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Tag Archives: Politics

Washington Gridlock Spells Quiet Week for Mortgage Rates

Fixed mortgage rates held more or less steady this week as Capitol Hill remained locked in debate over budgetary concerns. According to data in Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 4.23 percent (0.7 point) for the week ending October 10, just up from 4.22 percent last week. A year ago at this time, the 30-year FRM averaged 3.39 percent. Meanwhile, Bankrate.com recorded a fifth consecutive week of declines for fixed rates in its weekly national survey.

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MBA President Calls for End to Shutdown

As the first government shutdown in nearly 20 years marches on, the Mortgage Bankers Association's (MBA) David Stevens is urging lawmakers to consider the impact that an ongoing shutdown will have on the housing market. Stevens, president and CEO of the trade group, pointed out that while furloughs are currently impacting the out-of-work government employees the most, the effects of a long-term crisis are sure to spread, with lenders having to wait for tax transcripts, Social Security number verification, and other required items.

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Interest Rates Feel Effects of Government Shutdown

Freddie Mac's Primary Mortgage Market Survey showed average fixed rates dropping for the third straight week, with the 30-year fixed-rate mortgage (FRM) averaging 4.22 percent (0.7 point) for the week ending October 3, down a tenth of a percentage point. In addition to the government shutdown (which threatens to shave points off of GDP growth in Q4 if allowed to continue much longer), rates were brought down by a slip in consumer sentiment in September.

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Community Bankers Urge Simplicity in Secondary Market Reform

In a white paper released Monday, Independent Community Bankers of America (ICBA) warns policymakers to "be careful not to create a new [secondary market] system that destroys liquidity for all but the few largest players, limits access to the market or narrows options for smaller lenders, and imposes requirements that make it too costly for smaller lenders to operate"--a common thread among the major proposals presented so far, the group says.

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Report: FHA to Seek Treasury Draw

Despite efforts to shore up its insurance fund, the Federal Housing Administration (FHA) is likely to seek a Treasury draw of nearly $1 billion to help cover losses from bad loans. "Sources familiar with the matter" told Reuters Wednesday the agency may need to take a bailout for the first time in its history. While no definitive numbers were given, the White House predicted in its budget earlier this year that FHA may need up to $943 million.

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Senators: Bipartisan GSE Reform Bill ‘Gaining Momentum’

Sen. Mark R. Warner (D-Virginia) is seeing tremendous momentum toward GSE reform in Congress, he said during a discussion with Zillow chief economist Stan Humphries this week. He also expressed his optimism that the Housing Reform and Taxpayer Protection Act of 2013--a bill he helped co-sponsor--"actually has a chance" of passing. Fellow co-sponsor Sen. Bob Corker (R-Tennessee), who was also part of the discussion with Humphries, expressed similar sentiment, saying the bill is "gaining momentum."

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Unemployment Rate Dips as August Payrolls Increase 169K

Unemployment

The nation's economy added 169,000 jobs in August as the unemployment rate fell to 7.3 percent, the lowest level since December 2008, the Bureau of Labor Statistics (BLS) reported Friday. Economists had forecast payrolls would grow by 180,000 and that the unemployment rate would remain at July's 7.4 percent.

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