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Posts Tagged ‘adjustable rate mortgages’

NAHB President Responds Favorably to QM Rule

January 10th, 2013 Comments off

Responding to the qualified mortgage rule issued by the Consumer Financial Protection Bureau (CFPB), the National Association of Home Builders’ (NAHB) president, Barry Rutenberg noted the balance struck between creditworthy borrowers seeking mortgages and lenders who are protected from potential lawsuits. MHProNews notes his words: “Our initial review of the QM rule indicates that this balanced approach can be achieved. NAHB is encouraged that regulators heeded concerns from the housing industry to craft a broad standard that includes many of today’s sound mortgage products, including fixed-rate and adjustable-rate mortgages, under the QM standard. To spur the revival of the home lending market, it is essential that regulators act prudently and thoughtfully in the coming year to implement this rule in a sensible manner to avoid disruptions to the housing finance system and ensure qualified borrowers can obtain affordable credit.”

(Image credit: National Association of Home Builders)

Mortgage Rates Barely Move

April 20th, 2012 Comments off

HousingWire says average weekly mortgage rates barely changed from last week, the Freddie Mac survey showing the average 30-year fixed rate mortgage (FRM) moving little, from 3.88 percent to 3.9 percent this week. MHProNews.com has learned last year the 30-year FRM averaged 4.87 percent. The 15-year FRM also moved little from last week to this, 3.11 percent to 3.13 percent. Last year’s average for this popular refinancing document was 4.1 percent. Five-year, Treasury-indexed hybrid adjustable-rate mortgages averaged 2.78%, a drop from 2.85% the prior week, and a decrease from 2.85% a year earlier. Treasury-indexed one-year adjustable rate mortgages (ARMs) averaged 2.81 percent, 2.80 percent last week and 3.22 percent last year.

(Image credit: BankRate)

30-year FRM Rises Above Four Percent

March 23rd, 2012 Comments off

According to HousingWire, Freddie Mac says the 30-year, fixed rate mortgage (FRM) rose from 3.92 percent last week to 4.08 percent this week, the first time it has averaged above four percent since last October. One year ago it was 4.81 percent. The 15-year FRM edged up from 3.16 percent last week to 3.30 percent, but still below the 4.04 percent from a year ago. Five-year hybrid adjustable-rate mortgages (ARMs) rose from 2.83 percent to 2.96 percent this week, still below the 3.62 percent of a year ago. Freddie Mac Chief Economist Frank Nothaft says, “Bond yields rose over the past two weeks in part due to an improving assessment of the state of the economy by the Federal Reserve better than expected results of commercial bank stress tests and the likelihood of a second bailout for Greece.” Meanwhile, Nothaft says, homeowners have lowered their financial obligations ratio (debt payments as a share of disposable income) to the lowest level since Q2 1994.

)Image credit: bankrate)