Home builder Lennar Corp. reports $514 million Q3 loss

Home builder Lennar Corp.  more...

Home purchases decline last week

Applications for home-purchase loans dropped significantly last week as long-term interest rates climbed higher, the Mortgage Bankers Association reported today.

The market composite index, a measure of total mortgage application volume, was down 2.8 percent on a seasonally adjusted basis from mid-month, according to MBA.  more...

Real estate rates end night mixed

Long-term mortgage interest rates were scattered Tuesday, and the benchmark 10-year Treasury bond yield held at 4.63 percent.

The 30-year fixed-rate average fell to 6.07 percent, and the 15-year fixed rate stayed at 5.74 percent. The 1-year adjustable rose to 5.77 percent.

The 30-year Treasury bond yield was up at 4.9 percent.

Rates and bonds 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...

Financial guarantee companies have subprime exposure

Moody's Investors Service warned Tuesday that four out of five financial guarantee companies it covers that insure collateralized debt obligations (CDOs) have indirect exposure to subprime mortgage loans that could affect their ratings.

Moody's said that five companies it provides insurer strength financial (ISF) ratings for insured $61 billion in CDOs in 2006 and 2007. The CDOs' investments include mortgage-backed securities (MBS) and asset-backed securities (ABS).  more...