The average 30-year fixed mortgage rate fell to 7.65% for the week ending Dec. 1 from 7.73%, according to Freddie Mac's Primary Mortgage Market Survey. The average 15-year fixed mortgage rate fell from 7.41% to 7.35%, while the average rate for one-year Treasury-indexed adjustable-rate mortgages decreased from 7.28% to 7.24%. Fees and points averaged 0.9 point for all three mortgage categories. "While still strong, last month's existing home sales came in lower than expected, a good indication that the housing market is slowing down from its recent record-breaking levels," said Robert Van Order, Freddie Mac's chief economist. "Coupled with the fact that gross domestic product showed the slowest rate of growth in four years, inflation fears eased a bit this week, and so did mortgage rates. Now, as we begin to perhaps wind down from the longest expansion in history, all indications are that housing is in for a soft landing, with no sign of a recession in the housing market." A year ago, the average 30-year and 15-year fixed rates were 7.84% and 7.46%, respectively, and the average one-year ARM rate was 6.49%, Freddie Mac said.
-
The deal, expected to close by the end of 2025, will place Mr. Cooper CEO Jay Bray as president and CEO of Rocket Mortgage.
3h ago -
The top five banks had a combined loan volume of more than $1 trillion held in portfolio at the end of Q4 2024.
5h ago -
Amir Syed, mortgage coach and social media powerhouse, worked at Lower for a little over a year helping to build out and nurture the mortgage lender's origination team.
5h ago -
Mortgage lenders and vendors are waiving fees and enhancing program criteria, looking to reduce costs for borrowers and increase their business.
March 30 -
ACHM 2025-HE1 will repay notes using a pro-rata, sequential pay structure that must satisfy an overcollateralization test, and cumulative loss and delinquency triggers.
March 29 -
The government conservatorship of Fannie Mae and Freddie Mac wasn't meant to last forever, but releasing the companies is complicated and should involve a diffident Congress, housing policy experts said during a Federal Reserve Bank of Atlanta housing panel.
March 28