30-Year FRMs Continue to Hover at About 4%

The average 30-year fixed mortgage rate tracked by Freddie Mac during the week ending Dec. 1 came in 2 basis points higher at 4%, but still left the average for the past month below 4%.

“If you look at the entire month of November, the 30-year averaged 3.99%,” said Freddie Mac spokesman Chad Wandler. For 15-year loans the average was 3.31%, he noted.

“We’re talking incredibly low mortgage rates,” he said. “For those people in the market, and who can qualify, it’s an incredible opportunity.”

The 15-year FRM rate during the most recent week maintained the same average as the previous week, 3.3%, while the five-year Treasury indexed hybrid was down a basis point at 2.9%. The average rate for a one-year Treasury ARM also inched down by a basis point to 2.78%.

Fifteen-year loans carried the highest average points, 0.8, followed by 30-year mortgages with 0.7 of a point. Both five-year Treasury hybrids and one-year ARMs averaged 0.6 of a point.

Collectively mixed economic indicators that drove some large market swings in rate-indicative bond yields during the week kept rates relatively stable.

Freddie Mac chief economist Frank Nothaft noted in his weekly report that the Fed’s new Beige Book pointed to overall moderate economic improvement in most districts but also indicated that the residential real estate market generally is still relatively slow.

He also noted that while consumer confidence registered its largest jump since April 2003 in the past week, and pending home sales registered their strongest pace since November 2010, the seasonally adjusted Standard Poor’s/Case-Shiller 20-city composite home price index fell for the fifth consecutive month.

A year ago the 30-year rate was 4.46%, the 15-year rate was 3.81%, the five-year Treasury hybrid rate was 3.49% and the one-year Treasury ARM rate was 3.25%.

Daily Briefing | Friday, December 2, 2011

  • GMAC/Ally to Halt Residential Lending in Massachusetts

    GMAC Mortgage on Friday said it will no longer purchase loans originated by mortgage correspondents or brokers in Massachusetts, citing the regulatory environment in the state.

  • B of A Begins Shedding Warehouse Clients

    Over the past week or so Bank of America began telling a select group of its warehouse lending clients that their lines would terminate within 30 to 90 days.

  • Mortgage Employment on the Rise – Brokers Lead

    Mortgage companies ramped up hiring in October, adding 1,500 full-time employees to their payrolls, according to government figures released Friday morning.

  • It’s Official: Fannie Inked Deal to Buy MSRs From B of A

    For several months Fannie Mae has insisted that it’s not in the servicing business, but a recent 10-Q filing by the government-owned GSE reveals that it agreed to buy $74 billion of MSRs from Bank of America in the third quarter. No purchase price was disclosed.

  • Title Premiums Almost Flat, but Fitch Upgrades Sector

    Title insurance firms wrote $2.35 billion of new business in the third quarter, down slightly from the same period last year, according to new figures compiled by the American Land Title Association.

  • Treasury Launches Task Force to Fight HAMP Fraud

    The Treasury Department this week unveiled a new joint task force to fight mortgage scams aimed at struggling homeowners seeking payment relief under the governmentÂ’s Home Affordable Modification Program.

  • Trepp: Commercial Delinquencies Drop, but May Not be a Trend

    Delinquency rates on securitized commercial mortgages fell sharply in November for the first time in three months, but analysts at Trepp LLC don’t see it as a trend.

  • Amazing: Developers Keep Planning Condo Towers in So. Fla.

    Although some 4,700 units remain unsold from the last condo boom in South Florida, developers are now proposing to build 20 more towers in the tri-county area of Miami-Dade, Broward and Palm Beach.

  • Consumers Still Not Ready to Increase Borrowing

    Confidence surveys suggest consumer borrowing might be stabilizing as the economy shows signs of recovery, but it remains unlikely to increase in the short run, according to a Moody’s conference call on the outlook for consumer finance.

  • In a Sea of Bad Housing News, A Bit of Good

    Looking for some decent housing news for a change? Try this: A major land developer with 22 master planned communities in 14 states has already equaled last year’s sales.

Article source: http://www.nationalmortgagenews.com/dailybriefing/2010_487/30-year-fixed-freddie-mac-1027685-1.html

Leave a Reply

WP2FB Auto Publish Powered By : XYZScripts.com
Bunk Beds