Category Archives: Mortgages

Why QRM Must Be Reversed

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Effort to Correct QRM Gains Momentum

Momentum is building as lawmakers on a bipartisan basis lead effort to modify banking regulators’ proposal to require 20 percent down for affordable qualified residential mortgage (QRM) loans.

The National Association of Realtors® urges you to write your representatives and write your senators. Remind them that under the proposed rules, mortgages that don’t meet standards — 70% to 80% of all mortgages — would carry higher mortgage rates. Ask them if they really think that mortgages with a 20-percent down payment will really improve loan performance? Demonstrate how this requirement will negatively impact home sales.

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U.S. Credit Downgrade and Real Estate

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What are Realtors to make of the credit downgrade of the U.S. government announced by Standard & Poor’s?

“Even if rates were to rise because of the downgrade, this fact is less important in light of the current overly-stringent underwriting standards and the general lack of consumer confidence about the economy.  A 30-year fixed rate rising from 4.3% to 4.6% will not change the housing game that much, but a return to normal underwriting standards and a boost to consumer confidence will be the true game changer.”

- Lawrence Yun, Chief Economist & Senior Vice President, Research, National Association of Realtors®.

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Mortgage Rates Plunge to Record Lows

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Recent Reports that economy is even weaker than expected sent rates plummeting.

Mortgages and Interest RatesFreddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®) for the week ending August 4, 2011, showing mortgage rates dropping sharply amid falling bond yields and signs of a weaker than expected economy. The 30-year fixed averaged 4.39 percent, its lowest level for 2011. The 15-year fixed and 5-year ARM set new historical record lows averaging 3.54 percent and 3.18 percent, respectively. Continue reading →

30-Year FRM Edges Higher

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30-Year Fixed-Rate Mortgage Follows Treasury Yields Higher; other rates remain the same or fall back slightly.

Interest RatesFreddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) for the week ending July 28, 2011, which shows mortgage changing little for the week amid mixed macroeconomic data. The 30-year fixed averaged 4.55 percent, while the 15-year remained unchanged from its previous week average of 3.66 percent. Continue reading →

Mortgage Rates Virtually Unchanged This Week

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30-Year Fixed-Rate and 15-Year Fixed-Rate both up just 0.01 point for the week ending July 21, 2011.

Interest RatesFreddie Mac  released the results of its Primary Mortgage Market Survey® (PMMS®) for the week ending July 21, 2011, which shows mortgage rates changing little over the previous week following mixed economic and housing data. The 30-year fixed average 4.52 percent and the 15-year fixed averaged 3.66 percent.

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Mortgage Rates Down Across The Board

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Mortgage Rates Fall After Weak Jobs Report

Interest RatesFreddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®) for the week ending July 14, 2011, showing mortgage rates following long-term bond yields lower amid weaker than expected jobs gains and an increase in the unemployment rate.

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MBA Rightly Confronts Barney Frank and QRM

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David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA) issued the following statement following critical remarks by Congressman Barney Frank at the National Press Club. 

U.S. Representative Barney Frank (D)

“MBA, as we have said many times, supports risk retention and believes it is an important step in establishing a regulatory plan to protect borrowers and ensure a safe and sustainable mortgage system, said Stevens. “The QRM exemption in Dodd-Frank was designed to recognize that traditional mortgage loans – standard products, properly underwritten and fully documented – were not the cause of the recent crisis.

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Interest Rates: Up and Up

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Both 30-year fixed-rate mortgage and 15-year FRM rise 0.7 points to  4.60 and 3.75 percent respectively.

Interest RatesFreddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) for the week ending July 7, 2011. After changing little over the past month, both long- and short-term mortgage rates followed Treasury yields higher this week. The 30-year fixed averaged 4.60 percent, and the 15-year fixed averaged 3.75 percent.

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30-Yr Fixed Up Just a Tick

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Mortgage Rates were a bit mixed this week.

The 30-year fixed rate continues to hold rather steady, up just 0.01 point, and the 5-year ARM sets new low.

Interest RatesFreddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) for the week ending June 30, 2011, which shows fixed mortgage rates holding steady amid mixed economic reports and some signs of improvement in the housing market. The 5-year adjustable-rate mortgage hit a new record low at 3.22 percent, dropping below the previous record of 3.25 percent set November 11, 2010.

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30-Yr Fixed Ticks Up; 15-Yr Nudges Down

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Mortgage rates mixed but basically unchanged as mortgage applications surge.

Interest ratesFreddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) for the week ending June 16, 2011, which shows fixed mortgages rates changing little despite recent inflation reports. After declining for eight consecutive weeks, the 30-year fixed ticked up to 4.50 percent, while the 15-year inched down again to 3.67 percent.

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Rates Move Lower Sixth Straight Week

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Mortgage rates move lower following weak jobs report and continuing weakness in housing market.

Interest RatesFreddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®) for the week ending June 9, 2011, which showed weaker than expected job growth in May pushing both fixed and adjustable-rate mortgages to new lows for the year. The 30-year fixed averaged 4.49 percent and the 15-year averaged 3.68 percent, its lowest since November, 2010.

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