More borrowers refinancing into fixed-rate loans

The tight spread between interest rates on fixed- and adjustable-rate mortgages means more than eight out of 10 borrowers refinancing out of 1-year or hybrid ARMs are choosing fixed-rate mortgages, Freddie Mac reports.

In the first quarter of 2007, 89 percent of borrowers who originally had a 1-year adjustable-rate mortgage chose a fixed-rate mortgage when they refinanced, compared with 85 percent in the same quarter a year ago.  more...

Mortgage rates higher on consumer confidence

Mortgage rates rose considerably this week on news of strong consumer confidence and unpredictable inflation, Freddie Mac and Bankrate.com reported today.

In Freddie Mac's survey, the 30-year fixed-rate mortgage reached an average 6.37 percent, up from last week's 6.21 percent, while the 15-year fixed-rate mortgage grew from 5.92 percent to 6.06 percent. Points, which are fees lenders charge for loan processing expressed as a percent of the loan, averaged 0.4 on the 30- and 15-year loans.  more...

Trulia lands $10 million in funding

Real estate listings search site Trulia.com has secured $10 million in financing, which the company said will go towards expansion.

The Series C round of funding was led by Sequoia Capital, and includes previous venture investors Accel Partners and Fayez Sarofim & Co.

The investment will fund Trulia's general operations and allow it to expand its team, and develop new products and services, the company said in a statement.  more...

New-home sales, prices sink in April

Sales and prices of new single-family homes in April trailed their year-ago levels by double digits, according to estimates released today by the U.S. Census Bureau and the Department of Housing and Urban Development.

The seasonally adjusted annual rate at which new one-family homes sold last month was 981,000, down approximately 10.6 percent from a year ago when the rate was 1.09 million units. This rate is based on the projection of a monthly sales total over a 12-month period, adjusted to account for seasonal fluctuations in sales activity.  more...

Yahoo! Real Estate beefs up home values section

In a move aimed at satisfying online consumers' growing appetite for real estate information, Yahoo! Real Estate on Thursday released a revamped home values section including new research capabilities, multiple valuation estimates from various sources and the ability to connect with local appraisers.  more...

Bank regulators plan foreclosure forums

Federal bank regulators plan six forums in three western states to discuss solutions for borrowers and neighborhoods affected by foreclosures.

Topics will include national and local data on foreclosure, solutions for distressed borrowers, strategies for foreclosure prevention, and the impact of foreclosures on borrowers and neighborhoods.  more...

Subprime guidance could restrict no-doc loans

A top federal banking regulator said Wednesday new guidance now being drafted for subprime lenders should address the widespread use of stated-income loans, which present "a temptation for misrepresentation" and "outright fraud."  more...

Hike in overnight real estate rates

Long-term mortgage interest rates were up Wednesday, and the benchmark 10-year Treasury bond yield rose to 4.85 percent.

The 30-year fixed-rate average increased to 5.92 percent, and the 15-year fixed rate edged up to 5.64 percent. The 1-year adjustable stayed at 5.69 percent.

The 30-year Treasury bond yield gained to 5 percent.

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