10-Year Drops, Mortgage Rates May Fall Again

Friday morning, the yield on the benchmark 10-year Treasury fell to lows not seen in the last couple of months, a sign that mortgage rates will stay low.

In the early afternoon the benchmark yield was at 1.84%, according to YahooFinance. It had been as high as 2.05% as recently as Tuesday.

The 10-year has not dropped below 1.9% since early October.

Some lenders were quoting rates on 30-year FRMs at below 4%. Flagstar, for instance, was offering a 3.8% FRM with 1.43 points. Aurora Bank was quoting a 3.75% 30-year FRM but at two points.

Daily Briefing | Friday, December 16, 2011

  • Surprise: Congress Now Contemplating G-Fee Hike for GNMA

    With Congress moving closer to raising the guarantee fee on Fannie Mae and Freddie Mac loans, a proposal to hike Ginnie Mae fees by an equal amount is being circulated on Capitol Hill, National Mortgage News has learned.

  • California Lender Closes East Coast Operations

    O2 Funding, Foothill Ranch, Calif., late this week closed its East Coast mortgage production operation, electing to concentrate on West coast lending, according to industry officials familiar with the matter.

  • New Measure Asks for FHA Recapitalization

    Senator David Vitter, R-La., late this week introduced legislation that would pressure the Federal Housing Administration to recapitalize its single-family mortgage insurance fund in two years.

  • Nevada Sues LPS for Foreclosure Fraud

    Nevada’s attorney General Catherine Cortez Masto this week filed civil fraud charges against Lender Processing Services and two subsidiaries alleging the company engaged in a widespread fraud of forging foreclosure documents.

  • SEC Sues Former GSE Chiefs Over Nonprime Disclosures

    The Securities and Exchange Commission on Friday sued Richard Syron, the former chief executive officer of Freddie Mac, and Daniel Mudd, ex-CEO of Fannie Mae, over disclosures they made about subprime assets the GSEs invested in.

  • Merry Christmas from FHFA: No Salary Hikes for Agency, Fannie and Freddie

    Rank and file workers at the Federal Housing Finance Agency, Fannie Mae and Freddie Mac this week were told that there will be no “merit salary” increases in 2012, according to a memo provided to National Mortgage News.

  • Fannie Exec: Pricing of MF DUS REMIC Draws Large Orders

    Fannie Mae’s latest multifamily DUS REMIC priced under its guaranteed multifamily structures program included some exceptionally large orders – and high demand for a yearend auction.

  • NAMB Takes Exception to Presidential Put-Down

    An offhand, deleterious comment about mortgage brokers by President Obama has raised the ire of the National Association of Mortgage Brokers – and brought a strong rebuke from trade group president Donald Frommeyer.

  • Signs of Life in California Housing Market

    California home sales rose 2.1% in November on a sequential basis, and were up 2.3% compared to the same month a year ago, according to the state’s premier Realtor group.

  • Foreclosures Remain Huge Problem for Small Banks

    With the crush of foreclosures, analysts have implored smaller banks to dump bank-owned properties, even if it means taking a big loss.

  • Trial Starts in Alabama ‘Silent Seconds’ Scam

    Alabama prosecutors opened a trial this week against a woman accused of helping her brother run a sophisticated fraud that helped obtain millions of dollars in fraudulent mortgages from First Educators Credit Union in Birmingham and other lenders to finance condominium rehabs at the Gulf Shores resorts.

Article source: http://www.nationalmortgagenews.com/dailybriefing/2010_498/yield-10-year-falls-1027916-1.html

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