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  • Freddie Mac reports $354M net loss in first quarter

    Freddie Mac reported a $354 million net loss in the first quarter, significantly down from its $2.2 billion net income recorded in the fourth quarter of 2015. The news is a reminder of the GSE's net loss in the third quarter of 2015, which marked the first loss in four years. But despite the news, Freddie CEO Donald Layton remains positive on the results. Click the headline to find out why.

30-year, fixed-rate mortgage hits new low

The 30-year, fixed-rate mortgage fell to 3.88% this past week, hitting a new low and marking its seventh consecutive week below 4%, Freddie Mac said Thursday. That compares to a 30-year FRM of 3.89% a week earlier and 4.74% last year. Meanwhile, the 15-year FRM hit 3.17%, up from 3.16% the previous week and down from 4.05% last year. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.82%, compared to 3.69% a year ago. The 1-year, Treasury-indexed ARM hit 2.74%, down from 2.76% last week and 3.25% last year. Mortgage rates for the most part were unchanged from the previous week due to mixed economic reports that show a level of uncertainty over consumer sentiment and the broader economy, according to Frank Nothaft, vice president and chief economist for Freddie Mac. Bankrate also reported the 30-year, FRM remained unchanged at 4.18%, while the 15-year, FRM ticked up from 3.38% last week to 3.39%. The 5/1 ARM also rose to 3.06% from 3.04% a week earlier. Write to Kerri Panchuk.

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