Could you qualify for a 'Qualified Residential Mortgage?'

Payday loans' debt treadmill

Borrowers who qualify for a "Qualified Residential Mortgage will pay less than for a mortgage that is not designated as a QRM (Some analysts estimate that mortgage rates on non-QRMs could rise by as much as three percentage points.), but it won't be easy.

by Broderick Perkins
© 2010 DeadlineNews.Com

Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - If you think mortgage money is tight right now, get a load of what could be coming.

On Capital Hill legislators, lobbyists, real estate industry experts and others are wrangling over Mortgage Reform and Anti-Predatory Lending Act provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Among the most discussed provisions is one that would create a Qualified Residential Mortgage (QRM), one that will be viewed as a loan offering a lower risk of default.

Dodd-Frank requires banks and other firms that issue mortgage-backed securities to keep 5 percent of the loans that they bundle and sell as securities. The idea is for banks to retain some of their mortgage based risks.

Perhaps, if banks previously had been required to hold onto some of their securities, Wall Street wouldn't have crashed under the weight of the toxic investments.

In any event, anything that regulators deem a QRM would be exempt from the 5 percent rule.

Because of the low risk, borrowers who qualify for a QRM will pay less than for a mortgage that is not designated as a QRM (Some analysts estimate that mortgage rates on non-QRMs could rise by as much as three percentage points.), but it won't be easy to land the loan.

According to the proposed definition borrowers would have to:

• Put at least 20 percent down to buy a home.

• Have at least 25 percent in equity to refinance.

• Have at least 30 percent equity to do a cash-out refinance.

• Have house payments that don't exceed 28 percent of before-tax income, and total monthly debt payments (house, credit cards, auto, student loans) couldn't exceed 36 percent of before-tax income.

• Not have been 60 days delinquent on any debt payments in the last two years.

There's some confusion about how much the QRM issue will impact the housing finance market.

Mortgage giants Fannie Mae and Freddie Mac back more than nine in 10 of new loans and those loans are already exempted from current risk-retention requirements and will likely satisfy further risk retention requirements.

However, the National Association of Realtors says high down payment requirements will burden home buyers and, as such, impede the economic and housing recovery.

"We need to strike a balance between reducing investor risk and providing affordable mortgage credit. Better underwriting and credit quality standards have greatly reduced risk," said NAR President Ron Phipps.

"Adding unnecessarily high minimum down payment requirements will only exclude hundreds of thousands of buyers from home ownership, despite their creditworthiness and proven ability to afford the monthly payment, because of the dramatic increase in the wealth required to purchase a home," said Phipps, also broker-president of Phipps Realty in Warwick, RI.

NAR, along with the Center for Responsible Lending (CRL), National Association of Homebuilders (NAHB), and the Consumer Federation of America (CFA) sent a joint letter to federal regulators, urging them to avoid arbitrary high down payment requirements on mortgage loans.

"Instead, regulators should adopt standards for core underwriting factors to lower the risk of default. These include strong loan documentation, assessing a borrower's ability to repay, reasonable debt levels, and prohibitions on high-risk loan features," CRL says.

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Mortgage rate record run ends

Quick! Click my head!

After weeks of falling rates, mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), rose slightly to average 4.35 percent for the week ending September 9, according to Freddie Mac.

by Broderick Perkins
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Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - After weeks of falling rates, mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), rose slightly to average 4.35 percent for the week ending September 9, according to Freddie Mac's weekly Primary Mortgage Market Survey.

The number for average 30-year rates came with an average 0.7 point and was up from 4.32 percent last week. The rate averaged 5.07 percent a year ago.

The 15-year FRM this week remained at a record low of 3.83 percent with an average 0.6 point, unchanged from last week when it also averaged 3.83 percent. A year ago at this time, the 15-year FRM averaged 4.50 percent, Freddie Mac reported. This week's rate is the lowest it's been since 1991, when Freddie Mac started tracking the rate.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) rose slightly, according to Freddie Mac. It averaged 3.56 percent this week, with an average 0.6 point, up from last week's 3.54 percent average. A year ago, the 5-year ARM averaged 4.51 percent.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 3.46 percent this week with an average 0.7 point, lower than last week's 3.50 percent average. Last year at this time, the 1-year ARM averaged 4.64 percent.

