Delinquent GSE Mortgages Continue to Decline
The number of home loans backed by Fannie Mae and Freddie
Mac that are 60 days or more past due or are in the foreclosure process fell
3 percent in the fourth quarter of 2015,
as the economy improved and home prices continued to rise, according to the Federal
Housing Finance Agency’s foreclosure prevention report released yesterday.
Seriously delinquent loans -- those that are 90 days or more
past due -- dropped to 1.5 percent of Fannie and Freddie’s mortgage portfolio
after the fourth quarter. By comparison, 5.4 percent of Federal Housing
Administration loans were seriously delinquent, and 3.4 percent of all loans
were.
The report also documented the GSEs’ efforts to prevent
foreclosures, with 47,769 modifications or other actions in the fourth quarter
and more than 3.6 million since the GSEs have been under U.S. conservatorship.
Mortgage Rates Tick Down
The rate for a 30-year fixed-rate mortgage dipped to 3.71
percent this week, down from 3.73 percent the week prior and turning downward
after three straight weeks of increases, Freddie Mac said yesterday. At this
time last year, the 30-year FRM averaged 3.69 percent.
This week’s 15-year FRM averaged 2.96 percent, slightly down
from last week’s average of 2.99 percent. A year ago, the 15-year FRM averaged
2.97 percent.
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