Weekly mortgage applications rise as rates drop to 30-year low, but it's all refinances [MSNBC.com]
Federal Home Loan Mortgage Corporation (FMCC)
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Source: MSNBC.com
VIDEO1:1201:12Refinances drive total mortgage application volume up 7.3%Squawk BoxDespite wider-than-usual daily swings last week, mortgage rates dropped to the lowest level ever in the Mortgage Bankers Association's 30-year-old weekly survey, causing yet another rush to refinance.Total mortgage application volume rose 7.3% last week from the previous week, according to the MBA's seasonally adjusted index.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $510,400 or less decreased to 3.45% from 3.49%. That's the lowest level since the MBA began its weekly applications survey in 1990. Points increased to 0.29 from 0.28, including origination fee, for loans with a 20% down payment. That is 99 basis lower than a year ago."The decline in rates — despite Treasury yields rising — is a sign that the mortgage-backed securities market is stabilizing and lenders are successfully working through their lending pipelines," said Joel Kan, an MBA ec
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FMCC
News
- Champaign County had lower home sales, higher median sale price: realtor group [Yahoo! Finance]Yahoo! Finance
- Mortgage rates are still above 7% and home prices remain high [FOX Business Network]FOX Business Network
- How To Survive Financially in Your First Year of Homeownership [Yahoo! Finance]Yahoo! Finance
- Champaign County average home prices keep growing as inventory shrinks [Yahoo! Finance]Yahoo! Finance
- Mortgage Interest Rates Today, April 26, 2024 | Are Homebuyers Adjusting to Higher Rates? [Business Insider]Business Insider
FMCC
Analyst Actions
- 2/26/24 - Keefe, Bruyette & Woods
FMCC
Sec Filings
- 4/23/24 - Form ABS-15G
- 3/28/24 - Form ABS-15G
- 3/28/24 - Form ABS-15G/A
- FMCC's page on the SEC website