"While overall employment was down in August, private non-farm payrolls rose more than the market consensus forecast, and the prior two months' employment figures were revised up," said Frank Nothaft, Freddie Mac vice president and chief economist.

"This somewhat sanguine report had a mixed effect on mortgage rates this week, with the 30-year fixed rate nudged up but the 15-year fixed rate unchanged. Pending sales of existing homes rebounded in July, a hopeful sign that existing home sales picked up toward the end of summer," he added.

Crystal Chow is a DeadlineNews Group associate editor who contributed to this article.

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Perkins is managing editor of HomeAway.com's Gulf Coast Response Center.

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Mortgage rates set records for nine consecutive weeks

Get offbeat! Click my head!

Mortgage interest rates are once again the lowest they've been since Freddie Mac's weekly Primary Mortgage Market Survey began nearly 40 years ago.

by Broderick Perkins
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Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending August 19, averaged 4.42 percent, the lowest it’s been since Freddie Mac's weekly Primary Mortgage Market Survey began in 1971.

The all-time low for average 30-year rates came with an average 0.7 point and was down from 4.44 percent last week. The rate averaged 5.12 percent a year ago.

The 15-year FRM this week also averaged a record low of 3.90 percent with an average 0.6 point, down from last week when it averaged 3.92 percent. A year ago at this time, the 15-year FRM averaged 4.56 percent, Freddie Mac reported. This week's rate is the lowest its been since 1991, when Freddie Mac started tracking the rate.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) remained at its lowest level since Freddie Mac began tracking it in 2005. It averaged 3.56 percent this week, with an average 0.6 point, unchanged from last week's 3.56 percent average. A year ago, the 5-year ARM averaged 4.57 percent.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 3.53 percent this week with an average 0.7 point, the same as last week's 3.53 percent average. Last year at this time, the 1-year ARM averaged 4.69 percent.

"Investors in long-term bonds appear very confident that inflation will remain in check, and as a result long-term fixed mortgage rates have continued to fall," said Amy Crews Cutts, Freddie Mac deputy chief economist.

"This week marks the ninth straight week in the Primary Mortgage Market Survey that 30-year-fixed mortgage rates have met or set a new record low," she added.

Crystal Chow is a DeadlineNews Group associate editor who contributed to this article.

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Perkins is managing editor of HomeAway.com's Gulf Coast Response Center.

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Record low mortgage rates on a roll

Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending August 12, averaged 4.44 percent -- the lowest it’s been since Freddie Mac's weekly Primary Mortgage Market Survey began in 1971.

by Broderick Perkins
© 2010 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending August 12, averaged 4.44 percent, another low -- the lowest it’s been since Freddie Mac's weekly Primary Mortgage Market Survey began in 1971.

The all-time low for average 30-year rates came with an average 0.7 point and was down from 4.49 percent last week. The rate averaged 5.29 percent a year ago.

The 15-year FRM this week also averaged a record low of 3.92 percent with an average 0.6 point, down from last week when it averaged 3.95 percent. A year ago at this time, the 15-year FRM averaged 4.68 percent, Freddie Mac reported. This week's rate is the lowest its been since 1991, when Freddie Mac started tracking the rate.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) also reached its lowest level since Freddie Mac began tracking it in 2005. It averaged 3.56 percent this week, with an average 0.7 point, down from last week's 3.63 percent average. A year ago, the 5-year ARM averaged 4.75 percent.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 3.53 percent this week with an average 0.7 point, down from last week's 3.55 percent average. Last year at this time, the 1-year ARM averaged 4.72 percent.

"Interest rates for fixed mortgages and 5-year hybrid ARMs again broke record lows this week following reports of a sluggish job market, " said Frank Nothaft, Freddie Mac vice president and chief economist.

He added, "Low rates are helping to heal many battered local housing markets by increasing home-purchase activity. "


Crystal Chow is a DeadlineNews Group associate editor who contributed to this article.



