True Stories: Hybrid, eNote and RON Implementation

Join expert panelists that will discuss the status of federal legislation, trends in digital adoption and how best to prepare your organization for the next generation of lending processes.

Spruce’s Patrick Burns on innovation in title technology

In the season finale of Housing News season 5, Spruce CEO discusses heightened investor interest in title tech, innovation and fintech adoption.

Top CFPB official “hates” QM rules, jeopardizing safe harbor

A top CFPB official in charge of the rule-making process has heavily criticized the agency's own qualifying mortgage rule, jeopardizing safe harbor.

Fraud risk factors at closing increased almost 90% last quarter

A variety of risk factors could be contributing to the drastic increase in wire and title fraud risk factors in mortgage and real estate closings – for example, compliance issues and an increase in transaction data errors.

Mortgage

Freddie Mac: Mortgage rates fall after three consecutive weeks of climbing

This week, the 30-year fixed-rate mortgage averaged 3.78%

This week, the average U.S. fixed rate for a 30-year mortgage rose to 3.69%. That’s 9 basis points below last week’s 3.78% and still more than a percentage point below the 4.94% of the year-earlier week, according to the Freddie Mac Primary Mortgage Market Survey.

“After a year-long slide, mortgage rates hit a cycle low in September 2019 and have risen in six out of the last nine weeks due to modestly better economic data and trade related optimism,” said Sam Khater, Freddie Mac’s chief economist. “The improvement in sentiment has been one of the main drivers behind the surge in equity prices and will provide a halo effect to consumer spending heading into the important holiday shopping season.”

The 15-year FRM averaged 3.13% this week, sliding from last week’s 3.19%. This time last year, the 15-year FRM came in at 4.33%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.39%, retreating from last week’s rate of 3.44%. The percentage remains significantly lower than its 2018 rate of 4.14%.

The image below highlights this week’s changes:

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Mortgage forbearance drops to 4.36%, exits pick up steam

The downward trend of borrowers in forbearance picked up speed in the last week of April, falling 11 basis points to 4.36% of servicers’ portfolio volume.

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3d rendering of a row of luxury townhouses along a street

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