Magazine article Mortgage Banking

Loan Rate Monitor

Magazine article Mortgage Banking

Loan Rate Monitor

Article excerpt

[GRAPHIC OMITTED]

Month in Review

The Federal National Mortgage Association, commonly known as Fannie Mae, is buying loans where borrowers to put down as little as 3 percent. Starting on Dec. 13, 2014, Fannie Mae began accepting the lower down payments from first-time homebuyers. The loans would be allowed only for fixed-rate mortgages (FRMs) on single-family homes that would be the borrower's primary residence, and would require full documentation of the ability to repay the mortgage. As mortgage rates remain relatively low, this is a great opportunity for creditworthy first-time homebuyers who can afford a mortgage but lack the resources to pay a substantial down payment.

MONTHLY AVERAGES           31-JAN   28-FEB   31-MAR   30-APR

15-Year Fixed Conforming   3.518    3.528    3.635    3.559
30-Year Fixed Conforming   4.348    4.386    4.473    4.358
30-Year Fixed Jumbo        4.061    4.061    4.184    4.089
5/1 ARM Conforming         2.910    2.891    2.946    2.919
5/1 ARM Jumbo              2.833    2.799    2.845    2.830

MONTHLY AVERAGES           30-MAY   30-JUN   31-JUL   29-AUG

15-Year Fixed Conforming   3.338    3.323    3.535    3.397
30-Year Fixed Conforming   4.167    4.159    4.319    4.169
30-Year Fixed Jumbo        3. … 
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