Daily Rate Update: Mortgage Rates Back up to Recent Highs

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30 Year Fixed 4.47% +0.05 15 Year Fixed 3.53% +0.04 10YR Treasury 2.74% +0.0288 FNMA 30YR 3.5 100.84 -0.38 FNMA 15YR 2.5 103.09 -0.19 View Today’s Rates

Mortgage Rates Back up to Recent Highs November 27, 2013 Mortgage rates moved decidedly higher today, bringing most lenders back in line with their highest recent rate sheet offerings from November 12th. In many cases, this may result in a quoted rate being an eighth of a percentage point higher today compared to yesterday, depending on the lender and scenario. In other cases, the weakness will be seen in the form of higher closing costs or lower lender credit. With today’s rise, the most prevalently quoted conforming 30yr fixed rate for ideal scenarios (best-execution) is moving up to 4.5% though some lenders remain better-priced at 4.375%. There is a lot to consider with this move higher. Certainly, the holidays can affect bond market trading, especially in the mortgage-backed-securities (MBS) that most directly influence mortgage rates. The most common side-effect is that there are fewer market participants at work making for a less liquid secondary mortgage market. Fewer participants and lower volume means that prices (and therefor rates) can move more quickly than they otherwise might. We’ve definitely seen some of this, and on such occasions it’s not uncommon to see a bit of a correction back in the other direction after an extend holiday weekend. Such a correction is best thought of as something to hope for versus something to plan on. In the bigger picture, it’s more likely that rates have just returned to a mid-point after the recent run at the lows in October. That would suggest they begin next week in more of a neutral stance, ultimately taking their biggest cue from Friday’s jobs report. Loan Originator Perspectives “As always, if your ability to qualify for a mortgage could be at jeopardy, why take any risks? Lock your loan. This being said, with some afternoon improvements from this mornings sell off and the lighter holiday volume, I would lean towards floating through the weekend. Stay in constant communication with your originator as next week brings us a very important jobs report that could put taper on hold or make it more of a focus for December’s FOMC meeting. It is very risky floating into NFP, but could it be the report that breaks the trend of higher rates? I think the latter is a possibility. ” -Steve Chizmadia, Mortgage Consultant, American Capital Home Loans. “Ugly day today that is being exaggerated by light volume on the day before Thanksgiving. My advice to clients is to not worry about today’s action. Lenders hammered rate sheets but that is typical right before a extended holiday break. My clients that didn’t lock earlier in the week are floating until Monday. Even though the market is open on Friday, lenders will be very conservative with their pricing regardless of the MBS price movement.” –Victor Burek, Open Mortgage “We saw a rather pronounced selloff in MBS markets today. Lenders and borrowers HOPE it’s merely market posturing on a short week with limited participation. Next week’s data is the wild card, concluding with November employment report released 12/6. In the meantime, it appears there’s little motivation for MBS market to improve. Would hope rates at least bounce back some next Monday as the Thanksgiving holiday fades into rear view mirror.” –Ted Rood, Senior Originator Today’s Best-Execution Rates 30YR FIXED – 4.5% FHA/VA – 4.25%-3.75% (depends heavily on lender) 15 YEAR FIXED – 3.5% 5 YEAR ARMS – 3.0-3.50% depending on the lender Ongoing Lock/Float Considerations Uncertainty over the Fed’s bond-buying plans and Fiscal Policy has been making for a tough interest rate environment where we’re not seeing sustained improvement unless it’s a correction to even bigger deterioration. The Fed’s bond buying is the key consideration–not just the initial reduction (aka “tapering”), but the general pace of withdrawal. We’ve gone from tapering being a “sure thing” in September, to it being on hold until March 2014, and now December 2013 is increasingly possible after the most recent Employment report on Nov 8th. Markets continue to be most interested in economic data and its suggestions about the longer term trajectory of the economy. This will shape expectations for Fed policy in the coming months, and thus inform the direction of interest rates. The stronger the data the more likely the Fed is seen as reducing asset purchases. Rates would rise under this scenario, but the Fed indicated its cognizance of high rates creating headwinds for the recovery, and this suggests they’ll attempt to keep the pace of rising rates moderate as long as inflation isn’t adversely affected. (As always, please keep in mind that our Best-Execution rate always pertains to a completely ideal scenario. There are many reasons a quoted rate may differ from our average rates, and in those cases, assuming you’re following along on a day to day basis, simply use the Best-Ex levels we quote as a baseline to track potential movement in your quoted rate). 30 Year Fixed Rate Mortgage 15 Year Fixed Rate Mortgage Co-branding this Report Enable co-branding to personalize this report with your business information here. Learn more about co-branding with NO competitor ads. Today’s Rates Best Execution Rate Change Current Mortgage Rates » What are best-execution rates? 30 Yr FRM 4.47% +0.05 15 Yr FRM 3.53% +0.04 FHA 30 Year Fixed 4.17% +0.06 Jumbo 30 Year Fixed 4.43% +0.04 5/1 Yr ARM 3.24% -0.01 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 3.62% 1.06 +0.18 30 Yr. Fixed 4.49% 1.21 +0.22 MBA ** 30 Yr. Fixed 4.46% 0.38 +0.02 15 Yr. Fixed 3.52% 0.33 +0.00 30 Yr. Jumbo 4.47% 0.22 -0.01 30 Yr. FHA 4.14% 0.25 -0.02 5/1 ARM 3.12% 0.27 +0.01 Freddie Mac ** Current Mortgage Rates » * FHFA averages are updated monthly. ** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly. 30 Yr. Fixed 4.29% 0.70 +0.07 15 Yr. Fixed 3.30% 0.70 +0.03 1 Yr. ARM 2.60% 0.40 -0.01 5/1 Yr. ARM 2.94% 0.50 -0.01 Secondary Markets MBS Price Change 30YR FNMA 3.0 96.44 -0.47 30YR FNMA 3.5 100.84 -0.38 30YR GNMA 3.0 97.63 -0.38 30YR GNMA 3.5 101.94 -0.34 15YR FNMA 3.0 103.09 -0.19 15YR FNMA 2.5 99.81 -0.27 Treasuries Yield Change Current MBS / Treasury Prices » MBS and Treasury data provided by Thomson Reuters. Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information. Secondary Marketing Managers: If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information 2 YR 0.2893% -0.0039 5 YR 1.3620% +0.0513 10 YR 2.7373% +0.0288 30 YR 3.8132% +0.0159 Prices as of: 11/27/2013 4:26PM EST

