Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) for the week ending Dec. 1, 2011, showing the 30-year fixed-rate mortgage (FRM) averaging 4.00% with an average 0.7 point cost, up from last week when it averaged 3.98%. Last year at this time, the 30-year FRM averaged 4.46%. The 30-year fixed mortgage has averaged at or below four percent for the fifth consecutive week while the 15-year fixed has hovered around 3.30%.. Additionally, adjustable-rate mortgages (ARMs) ticked down slightly averaging new record lows for the second straight week.
The latest Lender Processing Services Inc. (LPS) October Mortgage Monitor report shows that mortgage delinquencies have continued a steady decline, now nearly 30 percent off their January 2010 peak, while foreclosure inventories are on the rise, hitting an all-time high at the end of October of 4.29 percent of all active mortgages. The average days delinquent for loans in foreclosure extended as well, setting a new record of 631 days since last payment, while the average days delinquent for loans 90 or more days past due but not yet in foreclosure decreased for the second consecutive month.
A consumer fraud alert has been issued to protect homeowners from HAMP-related mortgage modification scams. The alert tells homeowners who are struggling to make their mortgage payments to be aware of con artists that promise to save their homes and lower their mortgage debt or their payments and offers these homeowners specific tips:
No special assistance is needed to apply for a HAMP modification and paying a third party does not improve your likelihood of obtaining one. Beware of persons claiming to be HAMP experts. Homeowners can make application on their own or with the help of a Housing and Urban Development (HUD) approved housing counselor. Applying for the program is always free.
No third party can approve a modification; this can only be done by the loan servicer.
No advance fee is necessary for mortgage modification services and in most cases charging in advance for a modification is illegal.
Homeowners should verify the authenticity of any individual or company that claims to be affiliated with HAMP or displays a seal or logo representing the U.S. government by calling the Homeowner's HOPETM Hotline.
Beware of individuals or companies that offer money-back guarantees or that advise stopping mortgage payments or not contacting the mortgage servicer.
30 year fixed - 3.875% + 0% cost points for rate
20 year fixed - 3.750% + 0 % points for rate
15 year fixed - 3.250% + 0% points for rate
10 year fixed - 2.99% + 0% points for rate
5/1 ARM - 2.50% +0 points for rate
7/1 ARM - 2.750 % + 0 points for rate
10/1 ARM 3.250% + 0 points for rate
30 year fixed - 3.875% with +0 % points for rate
5/1 ARM - 2.75% with + 0 points for rate
7/1 ARM - 3.25 with + .625 % CREDIT point for rate
Jumbo - over 576,000 (in Fairfield County, CT) to 2,000,000
30 year fixed - 4.625 % with 0 points for rate
15 year fixed - 4.125% with 0 points for rate
5/1 ARM - 3.375% - 0 points for rate
7/1 ARM - 3.875 % - 0 points for rate
10/1 ARM - 4.375% with 0 points for rate