brian-louis

FDIC Seeks Bids on $610.5 Million in Unpaid Loans From Failed U.S. Lenders

by on February 27, 2010

By Brian Louis Feb. 27 (Bloomberg) — The Federal Deposit Insurance Corp. is seeking bids for $610.5 million of unpaid loans it’s holding from failed U.S. lenders including IndyMac Bank, Silverton Bank and New Frontier Bank. The loans are backed in part by land, developed lots and condominium construction projects, said Peter Tobin, managing director of New York-based Mission Capital Advisors LLC , the FDIC’s marketing agent and financial adviser for the offering. Most of the properties are in Colorado, California, Utah and Idaho, and about 78 percent of the debt is 90 days or more past due, according to a description on Mission Capital’s Web site . The FDIC is disposing of real estate, soured mortgages and personal property ranging from tour buses to palm trees that once belonged to failed banks. More than 160 lenders collapsed since the start of 2009, and the tally may grow this year, with 702 firms on the FDIC’s “problem bank” list as of Dec. 31. The sale ”is going to appeal to a broader investor class,” Tobin said. The winning bidder will take an interest in a limited liability company owning the assets in partnership with the FDIC. The auction may attract more bidders than previous sales because the portfolio is smaller, Tobin said. The biggest piece of the package is from New Frontier, the Greeley, Colorado-based lender that failed in April. The portfolio lists $220.2 million in Frontier debt from 187 loans, with 91 percent at least 90 days overdue . Silverton, IndyMac The second-biggest component is from Silverton, the Atlanta-based lender that serviced about 1,400 banks in 44 states until it failed in May. The offering includes 23 Silverton loans showing balances of $85.3 million, with 81 percent behind by 90 days or more. IndyMac’s share of the FDIC offering is a single overdue loan of $48,000, according to Mission Capital’s listing. Regulators seized Pasadena, California-based IndyMac in July 2008. Bids for the latest FDIC auction are due April 6, Mission Capital said. David Barr , an FDIC spokesman, declined to comment. The planned sale was reported earlier by Commercial Real Estate Direct on its Web site . To contact the reporter on this story: Brian Louis in Chicago at blouis1@bloomberg.net .

Excerpt from:
FDIC Seeks Bids on $610.5 Million in Unpaid Loans From Failed U.S. Lenders

Tagged as: , , , , , , , , , , , , , ,

{ 0 comments }

Mortgage Rates on 30-Year U.S. Loans Fall to 5.06%, Second Week of Decline

by on January 15, 2010

By Brian Louis Jan. 14 (Bloomberg) — Mortgage rates in the U.S. fell for the second consecutive week, lowering borrowing costs for consumers and making homes more affordable. The rate for 30-year fixed U.S. home loans dropped to 5.06 percent for the week ended today from 5.09 percent, mortgage finance company Freddie Mac said in a statement today. Rates reached a record low of 4.71 percent last month. This week’s average 15-year rate was 4.45 percent, the McLean, Virginia- based company said. Falling mortgage rates may help the nation’s housing market as it becomes less expensive for consumers to borrow. A Federal Reserve program to purchase as much as $1.25 trillion in securities backed by home loans helped cut mortgage rates last year. The program is set to end this quarter. Other government plans to stimulate demand and support the home market, including a tax credit for first-time homebuyers, have also boosted housing. “What they’ve achieved is a housing market going sideways,” Donald Rissmiller , chief economist at New York-based Strategas Research Partners LLC, said of the government programs. “Sideways is certainly better than straight down.” The purchases from Fannie Mae , Freddie Mac and Ginnie Mae, which buy mortgages from lenders and package them into bonds, brought down yields on the securities and allowed lenders to reduce mortgage rates while still selling the bonds at a profit. The Mortgage Bankers Association’s index of applications to purchase a home or refinance a mortgage rose 14 percent for the week ended Jan. 8, led by the refinancing gauge, which rose 22 percent. To contact the reporter on this story: Brian Louis in Chicago at blouis1@bloomberg.net .

