March 31, 2011 (Shirley Allen) Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows interest rates increasing slightly with the 30-year fixed sitting at 4.86 percent, up five basis points from the previous week. However, rates still continue to remain lower than at the same time last [...]
March 31, 2011 (Shirley Allen) The National Association of Realtors (NAR) has weighed in with their response to the “Qualified Residential Mortgage (QRM)” requirements set forth in the risk retention proposal by federal regulators. NAR claims that the high down payment requirement will unnecessarily burden home buyers and significantly impede the economic and housing recovery. [...]
March 31, 2011 (Shirley Allen) CoreLogic released its Shadow Inventory Report for March 2011 which discloses that the current shadow inventory as of January 2011 declined to 1.8 million units, which is down slightly from the 2 million units that existed a year ago. Based on current sales projections however, the amount of units represents [...]
March 31, 2011 (Shirley Allen) According to the data collected on March 29, 2010, for LendingTree’s Weekly Mortgage Rate Pulse, average home loan rates offered by network lenders was 5.06 percent (5.27% APR) for 30-year fixed mortgages, which is up from 5.02 percent the previous week, 4.23 percent (4.56% APR) for 15-year fixed mortgages, which [...]
March 30, 2011 (Chris Moore) The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 25, 2011. The Market Composite Index, a measure of mortgage loan application volume, decreased 7.5 percent on a seasonally adjusted basis from last week. Read more...
March 30, 2011 (Jeff Alan) Shortly after the release of the proposed risk retention proposal by the various federal agencies, the Mortgage Bankers Association (MBA) released a statement expressing their concerns about the proposal. Although pleased with some of the proposals, calling proposed rules for commercial real estate financing as “workable,” the MBA expressed concerns [...]
March 30, 2011 (Chris Moore) The House of Representatives voted to terminate the Obama Administration’s flagship anti-foreclosure program, the Home Affordable Modification Program (HAMP), by a vote of 252-170. HR 839 had been pushed through by House Republicans who have criticized the program as wasteful and under-performing. Read more...
March 30, 2011 (Chris Moore) Seven agencies of the federal government jointly released the risk retention proposal mandated in the Dodd-Frank Refinance Reform Bill. The 233 page report defines “Qualified Residential Mortgages (QRM)” and provides additional guidance on requirements for commercial real estate and automobile loans. Read more...
March 29, 2011 (Chris Moore) Home prices declined for the sixth month in a row according to the Standard & Poor/Case-Shiller 20-city index. The report shows that home prices declined in 19 of the 20 cities surveyed with 11 of them at the lowest level since the housing bust in 2007. It’s time to call [...]
