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The average 30-year fixed mortgage rate increased again, marking the third consecutive week of declines, the most recent results from Freddie Mac’s Primary Mortgage Survey reported. 

The 30-year fixed-rate mortgage averaged 3.93% for the week ending Dec. 3, 2015, down from last week when it averaged 3.95%. Last year, it averaged 3.89%. 

Also falling, the 15-year FRM this week averaged 3.16%, down from last week when it averaged 3.18%. A year ago at this time, the 15-year FRM averaged 3.10%. 

The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.99% this week, down from last week when it averaged 3.01%. In 2014, the 5-year ARM averaged 2.94 percent.

The 1-year Treasury-indexed ARM averaged 2.61% this week, up from 2.59% last week and 2.41% a year ago.

Click to enlarge

Mortgage rates

(Source: Freddie Mac)

"Treasury yields ticked down 3 basis points after weak manufacturing data. In response, the 30-year mortgage rate dropped 2 basis points to 3.93%,” said Sean Becketti, chief economist with Freddie Mac.

“After the survey closed, Yellen implied that the economy is ready for a rate hike in December. However, all eyes remain on this Friday's jobs report, the last significant release prior to the FOMC's meeting,” he added. 

Read more: Freddie Mac: Mortgage rates drop further below 4%

Seven years after the mortgage crisis, and the placing of Fannie Mae and Freddie Mac into conservatorship under the independent federal agency, the Federal Housing Finance Agency, the Obama administration still must address the issues that are of great importance to consumers seeking to buy a home, lenders who seek to finance those purchases and the future viability of the U.S. mortgage market.

The independent FHFA has failed to advance the policies required by the Housing and Recovery Act of 2008 and the administration continues to stand pat, waiting for Congress to act legislatively. Treasury Secretary Lew and Michael Stegman, Senior Housing Policy Advisor to President Obama recently articulated this approach

While the regulatory and safety and soundness authorities included in HERA meant the GSEs may not have actually required government support in the first place, these authorities have not been implemented due to the government control of the companies. 

As a result, rather than holding more than the inadequate amounts of capital they held before the crisis, the GSEs have no capital at all. Their earnings are sent to the Treasury rather than retained to build capital and the GSEs are forced to rely on government support.

As Washington wrings its hands over the Federal Housing Administration’s 2% reserve number (it is backstopped by the federal government), Fannie Mae’s reserve capital is .06%. That’s not a typo: the FHA has 33 times the reserves of Fannie Mae, a...

Read more: Exclusive: Josh Rosner and Glen Corso on why it's time for true GSE reform

Next year is the year for Millennials to dominate the housing market, at least that's what realtor.com predicts in its 2016 housing forecast report.  

According to realtor.com, Millennials are expected to make up the largest demographic of homebuyers in 2016, representing 30% of the existing home market.

And when it comes to shopping for a home, the report said that Millennials will seek out areas that meet the needs of their growing families – putting the most weight on the safety of the neighborhood and the quality of the home.

As a result, realtor.com said it expects these five housing markets to be some of the most sought-after for millennial homebuyers in 2016 due to their large numbers of millennials, strong employment growth and relative affordability.

5.    Columbus, Ohio


4.    Charlotte-Concord-Gastonia, North Carolina South Carolina


3.    St. Louis, Missouri/Illinois


2.    Denver-Aurora-Lakewood, Colorado


1.    Atlanta-Sandy Springs-Roswell, Georgia


In addition, realtor.com also reported on 10 real estate markets to watch in 2016 for any age demographic. 

Read more: Millennial wish list: The top 5 trendy housing markets for 2016

Freddie Mac announced Wednesday that it completed its eighth Structured Agency Credit Risk Series credit risk-sharing deal of 2015, and announced that it plans to offer eight more STACR deals in 2016.

Freddie Mac’s eighth STACR deal of this year was its second risk-sharing deal that featured the actual-loss position on loans with loan-to-value ratios ranging from 80% to 95% earlier this year.

The higher LTV offering was part of Freddie Mac’s HQA series. Freddie Mac said in its announcement that it plans to offer four high-LTV STACR deals as part of its HQA series in 2016.

Freddie Mac also said that it will offer four STACR deals featuring the actual-loss position in 2016 as part of its DNA series.

"The issuance calendar is the next step in our efforts to be clear and transparent in our credit risk transfer offerings," said Freddie Mac Vice President of Credit Risk Transfer Mike Reynolds. "The STACR program has grown from two issuances in its first year to eight this year. We expect to have eight STACR transactions in 2016, and the calendar is intended to help investors plan their allocations."

Click the image below to see the 2016 STACR issuance calendar from Freddie Mac.

Freddie Mac STACR calendar 2016

According to a release from Freddie Mac, it has now completed 17 STACR offerings, as well as two Whole Loan Security offerings and 12 Agency Credit Insurance Structure transactions since mid-2013.

Through STACR, WLS and ACIS, Freddie Mac has transferred a substantial portion of credit risk on more than...

Read more: Freddie Mac completes 8th STACR deal of 2015, plans 8 more in 2016

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