Meanwhile, mortgage applications continued to fall off, according to the latest data from the Mortgage Bankers Association. The market composite index - a measure of total loan application volume - declined 3.2 percent from a week earlier. The refinance index fell 4.3 percent from the previous week to its lowest level since December 2000. The purchase index dropped 2.3 percent. … [Read more...] about Mortgage rates plateau amid stock market fluctuations
Fed refinance rates
The Federal Reserve raised its benchmark rate again this week, the fourth increase this year. The Fed doesn't set mortgage rates, but its decisions influence them. Although Fed Chairman Jerome Powell expressed confidence that the economy is "healthy," he acknowledged that it appears to be slowing. He said there is a "fairly high degree of uncertainty" about what the central bank will do in the coming year. … [Read more...] about Mortgage rates continue their slide, while the Fed raises its benchmark rate
The first article, which was published yesterday, describes how the bank abandoned many of its traditional lending standards, even allowing borrowers to qualify for option adjustable-rate mortgage loans with little or no documentation that they actually had enough income to afford to repay the loan. … [Read more...] about Option ARM Killed Bank & Homeowners; Why Didn’t Feds Shut It Down Sooner?
I. Background on MBR Regulatory RegimeFirms applying to sell electric energy, capacity or ancillary services in the wholesale market at market-based rates are required to demonstrate that they lack the ability to exercise market power in their “control area.” The Commission screens for both horizontal and vertical market power. Horizontal market power is the ability of an applicant to affect market prices or competition within a single market, as defined by the FERC’s horizontal market power guidelines under sections 203 and 205 of the Federal Power Act.3 Vertical market power is the ability of an applicant to exercise market power in one market by virtue of having market power in another related market.4 The FERC detects horizontal market power using two indicative screens: (1) the uncommitted market share screen, and (2) the uncommitted pivotal supplier screen. A … [Read more...] about New Year, New Market-Based Rates Regulatory Regime
"The supply of credit continues to drift higher, driven once again by growth in the conventional credit space, while credit supply in government loans was essentially unchanged from the previous month," Kan said. "There were more mortgage programs offered with high [loan-to-value] and low credit score characteristics - likely attributable to rising demand from first-time buyers. As seen in our weekly mortgage applications survey, average purchase loan amounts have moved lower in the second half of the year, which also supports first-timers' increased presence in the market." … [Read more...] about Mortgage rates are down significantly over the past three weeks