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Government support of 30-year mortgage questioned at confirmation hearing

Posted by Mehran Aram on Tue, Feb 19, 2019 @ 05:02 AM

The Senate Banking Committee met last week for the confirmation hearing of Mark Calabria, the Trump Administration’s nominee to oversee Fannie Mae and Freddie Mac – mortgage giants that guarantee roughly half of U.S. home loans. Calabria was a controversial choice as he has previously criticized government control of Fannie and Freddie and suggested that they should pull back their support of the 30-year mortgage.

However, Calabria acknowledged the importance of the long-term mortgage in his confirmation hearing on Thursday and added that if confirmed he would “carry out the clear intent of Congress, not impose my vision”. Calabria has such a loan himself on his Washington D.C. property, according to his nomination disclosures.

The nominee said he would scrutinize big banks if confirmed and committed to establishing firm affordable housing goals and preventing housing discrimination.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4.25 percent, 15-year rates are near 3.75 percent and the 5-year ARM is averaging 4.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: Fannie Mae, Freddie Mac, government, Mortgage rates, Home Loans, 30-Year Mortgage, Mark Calabria

ARAMCO Report - Friday August 29, 2014

Posted by Mehran Aram on Fri, Aug 29, 2014 @ 17:08 PM

Recent rallies in European government bonds and a widening spread versus U.S. Treasuries could potentially lead to tightening of domestic monetary policy. If the European Central Bank decides to provide easier access of funds to European banks, Fed Chairwoman Janet Yellen may be compelled to increase rates earlier than the expected. What does this mean for homeowners? If looking to purchase a home with financing, or refinance your current loan, getting started before the end of the year is probably a wise decision, with 30-year fixed rates currently averaging 4.125% and 15-year rates still at around 3.25%.

And now for something, completely different: Deion Sanders is well known for his athletic ability, but did you know that in 1989 he became the only person to score an MLB home run and an NFL touchdown in the same week?

For more information on a home purchase, a refinance, or a reverse mortgage, visit our website at www.ARAMCO.Biz or call me at (877) 700-0942.

This is Alexander Aram filling in for Mehran Aram with today's ARAMCO report.

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Topics: Aramco Report, and now for something completely different, home purchase, bonds, Janet Yellen, European Central Bank, 30 year fixed rates, Loan, government, Deion Sanders, Football, Baseball, Europe, financing, MLB, U.S. Treasury, NFL