St Casimirs Mortgage Minute

Mortgage Rates Creep Higher, Still Well Under 4 Percent

According to Freddie Mac, the benchmark 30-year fixed-rate mortgage averaged 3.64 percent for the week ending March 3, up from 3.62 percent. Mortgage rates have now averaged under 4 percent every week this year. Freddie Mac adds that the 15-year fixed-rate mortgage averaged 2.94 percent for the week versus 2.93 percent a week earlier, while the five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.84 percent compared to 2.79 percent the previous week. Freddie Mac chief economist Sean Becketti says, "The market turbulence that kicked off the year subsided at the end of February, providing at least a temporary break in the flight to quality."

From "Mortgage Rates Creep Higher, Still Well Under 4 Percent"
MarketWatch (03/03/16) Goldstein, Steve

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MBA: Mortgage Credit Availability Remained Unchanged in February

The Mortgage Credit Availability Index (MCAI) remained unchanged in February, according to an analysis of Ellie Mae's AllRegs market clarity business information tool by the Mortgage Bankers Association (MBA). The MCAI held steady at 123.8 last month, with a decline in the MCAI indicating tightening lending standards and an increase indicating loosening credit. During the month, the Conforming MCAI increased 1 percent, and the Government MCAI increased 0.6 percent. Meanwhile, the Jumbo MCAI decreased 0.6 percent, and the Conventional MCAI declined 0.8 percent. "Credit availability was flat over the month," said Lynn Fisher, MBA vice president of research and economics. "Slight declines in conventional programs aimed at low-to-moderate income borrowers were offset by increasing availability of government-backed programs. More than half of the investors in our credit availability data set are now offering some form of a conventional low down payment loan program which is targeted at lower-income borrowers and first-time home buyers and generally allows a down payment as low as 3 percent."

From "MBA: Mortgage Credit Availability Remained Unchanged in February"
HousingWire (03/03/16) Thompson, Kelsey