Skip to main content

Interagency statement on meeting the needs of creditworthy borrowers

National Mortgage Professional
Nov 12, 2008

Freddie Mac PMMS: Lower than expected inflation and weaker housing allowed most mortgage rates to easeMortgagePress.comFreddie Mac, Primary Mortgage Market Survey, ARMs, statistics Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.04 percent with an average 0.6 point for the week ending Oct. 23, 2008, down from last week when it averaged 6.46 percent. Last year at this time, the 30-year FRM averaged 6.33 percent. The 15-year FRM this week averaged 5.72 percent with an average 0.6 point, down from last week when it averaged 6.14 percent. A year ago at this time, the 15-year FRM averaged 5.99 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.06 percent this week, with an average 0.6 point, down from last week when it averaged 6.14 percent. A year ago, the 5-year ARM averaged 6.03 percent. One-year Treasury-indexed ARMs averaged 5.23 percent this week with an average 0.5 point, up from last week when it averaged 5.16 percent. At this time last year, the 1-year ARM averaged 5.66 percent. Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage. "Long-term mortgage rates fell this week amid news of tame inflation and a weaker housing market," said Frank Nothaft, Freddie Mac vice president and chief economist. "Consumer prices were unchanged in September and core prices, which exclude food and energy products, rose by only 0.1 percentage point, all below the market consensus. On a year-over-year basis growth in core consumer prices remained at a 2.5 percent clip. "New construction on one-family homes fell 12 percent in September to an annual rate of 544,000 homes, the lowest since February 1982. One-unit housing starts are now 70 percent below its peak set in January 2006, according to the Department of Commerce. Meanwhile, homebuilder confidence reached an all-time record low in October since the National Association of Homebuilders first began polling in January 1985." For more information, visit www.freddiemac.com..
Published
Nov 12, 2008
Zillow: Black Mortgage Applicants Denied 84% More Often Than White

Zillow recently analyzed data from the Home Mortgage Disclosure Act and found that Black mortgage applicants are denied a mortgage 84% more often than white applicants.

Analysis and Data
Jan 13, 2022
Mortgage Economic Review January 2022

The Mortgage Economic Review is a monthly summary of Key Economic Indicators, Data, and Events pertinent to Mortgage and Real Estate Professionals.

Analysis and Data
Jan 13, 2022
Fairway Independent Mortgage Corp. Puts Employees' Health First

Fairway Independent Mortgage continues to allow its employees to choose whether to return to the office or not.

Industry News
Jan 12, 2022
First American Agrees To Acquire Mother Lode Holding Co.

Acquisition would expand First American’s footprint in 11 states

Industry News
Jan 12, 2022
Steven J. Sless Group Of PRMI Appoints New Retail Production Manager

The Steven J. Sless Group of Primary Residential Mortgage named Greg Pahel as retail production manager, overseeing consumer direct reverse mortgage production.

Reverse
Jan 12, 2022
loanDepot Wholesale Upgrades mello Broker Portal

loanDepot Wholesale will introduce new upgrades to its mello®Broker Portal to further streamline the closing process for brokers and settlement agents.

Tech
Jan 12, 2022