Here is the original post:
Mortgage Rates on 30-Year U.S. Loans Fall to 5.06%, Second Week of Decline

Tagged as: , , , , , , , , ,

{ 0 comments }

Thirty-Year Fixed Rate Mortgage Climbs to 5.05%, Highest in Three Months

December 27, 2009

By Brian Louis Dec. 24 (Bloomberg) — Mortgage rates for fixed 30-year U.S. home loans increased for a third consecutive week to the highest in three months, reducing affordability for buyers and owners who wish to refinance. The rate for the week ended today increased to 5.05 percent from 4.94 percent. It set a record low 4.71 percent in the week ended Dec. 3. The average 15-year rate was 4.45 percent, the McLean, Virginia-based company said today in a statement. Mortgage rates are rising along with yields on the benchmark 10-year Treasury note. Yields on Fannie Mae and Freddie Mac mortgage securities climbed to the highest in four months this week, signaling interest rates on new home loans may continue climbing. “The housing market’s in recovery,” Brian Bethune , chief financial economist at IHS Global Insight in Lexington, Massachusetts, said. A Federal Reserve program to buy as much as $1.25 trillion in securities backed by home loans has helped reduce mortgage rates this year. The program is scheduled to end the first quarter of next year. The bond purchases from Fannie Mae , Freddie Mac and Ginnie Mae, which buy mortgages from lenders and package them into bonds, brought yields on the securities down this year and allowed lenders to reduce mortgage rates while still selling the securities at a profit. New-home sales unexpectedly fell 11 percent in November to an annual pace of 355,000, lower than the lowest estimate of economists surveyed by Bloomberg News. The median sales price fell 1.9 percent to $217,400 from a year earlier. The Mortgage Bankers Association’s index of applications to purchase a home or refinance a mortgage fell 11 percent in the week ended Dec. 18. The purchase index fell 12 percent and the refinancing gauge slumped 10 percent. To contact the reporter on this story: Brian Louis in Chicago at blouis1@bloomberg.net .

Read the full article →

U.S. Commercial Real Estate Prices Fall to 2002 Levels, Moody’s Data Show

December 21, 2009

By Brian Louis Dec. 21 (Bloomberg) — Commercial property values in the U.S. declined in October to the lowest level since 2002 as unemployment reduced demand for apartments, offices and retail space. The Moody’s/REAL Commercial Property Price Indices fell 1.5 percent in October from September, according to data compiled by Bloomberg. Prices fell 36 percent from a year ago and are 44 percent below the peak in October 2007. Values are dropping as U.S. unemployment climbs and consumers cut spending. Office vacancies may approach 20 percent next year as employers hold off hiring, commercial property brokers Jones Lang LaSalle Inc . and Grubb & Ellis Co . said last month. “The number-one issue facing commercial real estate right now is the value declines that we’ve seen since prices peaked,” Matthew Anderson, a partner at Foresight Analytics LLC in Oakland, California, said before the data were issued. “I tend to think that the size of the declines moving forward is going to be smaller.” To contact the reporter on this story: Brian Louis in Chicago at blouis1@bloomberg.net .

Read the full article →

Thirty-Year Mortgage Rates in U.S. Dropped to Record-Low 4.71% Last Week

December 3, 2009

By Brian Louis Dec. 3 (Bloomberg) — Mortgage rates for fixed 30-year loans dropped to a record low amid signs that the housing market is beginning to emerge from the worst slump since the 1930s. The rate fell to 4.71 percent for the week ended today, the lowest since Freddie Mac began compiling the data in 1971. The average 15-year rate was 4.27 percent, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement. Low mortgage costs and a tax credit for first-time homebuyers are helping increase demand for property as the number of contracts to buy previously owned homes rose in October and mortgage applications gained last week. The jobless rate at a 26-year high and mounting foreclosures represent challenges for the housing industry. The number of contracts to buy an existing home in the U.S. gained in October as consumers rushed to take advantage of the tax credit that had been scheduled to expire. The index of signed purchase agreements, or pending home sales, climbed 3.7 percent to 114.1 after rising 6 percent in September, the National Association of Realtors said on Dec. 1. The Mortgage Bankers Association’s index of applications to purchase a home or refinance a mortgage rose 2.1 percent in the week ended Nov. 27. The purchase index gained 4.1 percent and the refinancing gauge increased 1.7 percent. A Federal Reserve program to buy up to $1.25 trillion in securities backed by home loans has helped reduce mortgage rates this year. The program is scheduled to end the first quarter of next year. Bond Purchases The bond purchases from Fannie Mae , Freddie Mac and Ginnie Mae, which buy mortgages from lenders and package them into bonds, brought yields on the securities down this year and allowed lenders to reduce mortgage rates while still selling the securities at a profit. President Barack Obama signed legislation last month to extend and expand a homebuying tax credit, which may further boost property sales. The tax credit for first-time buyers was set to expire Nov. 30 and may have sparked an increase in existing home sales in October. Purchases of existing homes rose 10.1 percent to the highest level since February 2007. To contact the reporter on this story: Brian Louis in Chicago at blouis1@bloomberg.net .

