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Home | Tag Archives: ARM

Tag Archives: ARM

Mortgage Rates Continue to Slide

Freddie Mac's weekly Primary Mortgage Market Survey, released Thursday, shows the average rate for a 30-year fixed-rate mortgage (FRM) falling to 4.14 percent (0.5 point) for the week ending June 26, a continued slide from 4.17 percent last week. A year ago, the 30-year fixed average was 4.46 percent, an increase of more than half a percentage point over the week prior.

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Mortgage Rates Slip from Poor Q1 Growth

Short Sales

News of worse-than-expected first-quarter economic growth brought fixed mortgage rates down this week, according to market reports. In its weekly Primary Mortgage Market Survey,Freddie Mac recorded the average 30-year fixed rate at 4.29 percent (0.7 point) for the week ending May 1, down from 4.33 percent. Last year, the 30-year rate was down at 3.35 percent.

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Mortgage Rates Increase Slightly to 4.33%

The average 30-year fixed mortgage rate came up to 4.33 percent (0.6 point) for the week ending April 24, up from 4.27 percent in the previous week, according to Freddie Mac’s latest Primary Mortgage Market Survey. Last year, the 30-year fixed-rate mortgage (FRM) averaged 3.40 percent, almost a full point lower. The 15-year FRM this week averaged 3.39 percent (0.6 point), moving up from 3.33 percent.

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Freddie Mac: Mortgage Rates Fall to 4.27 Percent

Short Sales

Per Freddie Mac’s Primary Mortgage Market Survey, the 30-year fixed rate mortgage (FRM) this week averaged a rate of 4.27 percent (0.7 point), down from 4.34 percent last week. A year ago, the 30-year FRM sat at 3.41 percent. At the same time, the 15-year FRM averaged 3.33 percent (0.6 point), down from an average 3.38 percent.

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Fed Could Spur Slumping Mortgage Rates

Freddie Mac's weekly Primary Mortgage Market Survey, released Thursday, showed the 30-year fixed-rate mortgage (FRM) averaging 4.32 percent (0.6 point) for the week ending March 20, down from last week, when it averaged 4.37 percent. A year ago, the 30-year FRM average was 3.54 percent.

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Refinancers Largely Favor Fixed Rate Loans; Cash-Out Share Stays Low

Homeowners who refinance continue to overwhelmingly opt for fixed-rate mortgages, and by historical standards, fewer homeowners are using refinances as a means of putting more cash in their pockets, according to Freddie Mac's 2013 Second Quarter Refinance Report. More than 95 percent of homeowners who refinanced their mortgage loans in the second quarter of this year chose fixed-rate loans. At the same time, ""[t]he cash-out amount, while increasing, continues to remain low by historical standards,"" according to Frank Nothaft, VP and chief economist at Freddie Mac.

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What History Says About Rising Rates and Their Relationship to Housing

With the sudden jump in mortgage rates, market spectators are wondering what the impact might be on the housing recovery. After analyzing previous instances when mortgage rates increased significantly, Mark Palim, VP of Fannie Mae's Economic and Strategic Research Group, determined history suggests rate increases won't stop the current recovery. Instead, a rapid rise in rates is ""more likely to contribute to a decrease in home purchase volume and an increase in the market share of adjustable-rate mortgages (ARMs),"" wrote Palim in a recent commentary.

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CFPB’s New Rules Ban Incentives for Risky Mortgages

While the foreclosure crisis has more than one culprit, the Center for Responsible Lending (CRL) pointed to the significant role of predatory lending practices in a report on the state of lending. According to data from CRL, among hybrid or ARM option loans originated between 2004 and 2008, 24.7 percent are either seriously delinquent or have become completed foreclosures as of February 2012. To prevent loan originators from directing borrowers toward risky mortgages, the Consumer Financial Protection Bureau issued new rules Friday to ban incentives for selling risky mortgages.

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Settling the Debate: Payment Size Matters, Fed

The Federal Reserve Bank of Boston recently conducted a study to clarify the effect of mortgage payment size on likelihood of default, and the researchers concluded ""interest rate changes dramatically affect repayment behavior."" Researchers compared homeowner payment behavior both before and after payment reductions and compared them to similar loans that did not receive simultaneous reductions. According to the findings, a payment reduction of about 2 percentage points results in a 50 percent decline in default probability.

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Alabama Homeowners File Suit for Rigged Rates in LIBOR Scandal

Five homeowners based in Alabama filed a class action suit against a group of 12 financial institutions, including Bank of America Corporation, Barclays Bank, and Citigroup, claiming the interest rates for their adjustable rate mortgages (ARMs) were raised as result of the rigged London Interbank Offered Rate (LIBOR).

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