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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 Survey: Most Rates Up Slightly in Past Week
Posted to:
MND NewsWire
Thursday, February 04, 2010 12:28 PM
Rates
rose slightly during the week ended February 4 according to data released today
by Freddie Mac. The weekly Primary Mortgage Market Survey showed that the
average rate for 30-year fixed-rate mortgages (FRM) was 5.01 percent with 0.7
point compared to a week earlier when the rate was 4.98 percent with 0.6 point.
The 15-year FRM averaged 4.40 percent, up one basis point from the previous
week. Fees and points were unchanged at
0.6.
Adjustable
Rate Mortgages (ARM) rates were mixed. The five-year Treasury-indexed hybrid
ARM had an average rate of 4.27 percent with 0.6 point compared to 4.25 percent
with 0.6 point last week while the 1-year Treasury-indexed ARM was down to 4.22
percent with 0.5 point from 4.29 percent also with 0.5 points.
Here is a summary of the survey results:
[Image or graph removed from email. View full article with images]
Frank Nothaft, Freddie Mac vice president and chief economist said
about the survey, "Mortgage rates remained relatively stable for a second
week amid news of a strengthening housing market. Residential fixed investment
rose for two consecutive quarters over the last half of 2009 following a steady
quarterly decline since the beginning of 2006," he added. "Pending
existing home sales rebounded by 1% in December from a record drop in November
that was due in part to the original expiration of the homebuyer tax credit,
according the National Association of Realtors. More recently mortgage
applications for home purchases jumped 10% at the end of January, according to
figures from the Mortgage Bankers Association."
"Even
more encouraging news came from the Federal Reserve's Senior Loan Officer
Opinion Survey which reported that banks have generally stopped tightening
standards on most types of loans in the fourth quarter of 2009, with commercial
real estate as the exception. However, banks have yet to unwind the tightening
that occurred over the last two years. Moreover, substantially fewer banks
expected credit quality to deteriorate over the coming year."
Most rates were also higher in a report issued by Fannie Mae earlier in
the week. Fannie's weekly yields for conventional fixed rate mortgages for the week
ended January 29 were, 4.74 percent for the 30-year, up from 4.68 the week
before, and 4.07 percent for the 15-year compared to an earlier rate of 4.04.
Government guaranteed FHA and VA 30-year fixed-rate loans were
unchanged at 5.47 while the one-year ARM was up two basis points to 2.45 percent.
All Fannie Mae yields are quoted net of servicing fees.
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YOUR MESSAGE HERE
Freddie Mac Survey: Most Rates Up Slightly in Past Week
Posted to:
MND NewsWire
Thursday, February 04, 2010 12:28 PM
Rates
rose slightly during the week ended February 4 according to data released today
by Freddie Mac. The weekly Primary Mortgage Market Survey showed that the
average rate for 30-year fixed-rate mortgages (FRM) was 5.01 percent with 0.7
point compared to a week earlier when the rate was 4.98 percent with 0.6 point.
The 15-year FRM averaged 4.40 percent, up one basis point from the previous
week. Fees and points were unchanged at
0.6.
Adjustable
Rate Mortgages (ARM) rates were mixed. The five-year Treasury-indexed hybrid
ARM had an average rate of 4.27 percent with 0.6 point compared to 4.25 percent
with 0.6 point last week while the 1-year Treasury-indexed ARM was down to 4.22
percent with 0.5 point from 4.29 percent also with 0.5 points.
Here is a summary of the survey results:
Frank Nothaft, Freddie Mac vice president and chief economist said
about the survey, "Mortgage rates remained relatively stable for a second
week amid news of a strengthening housing market. Residential fixed investment
rose for two consecutive quarters over the last half of 2009 following a steady
quarterly decline since the beginning of 2006," he added. "Pending
existing home sales rebounded by 1% in December from a record drop in November
that was due in part to the original expiration of the homebuyer tax credit,
according the National Association of Realtors. More recently mortgage
applications for home purchases jumped 10% at the end of January, according to
figures from the Mortgage Bankers Association."
"Even
more encouraging news came from the Federal Reserve's Senior Loan Officer
Opinion Survey which reported that banks have generally stopped tightening
standards on most types of loans in the fourth quarter of 2009, with commercial
real estate as the exception. However, banks have yet to unwind the tightening
that occurred over the last two years. Moreover, substantially fewer banks
expected credit quality to deteriorate over the coming year."
Most rates were also higher in a report issued by Fannie Mae earlier in
the week. Fannie's weekly yields for conventional fixed rate mortgages for the week
ended January 29 were, 4.74 percent for the 30-year, up from 4.68 the week
before, and 4.07 percent for the 15-year compared to an earlier rate of 4.04.
Government guaranteed FHA and VA 30-year fixed-rate loans were
unchanged at 5.47 while the one-year ARM was up two basis points to 2.45 percent.
All Fannie Mae yields are quoted net of servicing fees.
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