew, so did mortgage rates." A year ago, the average 30-year and 15-year fixed rates were 5.45% and 4.84%, respectively, and the average one-year ARM rate was 3.67%, 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.
April 18 -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18