Skip to main content

Rates Continue to Dip as Declining Prices and High Foreclosure Rates Continue Their Market Impact

NationalMortgageProfessional.com
Apr 28, 2011

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), which shows mortgage rates falling for the second consecutive week. The 30-year fixed-rate mortgage (FRM) averaged 4.78 percent with an average 0.7 point for the week ending April 28, 2011, down from last week when it averaged 4.80 percent. Last year at this time, the 30-year FRM averaged 5.06 percent. The 15-year FRM this week averaged 3.97 percent with an average 0.7 point, down from last week when it averaged 4.02 percent. In 2010 at this time, the 15-year FRM averaged 4.39 percent. "Mortgage rates followed Treasury bond yields lower this week amid weak local economic data reports on business conditions and house prices," said Frank Nothaft, vice president and chief economist for Freddie Mac. "Regional Federal Reserve Banks reported that business and manufacturing activities declined in Philadelphia, Dallas and Richmond in April. In addition, the S&P/Case-Shiller 20-city composite home price index recorded year-over-year declines through February in 19 of the 20 markets." The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.51 percent this week, with an average 0.6 point, down from last week when it averaged 3.61 percent. A year ago, the five-year ARM averaged four percent. "Declining home prices and a high level of foreclosures continue to affect housing tenure decisions," said Nothaft. "Between the third quarter of last year and the first quarter of 2011, the housing stock experienced a decline of nearly 400,000 homeowners on net, according to the Census Bureau. However, the National Association of Realtors reported that during the same period there were almost 700,000 first-time homebuyers, which suggests gross losses may have been closer to 1.1 million homeowners over the October-through-March timeframe."
Published
Apr 28, 2011
PenFed CU Sees Record Annual Mortgage Lending Volume

PenFed Credit Union announced it's financial highlights from 2021 which includes record annual mortgage lending volume.

Industry News
Jan 21, 2022
Angel Oak Lending Platform Reveals Record-Setting 2021

Last year was a record-setting year for many companies in the mortgage lending space, especially for the Angel Oak lending platform that consists of Angel Oak Mortgage Solutions and Angel Oak Home Loans.

Non-QM
Jan 21, 2022
What Are The Biggest Deal-Breakers For Homebuyers?

The housing market is holding strong but that doesn't mean homebuyers don't have their fair share of deal-breakers when it comes to purchasing a home.

Analysis and Data
Jan 20, 2022
Popular Bank Names National Director Of Residential Lending

Popular Bank named Adam Dejak as its national director of residential lending for Popular Mortgage.

Industry News
Jan 20, 2022
Total Expert Appoints Gaydos As President

Former Talkdesk and SAP senior executive brings extensive cloud, go-to-market, sales, and operations experience.

Industry News
Jan 20, 2022
Sagent Appoints Thompson As Chief Product Officer

Founder of fintech managment consulting firm Consigliera will lead and expand product development.

Industry News
Jan 20, 2022