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|52 Week Range||1.02 - 2.64|
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Treasury Secretary Steven Mnuchin on the future of Fannie Mae and Freddie Mac and the state of the U.S. housing market.
Will anyone ever fix Fannie Mae and Freddie Mac? When the two mortgage giants were taken under federal control a decade ago -- the same year Donald Trump kicked off the first season of Celebrity Apprentice -- regulators saw the move as a short timeout. Last month, Trump’s administration effectively acknowledged that it’s no closer to figuring out what to do with Fannie and Freddie.
Two days after billionaire investor William Ackman told clients that he was making money across all his funds again, he said on Thursday that his publicly traded Pershing Square Holdings Ltd portfolio was barely in the black so far this year. The portfolio (PSH) gained 9.4 percent in the second quarter through May 15 after having lost 8.6 percent in the first quarter, Ackman wrote in a letter to investors. "While 45 days is much too short a period to judge investment performance for a long-term strategy, we believe recent progress is reflective of actual business progress at PSH, and at our portfolio companies during this period," Ackman wrote in the letter seen by Reuters.
Long-term U.S. mortgage rates jumped this week, marking their highest levels in seven years amid the peak home buying season. Mortgage buyer Freddie Mac said Thursday the average rate on 30-year, fixed-rate mortgages was 4.61 percent, up from 4.55 percent last week. The new average rate was the highest since May 19, 2011.
Interest rates on U.S. 30-year fixed-rate mortgages rose to the highest in seven years as a bond market selloff this week propelled 10-year yields to the highest since July 2011, Freddie Mac said on Thursday. Higher borrowing costs have not yet caused a meaningful squeeze on the housing market, as underlying demand remains solid, Freddie Mac chief economist Sam Khater said. “While this year’s higher mortgage rates have not caused much of a ripple in the strong demand levels for buying a home seen in most markets, inflationary pressures and the prospect of rates approaching 5 percent could begin to hit the psyche of some prospective buyers,” he said in statement.
U.S. homebuyers, already contending with escalating prices, now are getting hit with the most-expensive mortgage rates in seven years. The average rate for a 30-year fixed mortgage jumped to 4.61 percent, up from 4.55 percent last week and the highest since May 2011, Freddie Mac said in a statement Thursday. “This is what happens when the economy is strong,” Sam Khater, Freddie Mac’s chief economist, said in a phone interview.
Rates for home loans were little-changed in the most recent week, as the U.S. economy remains strong and demand for housing even stronger. The 30-year fixed-rate mortgage averaged 4.55% during the May 10 week, the same as in the prior week according to Freddie Mac’s survey, released Thursday. Mortgage rates typically follow the path of the 10-year U.S. Treasury note(XTUP:TMUBMUSD10Y=X) , which was also little changed during the week.
WASHINGTON (AP) — The key long-term U.S. mortgage rate declined slightly this week, after a steady rise for most of April that pushed the rate to its highest level in more than four years.
Fannie Mae said on Thursday its net income rose to $4.26 billion in the first quarter from $2.77 billion a year ago as a result of a hefty gain on its derivatives. The No. 1 U.S. mortgage financing company swung back from a net loss of $6.53 billion in the fourth quarter due to a $9.9 billion writedown of its deferred tax assets tied to the sweeping federal tax overhaul enacted last December. "Our solid first quarter performance reflects the strength of our underlying business, the benefits of our business model, and our focus on customers," Fannie Mae President and Chief Executive Officer Timothy Mayopoulos said in a statement.
Freddie Mac, the country’s largest backer of apartment loans, will offer low-cost loans to real-estate owners willing to keep their buildings affordable to middle-class families for years to come. There’s an urgent need to preserve what’s there and find ways that you can effectively create more,” said David Brickman, an executive vice president at Freddie Mac and head of its multifamily division. The initiative will offer lower interest rates to landlords who agree to rent the majority of units in a building at levels affordable to tenants making 80% or less of the area’s median income, a range that typically includes nurses, teachers and police officers.
Freddie Mac, the No. 2 U.S. mortgage finance company, said net income in the first quarter grew to $2.93 billion from $2.21 billion a year ago due to gains on its derivatives and growth in its apartments business. The mortgage agency rebounded from results in the fourth quarter, when it recorded a $5.4 billion writedown of its net deferred tax assets stemming from the massive U.S. tax overhaul. The McLean, Virginia-based company said it will not make a dividend payment to the U.S. Treasury in an effort to build a $3 billion capital cushion as a result of the most dramatic rewrite of the U.S. tax code in 30 years.
In the weeks following President Trump’s election in 2016, Federal National Mortgage Association (OTC: FNMA) and Federal Home Loan Mortgage Corp (OTC: FMCC) stocks skyrocketed on the hopes that a long-awaited resolution to the government-sponsored enterprises’ situation might finally be just around the corner. Height Capital Markets analyst Ed Groshans on Monday said investors shouldn’t expect that resolution by the end of 2018. Senate Banking Committee chair Mike Crapo has insisted housing finance reform is a high priority, but Crapo also recently conceded there's simply not enough time remaining to tackle the issue in the current session of Congress.
The 30-year fixed-rate mortgage could probably survive without a government guarantee, a senior Federal Reserve official said as Congress contemplates yet another round of housing finance reform. At a Senate Banking Committee hearing, Fed Vice Chairman for Supervision Randal Quarles was asked by Sen. Heidi Heitkamp, Democrat for North Dakota, whether a government guarantee was “essential” for “retaining” the 30-year mortgage instruments.
Interest rates on U.S. 30-year fixed-rate mortgages rose to their highest levels in more than four years in step with a jump in bond yields, Freddie Mac said on Thursday. Thirty-year mortgage rates averaged ...
Long-term U.S. mortgage rates were flat to slightly higher this week with the spring home buying season well underway. Mortgage buyer Freddie Mac said Thursday the average rate on 30-year, fixed-rate mortgages ...
More Americans are stretching to buy homes, the latest sign that rising prices are making homeownership more difficult for a broad swath of potential buyers.
Long-term U.S. mortgage rates moved little this week after a months-long stretch of increases. Mortgage buyer Freddie Mac said Thursday the average rate on 30-year, fixed-rate mortgages ticked down to ...
Home prices continued to grow at a rapid pace in the first month of 2018, as a new tax law and rising mortgage rates made little dent in demand in the early weeks of the year.
As home prices rise, saving up thousands -- or even tens of thousands of dollars -- for a down payment has become an increasing challenge for many buyers. Lenders are responding.
Interest rates on U.S. 30-year fixed-rate mortgages fell for the first time since December in step with a decline in Treasury yields due to reduced expectations that domestic inflation is accelerating, Freddie Mac said on Thursday. Thirty-year mortgage rates averaged 4.44 percent in the week ended March 15, down from previous week's 4.46 percent which was the highest since January 2014. A year ago, they averaged 4.30 percent, the U.S. mortgage finance agency said.
Long-term U.S. mortgage rates climbed this week to their highest average in more than four years, ratcheting up affordability pressures at the start of the traditional spring home buying season. Mortgage ...