MND NewsWire : Frank Nothaft

Freddie Mac Weekly Summary: Slight Increases in Mortgage Rates

Jann Swanson — Thu, 23 Jul 2009 16:34:00 GMT

Home buyers and refinancers waiting and hoping for a return of record low rates suffered a setback this week as fixed rates reversed a three-week downward trend. Only the short-term adjustable rate mortgage was lower than the previous week. ...(read more)

Freddie Mac: Rates Rise to Highest Levels of Year

Jann Swanson — Thu, 11 Jun 2009 17:38:50 GMT

Interest rates continued to increase during the week ended June 11 according to results of Freddie Mac’s weekly Primary Mortgage Market Survey released this morning. Three of the four average rates tracked by the survey were the highest of the current year. According to the survey the 30-year fixed-rate mortgage (FRM) jumped to an average of 5.59 percent with 0.7 point. One week ago the average rate was 5.29 percent with 0.7 point. This is the highest average rate for the 30-year FRM since...(read more)

Freddie Mac Survey: Rates Take Big Jump

Jann Swanson — Thu, 04 Jun 2009 17:52:15 GMT

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...(read more)

Freddie Mac Rates Rise on Positive News

Jann Swanson — Thu, 07 May 2009 15:09:00 GMT

Buoyed by a spate of good economic news, mortgage interest rates rose slightly from the record low territory of the last few weeks according to results of Freddie Mac's weekly survey . The Primary Mortgage Market Survey released this morning reports that the 30-year fixed-rate mortgage (FRM) rose to 4.84 percent during the week ended May 7. This was an increase of six basis points from the previous week's average of 4.78 percent which had tied the record for the lowest rate since Freddie...(read more)

Rates Pause in Roller-Coaster Ride

Jann Swanson — Thu, 13 Nov 2008 16:56:21 GMT

Mortgage interest rates declined for the second week in a row according to the Primary Mortgage Market Survey released Thursday morning by Freddie Mac. This was a change in the recent up-one-week, down-the-next behavior exhibited by rates since early October. During that period rates reversed direction every week, fluctuating as much as 52 basis points from week to week. Interest rates for the 30-year fixed-rate mortgage (FRM) averaged 6.14 percent with 0.7 point for the week ended November 13. During...(read more)

Mortgage Rates Swing Upward Again This Week

Jann Swanson — Thu, 30 Oct 2008 18:15:04 GMT

Mortgage interest rates have been seesawing like the stock market over the last few weeks and this week they again took some mega-jumps. According to Freddie Mac's Primary Mortgage Market Survey for the week ended October 30, the 30-year fixed-rate mortgage (FRM) increased from 6.04 percent with 0.6 point during the previous week to an average of 6.46 percent with 0.7 point. This was a healthy jump but fell far short of the increase during the week ended October 16 when the 30-year jumped 52...(read more)

Long-Term Rates Ease After Mid-Month Jump

Jann Swanson — Thu, 23 Oct 2008 17:29:23 GMT

Mortgage interest rates reversed the stunning increases seen the previous week, erasing almost all of the gains seen in fixed rate products according to Freddie Mac's weekly Primary Mortgage Market Survey for the week ended October 23. "Long-term mortgage rates fell this week amid news of tame inflation and a weaker housing market," said Frank Nothaft , Freddie Mac vice president and chief economist. "Consumer prices were unchanged in September and core prices, which exclude food...(read more)

Longer Term Mortgage Rates Skyrocket

Jann Swanson — Thu, 16 Oct 2008 17:47:01 GMT

Mortgage rates took off during the week ended October 16 according to results of Freddie Mac's Primary Mortgage Market Survey released Thursday morning. In most cases the rates reached levels not seen since last summer. The 30-year fixed-rate mortgage (FRM) averaged 6.46 percent with 0.6 point for the week. During the previous week the average was 5.94 percent with 0.6 point. This 52 basis point jump was the largest weekly increase since the week ended April 17, 1987 when the 30-year shot up...(read more)

Most Mortgage Rates Dip to Spring Levels under Federal Conservatorship

Jann Swanson — Fri, 12 Sep 2008 12:48:00 GMT

In its first week at least, the conservatorship of Freddie Mac and Fannie Mae accomplished one part of the hoped-for effect; longer term mortgage rates plunged to levels not seen for months.

Freddie's Primary Mortgage Market Survey for the week ended September 11 (which includes the four business days since Sunday's announcement of the take-over of what is now THE mortgage market in the U.S.) showed the average interest rate for the 30-year fixed-rate mortgage (FRM) at 5.93 percent with 0.7 point in fees and point. During the week ended September 4 the average rate was 6.35 percent with 0.7 point. The last time the 30-year rate was this low was the week ended April 17 when the average was 5.88 percent with 0.4 point.

