Unexpectedly positive employment and spending data drove mortgage rates to their highest level since August last week, according to Freddie Mac and Bankrate.com.
Read More »HARP Volume Surpasses FHFA Expectations in 2012
The Federal Housing Finance Agency's December 2012 Refinance Report shows refinance volume under the Home Affordable Refinance Program (HARP) was 76,461 in the year's final month.
Read More »Freddie Mac Reports Recovery in Secondary Market Activity
According to Freddie Mac's Monthly Volume Summary for January, the GSE's portfolio contracted at an annualized rate of 4.8 percent to start 2013.
Read More »Fitch Notes Potential in FHFA Efforts to Restore Private Market
The goal of attracting private capital into the mortgage market is at the center of discussions throughout the industry and the government. Thus far, efforts by the Federal Housing Finance Administration (FHFA) and other federal agencies to provide incentives for the creation of a vibrant private mortgage securitization market have been largely unsuccessful, according to Fitch Ratings. However, the ratings agency does see some promise in a couple of FHFA's goals for this year.
Read More »Mortgage Rates Unchanged as Job Report Looms
Freddie Mac's Primary Mortgage Market Survey indicated little to no movement in fixed rates for the week ending March 7. According to Freddie Mac's readings, the 30-year fixed-rate mortgage (FRM) averaged 3.52 percent (0.7 point) this week, up slightly from the previous 3.51 percent average. Last year at this time, the 30-year FRM averaged 3.88 percent. Meanwhile, Bankrate.com reported no movement in any of its three major metrics, with all of them reading the same as last week.
Read More »FHFA Head Details Objectives for 2013
While Edward DeMarco, acting director of the Federal Housing Finance Agency (FHFA), anticipates the gradual reduction of the GSEs in the housing market, he does not believe either Fannie Mae or Freddie Mac will exit conservatorship and return to the private sector. As such, FHFA's goals for this year expand on last year's three main goals of building an infrastructure for the future of the secondary market, contracting the GSEs' role in the market, and maintaining the GSEs' foreclosure prevention and credit availability efforts.
Read More »QM Critics: Mortgage Rule to Set Up Another Meltdown
Two fellows at the American Enterprise Institute (AEI) assert that the QM rule is "simply another and more direct way for the government to keep mortgage underwriting standards low."
Read More »Fitch: Private Market Stymied by GSEs’ Role in Recovery
Fannie Mae and Freddie Mac will continue to maintain their dominant role in the housing market, according to a report from Fitch Ratings.
Read More »Freddie Mac Posts $11B Profit in 2012
Freddie Mac's net profit for 2012 totaled $11 billion, a marked turnaround from 2011's net loss of $5.3 billion. According to the company's earnings release, the increase reflects a decrease in delinquent single-family loans, improved national home prices, and a higher income tax benefit. Freddie Mac CEO Donald Layton attributed the reversal to last year's strengthened housing market and the company's efforts to "minimize legacy losses and build a strong book of business."
Read More »Mortgage Rates Slip After Weeks of Flatness
Mortgage rates finally broke their holding pattern this week, pulling back as reports demonstrated the housing market's ongoing strength and the global economy's precariousness. According to Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 3.51 percent (0.8 point) for the week ending February 28, dropping from 3.56 percent previously. Last year at this time, the 30-year FRM averaged 3.90 percent. Bankrate.com's weekly national survey showed rates falling to five-week lows.
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