About This Report Mortgage News Daily is a trusted source of mortgage rate market data and analysis, with over 1 million readers each month. Unlike many rate surveys, our survey is conducted on a daily basis and is designed to bring you the most current and accurate rate data available. We use a proprietary formula to calculate averages based on best-execution rates from top lender’s rate sheets, also taking into account feedback from hundreds of mortgage market professionals around the country.

© 2013 Brown House Media, Inc. All rights reserved. Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031

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This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates presented in this report are averages and are subject to change without notice. You were sent this email because you opted to receive our weekly or daily email reports. Go here to manage your email preferences or here to unsubscribe from all email communications.

MBS Commentary – MBS RECAP: Weaker After Data; How Much Should you Blame the Holiday?

MBS RECAP: Weaker After Data; How Much Should you Blame the Holiday?

Posted to: MBS Commentary
Wednesday, November 27, 2013 4:05 PM

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Today offers a very interesting set of circumstances to consider for MBS and mortgage rates. First, we can safely assume that rate sheets have been erring conservatively heading into the extended weekend and less-liquid month-end environment. It’s tempting to pass the weakness off as purely a factor of the holiday-light volume, but low volume doesn’t equate to weakness any more than high volume equates to strength.

There were real reasons for rates to move higher this week, just as there were real reason for them to make similar moves during Thanksgiving week last year (Greek bailout headlines, remember those?). The important difference is that last year offered real reasons for bond markets to bounce back after the holiday weekend, not to mention that there was another full week left in November.

This year, the Monday after Thanksgiving is also the first trading day in December, so any potential help from month-end buying has already played out (though some might be seen in limited quantities on Friday’s half-day). Whether or not we bounce back from these holiday blues will have more to do with domestic economic data as Monday leads off a busy week with ISM Manufacturing.

Granted, we’ve seen a pretty solid 4-day rally back from last week’s FOMC Minutes get mostly crushed in a day and a half, but that 4-day rally brought bond markets squarely to the CENTER of their long term (through May 2013) ranges. The technical bounce against that midpoint is a possibility. Rates are probably more nimble than they seem right now, ready to go either direction based on next Friday’s Employment data, but willing to start taking the proverbial “lead-off” with next week’s early data.

(READ THE FULL POST)

More from MND:

• Mortgage Rate Watch: Mortgage Rates Back up to Recent Highs
• MBS Commentary: MBS MID-DAY: Big, Nasty Sell-Off… Happy Holidays!
• Pipeline Press: Generally Good News in the Housing Market; No Change to Conforming Loan Limits
• MND NewsWire: Mortgage Applications Unchanged After Seasonal Adjustments
• MBS Commentary: The Day Ahead: Unofficial Month-End; Busiest Econ Calendar of the Week

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MBS Commentary – MBS MID-DAY: Big, Nasty Sell-Off… Happy Holidays!

MBS MID-DAY: Big, Nasty Sell-Off… Happy Holidays!

Posted to: MBS Commentary
Wednesday, November 27, 2013 12:05 PM

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In homage to 2012, we have a fairly substantial Thanksgiving sell-off on our hands. For what it’s worth, the substantial Thanksgiving sell-off of 2012 ended up looking very much like a holiday-related blip and rates returned to their best pre-Thanksgiving levels by December 6th. While that past performance is no guarantee of future results, it is a good reminder that these sorts of things can and do happen (super light liquidity heading into holiday weekends making it easy for prices to slide farther than they otherwise might).

Today’s drama began in earnest with Chicago PMI, which came in stronger than expected. It was followed 10 minutes later by somewhat stronger-than-expected Consumer Sentiment. The last bit of insult to injury came in the form of a weak 7yr Treasury auction (released earlier than normal). The net effect is over half a point of weakness for MBS (snapshot below is from 11:04am, but prices have fallen further since then) and 10yr yields up to 2.76%. Most lenders have repriced worse. The rest probably will.

(READ THE FULL POST)

More from MND:

• Pipeline Press: Generally Good News in the Housing Market; No Change to Conforming Loan Limits
• MND NewsWire: Mortgage Applications Unchanged After Seasonal Adjustments
• MBS Commentary: The Day Ahead: Unofficial Month-End; Busiest Econ Calendar of the Week
• MBS Commentary: MBS RECAP: Mortgage Markets in Holiday Stance
• Mortgage Rate Watch: Mortgage Rates Continue Flat, Holiday Trend

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Pipeline Press – Generally Good News in the Housing Market; No Change to Conforming Loan Limits

Generally Good News in the Housing Market; No Change to Conforming Loan Limits

Posted to: Pipeline Press
Wednesday, November 27, 2013 8:39 AM

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A new housing brief from the U.S. Census Bureau shows that median home values in many small counties across the nation held steady after the most recent recession, while values in large counties declined. These findings come from the Census Bureau’s recently released brief, which uses the American Community Survey three-year estimates to focus on homeownership rates and home values for smaller areas. Contained in the report is some pretty interesting data for Wednesday-morning economists.

