twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
Mortgage Rate News | Mortgage Market Index | ARM indices | ARM Statistics
Average fixed and ARM rates. Rate forecasts. Quotes on ARM indexes including COFI, MTA, LIBOR & Treasuries. Rate reset studies and reports. Mortgage rate litigation.


More Good News on Rates

30-year 4.55%

June 2, 2011

By SAM GARCIA MortgageDaily.com


portrait of Sam Garcia

For seven weeks now, mortgage rates have been teasing originators and consumers alike about the prospect of financing at the lowest rates since last year's record lows. While rates are likely to hold steady as of today, tomorrow's employment report could spark volatility in the bond market and move mortgage rates in the process.

The average 30-year loan applicant got a fixed rate of 4.55 percent based on Freddie Mac's Primary Mortgage Market Survey for the week ended June 2. The 30-year was less than the 4.60 percent a week prior, below the 4.79 percent a year prior and lower than it's been since the week ended Dec. 2, 2010 -- when the average was 4.46 percent.

The all-time low for the 30-year was 4.17 percent for the week ended Nov. 11, 2010.

Concerns that a weak economy could persist placed downward pressure on mortgages rates, according to Freddie's chief economist, Frank Nothaft. Worries about the housing market were also a factor with the S&P/Case-Shiller National Home Price Index falling 5.1 percent between the first-quarter 2010 and the first-quarter 2010. It was the biggest
annual decline since the third-quarter 2009.

The 10-year Treasury yield was 3.03 percent during trading today, while it yielded 3.07 percent last Thursday, according to data from the Department of the Treasury and the Wall Street Journal. Given that mortgage rates moved about the same amount as the 10-year -- originators might not see much difference in next week's survey.

A majority of panelists who were surveyed by Bankrate.com for the week June 2 to June 8 agreed with the outlook rates won't venture far from their current levels. Another 40 percent predicted a decline of at least 3 BPS over the next week, and just 7 percent forecasted an increase.

But the volatility that has recently haunted the markets and herded investors into safe U.S. Treasuries could be exacerbated by a worse-than-expected employment report tomorrow.

Borrowers on mortgages in excess of $417,000 saw a big improvement in jumbo pricing, based on data from the U.S. Mortgage Market Index report for the week ended May 27 from Mortech Inc. and MortgageDaily.com. The spread between the conforming and jumbo 30-year mortgages sank to just 36 BPS from the previous week's 55 BPS.

A four-basis-point weekly drop was recorded by Freddie for the average 15-year fixed-rate mortgage, which came in at 3.74 percent this week. The spread between the 15-year and the 30-year was 81 BPS this week, less than last week's 82 BPS.

No weekly change was reported by Freddie for the five-year, hybrid, Treasury-indexed, adjustable-rate mortgage, which averaged 3.41 percent.

At 3.13 percent, the one-year Treasury-indexed ARM was 2 BPS worse than in Freddie's prior survey. But the one-year was significantly lower than the 3.95 percent during the same week a year ago.

Unchanged over the prior week, the one-year Treasury yield was 0.18 percent Wednesday based on Treasury Department data. Another ARM index, the six-month LIBOR, eased to 0.40 percent as of yesterday from 0.41 percent seven days prior, Bankrate.com reported.

ARM share strengthened to 10.01 percent from 9.97 percent in the Mortgage Market Index report, though ARM inquiries were still 4 percent lower.


Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com in 2000.

e-mail:
[email protected]


Mortgage Market Index
A barometer of upcoming originations, the Mortgage Market Index includes data on jumbo, FHA and refinance activity.
www.openclose.com

Refinance News | Refinance Share Statistics
News about refinancing programs, pricing and production. Stories about the H o m e
Affordable Refinance Program, H A R P 2.0 and other Making Home Affordable coverage.


Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders