Federal Home Loan Mortgage Corp (OTCBB:FMCC) has reported that it has successfully sold 1,052 serviced non-performing loans from its portfolio. The loans were a part of the company’s standard pool offerings. The transaction is due to be completed by July 2015 and would be the company’s third SPO in 2015. Additionally, the mortgage corporation, along with fellow Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA), has been experiencing significant rise in mortgage rates. FMCC reported that mortgage rates have reached a new 2015 high, owing to a number of positive factors.
FMCC stated that the said loans were delinquent for the past 3-years and amount to a total of $201 million. The mortgage company stated that the borrowers of these loans have already been evaluated and have been found to be in stages of loss mitigation, modification or other alternates of foreclosure. Additionally, 29% of the pool balance was comprised of mortgages that had become delinquent.
As per the latest reports from the FMCC, 30-year fixed rate mortgage saw a rise of 0.3% to reach 3.87%, the year’s highest, but 2.5% lower than the rates at the same time in the previous year. The same way 15-year FRM saw a rise of 0.06%, to reach 3.11%, which was again lower than last year’s 3.21%. The 5-year treasury indexed hybrid ARM reached 2.9%, up by 0.02%, but lower than 2.96% for the same period last year. The only exception to the trend was the 1-year treasury indexed ARM, which decline 0.01% to reach 2.5%, but was subsequently higher than last year’s 2.41%.
The FMCC also reported that the general upwards trend was due to the positive housing market data. As per recent developments new home sales rose by 6.8%, while existing home sales fell by 3.3%. The year-over-year sales saw a rise of 6.1%, as of March 2015.
The May 29th session saw Federal Home Loan Mortgage Corp (OTCBB:FMCC) 650.04 million shares change hands, to close at $2.46.