Monthly Archives: June 2016

Freddie Mac: 30-year mortgage rate keeps rising higher

June 2, 2016 n15-j4 Mortgage rates increased for the third week in a row, creating a new upward trend away from the historical lows witnessed this year, Freddie Mac’s Primary Mortgage Market Survey found. But regardless of the slow and steady rise, average fixed mortgage rates are still near three-year lows. The 30-year fixed-rate mortgage averaged 3.66% for the week ending June 2, 2016, up from last week when it averaged 3.64%. A year ago at this time, the 30-year FRM averaged 3.87%.  Similarly, the 15-year FRM this week averaged 2.92%, increasing from last week when it averaged 2.89%. In 2015, the 15-year FRM averaged 3.08%.  The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.88% this week, growing slightly from last week’s average of 2.87%. A year ago, the 5-year ARM averaged 2.96%. n16-j4 “Since jumping 11 basis points on May 18th, the 10-year...
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North Carolina attorney pleads guilty for $18M mortgage fraud scheme

Allegedly defrauded BB&T and First Citizens Bank June 1, 2016 n14-j4 A North Carolina attorney and real estate developer is facing a maximum sentence of 30 years after pleading guilty to bank fraud charges relating to a mortgage fraud scheme that is anticipated to cost various lenders, title insurers and investors at least $18 million. According to the U.S. Attorney’s Office for the Eastern District of North Carolina, Joseph Kinlaw, 63, pled guilty this week to charges stemming from a scheme that saw Kinlaw allegedly falsified property information in order to obtain several loans from BB&T and First Citizens Bank under the auspices of developing residential real estate near Camp Lejeune, a Marine Corps base in North Carolina. In a release, the U.S. Attorney’s Office stated that Kinlaw was a licensed North Carolina attorney who operated various alleged real estate investment and development entities on behalf of investors. According to...
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Mortgage applications drop 4.1% over Fed rate uncertainty

The mortgage market should be heating up with the spring temperatures, but it's not. Despite strong buyer demand in the housing market, mortgage applications decreased 4.1 percent last week from the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association. Despite the drop, they are still 42 percent higher than the same week one year ago. n13-j4 Both applications to refinance a loan and to purchase a home fell, as interest rates maintained a slow climb. Refinance applications decreased 4 percent from the previous week, seasonally adjusted, and purchase applications decreased 5 percent. Applications forgovernment loans, which require very low down payments, fell 6 percent for the week to the lowest level since November.  The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) remained unchanged at 3.85 percent, with points decreasing to 0.36 from 0.37...
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