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Fed Provides Deeper Look at Lending Standards on Residential Mortgages | Armonk Real Estate

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The Federal Reserve Board recently released its survey of senior bank loan officers. The January 2015 Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS) addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the fourth quarter of 2014.

The January 2015 iteration of the survey featured revised and expanded categories of residential real estate loans to reflect the Consumer Financial Protection Bureau’s (CFPB) qualified mortgage (QM) rules and provide more detailed information on the mortgage market. According to the survey lending standards over the fourth quarter of 2014 declined, on net, across most CFPB-defined residential mortgage categories*.

The figure below depicts the net percentage of senior bank officers reporting that lending standards at their bank had eased over the fourth quarter of 2014. The net change is calculated by subtracting the share of banks reporting tighter lending standards from the proportion reporting easier standards. According to the figure lending standards for GSE-eligible residential mortgages eased the most, 12.5%, on net.

Presentation1

While not to the degree of GSE-eligible residential mortgages, lending standards on those residential mortgages that are considered a qualifying mortgage eased more than similar residential mortgages that do not qualify. For example, lending standards on qualifying jumbo residential mortgages eased more, on net, 7.7%, then lending standards for non-qualifying jumbo residential mortgages, 3.5%. Similarly, lending standards on qualifying non-jumbo, but non-GSE eligible, residential mortgages eased more, on net, 3.4%, than lending standards on non-qualifying, non-jumbo residential mortgages. Moreover, lending standards on non-qualifying, non-jumbo residential mortgages were unchanged over the fourth quarter of 2014, similar to the lending standards on subprime residential mortgages.

In addition, lending standards on jumbo mortgages eased more, on net, than similarly-situated non-jumbo mortgages. For example, lending standards on qualifying jumbo mortgages eased more, on net, 7.7%, than lending standards on qualifying non-jumbo and non-GSE-eligible residential mortgages, 3.4%. Similarly, net lending standards on non-qualifying jumbo residential mortgages eased more, 3.5% than non-qualifying non-jumbo residential mortgages, 0.0%. Despite the greater change toward easier lending standards amongst jumbo residential mortgages relative to similarly situated non-jumbo mortgages over the fourth quarter of 2014, a previous post illustrated that lending standards on “non-conforming” residential mortgages are considered tighter, on net relative to the midpoint of the range of standards between 2005 and the second quarter of 2014, than “conforming” residential mortgages.

 

read more…

 

http://eyeonhousing.org/2015/02/fed-provides-deeper-look-at-lending-standards-on-residential-mortgages/

Farmers Markets | Armonk Real Estate

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Please note: There is NO Mamaroneck Winter Farmers Market this Saturday, January 24th due to
a previously scheduled event at St. Thomas Episcopal Church.

In the meantime, we will prepare a FANTASTIC winter market for next Saturday, January 31st!
Several rotating vendors are planned, and the full vendor roster will include:

American Pride Seafood
Bombay Emerald Chutney Company
Christiane’s Backstube (German-inspired baked goods)
Dr. Pickle
French Press Cafe (Freshly made crepes & more, served on site)
Gaia’s Breath Farm
Gajeski Produce
Meredith’s Country Bakery
Migliorelli Farm
OM Champagne Tea
Orchards of Concklin
Orwashers Bakery
Pie Lady & Son
Pika’s Farm Table (Locally-sourced quiche & prepared foods to go)
Sohha Savory Yogurt
Stone & Thistle Farm
Taiim Falafel Shack
Tierra Farm (Locally-roasted coffee, nuts, and more)
Trotta Foods (Italian prepared foods)

The market will host music by guitarist Ed Packer from 10 am-noon.

We’ll also welcome At Home on the Sound, a non-profit organization that provides members with the assistance they need to continue to live confidently at home in the community they love. They’ll be at the Community Table – stop by anytime during the market to learn about their services.
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The market is open every Saturday through early May
9:00 am-1:00 pm

Indoors at St. Thomas Episcopal Church
168 West Boston Post Road (at Mount Pleasant Avenue)

Stay tuned to all market events, rotating vendor listings, and more
on the Mamaroneck Winter Farmers Market webpage.

Thank you for supporting local farms and food businesses.

Down to Earth Farmers Markets is a mission-driven company that curates and manages approximately twenty farmers markets in Westchester and Rockland Counties, as well as in New York City. We envision a strong regional food system, built by independent farms and food businesses, that provides everyone with an alternative to industrial food. We believe that seasonal, local food is a vital part of our heritage that ensures the health of our communities and environment.

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Mortgage Rates drop again | Armonk Real Estate

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Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates falling for the third consecutive week as bond yields continued to drop despite a strong employment report. Averaging 3.66 percent, the 30-year fixed-rate mortgage is at its lowest level since the week ending May 23, 2013 when it averaged 3.59 percent. This also marks the first time the 15-year fixed rate mortgage has fallen below 3 percent since the week ending May 30, 2013.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.66 percent with an average 0.6 point for the week ending January 15, 2014, down from last week when it averaged 3.73 percent. A year ago at this time, the 30-year FRM averaged 4.41 percent.
  • 15-year FRM this week averaged 2.98 percent with an average 0.5 point, down from last week when it averaged 3.05 percent. A year ago at this time, the 15-year FRM averaged 3.45 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.90 percent this week with an average 0.4 point, down from last week when it averaged 2.98 percent. A year ago, the 5-year ARM averaged 3.10 percent.
  • 1-year Treasury-indexed ARM averaged 2.37 percent this week with an average 0.4 point, down from last week when it averaged 2.39 percent. At this time last year, the 1-year ARM averaged 2.56 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for theRegional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates fell for the third consecutive week as oil prices plummeted and long term treasury yields continued to drop despite a strong employment report. The economy exceeded expectations by adding 252,000 jobs in December which followed an upward revision of 50,000 jobs to the prior two months. The unemployment rate fell to 5.6 percent which was the lowest since June 2008.”