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Future of Mortgage Giants Freddie Mac and Fannie Mae Shall Be Determined Next Month

by the zac team at Ponce Realty

Greetings neighbors,

According to recent reports, The Obama Administration has decided to hold a conference in August to determine the fate of Fannie Mae and Freddie Mac after being criticized for not having a set plan for the mortgage giants.

As for a little background of the two, these companies were created by the U.S. government as a combination of private company and federal agency to assist with the availability of mortgages. The two companies purchase home loans from lenders, package them into bonds with a guarantee against default, and sell them to investors. Both companies combined own or guarantee approximately 31 million home loans in the U.S. that are worth more than $5 trillion. This number makes up more than half of all the country's mortgages.

Two years ago, the two companies started experiencing financial difficulty and was soon taken over by the government.

Early this week, the Obama Administration said they will hold the conference on August 17th at the Treasury Department.

Freddie Mac Weekly Survey Shows Mortgage Rates Below 5 Percent

by the zac team @ RE/MAX Greater Atlanta

Greetings neighbors,

Mortgage rates continue to decline according to a recent survey by Freddie Mac. In a weekly survey, rates actually fell below 5 percent.

According to Freddie Mac's weekly survey, the average rate of 30-year FRM's came in at 4.93% with an average origination point of 0.7 for the week ending May 13th. This rate is less than last week's 5%. Last year's 30-year FRM at this time averaged 4.86%. This is also the lowest average since December 10, 2009 when the 30-year FRM averaged 4.81%.

In addition, Freddie Mac's survey listed the average rate of 4.3% with an average 0.6 point for 15-year FRM's which was down from last week's average of 4.36%. This week's average was also down from last year's average rate of 4.52%. In addition, this is the lowest average rate for 15-year FRM's since December 3, 2009's average rate of 4.27% according to Freddie Mac.

As for the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM), Freddie Mac showed an average 3.95% with an average point of 0.6 for this week. This number is also down in comparison to last week's average of 3.97%. When comparing to last year's average rate of 4.82%, this week's number is slightly higher. The average rate for the 5-year Treasury-indexed hybrid ARM has not been this low since January 2005.

Last but not least, Freddie Mac reported the one-year Treasury indexed ARM at 4.02% with an average point of 0.6 this week, which is down from last week's average of 4.07% and last year's 4.71%. According to Freddie Mac, this is the lowest average since November 4, 2004 when the one-year Treasury indexed ARM came in at 4%.

Scams In Real Estate: Fannie Mae & Freddie Mac Join Forces to Fight Mortgage Modification Scams

by the zac team @ RE/MAX Greater Atlanta

Greetings neighbors,

Some big names in the industry have decided to join forces to fight mortgage modification scams.

Fannie Mae and Freddie Mac have decided to launch a national campaign called the Loan Modification Scam Prevention Network to stop loan modification scams within the real estate industry.

This network will consist of community development and affordable housing organizations such as Lawyer's Committee for Civil Rights Under Law and NeighborWorks America. The chief purpose of the network will be to educate borrowers, receive complaint reports, and to communicate with local, state, and federal enforcement agencies.

The Loan Modification Scam Prevention Network will have a website available which will name both individuals and companies that have been recognized by law enforcement agencies to have allegedly committed scams within the loan modification process.

Note: Other partners of the Loan Modification Scam Prevention Network include:

Treasury Department, the Department of Housing and Urban Development, the Department of Justice, Federal Bureau of Investigations, the Federal Deposit Insurance Corp. and the Federal Trade Commission.

Mortgage Rates Pretty Steady for the Last Week of the Month

by the zac team @ RE/MAX Greater Atlanta

Hello neighbors,

Wondering what the mortgage rates are looking like for the end of the month? According to reports released by Freddie Mac, mortgage rates were flat this week. Their Primary Mortgage Market Survey showed an average of 4.98% as well as an average 0.6 point for the week ending on January 28th for 30 - year  fixed - rate mortgage (FRM) which were down from the previous week's average of 4.99%. This rate is also down from last year's average rate of 5.10% at this time.

In addition, there was a 4.39% average and an average 0.6 point for 15 - year FRM which showed a decrease from the previous week's average of 4.40%. At this time last year, 15 - year FRM's averaged 4.80%.

There was an average of 4.25% this week with an average 0.6 point in the 5 year - Treasury - indexed hybrid adjustable - rate mortgage (ARM) which was also a decrease from last week's average of 4.27% and last year's average of 5.27%.

Lastly, there was an average of 4.29% with an average 0.5 point for the 1 - year treasury - indexed ARM this week which was also a decrease from last week's averaged 4.32% as well as last year's 4.90%.

All in all mortgage rates proved to be pretty steady for the last week of the month.

"Mortgage rates down to lowest level in three months"

by the zac team @ RE/MAX Greater Atlanta

Freddie Mac released numbers showing that 30-year fixed rate mortgages averaged 5.12 percent, down from 5.29 percent last week. One effect of these low mortgage rates is an increase in the rate of new home production. With July's increase in new single-family homes, the annualized rate is now higher than it has been since Fall 2008!  For more numbers, click here!

Displaying blog entries 1-5 of 5

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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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