The average 30-year fixed mortgage rate rose from 5.74% to 5.80% over the seven-day period ended Sept. 22, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate increased from 5.32% to 5.37%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages rose from 5.26% to 5.31%, and the average rate for one-year Treasury-indexed ARMs climbed from 4.46% to 4.48%. Fees and points averaged 0.6 of a point for 30-year fixed-rate mortgages, 0.7 of a point for 15-year FRMs and one-year ARMs, and 0.8 of a point for hybrid ARMs. "Mortgage rates look like they are back on track where the Fed wants them, which is gradually rising," said Frank Nothaft, Freddie Mac's chief economist. "Freddie Mac's economic forecast calls for a cooling of the housing market going into next year, and gently rising rates are part of that scenario." A year ago, the average 30-year and 15-year fixed rates were 5.70% and 5.10%, respectively, and the average one-year ARM rate was 4.00%, 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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