Origination/Lending
Mortgage Rates Reverse Course, Rise; Double Back, and Start Falling Again
By: PAUL JACKSON
February 1, 2008
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Trying to follow mortgage rates has rarely been so dizzying.
Freddie Mac said Thursday that 30-year fixed-rate mortgages averaged 5.68 percent for the week ending January 31, up from an average of 5.48 percent one week earlier.
Five-year Treasury-indexed hybrid ARMs averaged 5.32 percent, up from 5.13 percent; a year ago, the 5-year ARM averaged 6.04 percent.
“Mortgage rates ended their four-week descent this week, with average rates on 30-year and 15-year fixed rate mortgages coming up by about 0.2 percentage points,” said Frank Nothaft, Freddie Mac vice president and chief economist.
Freddie Mac said that the movement in fixed mortgage rates was “broadly consistent” with the movements of Treasury bonds over the week, although brokers corresponding with HW have noted that rates have been changing — often wildly — within a given day.
Take today, for instance.
One day after Freddie’s report, an unexpectedly horrible jobs report already has mortgage rates dipping again as bond yields fall.
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Events
2008 Aug 12
Western States Loan Servicing Conference
Annual servicing industry conference hosted by the CMBA; usually well attended on a national level.
2008 Aug 23
Executive Summit on Mortgage Fraud
High-level conference focused on quantifying and managing mortgage fraud. Speakers to include execs from OFHEO, FBI, Fannie, Freddie.
2008 Sep 17
Five Star Conference
Default and REO industry conference, hosted by trade publication DS News. Heavily attended by REO agents.
2008 Oct 19
MBA Annual Convention & Expo
The annual conference for MBA members and affiliates, and the largest industry event each year.
