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...
Freddie Mac has just released the results of its 24th Annual adjustable rate mortgage (ARM) Survey . The survey, a snapshot of the market taken during the week of December 17 to December 21 based on data from 112 ARM lenders, found that starting rates for ARMs had changed little since the 2006 survey...
What a fascinating and tumultuous time is upon us! Both the housing and the mortgage market are convulsing wildly! There are so many facets to the "big picture" that I would never presume have all the answers, so the following disclaimer is in order: I am a mortgage broker and the following is my opinion...
As a subplot to the entire mortgage drama, two feuds recently emerged or more accurately re-emerged among some major mortgage players. First, in testimony before the Senate Banking, Housing, and Urban Affairs Committee, North Carolina Commissioner of Banks, Joseph A. Smith, Jr. representing the Conference...
A lot has happened to the subprime market and the players in it since the virtual meltdown two weeks ago. This does not purport to be a definitive roundup of activities in the last week, there has been a lot going on. New Century Financial continues its downhill spiral. While it voluntarily stopped accepting...
In the wake of a tough couple of weeks that have rattled the sub-prime lending industry, Freddie Mac announced on Tuesday that it was cracking down on underwriting standards for those loans it purchases. The mortgage giant announced that it will cease purchasing subprime mortgages that "have a high likelihood...
Freddie Mac 23rd Annual Adjustable Rate Mortgage (ARM) Survey released last week contained few surprises. The three major findings were: A decline in the market share of ARMs as savings from these loans as compared to fixed rate loans shrank; Greater lender discounts to entice borrowers into taking out...
Last month we ended our report on Freddie Mac's April Economic Outlook with the statement that "Freddie Mac's April Economic Outlook deviates only slightly from predictions in earlier months; the housing market is slowing but certainly not screeching to a halt." May's report which was issued this week...
In a press release and subsequent press conference Thursday, the Mortgage Bankers Association (MBA) cited fourth quarter 2004 figures in reporting a decline in the rate of delinquent payments on and pending foreclosures of residential mortgages since both the third quarter of 2004 and the end of 2003...