|
FHLB 11th Dist Cost-Of-Funds Index Down To 4.299% In March
NEW YORK -(Dow Jones)- The cost of funds in the 11th District, a gauge of thrift deposit and financing costs and a key benchmark for adjustable-rate mortgage securities, was down to 4.299% in March. The rate was 4.376% in February and 4.392% in January. The cost-of-funds index measures deposit and financing costs for thrifts in California, Nevada and Arizona. The data are reported by the Federal Home Loan Bank of San Francisco, which compiles the data on a monthly basis. (END) Dow Jones Newswires April 30, 2007 18:32 ET (22:32 GMT) Copyright 2007 Dow Jones & Company, Inc. .
Hybrid Mortgage Loans For Short Term Low Rate Refinancing
In these days of staggering credit card interest rates and payment minimums being doubled under the new bankruptcy laws, as a home owner, you may find that loosing equity in your home through a purchase loan refinance may be still be the best way to unload burdensome debts. However, with interest rates steadily rising, you may find that current market rates may be too much for you to afford. If a 7+% 30-year fixed-rate mortgage doesn't fit your budget, a hybrid adjustable rate mortgage (ARM) may be your answer. "If economic growth slows, the Federal Reserve could begin lowering short-term rates in mid to late 2007," says Doug Duncan, chief economist of the Mortgage Bankers Association, which could be good news for borrowers considering hybrid ARMs for mortgage refinancing. Hybrid ARMs come in many flavors; the following are some of the most popular: • 3/1 - fixed rate for the first three years, then annual adjustments.
Bankrate: Mortgage Rates Retreat on Inflation News
NEW YORK, April 19 /PRNewswire/ -- Fixed mortgage rates broke a string of four consecutive increases, dipping this week in response to favorable news on the inflation front. The average 30-year fixed mortgage rate slid to 6.29 percent. According to Bankrate.com's weekly national survey of large lenders, the 30-year fixed rate mortgages had an average of 0.27 discount and origination points. The average 15-year fixed rate mortgage, popular for refinancing, inched lower to 6.02 percent. With larger loans, the average jumbo 30-year fixed rate nosed higher to 6.59 percent. On adjustable rate mortgages, the average 5/1 ARM sank 6.11 percent and the average one-year ARM held at 6 percent. Mortgage rates had increased in each of the four prior weeks, aided by comments from the Fed about the focus on taming inflation.
The PMI Group, Inc. Updates 2007 Financial Guidance
WALNUT CREEK, Calif., April 30 /PRNewswire-FirstCall/ -- The PMI Group, Inc. (NYSE: PMI) (the "Company") today updated its financial guidance for 2007: -- Total incurred losses for its U.S. Mortgage Insurance Operations to be between $300 million to $360 million; -- Expense ratio for its U.S. Mortgage Insurance Operations to be between 20% and 23%; -- Consolidated investment portfolio pre-tax yield to be between 5.00% and 5.50%; -- Full year expenses related to stock options and share-based compensation to be between $13 million to $15 million after tax; -- Consolidated tax rate to be between 25% and 27%. The Company will hold its first quarter 2007 earnings conference call on Monday, April 30 at 11:30 am Eastern time. This call will be webcast and available at PMI's website: www.pmigroup.com/shareholders/ .
Homeowners Warned Of Equity Stripping
ORLANDO, Fla. -- Many advertisements promising easy ways out of foreclosure have hidden agendas and could end up costing homeowners who pursue them, according to a Local 6 News investigation. The report featured Central Floridian Michelle Briscoe, who was out of a job and behind on her mortgage when she said she agreed to an 11th-hour deal to save her Orange County home. Briscoe said the deal was signed in the offices of America Home Mortgage in Longwood, according to the report. Her $200,000 mortgage was paid as promised, but the home was reappraised at $342,000, the report said. .
| 