Mortgage News as of May 5, 2008

Daily Real Estate News  |  May 5, 2008

Mortgage Volume Down From a Year Ago

First-quarter mortgage volume was down 22 percent from the first quarter 2007, but it rose 3 percent from the fourth quarter, according to publisher MortgageDaily.com.

There were $370.6 billion mortgage originations in first quarter 2008.

Compared with the first quarter of 2007, U.S. Bancorp mortgage activity jumped 86 percent. Flagstar Bancorp Inc. was up 44 percent and First Horizon National Corp. rose 19 percent.

The five largest mortgage lenders and their first quarter totals were:

1. Countrywide Financial Corp., $73 billion
2. Wells Fargo & Co., $66 billion
3. JPMorgan Chase & Co., $53.8 billion
4. Bank of America Corp., $38.6 billion
5. Citigroup, $34.3 billion

Source: MortgageDaily.com (05/05/2008)

Today's Rate (from Broker Associate- Soosan Rigi's website)

Program Name Rate Points APR Payment 1 Year ARM 5.850% 0.40% 6.975% $0.00 3/1 ARM 6.000% 0.40% 7.350% $0.00 5/1 ARM 6.100% 0.35% 7.500% $0.00 15 Year Fixed 5.600% 0.35% 5.950% $0.00 30 Year Fixed 6.000% 0.35% 6.300% $0.00 1 Year ARM (Jumbo) 6.450% 0.35% 7.150% $0.00 3/1 ARM (Jumbo) 6.650% 0.40% 7.250% $0.00 5/1 ARM (Jumbo) 6.550% 0.35% 7.150% $0.00 15 Year Fixed (Jumbo) 6.700% 0.40% 7.100% $0.00 30 Year Fixed (Jumbo) 7.350% 0.35% 7.700% $0.00

= Special Program Rates are subject to change without notice. Rates last updated on 05/05/2008.