Read the full article →

Thirty-Year Mortgage Rates in U.S. Dropped to Record-Low 4.71% Last Week

December 3, 2009

By Brian Louis Dec. 3 (Bloomberg) — Mortgage rates for fixed 30-year loans dropped to a record low amid signs that the housing market is beginning to emerge from the worst slump since the 1930s. The rate fell to 4.71 percent for the week ended today, the lowest since Freddie Mac began compiling the data in 1971. The average 15-year rate was 4.27 percent, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement. Low mortgage costs and a tax credit for first-time homebuyers are helping increase demand for property as the number of contracts to buy previously owned homes rose in October and mortgage applications gained last week. The jobless rate at a 26-year high and mounting foreclosures represent challenges for the housing industry. The number of contracts to buy an existing home in the U.S. gained in October as consumers rushed to take advantage of the tax credit that had been scheduled to expire. The index of signed purchase agreements, or pending home sales, climbed 3.7 percent to 114.1 after rising 6 percent in September, the National Association of Realtors said on Dec. 1. The Mortgage Bankers Association’s index of applications to purchase a home or refinance a mortgage rose 2.1 percent in the week ended Nov. 27. The purchase index gained 4.1 percent and the refinancing gauge increased 1.7 percent. A Federal Reserve program to buy up to $1.25 trillion in securities backed by home loans has helped reduce mortgage rates this year. The program is scheduled to end the first quarter of next year. Bond Purchases The bond purchases from Fannie Mae , Freddie Mac and Ginnie Mae, which buy mortgages from lenders and package them into bonds, brought yields on the securities down this year and allowed lenders to reduce mortgage rates while still selling the securities at a profit. President Barack Obama signed legislation last month to extend and expand a homebuying tax credit, which may further boost property sales. The tax credit for first-time buyers was set to expire Nov. 30 and may have sparked an increase in existing home sales in October. Purchases of existing homes rose 10.1 percent to the highest level since February 2007. To contact the reporter on this story: Brian Louis in Chicago at blouis1@bloomberg.net .

Read the full article →

U.S. 30-Year Fixed Mortgage Rates Drop for a Third Straight Week, to 4.83%

November 19, 2009

By Brian Louis Nov. 19 (Bloomberg) — Rates for 30-year fixed U.S. home loans fell for the third straight week, offering a boost to potential buyers who may use a government tax credit to purchase homes. The 15-year rate declined to a record low. The 30-year rate dropped to 4.83 percent from 4.91 percent, the lowest since May, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement. The average 15-year rate fell to 4.32 percent, the lowest since records began in 1991. Low mortgage costs and a tax credit for first-time homebuyers have helped increase demand for property this year. President Barack Obama signed legislation this month to extend the credit and expand it to include some current homeowners, which may lead to rising sales. “We’re not getting a huge bounce,” in demand, said Donald Rissmiller , chief economist at New York-based Strategas Research Partners LLC. “At some point we have to get beyond just flat.” Federal Reserve bond purchases from Fannie Mae , Freddie Mac and Ginnie Mae, which package home loans into securities, brought down yields on the bonds this year, allowing lenders to reduce rates on new loans while still selling the securities backed by them at a profit. The central bank pledged to buy up to $1.25 trillion in mortgage-backed securities bonds, helping drive mortgage rates to a record low of 4.78 percent in April. The central bank’s purchasing program is scheduled to end in the first quarter of next year, the Federal Open Market Committee said on Sept. 23. It reiterated those plans this month. The tax credit for first-time buyers was set to expire Nov. 30. Uncertainty over whether the credit would be extended may have prompted homebuilders to hold off on construction and led to a decline in housing starts in October. “That definitely had a dampening effect on housing demand over the last month,” said Celia Chen , senior director at Moody’s Economy.com in West Chester, Pennsylvania. “Demand measures will pick up again in coming months.” Commerce Department figures showed starts fell 11 percent to an annual rate of 529,000 in October, the lowest level since April. To contact the reporter on this story: Brian Louis in Chicago at blouis1@bloomberg.net .

