Magazine article Mortgage Banking

Loan Rate Monitor

Magazine article Mortgage Banking

Loan Rate Monitor

Article excerpt


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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