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The week that was
Mortgage loan delinquency, borrowers 60 or more days past due, increased for the tenth straight quarter, hitting an all-time national average high of 5.81% for the second quarter of 2009, according to the latest data from TransUnion.com. This statistic is up 11.3% from the first quarter’s 5.22% average.
Sales of existing homes in July jumped at the fastest rate in 10 years. Sales of single-family homes increased 7.2% in July from a month earlier to a seasonally adjusted annual rate of 5.24 million units, the National Association of Realtors said Friday.
July housing starts were down 1.0%; however June starts were originally reported up 3.6% but were revised today to +6.5%. Total starts were 581K with single family starts up 490K.
Freddie Mac’s Primary Mortgage Market Survey® said that the 30-year fixed-rate mortgage (FRM) averaged 5.12 percent with an average 0.7 point for the week ending August 20, 2009, down from last week when it averaged 5.29 percent. Last year at this time, the 30-year FRM averaged 6.47 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.57 percent this week, with an average 0.6 point, down from last week when it averaged 4.75 percent. A year ago, the 5-year ARM averaged 5.99 percent.
Note that these average rates are for loan amount $417,000 and lower.Per DQNews.com loans above $417,000 accounted for 30 percent of Bay Area home sales in July.
The week that will be
It’s a week chock-full of economic data. Key releases include the latest figures on durable goods orders, new homes sales, personal spending and consumer sentiment. The Treasury will sell $42 billion in two-year notes Tuesday, $39 billion in five-years Wednesday and $28 billion in seven-year notes Thursday. Expect mortgage rates to be extremely volatile through the week.