Read the full article →

U.S. Mortgage Rates for 30-Year Fixed Home Loans Decline for Second Week

November 12, 2009

By Brian Louis Nov. 12 (Bloomberg) — Mortgage rates for 30-year fixed U.S. home loans fell to the lowest in five weeks, providing a boost to potential buyers and those who want to refinance. The average 30-year rate declined to 4.91 percent from 4.98 percent. The 15-year rate was 4.36 percent, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement. Falling mortgage rates, a tax credit for first-time homebuyers and signs the recession may be abating have helped increase demand for U.S. homes. Sales rose 11 percent to a two- year high in the third quarter, the National Association of Realtors said this week. “You’re probably not going to see upward pressure on mortgage rates anytime soon,” said Scott Brown , chief economist at Raymond James & Associates Inc. in St. Petersburg, Florida. “You’re not going to see a full recovery in the housing sector until you see a recovery beginning in the labor market.” The unemployment rate in the U.S. jumped to 10.2 percent in October, the highest level since 1983. Payrolls fell by 190,000 last month, more than forecast by economists, a Labor Department report showed Nov. 7. The jobless rate rose from 9.8 percent in September. Unemployment is extending a housing recession that started with mortgage defaults on loans to subprime borrowers and has spread to prime borrowers as the economy weakened. Central Bank Plan Federal Reserve bond purchases from Fannie Mae , Freddie Mac and Ginnie Mae, which package home loans into securities, brought down yields on the bonds this year, allowing lenders to reduce rates on new loans while still selling the securities backed by them at a profit. The central bank pledged to buy up to $1.25 trillion in mortgage-backed securities bonds, helping drive mortgage rates to a record low 4.78 percent in April. The central bank’s purchasing program is scheduled to end in the first quarter of next year, the Federal Open Market Committee said on Sept. 23. It reiterated those plans last week. To contact the reporter on this story: Brian Louis in Chicago at blouis1@bloomberg.net .

Read the full article →

U.S. 30-Year Fixed Mortgage Rates Climb to 5% in Second Weekly Increase

October 22, 2009

By Brian Louis Oct. 22 (Bloomberg) — Mortgage rates for 30-year fixed U.S. home loans rose for a second consecutive week, making borrowing more expensive and threatening signs of stabilization in the housing market. The average 30-year rate climbed to 5 percent from 4.92 percent last week. The 15-year rate was 4.43 percent, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement. Rising borrowing costs reduced mortgage applications last week. The Mortgage Bankers Association’s index of applications to purchase a home or refinance fell 14 percent. Homebuilders broke ground on fewer homes than anticipated in September as a government tax credit for first-time homebuyers is set to expire at the end of November. The Federal Reserve set out last year to encourage lower mortgage rates by pledging to buy bonds backed by home loans. It increased the size of the program to $1.25 trillion in March. The bond purchases from Fannie Mae , Freddie Mac and Ginnie Mae brought down yields on mortgage-backed securities and allowed lenders to reduce rates on new loans while still selling the securities backed by them at a profit. The plan helped drive mortgage rates to a record low of 4.78 percent twice in April. The central bank plans to slow the pace of buying. The program is scheduled to end in the first quarter next year, the Federal Open Market Committee said in a statement Sept. 23. Mortgage applications to buy a home fell 7.6 percent in the week ended Oct. 16 and refinancings decreased 17 percent, according to the Mortgage Bankers Association. Housing starts rose 0.5 percent to an annual rate of 590,000 in August. That was lower than previously estimated, figures from the Commerce Department showed yesterday. Permits, a sign of future construction, fell for the second time in the past three months. To contact the reporter on this story: Brian Louis in Chicago at blouis1@bloomberg.net .

