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Keith Schemm's Daily Rate Summary

Mortgage Rates and Treasury Yields Fall Slightly.
On Monday, Treasury bond yields and Mortgage interest rates fell slightly as the CB coordinated global growth recovery meme roils bond investors to asset allocate away from fixed income securities. The U.S. 10-Year Note is moving back toward the psychological 3.00% yield level. Though Stocks have fallen some, prices are still lofty just a couple of percent off all-time-highs in indexes. Nervous investors mull economic signals and the impact of the Tax cut on future growth potential & the aging economic recovery. The 10 Yr. Treasury Note stood at a yield of 2.919% and the 30 Yr. U.S. Treasury Bond yielding 3.045%. 30 Year Mortgages according to Freddie Mac were around 4.62% for conforming and 4.66% for Jumbo products.


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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Freddie Mac Weekly Rate Summary

30-year fixed-rate mortgage(FRM) averaged 3.86 percent with an average 0.5 point for the week ending August 24, 2017, down from last week when it averaged 3.89 percent. A year ago at this time, the 30-year FRM averaged 3.43 percent. 

15-year FRM this week averaged 3.16 percent with an average 0.5 point, the same as last week. A year ago at this time, the 15-year FRM averaged 2.74 percent.   

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.17 percent this week with an average 0.5 point, up from last week when it averaged 3.16 percent. A year ago at this time, the 5-year ARM averaged 2.75 percent.

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