The gathered statistics show that in 67% of the 1,038 smaller counties (with populations between 20,000 and 65,000) the median home value in the post-recession period of 2010-2012 was not statistically different from the recession period of 2007-2009. Similarly, the median home values in 37 of the 50 smallest counties of this size were not statistically different from the recession period. In contrast, median home values in 43 of the 50 largest counties declined over the same period. Nationally, the median home value was $174,600 in the post-recession period, a $17,300 decline from the recession period of 2007-2009. New York County, NY had the highest median home value at $812,300 in 2010–2012. Santa Clara County, CA had the second highest median home value at $634,000, followed by Honolulu County, HI ($556,400) and Kings County, NY ($556,300), which were not significantly different from each other.

(READ THE FULL POST)

More from MND:

• MND NewsWire: Mortgage Applications Unchanged After Seasonal Adjustments
• MBS Commentary: The Day Ahead: Unofficial Month-End; Busiest Econ Calendar of the Week
• MBS Commentary: MBS RECAP: Mortgage Markets in Holiday Stance
• Mortgage Rate Watch: Mortgage Rates Continue Flat, Holiday Trend
• MND NewsWire: Conforming Loan Limits Stay Put for 2014, Including High Cost Areas

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MND NewsWire – Mortgage Applications Unchanged After Seasonal Adjustments

Mortgage Applications Unchanged After Seasonal Adjustments

Posted to: MND NewsWire
Wednesday, November 27, 2013 8:35 AM

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Applications for mortgages moved in two directions during the week ending November 22, depending on whether the figures were presented “as is” or on a seasonally adjusted basis. The Mortgage Bankers Association (MBA) said today that the Market Composite Index, a measure of loan application volume, decreased 0.3 percent on a seasonally adjusted basis but was up 9 percent on an unadjusted basis compared to the previous week.

There was a similar dichotomy with the Purchase Index which fell 0.2 percent seasonally adjusted and rose 6 percent compared with the week ended November 15. When compared to the same week in 2012 the Purchase Index was up 35 percent.

(READ THE FULL POST)

More from MND:

• MBS Commentary: The Day Ahead: Unofficial Month-End; Busiest Econ Calendar of the Week
• MBS Commentary: MBS RECAP: Mortgage Markets in Holiday Stance
• Mortgage Rate Watch: Mortgage Rates Continue Flat, Holiday Trend
• MND NewsWire: Conforming Loan Limits Stay Put for 2014, Including High Cost Areas
• MND NewsWire: FHFA Price Increases more Modest than Case-Shiller

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MBS Commentary – The Day Ahead: Unofficial Month-End; Busiest Econ Calendar of the Week

The Day Ahead: Unofficial Month-End; Busiest Econ Calendar of the Week

Posted to: MBS Commentary
Tuesday, November 26, 2013 8:53 PM

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Despite the term “extended weekend” being thrown around a bit, bond markets are open for a half day on Friday. While that technically makes it the last day of the month, there are all kinds of reasons that today will be just as much of a “month-end” session, if not more so. In fact, some of the seemingly incongruous movement between data, Treasuries, and MBS is likely due to the month-end tradeflow considerations. With light liquidity ruling the week, it makes good sense for traders to do what they need to do while there are relatively more counterparties around to take the other side of the trade.

Beyond those phantom forces that may or may not be pushing in either direction, there are the regular technical and fundamental considerations. On the fundamental side, Jobless Claims is forgettable as it’s not an NFP survey week and is also more heavily discounted during the holiday season. Durable Goods are seen making a pretty big swing lower from 3.8 to -1.9 and with that sort of distance to travel, the door is open for a bigger beat/miss to catch more investors offsides.

The highlight of the morning, however, is the data duo at 9:45 and 9:55, Chicago PMI and Consumer Sentiment. Of the two, Chicago PMI tends to pack a bigger punch, but said punch would likely wait for confirmation or rejection from Sentiment 10 minutes later before getting too punchy. Even then, technicals could be just as potent. They seem to be guiding the week for Treasuries so far (see chart below), though they may be close to running their current course and thus facing a decision to bounce or proceed. Whatever path is chosen, the best bet is that it will be inconsequential compared to the fork in the road we come to with next Friday’s NFP.