Read the full article →

Thirty-Year Mortgage Rates in U.S. Drop to Near-Record 4.87%, Freddie Says

October 8, 2009

By Brian Louis Oct. 8 (Bloomberg) — Mortgage rates for 30-year fixed U.S. home loans fell for the second consecutive week, pushing borrowing costs to near record lows. The average U.S. 30-year rate dropped to 4.87 percent from 4.94 percent last week. The 15-year rate was 4.33 percent, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement. Falling rates helped boost home-loan applications last week to the highest level since May. The Mortgage Bankers Association’s index of applications to purchase a home or refinance rose 16 percent. Rates around 5 percent, slumping home prices and a government tax credit for first-time homebuyers are bolstering demand for housing. “We’re not expecting the housing market to come roaring back to anything close to what it was during the boom,” said Scott Brown , chief economist at Raymond James & Associates Inc. in St. Petersburg, Florida. “It’s going to be a long, gradual recovery.” The Federal Reserve set out last year to encourage lower mortgage rates by pledging to buy bonds backed by home loans. It increased the size of the program to $1.25 trillion in March. The purchases from Fannie Mae , Freddie Mac and Ginnie Mae brought down yields on mortgage-backed securities and allowed lenders to reduce rates on new loans while still selling the securities backed by them at a profit. The plan helped drive home loan rates to a record low of 4.78 percent twice in April. Applications Rise Mortgage applications to buy a home climbed 13 percent in the week ended Oct. 2 and the refinancing gauge surged 18 percent. Recent data indicate the housing industry is emerging from its worst recession since the 1930s. The index of signed purchase agreements, or pending home sales, jumped 6.4 percent in August, a seventh consecutive gain, the National Association of Realtors said on Oct. 1. To contact the reporter on this story: Brian Louis in Chicago at blouis1@bloomberg.net .

Read the full article →

Pulte Completes $1.3 Billion Centex Deal to Form Biggest U.S. Homebuilder

August 18, 2009

By Brian Louis Aug. 18 (Bloomberg) — Pulte Homes Inc . completed its $1.3 billion purchase of Centex Corp. , creating the biggest U.S. homebuilder amid signs the worst housing slump since the Great Depression may be nearing a bottom. “The deal is both offensive and defensive,” said Pulte Chief Executive Officer Richard Dugas , who will lead the combined company. “We’re likely not to experience a lot of downside from here, but it’s quite possible that we could be operating in this tough environment for a while.” Pulte’s purchase of Centex, which initiated the sale, is the first large combination of publicly traded homebuilders since the housing recession began. The companies expect to save $350 million annually by combining. American builders broke ground on more single-family homes in July for a fifth straight month, while the median price of an existing home dropped 15.6 percent from a year earlier, according to data from the Commerce Department and the National Association of Realtors. The companies agreed to the deal in April after Centex lost 70 percent of its value in the previous 12 months and Pulte lost 30 percent. Shareholders of Pulte and Centex approved the transaction today at separate meetings. The companies, had they been combined last year, would have had revenue of $11.6 billion and reported a loss from continuing operations of $3.5 billion. Seeking Profits “I’m tired of losing money,” Dugas, 44, said in an interview. “We are squarely focused on returning to profitability as soon as we can.” Buying Dallas-based Centex may give Pulte increased sales to entry-level buyers. Pulte got half its sales from developments for people aged 55 and older, while Centex’s primary customers are first-time consumers and buyers moving up to a larger house. “Down the road, when the market recovers, it may turn out to be a good acquisition,” Joseph Snider , senior credit officer at Moody’s Investors Service in New York, said before the transaction closed. “There may be a lot of hiccups, bad hiccups along the way.” An $8,000 federal tax credit for first-time homebuyers is bolstering the housing market and has a “reasonable chance” to get extended, Dugas said. “I think it’s been helpful,” Dugas said. “I think the tax credit has been effective.” Pulte agreed to pay 0.975 of a share for each Centex share. The transaction included $1.8 billion in debt. Pulte said on Aug. 11 it started a tender offer to purchase as much as $1.5 billion in debt belonging to both companies. Pulte rose 4 cents to $12.36 at 2:07 p.m. in New York Stock Exchange composite trading. The shares rose 13 percent this year through yesterday. “We’re going to be the first multibranded homebuilder,” Dugas said. To contact the reporter on this story: Brian Louis in Chicago at blouis1@bloomberg.net .

