Morning Briefing: Mortgage rates largely unchanged

by Steve Randall28 Dec 2015
Mortgage rates largely unchanged
Mortgage rates heading into the holiday weekend were largely unchanged according to data from Freddie Mac. Its weekly Primary Mortgage Market Survey showed 30-year FRM’s down to an average 3.96 per cent in the week ending Dec. 24 from 3.97 per cent a week earlier. 15-year FRM’s averaged 3.22 per cent, unchanged from the previous week. 5-year ARM’s averaged 3.06 per cent, up from 3.03 per cent; 1-year ARM’s averaged 2.68 per cent, up from 2.67 per cent a week earlier. Freddie Mac’s chief economist Sean Becketti commented: “Long-term interest rates will not spike in response to the Federal funds rate increase. While we expect the 30-year mortgage rate to be above 4 percent in early 2016, we anticipate rates will gradually increase, averaging 4.4 percent for the year."
 
Veteran actress lists 46-year home
Celebrities have a habit of moving home so when an actress decides to sell after 46 years it’s pretty unusual. Zina Jasper, best known for roles in Law & Order and Crimes & Misdemeanors, has listed her home on New York’s Upper West Side for $2.19 million. The New York Post reveals that Jasper will pick up a hefty profit on her long-time home, having bought it for just $100,000. Perhaps the most interesting part of the story is how she afforded the downpayment; selling a hand-me-down lamp which turned out to be a unique Tiffany piece.
 
Housing crash movie hits theaters
The movie of the Michael Lewis book The Big Short hit movie theaters across the US over the holiday weekend, following a limited release earlier in the month. It stars Christian Bale, Steve Carrell and Brad Pitt and charts the build-up of the housing and credit bubble and a group who saw it coming and set out to profit from it. The movie has received positive reviews for its depiction of the crash in the US housing market.
 

COMMENTS

Poll

Is TILA-RESPA a good or bad thing long term?