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How low can they go? Mortgage rate records fall again

Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending August 5, averaged 4.49 percent, the lowest its been since Freddie Mac's weekly Primary Mortgage Market Survey began in 1971.

by Broderick Perkins
© 2010 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending August 5, averaged 4.49 percent, the lowest its been since Freddie Mac's weekly Primary Mortgage Market Survey began in 1971.

The all time low for average 30-year rates came with an average 0.7 point and was down from 4.54 percent last week . The rate averaged 5.22 percent a year ago.

The 15-year FRM this week averaged 3.95 percent with an average 0.6 point, down from last week when it averaged 4.00 percent. A year ago at this time, the 15-year FRM averaged 4.63 percent, Freddie Mac reported. This week's rate is the lowest the rate has been since 1991, when Freddie Mac started tracking the rate.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) also reached its lowest level since Freddie Mac began tracking it in 2005. It averaged 3.63 percent this week, with an average 0.6 point, down from last week's 3.76 percent average. A year ago, the 5-year ARM averaged 4.73 percent.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 3.55 percent this week with an average 0.7 point, down from last week's 3.64 percent average. Last year at this time, the 1-year ARM averaged 4.78 percent.

"And yet again, interest rates for fixed-rate mortgages and now the hybrid 5-year ARM fell to all-time record lows following the second quarter GDP release. This reduces inflationary pressures and allows longer-term rates room to ease, " said Frank Nothaft, Freddie Mac vice president and chief economist.

Crystal Chow is a DeadlineNews Group associate editor who contributed to this article.


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Mortgage rates on six-week, record-breaking slide

Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending July 29, averaged 4.54 percent, according to Freddie Mac's weekly Primary Mortgage Market Survey

by Broderick Perkins
© 2010 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending July 29, averaged 4.54 percent, according to Freddie Mac's weekly Primary Mortgage Market Survey.

A new all time low in Freddie Mac's 39-year rate survey, the average 30-year rate came with an average 0.7 point and was down from last week's 4.56 percent. The rate averaged 5.25 percent a year ago.

The 15-year FRM, this week, also averaged a record low of 4.00 percent with an average 0.7 point, down from last week when it averaged 4.03 percent. A year ago at this time, the 15-year FRM averaged 4.69 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.76 percent this week, with an average 0.7 point, down from last week's 3.79 percent average. A year ago, the 5-year ARM averaged 4.75percent.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 3.64 percent this week with an average 0.7 point, down from last week's 3.70 percent average. Last year, at this time, the 1-year ARM averaged 4.80 percent.

"For the sixth week in a row, interest rates on fixed-rate mortgages eased to all-time record lows during a week of mixed housing data reports," said Frank Nothaft, Freddie Mac vice president and chief economist.

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Another record low mortgage rate

Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending July 8, averaged 4.57 percent, the latest all time low in Freddie Mac's 39-year rate survey.

by Broderick Perkins
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Deadline Newsroom - Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending July 8, averaged 4.57 percent, according to Freddie Mac's weekly Primary Mortgage Market Survey.

That's an all time low in Freddie Mac's 39-year rate survey.

The July 8 average 30-year rate came with an average 0.7 point and was down just a tick from 4.58 percent last week. The rate averaged 5.20 percent a year ago.

"As long as deflation continues to override inflation as the predominant concern of the Fed and the demand for U.S. Treasuries is sustained by a flight to quality as a number of economies around the globe self-destruct, interest rates in the U.S. could remain low for the foreseeable future," said Nancy Osborne, chief operating officer of Erate.com, a Santa Clara, CA-based financial information publisher and interest rate tracker.

The 15-year FRM, this week, averaged 4.07 percent with an average 0.7 point, up from last week when it averaged 4.04 percent. A year ago at this time, the 15-year FRM averaged 4.69 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.75 percent this week, with an average 0.7 point, the lowest its been since 2005 and down from last week's 3.79 percent average. A year ago, the 5-year ARM averaged 4.82 percent.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 3.75 percent this week with an average 0.7 point, down from last week's 3.80 percent average. Last year, at this time, the 1-year ARM averaged 4.82 percent.