Read the full article →

Home-Price Drops in U.S. Accelerated Last Quarter as Foreclosures Climbed

August 12, 2009

By Kathleen M. Howley and Brian Louis Aug. 12 (Bloomberg) — Home price declines in the U.S. accelerated in the second quarter, dropping by a record 15.6 percent from a year earlier, as foreclosure sales weighed on values. The median price of an existing single-family home dropped to $174,100, the National Association of Realtors said today. Total sales rose 3.8 percent to a seasonally adjusted annual rate of 4.76 million from the first quarter and dropped 2.9 percent from the second quarter of 2008. Prices fell in 129 out of 155 metropolitan areas from a year ago and 39 states experienced sales increases from the first quarter, the Chicago-based realtors group said. Sales in the U.S. housing market at the heart of the global recession are beginning to stabilize, said Patrick Newport , an economist for Lexington, Massachusetts-based IHS Global Insight. “Sales of new and existing homes are beginning to grow again,” Newport said in an interview. “The market may be past its bottom.” Home prices are tumbling even as mortgage rates remain near all-time lows. The average U.S. rate for a 30-year fixed home loan was to 5.22 percent last week, down from 5.25 percent the prior week, according to mortgage buyer Freddie Mac of McLean, Virginia. The rate dipped to 4.78 percent in April, the lowest ever recorded. U.S. foreclosure filings — notices of default, auction or bank seizure — rose to a record in 2009’s first half, according to RealtyTrac Inc., an Irvine, California-based seller of real estate data. More than 1.5 million properties, one in every 84 U.S. households, received a foreclosure filing, RealtyTrac said in a July 16 report. Default Discounts Homes in or near default typically sell for about 20 percent less than non-distressed property, according to the Realtors group. Those sales reduce the value of each surrounding home by an average $8,667 because the lower price is used by appraisers to set values for other properties in the area, according to the Center for Responsible Lending in Durham, North Carolina. The world’s largest economy will contract 1.3 percent this year, according to a July 10 forecast by Fannie Mae. The U.S. unemployment rate may climb to 9.9 percent in 2010, from 9.3 percent this year, according to the mortgage buyer controlled by the U.S. government. To contact the reporters on this story: Kathleen M. Howley in Boston at kmhowley@bloomberg.net ; To contact the reporter on this story: Brian Louis in Chicago at blouis1@bloomberg.net .

Read the full article →

Pulte Posts Loss as Unemployment, Foreclosures Hurt Demand for New Houses

August 3, 2009

By Brian Louis Aug. 3 (Bloomberg) — Pulte Homes Inc ., the U.S. homebuilder that agreed to buy Centex Corp. for $1.3 billion, reported a wider second-quarter loss as rising unemployment and record foreclosures cut demand for new houses .

Read the full article →

Las Vegas, Fort Myers, Florida, Leading U.S. Metro Areas in Foreclosures

July 30, 2009

By Brian Louis July 30 (Bloomberg) — Las Vegas and Cape Coral-Fort Myers, Florida led U.S. metropolitan areas in foreclosures in the first half of the year as unemployment and falling home prices forced home-loan defaults, RealtyTrac Inc . said. The Las Vegas area had the highest rate of foreclosure filings, with 7.5 percent of households receiving a default or auction notice or being seized by a lender.

Read the full article →

U.S. Mortgage Rates Rise to 5.25% in Second Weekly Gain, Freddie Mac Says

July 30, 2009

By Brian Louis July 30 (Bloomberg) — Mortgage rates in the U.S. rose for a second consecutive week, threatening a potential revival in home sales as higher borrowing costs made homes less affordable

Read the full article →

U.S. Mortgage Rates Rise to 5.2% in First Gain in Four Weeks, Freddie Says

July 23, 2009

By Brian Louis July 23 (Bloomberg) — Mortgage rates in the U.S.

Read the full article →

U.S. Mortgage Rates Rise to 5.2% in First Gain in Four Weeks, Freddie Says

July 23, 2009

By Brian Louis July 23 (Bloomberg) — Mortgage rates in the U.S. rose for the first time in four weeks, a sign the federal government’s effort to lower borrowing costs is losing momentum. The average 30-year rate increased to 5.2 percent from 5.14 percent, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement.

Read the full article →