Foreclosure: The Movie… (finally!) coming to a screen near you

Foreclosure: The Movie… (finally!) coming to a screen near you

In new film, neighborhood of foreclosed homes drives man insane

Capstone demands Altisource family divorce

Calls for Altisource Residential to terminate Altisource Asset Management agreement

Morgan Stanley pays $2.6 billion in mortgage-bond settlement

Linked to subprime-era RMBS
W S

FHFA: 30-year fixed-rate mortgage passes 5%

/ Print / Reprints /
| Share More
/ Text Size+
The average interest rate on a 30-year, fixed-rate mortgage reached 5.06% in March, an increase of 9 basis points from the previous month, according the Federal Housing Finance Agency. It's the first time the rate passed 5% on the 30-year FRM since June. The low since then was 4.38% in November. The FHFA calculates the average interest rate on purchase mortgages of less than $417,000 closed during the week ended March 31. The rate on the composite of all mortgage products, both fixed and adjustable-rate, was 4.84% in March, up 4 bps from the month before. Initial fees and charges averaged 0.95% of the loan balance in March, up 15 bps from February. According to the FHFA, 25% of the mortgages originated in March were "no-point" mortgages, down from 30% in February. While interest rates continue to rise, loan amounts are heading down. The average loan was for $208,600 in March, down $8,300 from February. The pain of higher rates was felt at the largest banks during the first quarter, pushing mortgage origination volumes down 33% from the previous quarter. Wells Fargo (WFC) saw a $741 million decline in mortgage banking fees on $44 billion in originations. Write to Jon Prior. Follow him on Twitter @JonAPrior.

Recent Articles by Jon Prior

Comments powered by Disqus