Mortgage rates shot up in the last week following remarks from the Federal Reserve that it may be tapering its bond purchases later this year. According to Freddie Mac’s Primary Mortgage Market Survey, the average 30-year fixed-rate mortgage (FRM) rose to 4.46% (0.8 point) for the week ending June 27, an increase from only 3.93% last week…
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Monthly Increase In REOs By Over 11% Drives Up Foreclosure Activity in May
After posting a 75-month low in April, foreclosure filings increased 2 percent in May, according to RealtyTrac. The rise was primarily driven by an 11% increase in REOs over the month. However, REOs demonstrated a 29% decline year-over-year in May, while foreclosure filings fell 28% over the same time period. “Foreclosure activity continued to bounce back in…
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