A quick check of rates this morning found that firms such as Sebonic and Aurora Financial were offering 30-year fixed-rate loans at 3.75 percent with no points.
However, the ground breaking MBS from Lone Star did not receive ratings and was not subject to requirements from the SEC regarding the disclosure of third-party due diligence.
A recent shift in the purchase-mortgage market share toward the government-sponsored enterprises appears to be part of seasonal home buying patterns rather than direct competition for mortgages with low downpayments.
The Mortgage Bankers Association's non-seasonally-adjusted application index increased by 3.0 percent compared with the previous week, with the increase driven by refinances.
If the Federal Housing Finance Agency implements a principal reduction program that applies to all delinquent mortgages serviced by the government-sponsored enterprises that have negative equity, the Housing Finance Policy Center estimated that 14,563 principal-reduction mods would be completed.