America’s worst unnoticed nightmare: The Big Bad Loan Modification Man

Freddie Mac PMMS: Mortgage rates down for second week runningMortgagePress.comFreddie Mac, PMMS, Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.14 percent with an average 0.7 point for the week ending November 13, 2008, down from last week when it averaged 6.20 percent. Last year at this time, the 30-year FRM averaged 6.24 percent. The 15-year FRM this week averaged 5.81 percent with an average 0.7 point, down from last week when it averaged 5.88 percent. A year ago at this time, the 15-year FRM averaged 5.88 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.98 percent this week, with an average 0.6 point, down from last week when it averaged 6.19 percent. A year ago, the 5-year ARM averaged 5.96 percent. One-year Treasury-indexed ARMs averaged 5.33 percent this week with an average 0.5 point, up from last week when it averaged 5.25 percent. At this time last year, the 1-year ARM averaged 5.50 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 slightly this week as signs the overall economy is weakening brought interest rates down market-wide," said Frank Nothaft, Freddie Mac vice president and chief economist. "In addition, the actions of the Fed in recent weeks to assist commercial paper markets appear to be thawing part of the credit freeze that has gripped capital markets in the U.S., giving banks some breathing room. This is the second week that rates have come down for fixed-rate mortgages. "Mortgage applications for home purchase loans fell during the final week in October to the slowest pace since the week of Dec. 29, 2000, based on figures published by the Mortgage Bankers association. Meanwhile, the National Association of Realtors (NAR) reported that pending existing home sales fell 4.6 percent in September, below the market consensus; however, the index was 1.6 percent above that of the same period last year." For more information, visit www.freddiemac.com.