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Mortgage News Daily combines the expertise of some of the housing industry's leading minds with the power of social media to offer an always lively, constantly evolving web community. MND communicates breaking news, streams video, and provides expert opinion and commentary to a community of interested market professionals and curious consumers.Freddie Mac Says Mortgage Rates Rebounded from Year-End Highs
Mortgage
interest rates declined slightly during the week, easing further off of the
sudden increases in rates the last week of the year. Freddie Mac reported that the average rate
for a 30-year fixed-rate (FRM) mortgage during the week ended January 14 was
5.06 percent with 0.7 point compared to 5.09 percent and 0.7 point a week
earlier. During the week ended December 31 the rate had jumped 9 basis points
to 5.24 percent.
This
week the 15-year FRM dropped five basis points to 4.45 percent with 0.6
point. During the week ended January 7,
the average rate was 4.50 percent with 0.7 point. The 15-year had also experienced a surge
between Christmas and New Year, rising 9 basis points to 4.54 percent.
The
weekly Primary Mortgage Market Survey reported that 5-year Treasury-indexed
hybrid adjustable-rate mortgages (ARM) averaged 4.32 percent compared to 4.44
percent. Fees and points also declined
from 0.6 to 0.5 point.
The
1-year Treasury-indexed ARM was the only Freddie Mac mortgage to show an
increase during the week, moving from 4.31 percent to 4.39 percent. Fees and points declined from 0.6 to 0.5
point.
Frank
Nothaft, Freddie Mac vice president and chief economist said, "Interest
rates for fixed-rate mortgages eased a little further this week, while ARM
rates were mixed. With fixed mortgages
rates staying near a record low, many homeowners are taking the opportunity to
refinance. For instance, over the past
three-and-a-half months, on average more than 75 percent of conventional
mortgage applications were for refinance transactions, according (to) the
Mortgage Bankers Association.
"The
Federal Reserve recently reported positive news in both the housing market and
the overall state of the economy in its January 13th regional
economic report, which spanned the last few months of 2009. Economic activity improved in 10 of its 12
districts. Home sales, especially for
lower-priced homes, increased due in part to the homebuyer tax credit and house
prices appeared to have changed little since its last report."
Fannie
Mae's yields for the week ended January 8 were mixed relative to the previous
week. The conventional 30-year FRM was up
from 4.89 percent to 4.95 percent while the 15-year FRM declined from 4.21
percent to 4.18 percent. Government
guaranteed FHA and VA mortgages were also up, rising from 5.67 percent to 5.74
percent. The 1-year ARM averaged 2.70 percent compared to 2.74 percent the
previous week. All Fannie Mae yields are
reported net of servicing fees.
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This email was sent to you by:
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Mortgage News Daily
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Anonymous Anonymous |
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YOUR MESSAGE HERE
Freddie Mac Says Mortgage Rates Rebounded from Year-End Highs
Mortgage
interest rates declined slightly during the week, easing further off of the
sudden increases in rates the last week of the year. Freddie Mac reported that the average rate
for a 30-year fixed-rate (FRM) mortgage during the week ended January 14 was
5.06 percent with 0.7 point compared to 5.09 percent and 0.7 point a week
earlier. During the week ended December 31 the rate had jumped 9 basis points
to 5.24 percent.
This
week the 15-year FRM dropped five basis points to 4.45 percent with 0.6
point. During the week ended January 7,
the average rate was 4.50 percent with 0.7 point. The 15-year had also experienced a surge
between Christmas and New Year, rising 9 basis points to 4.54 percent.
The
weekly Primary Mortgage Market Survey reported that 5-year Treasury-indexed
hybrid adjustable-rate mortgages (ARM) averaged 4.32 percent compared to 4.44
percent. Fees and points also declined
from 0.6 to 0.5 point.
The
1-year Treasury-indexed ARM was the only Freddie Mac mortgage to show an
increase during the week, moving from 4.31 percent to 4.39 percent. Fees and points declined from 0.6 to 0.5
point.
Frank
Nothaft, Freddie Mac vice president and chief economist said, "Interest
rates for fixed-rate mortgages eased a little further this week, while ARM
rates were mixed. With fixed mortgages
rates staying near a record low, many homeowners are taking the opportunity to
refinance. For instance, over the past
three-and-a-half months, on average more than 75 percent of conventional
mortgage applications were for refinance transactions, according (to) the
Mortgage Bankers Association.
"The
Federal Reserve recently reported positive news in both the housing market and
the overall state of the economy in its January 13th regional
economic report, which spanned the last few months of 2009. Economic activity improved in 10 of its 12
districts. Home sales, especially for
lower-priced homes, increased due in part to the homebuyer tax credit and house
prices appeared to have changed little since its last report."
Fannie
Mae's yields for the week ended January 8 were mixed relative to the previous
week. The conventional 30-year FRM was up
from 4.89 percent to 4.95 percent while the 15-year FRM declined from 4.21
percent to 4.18 percent. Government
guaranteed FHA and VA mortgages were also up, rising from 5.67 percent to 5.74
percent. The 1-year ARM averaged 2.70 percent compared to 2.74 percent the
previous week. All Fannie Mae yields are
reported net of servicing fees.
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