(READ THE FULL POST)

More from MND:

• MBS Commentary: MBS RECAP: Mortgage Markets in Holiday Stance
• Mortgage Rate Watch: Mortgage Rates Continue Flat, Holiday Trend
• MND NewsWire: Conforming Loan Limits Stay Put for 2014, Including High Cost Areas
• MND NewsWire: FHFA Price Increases more Modest than Case-Shiller
• MBS Commentary: MBS MID-DAY: Bond Markets Hold Gains After Weaker Consumer Confidence

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Daily Newsletter: Conforming Loan Limits Stay Put for 2014, Including High Cost Areas; Home Price Growth Slowing; Mortgage Rates Flat

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30 Year Fixed 4.42% +0.00 15 Year Fixed 3.49% +0.00 10YR Treasury 2.71% -0.0270 FNMA 30YR 3.5 101.19 +0.05 FNMA 15YR 2.5 103.31 +0.03 View Today’s Rates

Tuesday November 26, 2013 MND NewsWire – 1:23PM Conforming Loan Limits Stay Put for 2014, Including High Cost Areas Whether because of the uproar from some members of Congress, the Mortgage Bankers Association, National Association of Realtors, and other industry players or not, Edward J. DeMarco … Mortgage Rate Watch – 3:27PM Mortgage Rates Continue Flat, Holiday Trend Mortgage rates were flat again today. Some lenders were just slightly better or worse compared to yesterday, but on average, there was no change. Heading in to extended holiday weekends … MND NewsWire – 10:45AM Home Price Growth Slowing but Still Bubbly in West Home prices continue to increase nationally, and the S&P Case-Shiller’s U.S. National Home Price Index which is issued quarterly showed a strong third quarter where prices increased … MND NewsWire – 11:47AM FHFA Price Increases more Modest than Case-Shiller The Federal Housing Finance Agency (FHFA) reported that home prices rose 2.0 percent in the third quarter compared to the second quarter and 8.4 percent from the third quarter of 2012 … Affiliated Fees to Included in 3% or not?; "Funding" Versus "Closing" – Pick One! Building Permits Surge is All Multi-Family MBS MID-DAY: Bond Markets Hold Gains After Weaker Consumer Confidence The Day Ahead: Housing Starts Delayed; Focus is on Consumer Confidence, Auction California Purchase Contracts up for First Time in 3 Months Home Prices Rise Overall, but Some Areas Seeing Sharp Declines Inventories Pulling Home Sales and Prices in Opposite Directions Latest Video Expect home prices lower: Pro New wave of mortgage troubles? Shiller: No homebuyer excitement More News from ‘Around the Web’ Bloomberg – 3:00PM Double Bottom Points to Bond Volatility Rise: Technical Analysis – Bloomberg Reuters – 1:37PM JPMorgan, mortgages drag down third-quarter U.S. bank profits Bloomberg – 1:29PM Treasuries Remain Higher After $35 Billion 5-Year Note Auction – Bloomberg CNBC – 1:27PM New way to stop foreclosures