Freddie Mac announced today that interest rates continued to fall as the Federal Reserve has continued to ramp up purchases of mortgage-backed bonds to support residential lending.
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According to the Primary Mortgage Market Survey released by Freddie Mac weekly the current average interest rate on a 30-year fixed-rate mortgage is 4.85% at the cost of .7 for the week ending with March 26th.
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According to Freddie Mac’s Primary Mortgage Market Survey, a weekly report released by Freddie Mac that surveys average mortgage interest rates, the average 30-year fixed-rate mortgage dropped to 4.98% this week.
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Yesterday the Obama administration launched a new website that is designed to help troubled homeowners see if they qualify for relief under the new loan modification or refinancing programs.
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According to Freddie Mac’s Primary Mortgage Market Survey that was released today, interest rates on a 30-year fixed-rate mortgage averaged about 5.07% with an average cost of .7 point this week.
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James Lockhart, the Federal Housing Finance Agency Director, said that homeowners with Fannie Mae and Freddie Mac mortgages where the loan is more than the house is worth will have to wait for regulation to refinance.
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Fannie Mae announced today that it will likely need between $11 and $16 billion from the Treasury Department.
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Yesterday Freddie Mac disclosed that it would need up to $35 billion in additional taxpayer dollars out of the $100 billion pledged by the government last year. This disclosure comes after the original government outlays to bolster AIG, Bank of America, and Citigroup have been deemed insufficient.
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The federal regulator for Fannie Mae and Freddie Mac will be setting new rules early next week for the mortgage finance companies’ portfolios, which play a major roll in the nation’s housing market.
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This week the Federal Reserve purchased more Mortgage Backed Securities from Freddie Mac, Fannie Mae & Ginnie Mae. This additional $19.01 billion purchased brings the total that the Federal Reserve has spent on Mortgage Backed Securities to $52.6 billion.
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