"With mortgage rates falling to historic lows, refinance activity has been strong over the past three months," said Frank Nothaft, Freddie Mac vice president and chief economist.

"The Bureau of Economic Analysis reported that the effective mortgage rate of all loans outstanding was just below six percent in the first quarter of 2010, the lowest since the series began in 1977. Since the start of the second quarter, two out of three mortgage applications on average were for refinancing, according the Mortgage Bankers Association," Nothaft added.

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Most mortgage rates dip to new record lows

Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs) for the week ending June 24 averaged 4.69 percent, just off the last record 4.71 percent set December 3, 2009. The new record low is the lowest the rate has been since April 1971.

by Broderick Perkins
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Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - All but one mortgage rate tracked weekly by Freddie Mac hit all time record lows this week, on the heels of the Federal Reserve keeping benchmark, short term interest rates unchanged.

Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs) for the week ending June 24 averaged 4.69 percent, just off the last record 4.71 percent set December 3, 2009. The new record low is the lowest the rate has been since April 1971 when Freddie Mac first began its weekly Primary Mortgage Market Survey.

The June 24 average 30-year rate came with an average 0.7 point and was down from 4.75 percent last week and 5.42 percent a year ago.

The 15-year FRM, this week, averaged 4.13 percent with an average 0.6 point, the lowest the 15-year FRM has been since Freddie Mac began tracking the rate in September 1991. The new record was also down from last week when it averaged 4.20 percent. A year ago at this time, the 15-year FRM averaged 4.87 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.84 percent this week, with an average 0.7 point, down from last week's 3.89 percent average. This is the lowest the 5-year ARM has been since Freddie Mac started tracking it in January 2005. A year ago, the 5-year ARM averaged 4.99 percent.

The new low interest rate records came after continued reports of sluggish home sales and after the Federal Reserve proclaimed it would hold short-term interest rates near zero longer, for "an extended period," a policy it's held since 2008.

Citing high unemployment, sluggish domestic economic growth and financial turmoil overseas, the Fed's policy should help keep mortgage interest rates low, perhaps breaking new records in the months ahead.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 3.77 percent this week with an average 0.7 point, down from last week's 3.82 percent average. The 1-year ARM has not been lower since the week ending May 6, 2004, which it averaged 3.76 percent. The record low for the 1-year ARM, 3.36 percent came during the week of March 25, 2004. At this time last year, the 1-year ARM averaged 5.93 percent.

"Mortgage rates for all but traditional 1-year ARMs hit all-time record lows this week in our survey while activity in housing market slowed in May following the expiration of the homebuyer tax credit," said Frank Nothaft, Freddie Mac vice president and chief economist.

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Mortgage rates little changed

by Broderick Perkins
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Deadline Newsroom - Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs) for the week ending June 17 averaged 4.75 percent, a notch up from 4.72 percent last week.

The record low average, 4.71 percent, was posted Dec. 3, 2009 as the lowest ever since Freddie Mac began its weekly Primary Mortgage Market Survey in 1971.

The June 17 average rate came with an average 0.7 point and was down from 5.38 percent a year ago, according to the survey.

The 15-year FRM this week averaged 4.20 percent with an average 0.7 point, also up from last week when it averaged 4.17 percent. A year ago at this time, the 15-year FRM averaged 4.89 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.89 percent this week, with an average 0.7 point, down from last week's 3.92 percent average. This is the lowest the 5-year ARM has been since Freddie Mac started tracking it in January of 2005. A year ago, the 5-year ARM averaged 4.97 percent.

The 1-year Treasury-indexed ARM averaged 3.82 percent this week with an average 0.6 point, down from last week's 3.91 percent average. The 1-year ARM has not been lower since the week ending May 27, 2004, which it averaged 3.87 percent. At this time last year, the 1-year ARM averaged 5.04 percent.


