The 30- year mortgage rate slightly rose this week to 3.56 % from 3.53% last week, still at the highest since September. Last year this time, the 30-year FRM averaged 3.95%. The 15-year rate stayed the same this week at 2.77%. A year ago at this time, the 15-year FRM averages 3.19%. The 5-year Treasury-indexed ARM averaged 2.64 percent this week with an average 0.5 point, the same as last week. A year ago, the 5-year ARM averaged 2.80 percent. The 1-year Treasury-indexed ARM averaged 2.65 percent this week with an average 0.4 point, up from last week when it averaged 2.61 percent. At this time last year, the 1-year ARM averaged 2.73 percent. These low rates are continuing to help the housing market, while mortgage delinquencies are decreasing and home prices are steadily rising as demand surges.
Thursday’s
agreement on the mortgage settlement reported Banks have provided $45.8
billion in aid under the mortgage settlement plan. This relief was a part of
the settlement from about a year ago by 49 state attorneys general, several
federal agencies and big banks. The settlement resolved investigations into
allegations the financial institutions had used faulty paperwork and other
unethical practices to foreclose on homes. Most of the aid to consumers
have received have been through short sales not loan modifications, especially
in CA. According to California reports, about
175,000 consumers have received a total of $20.6 billion in principal
reductions, short-sale relief and only a very small percentage
received loan modifications.
Prices, obviously, are rising
faster than anyone would have expected. I don't see any end in sight. Buyers who are on the fence may soon find they may have to pay much more for a similar home!
No comments:
Post a Comment