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Keith Schemm's Daily Rate Summary

Mortgage Rates Steady Treasury Yields Rise.
On Friday, Treasury yields and Mortgage Rates were unchanged after the six weeks of lower yields to usher in the spring home-buying season.  Credit markets have paused and the six week rally in bonds & lower mortgage interest rates has consolidated.  The 10 Yr. U.S. Treasury Note stood at a yield of 2.2346% and the 30 Yr. U.S. Treasury Bond yielded 2.8966%. 30 Year Mortgages according to Freddie Mac were around 4.02% for conforming and 4.59% for Jumbo products.

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Keith Schemm

ERATE employee warned families about Toxic Mortgages years before the mortgage meltdown. Bloomberg/Businessweek

June 9, 2005 - Keith M. Schemm, a mortgage broker in Santa Clara, CA, says option ARMS are "pretty dangerous loans to do" for many families. "The problem is there's such a frenzy in the marketplace to buy a home."

Too bad Fed Chairman, Alan Greenspan didn't sound the alarm about such mortgages. He should have consulted with Keith. (Keith Schemm NMLS ID: 336660)

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Guidelines to mortgage refinancing

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Freddie Mac Weekly Rate Summary

30-year fixed-rate mortgage (FRM) averaged 4.05 percent with an average 0.5 point for the week ending May 11, 2017, up from last week when it averaged 4.02 percent. A year ago at this time, the 30-year FRM averaged 3.57 percent. 

15-year FRM this week averaged 3.29 percent with an average 0.5 point, up from last week when it averaged 3.27 percent. A year ago at this time, the 15-year FRM averaged 2.81 percent. 

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.14 percent this week with an average 0.5 point, up from last week when it averaged 3.13 percent. A year ago, the 5-year ARM averaged 2.78 percent.

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