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FHFA Report Shows No Change in 30-Year Mortgage Rates Last Month

by the zac team @ RE/MAX Greater Atlanta

Hello neighbors,

In a recent report released by the Federal Housing Finance Agency (FHFA), the average mortgage rate for conventional mortgages showed no change during the month of May. According to the report, the average interest rate for a 30-year fixed-rate purchase mortgage with a principal of $417,000 or less was 5.12%.

As for the 15-year fixed-rate purchase mortgages of $417,000 or less there was a rate of 4.58% which showed an increase from April's number of 4.52%.

For all mortgage types (fixed and adjustable rate mortgages) the report showed a rate of 4.99% during last month which was a decrease from 5.02% the previous month.

In addition, FHFA reported that the initial fees and charges of loan balances were 0.72% last month. This number was an increase from April's .063%.

The report also measured the average term for loans which showed 27.5 years for the month of May. This number is down from the previous month's number of 27.6 years. 74.1% was the average loan to value ratio last month which was a decrease of 0.2% from April's 74.3%.

Another Year Given to the Home Affordable Refinance Program (HARP)

by the zac team @ RE/MAX Greater Atlanta

Hello neighbors,

It seems that the federal government has decided to extend the Home Affordable Refinance Program (HARP) for an additional year. The refinance program administered by Fannie Mae and Freedie Mac, was originally set to expire on June 10th, however it was announced today that the program will now expire June 2011. This may come as good news to many distressed homeowners.

After a review of the nation's current market, the FHFA determined there hasn't been much of a change from the market that actually inspired the actions taken last year.

As for a recap, last year both Fannie Mae and Freedie Mac bought over 4 million refinanced mortgages in which 190,180 were HARP. In addition, these refinances contained loan-to-value ratios between 80 - 125%.

A major component of the Obama administration's Making Home Affordable Program, HARP began in April 2009.

Displaying blog entries 1-2 of 2

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Photo of Zac Pasmanick  Real Estate
Zac Pasmanick
RE/MAX Metro Atlanta Cityside
600 Virginia Avenue NE
Atlanta GA 30306
Office: 404-564-7272

 

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