Another good day for mortgage rates
Posted January 11, 2012
Another good day for mortgage rates, as prices continued to improve and yields maintained their declines, dropping to 1.90 by 4 p.m. Wednesday.
Mortgage applications were up 4.5 percent for the week ending Jan 6. The Application Index driven by increases in both purchases and refinances to start the year - refinances were up 3.3 percent, while the index for purchases was up 8.1 percent.
Michael J. Williams, Fannie Mae’s CEO resigned yesterday amid continued turmoil at the Government Sponsored Enterprise. His resignation followed the same announcement from Freddie Mac Chairman, Charles E. Haldeman Jr three months ago. The timing on these announcements is particularly interesting given the level of volume in the industry currently, as well as the contemplative nature of FHFA right now regarding the GSE’s future.
The Fed’s Beige Book Report was released this afternoon – indicating moderate growth in the economy. All but one of the Fed’s Twelve Banking Regions grew at some level between November and the end of the year.