The survey reported that the 15-year FRM carried an average interest rate of 5.54 percent with 0.7 point compared to the week preceding the takeover when the average rate was 5.90 with 0.6 point. This was also the lowest point for the 15 year product since the week ended April 17 when the average was 5.4 percent with 0.5 point.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) were at 5.87 percent on average with 0.7 point. The previous week the average was 5.97 percent with 0.6 point. Again this rolls the rate back to April 17 levels when the average was 5.48 percent with 0.6 point. During the week ended September 4 the hybrid averaged 5.97 percent with 0.6 point.

Only the one-year ARM bucked the trend. That product, which is now gathering such a small share of the market as to be almost irrelevant, had a rate increase from 5.15 percent with 0.6 point to 5.21 percent, also with 0.6 point.

Frank Nothaft, Freddie Mac vice president and chief economist said of the survey results, "Interest rates for 30-year fixed-rate mortgages are down almost 0.6 percentage points over the past 4 weeks, which will help to spur home purchases and loan refinancing in coming weeks. This means that the monthly principal and interest payment on a new $200,000 loan is over $76 lower than a month ago.

"Lower rates have occurred at an opportune time, as the July pending sales data from the National Association of Realtors were off 3.2 percent from June. The Mortgage Bankers Association reported that refinance applications are up 18 percent over the past 3 weeks through September 5th, indicating that refinance activity has already begun to pick up."

Mortgage Bankers Association data on mortgage applications during the week since the federal takeover will be released next Wednesday.

Mortgage Rates are Mixed, but ARMs Nearly Disappear as Factor in Financing

Glenn Setzer — Wed, 03 Sep 2008 11:00:00 GMT

Due to reports of continued weakness in the economy, rates on fixed- rate mortgages edged lower during the week ended August 28 according to the results of Freddie Mac's Primary Mortgage Market Survey.

Last week 34.0 percent of mortgage applications were for the purpose of refinancing an existing loan, down from 35.2 percent the previous week and the popularity of adjustable rate mortgages continued to slide. ARMs now represent only 6.6 percent of mortgage volume...

...(read more)

Mortgage Rates Drop Slightly but Loan Applications Way Down from 2007 Levels

Glenn Setzer — Wed, 27 Aug 2008 11:00:00 GMT

Mortgage interest rates broke through the gridlock of the last few weeks and, with the exception of one-year adjustable rates, moved lower.

Mortgage activity as measured by the volume of loan applications increased by a marginal 0.5 percent on a seasonally adjusted basis from a week earlier and decreased by 0.9 percent unadjusted. Volume was down 31.2 percent compared to the same week in 2007.

...(read more)

Rates Remain Mostly Flat while Mortgage Applications Lag, Hitting Four Year Low

Glenn Setzer — Wed, 13 Aug 2008 11:00:00 GMT

Mortgage interest rates remained flat during the week ended August 7 according to the weekly Primary Mortgage Market Survey released by Freddie Mac.

The Mortgage Bankers Association (MBA) in results from its Weekly Mortgage Applications Survey reported...

...(read more)

New 2008 Highs for Mortgage Rates

Glenn Setzer — Wed, 30 Jul 2008 11:00:00 GMT

Fixed-rate mortgages (FRMs) hit the highest levels of 2008 during the week ended July 24 according to Freddie Mac's Primary Mortgage Market Survey.

"Market concerns about rising inflation and the greater probability that the Federal Reserve (Fed) will raise short-term rates this year all combined to push mortgage rates higher this week," said Frank Nothaft, Freddie Mac vice president and chief economist...

...(read more)

Mortgage Rates Fall in Response to Speculation about Overnight Bank Rates

Glenn Setzer — Wed, 23 Jul 2008 11:00:00 GMT

Rates for both short- and long-term mortgages tumbled last week according to Freddie Mac's Primary Mortgage Market Survey.

The Mortgage Bankers Association (MBA) released the results of its Weekly Mortgage Applications Survey for the week ended July 18 on Wednesday. Mortgage activity as measured by the volume of loan applications...

...(read more)

Despite Market Turmoil, Mortgage Rates Remain Becalmed

Glenn Setzer — Wed, 16 Jul 2008 11:00:00 GMT

According to Freddie Mac's Primary Mortgage Market Survey for the week ending July 10, there was little change in either short or long term mortgage rates.

The Mortgage Bankers Association released this week's figures Wednesday morning. MBA's Weekly Mortgage Applications Survey for the week ended July 11 reported that...

...(read more)