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Mortgage Rates Move Slightly

Originally published  on June 10, 2021, by Freddie Mac.

MCLEAN, Va., June 10, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.96 percent.

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Mortgage Rates Up as Market Sees Rising Labor Expenses, Inventory Shortage: Report

Originally published on May 20, 2021 by Freddie Mac.

MCLEAN, Va., May 20, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.00 percent.

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Mortgage Rates Increase to Three Percent

“After a run up over the first few months of the year, rates have paused and hovered around three percent since March,” said Sam Khater, Freddie Mac’s Chief Economist. “Despite this favorable rate climate, there remains a shortage of homes for sale. The lack of housing supply has been compounded by labor disruptions and expensive building materials that are driving up the cost of new housing, making it difficult for homebuyers to find homes to purchase.”

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FHFA Announces New Refinance Option for Low-Income Families with Enterprise-Backed Mortgages

Originally published on April 28, 2021, by the Federal Housing Finance Agency.

​​​​​​Washington, D.C. – The Federal Housing Finance Agency (FHFA) announced today Fannie Mae and Freddie Mac (the Enterprises) will implement a new refinance option for low-income borrowers with Enterprise-backed single-family mortgages. Eligible borrowers will benefit from a reduced interest rate and lower monthly payment. FHFA estimates that borrowers who take advantage of the new refinance option could save an average of between $100 and $250 a month.  

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CFPB Delays Mandatory Compliance Date for General Qualified Mortgage Final Rule

Originally published on April 27, 2021, by the Consumer Financial Protection Bureau.

WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) formally delayed the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022. The CFPB is taking this action to help ensure access to responsible, affordable mortgage credit, and preserve flexibility for consumers affected by the COVID-19 pandemic and its economic effects.

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Mortgage Rates Jump Up

Originally published on March 25, 2021, by Angela Waugaman for Freddie Mac

MCLEAN, Va., March 25, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.17 percent.

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Mortgage Rates Stay at Record Lows Even as Treasury Yields Increase: Freddie Mac

Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.71 percent.

“Mortgage rates remain at record lows, resisting their typical correlation to Treasury yields, which have recently been moving higher,” said Sam Khater, Freddie Mac’s Chief Economist. “Mortgage spreads – the difference between mortgage rates and the 10-year Treasury rate – are declining from their elevated levels earlier this year. Although today’s mortgage spread is about 1.8 percentage points and still has some room to move down if the 10-year Treasury continues to rise, it’s encouraging to see that the spread is almost back to normal levels.”

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COVID-19 Vaccine Could Increase Mortgage Rates and Housing Inventory: Economists

By Jacob Passy

When the coronavirus pandemic first reached U.S. shores earlier this year, worries abounded about how it would affect the country’s housing market.

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Single-family Home Prices Up in All Metros During Q3: NAR

Every metro area tracked by the National Association of Realtors® during the third quarter of 2020 saw home prices increase from a year ago, according to NAR’s latest quarterly report, released today.

Due in large part to record-low mortgage rates and depleted nationwide housing inventory, median single-family home prices grew year-over-year in all 181 metropolitan statistical areas1 tracked by NAR, as every measured market showed sales price gains.

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Mortgage Rates Drop to All-time Low for 12th Time This Year: Freddie Mac Survey

 Freddie Mac (OTCQB: FMCC) released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.78 percent, the lowest rate in our survey’s history which dates back to 1971.

“Mortgage rates hit another record low, the twelfth time this year, due to economic and political ambiguity,” said Sam Khater, Freddie Mac’s Chief Economist. “Despite the uncertainty that we’ve all experienced this year, the housing market, buoyed by low rates, continues to be a bright spot.”

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Housing is Recovering, but Economic Outlook Uncertain: Freddie Mac

According to Freddie Mac’s Quarterly Forecast, housing markets have been affected by the pandemic with both home sales and house price growth declining.

“While the housing market undoubtedly has felt the effects of COVID-19, we are encouraged by recent homebuyer demand as well as mortgage rates that should remain at record lows for the foreseeable future.” said Sam Khater, Freddie Mac’s Chief Economist. “However, beyond the initial rebound in the housing market, the economic and housing outlook will be heavily impacted by the prospects for a vaccine, fiscal policy and the underlying organic recovery of the economy which, in combination, make the outlook highly uncertain.”

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FHFA Final Rule to Provide Increased Mortgage Financing for Underserved Borrowers

To help underserved borrowers, the Federal Housing Finance Agency (FHFA) sent to the Federal Register for publication a final rule on the Federal Home Loan Banks’ (FHLBanks) Housing Goals. The new goals take effect in 2021 and enforcement of the rule will be phased in over three years. 

“By creating housing goal targets that are achievable for the Federal Home Loan Banks, the final rule helps ensure they make meaningful contributions to affordable homeownership,” said Director Mark Calabria. “This rule will expand responsible homeownership opportunities for underserved communities across the country.”

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Mortgage Rates Up as Homebuyers Re-enter Market; Selection Still Limited: Freddie Mac

Mortgage rates moved up slightly during the past week as prospective homebuyers re-entered the market, Freddie Mac reported June 4 in its Primary Mortgage Market Survey. While the economy slowly rebounds, signs indicate that home sales are picking up nicely even as the supply of available homes remains limited.

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Mortgage Rates Increase Slightly, but Remain Historically Low, Freddie Mac Reports

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.26 percent.

“Mortgage rates stayed at or near record lows for the fifth straight week and homeowners are taking advantage with refinance activity remaining high,” said Sam Khater, Freddie Mac’s Chief Economist. “Although purchase demand declined thirty-five percent year-over-year in mid-April, demand has improved modestly over the last three weeks.”

News Facts

  • 30-year fixed-rate mortgage averaged 3.26 percent with an average 0.7 point for the week ending May 7, 2020, up from last week when it averaged 3.23 percent. A year ago at this time, the 30-year FRM averaged 4.10 percent.  
  • 15-year fixed-rate mortgage averaged 2.73 percent with an average 0.7 point, down from last week when it averaged 2.77 percent. A year ago at this time, the 15-year FRM averaged 3.57 percent.  
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.17 percent with an average 0.3 point, up from last week when it averaged 3.14 percent. A year ago at this time, the 5-year ARM averaged 3.63 percent.
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Fannie, Freddie Launch Uniform Mortgage-backed Security

Last Monday, Fannie Mae and Freddie Mac marked the completion of their Single-Security Initiative with the launch of the Uniform Mortgage-Backed Security (UMBS).

“UMBS is the result of close collaboration with FHFA, Freddie Mac, Common Securitization Solutions, and hundreds of housing finance stakeholders and we congratulate all involved on this achievement,” said Renee Schultz, SVP, Capital Markets, Fannie Mae in a statement. “We remain focused on ensuring that all market participants continue to make a smooth transition to UMBS and maintaining a highly liquid housing finance market.”

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30-Year Fixed Rate Mortgage Rate Nears Two-Year Low

Freddie Mac(OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage rate fell to 3.82 percent, the sixth consecutive weekly decline and its lowest level since September 2017.

Sam Khater, Freddie Mac’s chief economist, says, “While the drop in mortgage rates is a good opportunity for consumers to save on their mortgage payment, our research indicates that there can be a wide dispersion among mortgage rate offers. By shopping around and getting a single additional mortgage rate quote, a borrower can save an average of $1,500.”

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