Fixed mortgage rates dropped to their lowest levels in four months this week, amid growing assumptions that the Federal Reserve will not scale back its bond purchase program any time before the end of the year.
Housing and mortgage industry trade groups are banding together to press the Federal Housing Finance Agency (FHFA) to hold off on its plans to reduce the size of mortgages that can be approved by Fannie Mae and Freddie Mac.
Mortgage rates headed higher this week on the strength of a better-than-expected employment report, ending five straight weeks of declines that sent average rates on some loan types to new record lows.
A group of state attorneys general are calling for the replacement of Federal Housing Finance Agency head Edward DeMarco, saying his refusal to allow mortgage principle reductions is unduly prolonging the foreclosure crisis.
A new business entity intended as an eventual successor to Fannie Mae and Freddie Mac will be launched this year by the Federal Housing Finance Agency (FHFA), the acting director of the agency has announced.