Skip to main content

Resolving appraisal dilemmas

Aug 27, 2008

Freddie Mac PMMS: Rates drift lower on reports of economic weakness; other reports point to progress in housing marketMortgagePress.comFreddie Mac, PMMS, adjustable-rate mortgages Freddie Mac has released the results of its Primary Mortgage Market SurveyR (PMMSR) in which the 30-year fixed-rate mortgage (FRM) averaged 6.40 percent with an average 0.6 point for the week ending August 21, 2008, down from last week when it averaged 6.47 percent. Last year at this time, the 30-year FRM averaged 6.67 percent. The 15-year FRM this week averaged 5.93 percent with an average 0.6 point, down from last week when it averaged 6.00 percent. A year ago at this time, the 15-year FRM averaged 6.12 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.03 percent this week, with an average 0.6 point, down from last week when it averaged 5.99 percent. A year ago, the 5-year ARM averaged 6.35 percent. One-year Treasury-indexed ARMs averaged 5.33 percent this week with an average 0.7 point, up from last week when it averaged 5.29 percent. At this time last year, the 1-year ARM averaged 5.84 percent. (Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.) "Interest rates for fixed-rate mortgages continue to drift down as reports of economic weakness persist. July's leading economic indicators fell by more than the market consensus and manufacturing slowed in both the Philadelphia and Richmond regions. ARM rates, on the other hand, rose slightly after the Federal Reserve's Open Market Committee hinted it might increase the overnight bank lending rate in its August 5th minutes. However, the housing front is providing some encouraging signs. The pace of home price declines slowed down for the fourth straight month in June and the number of metro areas exhibiting monthly gains rose from seven to nine, according to the S&P/Case-ShillerR 20-city composite index. There are also signs more buyers may be getting ready to return to the market. The Conference Board says the share of households planning to buy a home within six months is now at its highest level since March. At the same time, the supply for unsold new homes is down to 10.1 months, the lowest since February, as single-family existing homes (excluding condos and co-ops) start to sell more quickly. Although, when condos and co-ops are included, the resale inventory did edge up." For more information visit www.freddiemac.com
About the author
Published
Aug 27, 2008
Co-Founder Mat Grella Terminated From NEXA

NEXA CEO Kortas states negotiations regarding the buyout will continue.

Mar 27, 2024
Comings And Goings At AmeriHome

Chief Operating Officer John Hedlund announced his retirement on Thursday in a LinkedIn post.

Mar 22, 2024
Rocket's Tim Birkmeier To Retire

Birkmeier is bidding farewell after a 28-year career at Rocket Companies.

Mar 21, 2024
How NAR’s Settlement Impacts Homebuying

While the settlement's silver lining is that homes are expected to become more affordable, many uncertainties loom over the housing market.

Mar 19, 2024
NAR Reaches $418 Million Settlement

The association agreed to give home sellers the option of compensating agents.

Mar 15, 2024
U.S. Non-Bank Mortgage Lenders Surge Amid Industry Consolidation, Fitch Ratings Reports

As smaller players exit the market, scaled originators like UWM and PennyMac Financial dominate, but challenges persist with low origination volume and pressured margins amidst rising interest rates.

Mar 14, 2024