Freddie Mac issues new restrictions on subprime hybrid ARMs

Government-sponsored mortgage repurchaser Freddie Mac says that beginning Sept. 1 it will buy subprime adjustable-rate mortgages only if buyers are qualified at the fully indexed and fully amortizing rate.

Freddie Mac will also limit the use of low-documentation underwriting for subprime ARMs and "strongly recommend" that lenders collect escrow accounts for borrowers' taxes and insurance payments.  more...

Home-price growth continues dive in latest S&P indices

A national home-price index fell 0.7 percent in the fourth quarter and ended 2006 at 0.4 percent annual growth.

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Median existing-home price falls 3%

The seasonally adjusted annual rate of existing-home sales fell 4.3 percent in January compared to the same month in 2006, while the U.S. median home price dropped 3.1 percent, the National Association of Realtors trade group reported today.  more...

Consumer confidence highest since 2001

Better economic conditions in February boosted consumer confidence to its highest level since August 2001, The Conference Board reported today.

Lynn Franco, director of The Conference Board Consumer Research Center, said the combination of "improving present-day business conditions" and less difficulty finding jobs helped to lift consumers' spirits this month.

The consumer confidence index climbed to 112.5 in February from 110.2 in January, as the number of consumers claiming business conditions are "good" rose and the number of those saying conditions are "bad" fell.  more...

Bring the Blog offers content for business Weblogs

Mortgage planner and blogger Dan Green has launched Bring the Blog, a service that offers syndicated content for real estate and mortgage bloggers.

Green will write the posts for mortgage bloggers, while real estate broker Teresa Boardman -- author of St. Paul Real Estate Blog -- will write the feed for real estate bloggers.

Green said an introductory rate of $199 a year for mortgage blog posts will expire in about a week, while the $199 introductory offer for real estate posts is good until March 31.  more...

Another drop in overnight real estate rates

Long-term mortgage interest rates fell further Monday, and the benchmark 10-year Treasury bond yield sank to 4.63 percent.

The 30-year fixed-rate average dipped to 5.74 percent, and the 15-year fixed rate was down at 5.5 percent. The 1-year adjustable slid to 5.36 percent.

The 30-year Treasury bond yield decreased to 4.73 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...