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Mortgage rates remain at record lows

Loan delinquencies decline

The economy grew at a slower rate than originally reported in the first three months of the year. As a result, mortgage rates held at historic levels this week.

by Broderick Perkins
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Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - Mortgage interest rates remained in record low territory for the week ending June 3, coming in at an average 4.79 percent for 30-year fixed-rate conforming mortgages (FRMs).

The June 3 average rate came with an average 0.8 point and was virtually unchanged from 4.78 percent last week, but down from 5.29 percent a year ago, according to the Freddie Mac Primary Mortgage Market Survey

The record low average 4.71 percent posted Dec. 3, 2009 was the lowest conforming loan rate since Freddie Mac began its weekly survey in 1971.

The 15-year FRM this week averaged 4.20 percent with an average 0.7 point, down from last week when it averaged 4.21 percent. The 15-year FRM has not been lower since Freddie Mac started tracking it in August 1991. A year ago at this time, the 15-year FRM averaged 4.79 percent, Freddie Mac reported.

"The economy grew at a slower rate than originally reported in the first three months of the year, according to the Bureau of Economic Analysis, which suggests inflation will remain tame in the near term," said Frank Nothaft, Freddie Mac vice president and chief economist.

"As a result, mortgage rates held at historic levels this week. In fact, rates on 15-year fixed-rate mortgages set another record low for the third week in a row," Nothaft said.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.94 percent this week, with an average 0.7 point, down from last week's 3.97 percent average. A year ago, the 5-year ARM averaged 4.85 percent.

The 1-year Treasury-indexed ARM averaged 3.95 percent this week with an average 0.7 point, unchanged from last week. The 1-year ARM has not been lower since the week ending May 27, 2004, which it averaged 3.87 percent. At this time last year, the 1-year ARM averaged 4.81 percent.

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Mortgage rates at year's lowest levels

Credit CARD Act rewards

Mortgage interest rates were at their lowest level of the year this week. Edging ever closer to Freddie Mac's record low 4.71 percent, the average interest rate on 30-year fixed-rate mortgages (FRMs), for the week ending May 27, fell to 4.78 percent.

by Broderick Perkins
© 2010 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - Edging ever closer to Freddie Mac's record low 4.71 percent, the average interest rate on 30-year fixed-rate mortgages (FRMs), for the week ending May 27, fell to 4.78 percent.

The May 27 average rate came with an average 0.7 point and was down from 4.84 percent last week, and down from 4.91 percent a year ago, according to the Freddie Mac Primary Mortgage Market Survey

The record 4.71 percent posted Dec. 3, 2009 was the lowest conforming loan rate since Freddie Mac began its weekly survey in 1971.

These "low rates will help to elevate home-buyer affordability and soften the effects of the sunset of the home-buyer tax credit," said Frank Nothaft, Freddie Mac vice president and chief economist.

The 15-year FRM this week averaged 4.21 percent with an average 0.7 point, down from last week when it averaged 4.24 percent. The 15-year FRM has not been lower since Freddie Mac started tracking it in August 1991. A year ago at this time, the 15-year FRM averaged 4.53 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.97 percent this week, with an average 0.6 point, up from last week when it averaged 3.91 percent. A year ago, the 5-year ARM averaged 4.82 percent.

The 1-year Treasury-indexed ARM averaged an even 3.95 percent this week with an average 0.6 point, down from last week when it averaged 4 percent. The 1-year ARM has not been lower since the week ending May 27, 2004, which it averaged 3.87 percent. At this time last year, the 1-year ARM averaged 4.69 percent.

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Mortgage rates at year's lowest levels

Bra lifts, separates, cultivates

The May 13 average, the lowest it's been since Dec. 10, 2009, also closed in on Freddie Mac's 4.71 percent record low, posted Dec. 3, 2009.

by Broderick Perkins
© 2010 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - At the 4.93 percent mark, the average interest rate on 30-year fixed-rate mortgages (FRMs), for the week ending May 13, was at it's lowest point since Dec. 10, 2009, when it averaged 4.81 percent, according to the Freddie Mac Primary Mortgage Market Survey.

