As expected mortgage rates have begun to climb. On March 31st, as planned the Fed terminated its mortgage backed securities (MBS) purchase program after buying $1.25trn of the instruments–keeping mortgage rates artificially low. According to the Mortgage Bankers Association (MBA), the average rate for a 30Y mortgage already climbed to 5.31% the week ending 4/2, compared to […]
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mortgages
According to the Mortgage Bankers Association this morning, US mortgage delinquencies rose to a record rate of 9.24% of all loans outstanding. At the same time, the rate of foreclosures fell slightly to 1.36% from 1.37%. What is interesting is that the rate of foreclosures actually fell for sub-prime ARMs, but rose for more traditional […]
The MBA The Market Composite Index rose 10.9% the week ending July 3rd 2009. The purchase index rose 6.7%, while the refinancing component climbed 15.2%, on the back of relatively favorable interest rates. Remember this index could be skewed by lenders filling out multiple applications, and I would like to see a continued trend in […]