Inflation report hikes mortgage rates

Mortgage rates increased slightly this week after the latest consumer price report suggested that inflation is still a threat, according to surveys conducted by Freddie Mac and Bankrate.com.

In Freddie Mac's survey, the 30-year fixed-rate mortgage inched up to an average 6.63 percent for the week ended today, up very slightly from last week's average of 6.62 percent. The average for the 15-year fixed-rate mortgage is 6.25 percent, up slightly from last week's average of 6.23 percent.  more...

CEO: Days of 'arrogant, defiant' Fannie Mae had to end

Fannie Mae has established a new senior management team, made progress on a financial restatement and changed its attitude, Daniel Mudd, the mortgage giant's CEO, told a Senate committee today.

In prepared testimony before the Senate Banking Committee, Mudd described changes Fannie has put in place following the accounting scandal that has rocked the government-sponsored enterprise. "The days of arrogant, defiant, 'my way' Fannie had to end," Mudd said. "We are making progress. And we have much more to do.  more...

Houston real estate sales jump 11%

Real estate sales in the Houston, Texas, market grew for the eighth straight month in May as single-family sales and prices broke more records, the Houston Association of Realtors reported today.

Total property sales, which include single-family homes, townhomes, multifamily homes, country homes, high-rise properties and lots listed on the MLS, totaled 8,629 in May, up 11.6 percent from May 2005.  more...

California coalition to speak out against predatory lending

A coalition of California groups plans to testify during a Federal Reserve Board of Governors meeting this week about the dangers of predatory mortgage lending, according to an announcement.

Among the existing problems in the industry, cited by the coalition: many borrowers are sold loans based on a stated income, with no documentation to show the borrowers are able to afford the loan; borrowers are sold loans with low initial rates that will drastically increase in the coming years and could leave unsuspecting borrowers unable to pay their mortgages; loans are sold to non-English  more...

New Orleans public housing to get makeover

Housing and Urban Development Secretary Alphonso Jackson on Wednesday unveiled the agency's plan to accelerate the return of public housing families back to New Orleans by rehabilitating units and increasing the value of rental vouchers.

The plan includes rehabilitating and reopening about 1,000 public housing units in the next 60 days, raising the value of HUD Disaster Vouchers, and redeveloping New Orleans public housing to bring better housing opportunities for families displaced by Hurricane Katrina.  more...

Overnight real estate rates creep higher

Long-term mortgage interest rates were up Wednesday, and the benchmark 10-year Treasury bond yield rose to 5.06 percent.

The 30-year fixed-rate average gained to 6.2 percent, and the 15-year fixed-rate increased to 5.89 percent. The 1-year adjustable was down at 5.24 percent.

The 30-year Treasury bond yield increased to 5.09 percent.

Rates are current as of 7:15 p.m. Eastern Standard Time.

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states.  more...