Fixed Rate Second Mortgage
Bankrate: Mortgage Rates Fall to Three-Month Low
Mortgage rates declined for the third time in the last four weeks on the heels of slower second quarter economic growth. The average 30-year fixed rate mortgage fell to 6.65 percent, the lowest since April 26. According to Bankrate.com's weekly national survey of large lenders, the 30-year fixed rate mortgages had an average of 0.3 discount and origination points. The average 15-year fixed rate mortgage, popular for refinancing, dropped by a similar amount to 6.3 percent. On larger loans, the average jumbo 30-year fixed rate declined to 6.86 percent. Adjustable rate mortgages also declined. The average 5/1 adjustable rate mortgage slid to 6.36 percent, and the average one-year ARM retreated to 6.03 percent. Validation that the economy did indeed grow at a slower pace pushed mortgage rates lower this week.
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ECC Capital Corporation Completes $1 Billion Asset-Backed ...
IRVINE, Calif., Aug. 3 /PRNewswire-FirstCall/ -- ECC Capital Corporation (NYSE: ECR - News), a mortgage finance real estate investment trust that originates and invests in residential mortgage loans, announced today the successful sale of the notes from the BMAT Mortgage Asset NIM Trust, Series 2006-1. The sale represents the completion of the Bravo Mortgage Asset Trust 2006-1 securitization. The BMAT 2006-1 securitization was a private placement transaction with an initial closing on May 12, 2006 and subsequent prefundings on June 7 and June 30, 2006. The BMAT 2006-1 certificates are backed by a pool of approximately $1.058 billion of fixed and adjustable rate, subprime mortgage loans secured by first and second liens on one-to-four family residential properties transferred to the trust in the securitization.