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/
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.

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.


Rates Leave Originators With Time for R&R

Rates rise, Freddie says, while apps continue to drop

August 29, 2003

By ANNE LINEBERRY


Long-term fixed mortgage rates rose for the second week in a row, according to secondary lender Freddie Mac.

The government-sponsored enterprise, in its Primary Mortgage Market Survey, reported the 30-year fixed rate at a 6.32 percent average, up four basis points from last week and 10 basis points over the same time last year.

The 15-year fixed rate averaged 5.66 percent, Freddie said. Six basis points higher than last week and two basis points over the same time last year, the rate currently carries 0.7 points.

At Bankrate.com, industry experts say that rates will head back down, short term. Among the 42 percent that predicted a backslide, Jason P. Flurry of Planmark Capital Management in Alpharetta, Georgia, had this to say: "...R and R is going to be the main focus for the masses this week, neither of which stands for "Rates" or "Refinance"!"

Bankrate.com's inhouse reporter and analyst, on the other hand, both think rates will continue to rise, as do 16 percent of those polled. Forty-two percent of the experts think rates will hold for next week.

Applications fell again for the week ended August 22, according to the Mortgage Bankers Association of America (MBA). The Market Composite Index fell to 638.6 on a seasonally adjusted basis, the group said.

This marks the second consecutive week of declines although for the prior week MBA said that the power blackout in the northeast may have contributed to the decline.

All indices except the government index fell, and the government index only rose six-tenths of a point, according to the data. The refinance index fell hard, finishing 21.3 percent lower for the week. The current report marks the eighth in a row that the refinance index has fallen.

Frank Nothaft, chief economist for Freddie, pointed out that, "conventional mortgage applications for home purchases...are only 5 percent below the peak set in mid-May."

Refinances continue to fall as a share of total mortgage applications, comprising only 48.9 percent during the week.

The share of adjustable-rate mortgages rose slightly, as did the average rate.

Freddie reported the one-year Treasury-indexed ARM average at 3.88 percent, carrying 0.7 points and three basis points higher than the prior week. Freddie said this rate is the highest since Valentine's Day.

The 10-year Treasury yield closed Thursday at 4.41 percent, off six basis points from last week and off one basis point from last month.


Anne Lineberry is MortgageDaily.com's editor. She previously worked as an online editor/producer for DallasNews.com and on the Metropolitan desk for the print edition of The Dallas Morning News. Email Anne at [email protected]



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