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The non-partisan Congressional Budget Office (CBO) just released a working paper entitled An Evaluation of Large-Scale Mortgage Refinancing Programs in which it analyzed a large-scale program that would relax current income and loan-to-value restrictions for borrowers who wish to refinance mortgages currently held by Fannie Mae, Freddie Mac, or the Federal Housing Administration. The analysis uses an estimate of the increased refinancing that would occur and how future default and prepayment behavior...

After months of low rates some of which broke long-time records, mortgage interest rates shot up drastically during the week ended June 4. Freddie Mac released the results of its Primary Mortgage Market survey this morning, showing that the 30-year fixed-rate mortgage (FRM) for the week averaged 5.29 percent with 0.7 point. This is the highest rate for the 30-year FRM since the week ended December 18, 2008 when the average was 5.19 percent. The new number is an increase of 37 basis points over last...