The rate for a 30-year fixed-rate mortgage averaged 3.82 percent this week, Freddie Mac said today. At this time last year, the 30-year FRM rate averaged 3.97 percent. This week’s 15-year FRM rate averaged 3.03 percent compared to last week’s 2.99 percent rate. A year ago, the 15-year FRM rate averaged 3.18 percent.
SBA reinstates stronger underwriting requirements for 7(a) loans
The Small Business Administration has reinstated stronger underwriting requirements for 7(a) loans through the issuance of a Standard Operating Procedure document.