still only a threat Google News – 12:30PM Realtors® Applaud DeMarco for Heeding Warnings, Leaving GSE Loan Limits As Is Boston Fed – 11:40AM The Effect of Foreclosure on Boston Public School Student Academic Performance CNBC – 10:58AM Chart of the Day: Strong and weak housing markets Washington Post – 10:58AM Wonkblog: Housing is looking just fine, thank you very much content.govdelivery.com – 10:57AM FDIC-Insured Institutions Earned $36 Billion in the Third Quarter of 2013 The Huffington Post – 10:36AM How Wall Street Has Turned Housing Into a Dangerous Get-Rich-Quick Scheme — Again http://www.cfpbmonitor.com – 10:24AM More on the final RESPA-TILA integrated disclosures rule CNBC – 10:24AM Consumer confidence misses expectations in Nov. http://www.cfpbmonitor.com – 10:23AM House committee approves six CFPB reform bills Reuters – 9:20AM U.S. housing permits breach 1 million mark, highest in 5-1/2 years FHFA – 9:19AM FHFA Index Shows Mortgage Interest Rates Decrease in October FHFA – 9:19AM U.S. House Prices Rose 2.0 Percent in Third Quarter 2013 CNBC – 9:18AM September home prices up 13.3% year-over-year: S&P/Case-Shiller Reuters – 8:20AM Insight: A new wave of U.S. mortgage trouble threatens CNBC – 8:17AM US bonds trade higher ahead of further housing data Today’s Comments MBS Live Chat – 10:20AM “anyone seeing any county loan limit differences?…” MBS Live Chat – 10:15AM “With U6 at almost 14% are we surprised that consumer confidence is low?…” Today’s Rates Best Execution Rate Change Current Mortgage Rates » What are best-execution rates? 30 Yr FRM 4.42% +0.00 15 Yr FRM 3.49% +0.00 FHA 30 Year Fixed 4.11% -0.01 Jumbo 30 Year Fixed 4.39% +0.00 5/1 Yr ARM 3.25% +0.00 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 3.62% 1.06 +0.18 30 Yr. Fixed 4.49% 1.21 +0.22 MBA ** 30 Yr. Fixed 4.46% 0.38 +0.02 15 Yr. Fixed 3.52% 0.33 +0.00 30 Yr. Jumbo 4.47% 0.22 -0.01 30 Yr. FHA 4.14% 0.25 -0.02 5/1 ARM 3.12% 0.27 +0.01 Freddie Mac ** Current Mortgage Rates » * FHFA averages are updated monthly. ** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly. 30 Yr. Fixed 4.22% 0.70 -0.13 15 Yr. Fixed 3.27% 0.70 -0.08 1 Yr. ARM 2.61% 0.40 +0.00 5/1 Yr. ARM 2.95% 0.50 -0.06 Secondary Markets MBS Price Change 30YR FNMA 3.0 96.91 +0.11 30YR FNMA 3.5 101.19 +0.05 30YR GNMA 3.0 98.02 +0.09 30YR GNMA 3.5 102.28 +0.08 15YR FNMA 3.0 103.31 +0.03 15YR FNMA 2.5 100.06 0.00 Treasuries Yield Change Current MBS / Treasury Prices » MBS and Treasury data provided by Thomson Reuters. Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information. Secondary Marketing Managers: If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information 2 YR 0.2972% +0.0106 5 YR 1.3107% -0.0280 10 YR 2.7085% -0.0270 30 YR 3.8009% -0.0230 Prices as of: 11/26/2013 4:04PM EST