The May 13 average also closed in on the 4.71 percent record low, posted Dec. 3, 2009 -- the lowest conforming loan rate since Freddie Mac began its weekly survey in 1971.

"Interest rates on fixed rate mortgages declined for the fifth straight week," said Frank Nothaft, Freddie Mac vice president and chief economist.

The May 13, 4.93 percent average rate came with an average 0.7 point and was down from 5.00 percent last week, but up slightly from 4.86 percent a year ago.

The 15-year FRM this week averaged 4.30 percent with an average 0.6 point, down from last week when it averaged 4.36 percent. The 15-year FRM has not been lower since the week ending Dec. 3, 2009 when it was 4.27 percent. A year ago at this time, the 15-year FRM averaged 4.52 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.95 percent this week, with an average 0.6 point, also down from last week when it averaged an even 3.97 percent. The 5-year ARM has not been lower since Freddie Mac started tracking the 5-year ARM in Jan. of 2005. A year ago, the 5-year ARM averaged 4.82 percent.

The 1-year Treasury-indexed ARM averaged 4.02 percent this week with an average 0.6 point, down from last week when it averaged 4.07 percent. The 1-year ARM has not been lower since the week ending Nov. 4, 2004, which it was 4 percent. At this time last year, the 1-year ARM averaged 4.71 percent.

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Mortgage rates back to lowest levels in six weeks

Mortgage interest rates for both the 30-year and 15-year fixed-rate mortgages were the lowest in six weeks; initial rates on 5/1 hybrid ARMs hit an all-time low since they were added to Freddie Mac's survey in early 2005.

by Broderick Perkins
© 2010 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - At the 5 percent mark, the average interest rate on 30-year fixed-rate mortgages (FRMs), for the week ending May 6, was at it's lowest point since March 25, when it averaged 4.99 percent, according to the Freddie Mac Primary Mortgage Market Survey.

The May 6, 5 percent average rate for conforming loans came with an average 0.7 point and was down from 5.06 percent last week, but up from 4.84 percent a year ago.

The 15-year FRM this week averaged 4.36 percent with an average 0.7 point, down from last week when it averaged 4.39 percent. A year ago at this time, the 15-year FRM averaged 4.51 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.97 percent this week, with an average 0.7 point, also down from last week when it averaged an even 4 percent. A year ago, the 5-year ARM averaged 4.90 percent.

"Treasury bond and note yields declined this week, and rates on fixed-rate mortgages and hybrid ARMs followed suit," said Frank Nothaft, Freddie Mac vice president and chief economist.

"Rates for both the 30-year and 15-year fixed-rate mortgages were the lowest in six weeks; initial rates on 5/1 hybrid ARMs hit an all-time low since they were added to the survey in the beginning of 2005," Nothaft added.

The 1-year Treasury-indexed ARM averaged 4.07 percent this week with an average 0.6 point, down from last week when it averaged 4.25 percent. At this time last year, the 1-year ARM averaged 4.78 percent.


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Mortgage interest rates largely unchanged

Hot off the presses!

Fixed-rate mortgage (FRM) interest rates fell to an average 5.07 percent, the week ending April 20, unchanced from a week ago, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS).

by Broderick Perkins
© 2010 DeadlineNews.Com



Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - Fixed-rate mortgage (FRM) interest rates fell to an average 5.07 percent, the week ending April 20, unchanced from a week ago, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS).

The rate included an average 0.7 point. Last year, at this time, the 30-year FRM average was 4.80 percent.

The 15-year FRM this week, averaged 4.39 percent, little changed from last week's 4.40 percent average. The rate carried an average 0.6 point. A year ago, the 15-year FRM averaged 4.48 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.03 percent the week ending April 20, with an average 0.6 point, compared to 4.08 percent from last week. A year ago, the 5-year ARM averaged 4.85 percent.

The 1-year Treasury-indexed ARM averaged 4.22 percent this week, with an average 0.5 point, up from last week's 4.13 percent average, according to Freddie Mac. Last year, at this time, the 1-year ARM averaged 4.82 percent.

