Following the election, mortgage rates show no sign of slowing down

Following the election, mortgage rates show no sign of slowing down

Freddie Mac said the MiMi index uses four criteria: at home purchase applications; payment-to-income ratios (changes in home purchasing power based on house prices, mortgage rates and household income); proportion of current mortgage payments in each market; and the local employment picture.

The borrowing cost on 30-year mortgages, the most widely held type of USA home loan, averaged 4.08 percent in the week ended December 1, which was the highest since 4.09 percent in the week of July 16, 2015.

"We will make sure that when they are restructured, they are absolutely safe and don't get taken over again", Mnuchin said.

To avoid a complete collapse of the USA economy, since Americans have historically held a great deal of their wealth in homes, the federal government bailed out Fannie and Freddie in 2008 for $187.5 billion. Traders choosing between common and preferred shares simply have to determine exactly how much risk they're willing to take.

Billionaire Bill Ackman of Pershing Square and Bruce Berkowitz, of Fairholme Funds, have both sued the government to force Fannie and Freddie to exit conservatorship.

Mnuchin isn't the first Republican to want to remove Fannie and Freddie from government control.

More news: Best stocks of the day: The Home Depot, Inc. (NYSE:HD)

Ackman had also filed a lawsuit over the terms of the bailout.

Freddie Mac will request that its STACR debt notes, as well as debt securities and mortgage securities, no longer be admitted to trading on the relevant markets in Luxembourg and Ireland. The 15-year FRM averaged 3.18 percent last year at this time.

And many of these investors have been feuding with the feds over their role in the takeover of Fannie and Freddie.

Tennessee Republican Senator Bob Corker also backs the elimination of Fannie and Freddie. So Fannie and Freddie have actually wound up being a profitable investment for taxpayers.

Some analysts on Wednesday said that Mnuchin's comments seemed to suggest the Trump administration would be open to allowing Fannie Mae and Freddie Mac to retain profits, which shareholders may see as a step toward allowing the companies to re-enter the private market. Some of them believe that the companies should be turned into utilities, with a strong regulator and capped rate of return. The outcome "all depends on what one means by "privatized", he said.

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