Housing package bill passes Senate – NMP Skip to main content

Housing package bill passes Senate

National Mortgage Professional
Jul 14, 2008

Bankrate survey: Mortgage rates fall two consecutive weeksMortgagePress.comBankrate, survey, mortgage rates, lenders Mortgage rates moved lower once again, with the average conforming 30-year fixed mortgage rate falling to 6.48 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.37 discount and origination points. The average 15-year fixed rate mortgage popular for refinancing declined to 6.01 percent, while the average jumbo 30-year fixed rate stepped back to 7.64 percent. Adjustable mortgage rates followed suit, with the average one-year ARM sinking to 6.17 percent and the average 5/1 ARM dropping to 6.05 percent. Continued worries about the economy and the health of the financial system have investors craving bonds. Mortgage rates are closely related to yields on long-term government bonds. As investors have fled a volatile stock market, much of the money has ended up in fixed income investments such as Treasury securities and mortgage bonds. This brings mortgage rates down, though not enough to match the decline in Treasury yields in recent weeks. The wider spread between mortgage bonds and risk-free Treasury yields represents the ongoing concerns about credit quality and strains in many corners of the debt markets. Mortgage rates have been on a wild ride since the beginning of the year. The average 30-year fixed mortgage rate was as low as 5.57 percent in January, meaning that a $200,000 loan would have carried a monthly payment of $1,144.38. But at todays rate of 6.48 percent, a $200,000 loan would mean a monthly payment of $1,261.51. Survey results • 30-year fixed: 6.48 percent--down from 6.53 percent last week (avg. points: 0.37) • 15-year fixed: 6.01 percent--down from 6.09 percent last week (avg. points: 0.41) • 5/1 ARM: 6.05 percent--down from 6.09 percent last week (avg. points: 0.34) Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets. For a full analysis of this week's move in mortgage rates, click here. The survey is complemented by Bankrate's weekly forward-looking Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next 30 to 45 days. This week, 46 percent predict rates to decline further, while 31 percent expect mortgage rates to rebound and move higher. Just 23 percent forecast that mortgage rates will remain more or less unchanged over the next 30 to 45 days. For the full mortgage Rate Trend Index, click here.
Published
Jul 14, 2008
Governor Appoints Marty Green To Texas Finance Commission

Green has over 30 years of high-level experience in the legal, banking, and financial services industries.

Regulation and Compliance
Jun 27, 2022
NAHB Chairman Blasts Biden Administration Over Lumber Tariffs

Says refusal to cut tariffs on Canadian lumber turns 'a blind eye to America’s housing affordability crisis .'

Regulation and Compliance
Jun 23, 2022
CFPB Director: Agency Reviewing QM Rules, Other Regulations

In a blog post, Rohit Chopra says the goal is to “more clearly communicate the agency’s expectations.”

Regulation and Compliance
Jun 21, 2022
New GSE Guidelines Challenge Condo/Co-op Lenders

Lenders have a terrible time obtaining up-to-date and accurate info from public data

Regulation and Compliance
Jun 16, 2022
10 Legal Steps Every Small Business Should Take

Stay guarded to limit your liability

Regulation and Compliance
Jun 16, 2022
The Fed Boosts Benchmark Rate By 0.75%

Increase is the largest since November 15, 1994.

Regulation and Compliance
Jun 15, 2022