Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  OTC Bulletin Board  >  Federal National Mortgage Assctn Fnni Me       

FEDERAL NATIONAL MORTGAGE ASSCTN FNNI ME

SummaryNewsCalendarCompany 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations
The feature you requested does not exist. However, we suggest the following feature:

Rising interest rates bite into U.S. mortgage activity

share with twitter share with LinkedIn share with facebook
share via e-mail
0
12/14/2016 | 10:37am EST

NEW YORK (Reuters) - A rise in interest rates on U.S. 30-year fixed-rate mortgages to their highest in more than two years has pushed more people seeking to buy a home or refinance one to the sidelines, an industry report released on Wednesday showed.

Applications for mortgages fell for a third straight week to the lowest since the start of the year as borrowing costs on 30-year home loans, the most widely held type of home loan in the United States, scaled higher with U.S. bond yields, according to the Mortgage Bankers Association.

The Washington-based industry group said its measure of requests for mortgages fell 4.0 percent in the week to Dec. 9 to 397.5, its lowest since 328.6 in the week ended Jan. 1.

The average rate on 30-year conforming loans with balances of $417,000 or less, which mortgage agencies Fannie Mae (>> Federal National Mortgage Assctn Fnni Me) and Freddie Mac (>> Federal Home Loan Mortgage Corp) guarantee, edged up from 4.27 percent to 4.28 percent, the highest since October 2014, the MBA said.

Home borrowing costs have climbed with a surge in U.S. 10-year Treasury bond yields <US10YT=RR>, which this week hit their highest since September 2014 in the wake of Donald Trump's U.S. presidential win.

Traders have bet on faster economic growth and inflation if Trump and the Republican-controlled Congress enact big tax cuts and federal spending, along with looser regulations and stricter trade policies.

Interest rates on other types of mortgages were little changed or lower on the week.

The average 15-year mortgage rate dipped to 3.52 percent from 3.53 percent, while the average five-year adjustable rate fell to 3.28 percent from 3.39 percent.

The spike in 30-year mortgage rates, which have risen about 0.50 percentage point since the Nov. 8 election, has hit refinancing hard.

MBA's seasonally adjusted refinancing index fell 3.6 percent to 1,407.0 last week, its lowest since the week of Jan. 8.

The group's seasonal gauge of applications to buy a home, seen as a proxy for future home sales, declined 3.3 percent to 226.7, the lowest in four weeks.

(Reporting by Richard Leong; Editing by Chizu Nomiyama and James Dalgleish)

By Richard Leong

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on FEDERAL NATIONAL MORTGAGE
11/08JPMorgan Deal Shows Possible Path to Smaller Fannie and Freddie
DJ
11/07SURVEY : More in U.S. say now not a 'good time to buy' a home
AQ
11/07LOGMEIN : AI-Enabled Platform Ask Poli Draws More Than 1.5 Million Visitors Usin..
AQ
11/06FEDERAL NATIONAL MORTGAGE ASSOCIATIO : NDILC Council Member Rachel Beam-Jares Pr..
AQ
10/31FEDERAL NATIONAL MORTGAGE ASSOCIATIO : Results of Operations and Financial Condi..
AQ
10/31FEDERAL NATIONAL MORTGAGE ASSOCIATIO : FANNIE MAE Management's Discussion and An..
AQ
10/29FEDERAL NATIONAL MORTGAGE ASSOCIATIO : Change in Directors or Principal Officers..
AQ
10/24Banks Get Ready For Privatization Of Fannie, Freddie -- WSJ
DJ
10/23The White House Wants to Privatize Fannie and Freddie. It Needs Wall Street's..
DJ
10/14ABA-CALABRIA : GSEs to Retain Earnings for Up to 18 Months
AQ
More news
Managers
NameTitle
Hugh R. Frater Chief Executive Officer & Director
David C. Benson President
Jonathan Plutzik Chairman
Kimberly H. Johnson Chief Operating Officer & Executive Vice President
Celeste Marie Brown Chief Financial Officer & Executive Vice President