Rates Ending Year Near Historic Lows

Average weekly fixed rates for mortgages inched up a bit but still are ending the year near their all-time historic lows, according to Freddie Mac.

The average rate for a 30-year fixed rate mortgage rose by four basis points to 3.95% while the average 15-year FRM rate increased by three basis points to 3.24% during the week ending Dec. 29.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage was three basis points higher at 2.88% and the average one-year Treasury ARM rate was just a basis point more than it was the previous week at 2.78%.

Average points were as follows: 0.7 of a point for 30-year FRMs, 0.8 of a point for 15-year FRMs and 0.6 of a point for five-year Treasury hybrids and one-year Treasury ARMs.

A year ago, average rates were as follows: 4.86% for a 30-year mortgage, 4.2% for a 15-year mortgage, 3.77% for a five-year Treasury hybrid, and 3.26% for a one-year Treasury ARM.

Daily Briefing | Friday, December 30, 2011

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    With major investors exiting the reverse mortgage space, originations of government-backed Home Equity Conversion Mortgages have dropped by 950 to 1,100 loans a month.

  • Fannie MBS Issuance Rises for Fourth Month in a Row

    The surge in refinancings this fall pushed Fannie Mae’s issuance of mortgage-backed securities to $63.7 billion in November, up 20% from the prior month.

  • Lending Tree Survey Raises Downpayment Issues

    Americans who are able to buy homes are putting down payments of more than 12% on average, a survey from mortgage lead generator LendingTree LLC found this month.

  • Default Technology Provider Initiated 1.2 Million Short Sales

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  • NACM Credit Managers’ Index Hits High Not Seen Since May

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  • Stewart Information Services Appoints Chief Compliance Officer

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  • First American in Title Deal

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    Of the 11 largest servicers evaluated through the Fannie Mae Servicer Total Achievement and Rewards program, only CitiMortgage, Everbank, GMAC Mortgage (Ally Bank) and Wells Fargo made a satisfactory grade in the third quarter.

  • NAR Backpedals on Sales Estimates

    The National Association of Realtors said that it overestimated home sales by nearly 15% in 2010, an indication that the housing market is in even worse shape than many experts previously thought.

Article source: http://www.nationalmortgagenews.com/dailybriefing/2010_506/rates-near-historic-lows-1028072-1.html

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