Friday

 

Long Term Mortgage Rates Fall for the Second Week Running

Mortgage Rates

Freddie Mac today released the results of its Primary Mortgage Market SurveySM in which the 30-year fixed-rate mortgage (FRM) averaged 6.26 percent, with an average 0.6 point, for the week ending December 22, 2005, down from last week's average of 6.30 percent. Last year at this time, the 30-year FRM averaged 5.75 percent.

The average for the 15-year FRM this week is 5.79 percent, with an average 0.6 point, down from last week's average of 5.85 percent. A year ago, the 15-year FRM averaged 5.18 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.82 percent this week, with an average 0.7 point, up from last week when it averaged 5.78 percent. There is no annual historical information for last year since Freddie Mac only began tracking this mortgage rate at the start of this year.

One-year Treasury-indexed ARMs averaged 5.22 percent this week, with an average 0.7 point, down slightly from last week when it averaged 5.15 percent. At this time last year, the one-year ARM averaged 4.17 percent.

Long-term mortgage rates dipped this week because of recently released inflation indicators for November, while short-term rates rose, responding to the Fed's recent -- and expected future -- actions, according to Freddie Mac vice president and chief economist. Although mortgage rates by and large are higher than they were at the start of this year, they've only risen about one percentage point since hitting a four-decade record low in June of 2003.

Meanwhile, new home construction in November rose by 5.3 percent, the most in seven months, giving a strong signal that the housing market still has a good bit of sparkle left in it.

# posted by Reloblog Admin @ 8:58 PM

Thursday

 

Mortgage Limit Raised!

U.S. mortgage finance regulators raised the limit for loans that can be bought by government-sponsored mortgage enterprises Fannie Mae and Freddie Mac to $417,000 for 2006, in most areas.

Lenders charge lower interest rates for mortgages they are confident they can sell to Fannie Mae and Freddie Mac.

Stephen Blumenthal, acting director of the Office of Federal Housing Enterprise Oversight, announced the rise in what is called the conforming loan limit for single-family mortgages purchased by Fannie Mae and Freddie Mac. The 2005 limit is $359,650.

Costlier mortgages are referred to as jumbo loans.

The rise in the conforming loan limit is pegged to a year-end monthly survey of single-family house prices by the Federal Housing Finance Board.

Effective January 1, the conforming loan limit for larger properties is $533,850 for two-unit mortgages; $645,300 for three-unit mortgages; and $801,950 for four-unit mortgages.

The limit in high-cost areas, which include Alaska, Guam, Hawaii, and the U.S. Virgin Islands, is 50 percent higher.

# posted by Reloblog Admin @ 4:06 AM

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