Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.01 percent with an average 0.7 point for the week ending Feb. 4, 2010, up from last week when it averaged 4.98 percent. Last year at this time, the 30-year FRM averaged 5.25 percent. The 15-year FRM this week averaged 4.40 percent with an average 0.7 point, up slightly from last week when it averaged 4.39 percent. A year ago at this time, the 15-year FRM averaged 4.92 percent.Read more

There is no doubt that the housing industry would have led us into a depression had the government not intervened with strong action during the past 12 months. Many are complaining that the government spent too much money and we will be paying for generations to come. However, not many in the mortgage industry are complaining about the programs that specifically help the housing and mortgage markets. Just as I am sure that not many in the auto industry complained about the Cash for Clunkers Program.Read more

Nationwide housing production fell four percent in December to a seasonally adjusted annual rate of 557,000 units, according to data released today by the U.S. Commerce Department.Read more

Robert E. Story Jr., CMB, chairman of the Mortgage Bankers Association (MBA), has issued the following statement in response to the passage in the U.S. Congress of legislation to extend and expand the homebuyer tax credit: "At a time when we are finally starting to see some signs of life in the housing and mortgage markets, extending and expanding the homebuyer tax credit is a critical step to keeping the momentum.Read more

The Mortgage Bankers Association (MBA) has applauded the passage of legislation that will maintain the existing loan limits for Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) through Dec. 31, 2010. An extension of the current loan limits (which had been due to expire Dec. 31, 2009) was included in the continuing resolution (HR 2996) that passed the House of Representatives and the United States Senate on Oct. 29.Read more

Following four months of solid gains, sales of newly built, single-family homes edged up by less than one percent in August as the window for an important buyer incentive began to close, according to data released by the U.S. Commerce Department. Sales posted a meager 0.7 percent gain to a seasonally-adjusted, annual rate of 429,000 units for the month.Read more