Rates Ending Year Near Historic Lows

Mortgage & Real Estate

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

  • FHA Endorsements of Reverse Mortgages Slipping

    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

    Since launching its short sale module in November 2009, the default servicing technology provider Equator has initiated approximately 1.2 million short sales through the fourth quarter.

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

    Holiday retail sales gave the NACM’s Credit Managers’ Index a boost to a high not seen since May, but it remained below year-ago levels as many companies, including some in the mortgage space, are still in distress.

  • Stewart Information Services Appoints Chief Compliance Officer

    Patrick Thesing has been named the chief compliance officer for Houston-based Stewart Information Services Corp.

  • First American in Title Deal

    The title insurance unit of First American Financial Corp. has agreed to acquire Hexter-Fair Title Co. in Dallas.

  • Few Get Satisfactory STAR

    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.

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