Tag Archives: Freddie Mac

Following a speech Tuesday night in Phoenix, in which President Barack Obama discussed his ideas for housing finance reform, the president today took questions from American citizens during a live discussion hosted by Zillow CEO Spencer Rascoff. During the question and answer session Wednesday, Obama reiterated his stated goals to bring a gradual end to Fannie Mae and Freddie Mac, to bring private capital into the housing market, and to offer affordable housing options--both rental options and 30-year mortgages.

According to Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 4.39 percent (0.7 point) for the week ending August 1.

The Federal Housing Finance Agency's (FHFA) index of new mortgage contracts shows interest rates climbing 0.15 percent from May to June. According to FHFA's Monthly Interest Rate Survey, the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders was 3.55 percent for loans closed in late June. As loans are typically locked in 30-45 days before a loan is closed, June's data reflect market rates from mid- to late May.

Fannie Mae and Freddie Mac together recorded 418,004 refinances in May, a drop from 463,587 in April but still well above May 2012's 341,185.

Linda B. Bammann will be resigning from Freddie Mac's board of directors at the end of July, the company announced.

Mortgage rates backed down for the second consecutive week, according to reports from Freddie Mac and Bankrate.com. Freddie Mac's Primary Mortgage Market Survey put the 30-year fixed-rate average at 4.31 percent (0.8 point) for the week ending July 25, down from last week's 4.37 percent. Meanwhile, Bankrate's weekly national survey showed the 30-year fixed falling to 4.54 percent and the 15-year fixed dropping to 3.61 percent. The downward trend may not last, however.

The Federal Housing Finance Agency (FHFA) reported 0.7 percent monthly price growth (seasonally adjusted) in May, according to its latest report. May's Home Price Index (HPI) was the 16th consecutive index to see monthly gains, according to the agency. For the nine census divisions, monthly price changes in May ranged from a low of -1.5 percent in the East South Central division to +1.8 percent in the South Atlantic division. On a year-over-year basis, the Pacific division took the top spot with a 15.8 percent price increase.

UBS announced Monday it has reached an agreement in principle with the Federal Housing Finance Agency (FHFA) to settle claims related to soured residential mortgage-backed securities.

A survey conducted for the American Action Forum (AAF) shows the majority of American voters view Fannie Mae and Freddie Mac unfavorably and would support phasing out the mortgage giants. The survey found that the enterprises have yet to recover in the public eye, with 52 percent of those surveyed saying they view the companies unfavorably and only 20 percent viewing them favorably. Wes Anderson, who oversaw the poll, described the public image of Fannie Mae and Freddie Mac as "nearly toxic."

Market participants reacting to speculation that the Federal Reserve may taper its bond purchases later this year should refrain from acting too hastily, Freddie Mac says in its U.S. Economic and Housing Market Outlook for July. According to Freddie Mac's metrics, the 30-year fixed-rate mortgage has jumped a full percentage point since mid-May as "taper talk" rules the day. Rates are expected to gradually move higher, closing out 2013 in the range of 4.6 to 4.7 percent.