Today’s News Synopsis:
According to the San Francisco city Assessor-Recorder, 6,462 residential property owners in San Francisco applied for temporary property tax breaks this year. Freddie Mac reports the average U.S. rate for a 30-year fixed mortgage fell to 4.78 percent for the week. Statistics from FHFA show the average interest rate on conventional 30-year FRM with a principal of $417,000 or less increased to 5.12% this month.
In The News:
San Francisco Chronicle – “Thousands more in S.F. seek property tax breaks” (5-27-10)
“In another sign that the economy is taking a long time to rebound, a staggering 6,462 residential property owners in San Francisco applied for temporary property tax breaks this year, city Assessor-Recorder Phil Ting reported Wednesday.”
Bloomberg – “U.S. Home Loan Rates Near Record Low on Europe Crisis” (5-27-10)
“Europe’s debt crisis is translating into lower mortgage rates for Americans as investors fleeing to the refuge of U.S. bonds push borrowing costs close to December’s record low. The average U.S. rate for a 30-year fixed mortgage fell to 4.78 percent for the week ended today from 4.84 percent, Freddie Mac said in a statement today. The record low is 4.71 percent. This week’s average 15-year fixed rate was 4.21 percent, the McLean, Virginia-based mortgage finance company said.”
Bloomberg – “Mortgage Lenders Seek Relief on Bad Debt Repurchases” (5-27-10)
“Mortgage lenders are seeking relief from Fannie Mae and Freddie Mac as the government-supported companies force them to buy back more soured debt, said John Courson, president of the industry’s largest trade group.”
Housing Wire – “FHFA Proposes Mortgage Purchase Goals for Home Loan Banks” (5-27-10)
“The FHFA is seeking comment on the establishment of three purchase money mortgage goals and one refinancing mortgage goal. The goals for purchase mortgages would separately measure performance on purchase mortgages for low-income families, for families in low-income areas, and for very-low-income families. The goal for refinance mortgages would measure performance on refinancings for low-income families.”
Housing Wire – “FHFA Sees Interest Rates Tick up in April” (5-27-10)
“According to the FHFA monthly report, the average interest rate on conventional 30-year FRM with a principal of $417,000 or less increased 3 basis points (bps) to 5.12% from March’s average of 5.09%. The average rate for a 15-year FRM of $417,000 decreased 5 bps to 4.52% in April.”
One year ago, the NAR reported existing home sales increased by 2.9 percent. Mortgage application volume decreased by 14.2 percent on a seasonally adjusted basis from the previous week. The average price of a U.S. home fell 7.1 percent in the first quarter of 2009. Yields on Washington-based Fannie Mae’s current-coupon 30- year fixed-rate mortgage bonds climbed to 4.51 percent.
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