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Tag Archives: Freddie Mac

Report Addresses Issues with FHFA’s Role in Regulating Freddie Mac

A report from the Federal Housing Finance Agency (FHFA) Office of Inspector General stated that the FHFA needs to improve how the agency supervises and oversees Freddie Mac and points to issues with regulating servicers contracted by the GSE. The report revealed that in 2008, FHFA had information indicating that mortgage servicing represented a heightened risk to the enterprises, but FHFA did not begin to devote added attention to servicing issues until August 2010. From the first quarter of 2008 through the fourth quarter of 2010, the number of seriously delinquent Freddie Mac loans went up 376 percent, going from 95,000 to 453,000, according to the report.

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Rates Are Trending Downward Still; 15-Year Hits Record Low

Record high-levels of homebuyer affordability continues as rates drop and stay near their 60-year lows, according to Freddie Mac's Primary Mortgage Market Survey. The 15-year fixed, hit an all-time record low of 3.13 percent. Aside from the 1-year ARM, all rates saw a decrease. The 30-year fixed-rate mortgage averaged 3.88 percent (0.8 point) for the week ending March 8, a decreased compared to last week's average of 3.90 percent. Last year at this time, the 30-year rate averaged 4.88 percent. The 5-year ARM decreased at 2.81 percent (0.7 point). Last week it averaged 2.83 percent and 3.73 percent a year ago at this time.

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Rates Continue Slow Decline, with 30-Year Fixed at 3.90 Percent

Fixed mortgage rates moved slightly lower for the week and are still hovering around the near 60-year lows, according to the Primary Mortgage Market Survey released by Freddie Mac. This week, the 30-year fixed-rate mortgage averaged 3.90 (0.8 point) percent, down from last week when it was 3.95 percent.

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After Hitting Record Low, 30-Year Fixed Rate Inches Up

After hitting near record lows last week, the 30-year fixed-rate mortgage moved up for the first time in three weeks, according to the Primary Mortgage Market Survey from Freddie Mac. The 30-year rate averaged 3.95 percent (0.8 point) for the week ending February 23, up from last week's average at 3.87. The rate is still lower than the average of 4.95 percent from a year ago at this time.

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Rates Stay Low, With 30-Year Fixed Below 4 Percent

The average 30-year fixed-rate mortgage is still at an all-time low of 3.87 percent and it's been there since the first week of February, according to the weekly market survey published by Freddie Mac. The 30-year average has managed to remain below 4 percent for the past 11 weeks, and below 5 percent for the past 52 weeks, dating back to February 17, 2011. The 15-year rate was also unchanged in the GSE's study, while the 5-year adjustable rate posted a slight decline and the 1-year adjustable rate increased.

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Hidden Gems: Freddie Mac’s Refinance Activity Reports

Of the myriad of public reports about the mortgage industry, the quarterly statistics from Freddie Mac on refinance activity offer unique insights not only into the level of refinance lending but what that activity tells us about the housing sector. If you know how to read them, the reports can offer strategic clues for the savvy lender. Loans refinanced into larger loans, for example, speak to a need to supplement lagging incomes, while refinancing into smaller loans allows homeowners to free up cash for consumption.

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Rates Give Back Last Week’s Increases, Setting New Record Lows

Average mortgage interest rates have reversed from the upward blip reported last week. Declines this week completely erased the previous week's increases, as the average rate attached to the 30-year fixed-rate mortgage, 15-year fixed-rate mortgage, and 5-year adjustable-rate mortgage all settled in at new record lows, Freddie Mac reported Thursday. The GSE attributed the about-face to the fact that recent data on economic growth fell short of market projections.

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FHFA Solicits Investors for REO-to-Rental Sales

The Federal Housing Finance Agency (FHFA) on Wednesday issued a notice to investors interested in buying government-owned REOs in bulk for use as rental properties, encouraging them to register with Fannie Mae in order to pre-qualify as an eligible bidder. FHFA says the first pilot transaction will be announced in the ""near-term."" During the pilot phase, Fannie Mae will sell off pools of various types of assets, including rental properties, vacant properties, and nonperforming loans, with a focus on the hardest-hit areas.

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Refi Claims Against Freddie Mac Expose GSEs’ Public-Private Conflict

Was the nation's second largest mortgage company betting against mortgage refinancing? Allegations supporting the affirmative which were made public this week have prompted the U.S. Treasury to launch an official probe. Analysts say the story is less sensational than it appears and only highlights the conflict that comes with being neither fully public nor fully private. The GSE's main business is guaranteeing mortgage credit risk, but it needs to turn a profit to stay in this business, all the while being told its duty is to foster a housing recovery.

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Administration Revamps HAMP to Reach More Borrowers

Changes announced Friday to the Home Affordable Modification Program (HAMP) are expected to extend relief to a larger share of struggling homeowners as well as renters. One of the key adjustments centers around principal reductions. To encourage investors to agree to the principal reducing modification currently available through HAMP, Treasury is tripling incentives for such restructurings, paying from 18 to 63 cents on the dollar, and extending this same incentive to Fannie Mae and Freddie Mac, who have previously opted not to participate in HAMP's principal writedown option.

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