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Perkins was the first Examiner to cover three beats for the Examiner.com news service:
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Mortgage interest rates flat, equity gains returning

Mortgage interest rates have remained steady at the 5 percent mark for several weeks. The Federal Reserve Board reports homeowners on aggregate are slowly building back equity in their homes.

by Broderick Perkins
© 2010 DeadlineNews.Com



Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - Mortgage interest rates remained virtually unchanged the week ending March 18, at 4.96 percent for the average interest rate on a 30-year, fixed-rate mortgage (FRM). Last week the average was 4.95 percent, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS).

For the week ending March 18, the rate included an average 0.7 point. Last year, at this time, the 30-year FRMaverage was also about the same at 4.98 percent.

The 15-year FRM this week, average 4.33 percent, also virtually unchanged from last week's 4.32 percent average. The rate carried an average 0.6 point. A year ago the 15-year FRM averaged 4.61 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.09 percent the week ending March 18, with an average 0.6 point, up from 4.05 percent from last week. A year ago, the 5-year ARM averaged 4.98 percent.

The 1-year Treasury-indexed ARM averaged 4.12 percent this week with an average 0.6 point, down from last week's 4.22 percent average, according to Freddie Mac. Last year, at this time, the 1-year ARM averaged 4.91 percent.

"With house prices starting to stabilize and even rise, homeowners on aggregate are slowly building back equity in their homes based on figures from the Federal Reserve Board," said Frank Nothaft, Freddie Mac vice president and chief economist.

"After losing almost $7.9 trillion in home equity since the end of 2006, homeowners regained almost $1.1 trillion in home equity over the past three quarters ending in 2009," he added.


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Low mortgage interest rates bubkes to home buyers

Avoid costly tax refund loans

Historically low interest rates and other market factors are colliding with negative economic conditions that undermine the confidence of consumers who might otherwise buy a home.

by Broderick Perkins
© 2010 DeadlineNews.Com



Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - Mortgage interest rates slipped below 5 percent again, falling to 4.97 percent for the average interest rate on a 30-year, fixed-rate mortgage (FRM). The rate was down from last week's 5.05 percent average, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS).

Even lower rates have meant nothing special for home buyers.

For the week ending March 4, the rate includes an average 0.7 point. Last year, at this time, the 30-year FRMaverage was 5.15 percent.

The 30-year FRM's record low average, 4.71 percent, was posted Dec. 3, 2009 as the lowest conforming loan rate since Freddie Mac began its weekly survey in 1971.

Historically low interest rates, along with rolled-back home prices and unprecedented government assistance programs have made for greater affordability.

Unfortunately, those potentially positive market factors continue to collide with other conditions that undermine the confidence of consumers who might otherwise buy a home.

New, existing home sales plummet

New homes - The seasonally adjusted annual rate of new home sales plummeted 11.2 percent to 309,000 in January this year, compared with 348,000 in December, according to the U.S. Census Bureau. It was the lowest rate since the government began keeping records in 1963 -- almost 50 years ago -- and comes after declines in November and December.

Existing homes - Likewise, from November to December, resale home sales plummeted nearly 17 percent, the largest month-to-month decline in 42 years.

The December to January existing home sales fell another 7.2 percent according to the National Association of Realtors, but the sales rate in January was 11.5 percent above sales from January 2009.

"Still, the latest monthly sales decline is not encouraging, and raises concern about the strength of a recovery.” said Lawrence Yun, NAR chief economist.

More rate declines

The 15-year FRM this week, averaging 4.33 percent, also fell from last week's 4.40 percent average. The rate carried an average 0.7 point. A year ago the 15-year FRM averaged 4.72 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.11 percent the week ending March 4, with an average 0.6 point, again, down from 4.16 percent from last week. A year ago, the 5-year ARM averaged 5.08 percent.

The 1-year Treasury-indexed ARM averaged 4.27 percent this week with an average 0.6 point, up from last week's 4.15 percent average, according to Freddie Mac. Last year, at this time, the 1-year ARM averaged 4.86 percent.


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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
• National Offbeat News Examiner
• National Consumer News Examiner
• National Real Estate Examiner

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