This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates and terms are subject to change without notice. © 2013 Brown House Media, Inc. All rights reserved. Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031

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MBS Commentary – MBS RECAP: Mortgage Markets in Holiday Stance

MBS RECAP: Mortgage Markets in Holiday Stance

Posted to: MBS Commentary
Tuesday, November 26, 2013 4:05 PM

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Bond markets were once again in “Holiday stance” as the economic data had precious little effect on Treasuries and less still on MBS. The trend of MBS underperformance continued in general with Fannie 3.5s mostly flat on the day compared to 10yr yields 3.25bp drop. The caveat to the flatness in MBS is that prices started a bit higher this morning and held just above unchanged almost exclusively. Fannie 3.5s were as high as 101-12 for a moment and are coasting out around 101-06 presently. Tomorrow brings the most active calendar day of the week in terms of economic data and tradeflow considerations. If today was any indication, it will take big beats/misses on the data in order to motivate significant movement in rates.

(READ THE FULL POST)

More from MND:

• Mortgage Rate Watch: Mortgage Rates Continue Flat, Holiday Trend
• MND NewsWire: Conforming Loan Limits Stay Put for 2014, Including High Cost Areas
• MND NewsWire: FHFA Price Increases more Modest than Case-Shiller
• MBS Commentary: MBS MID-DAY: Bond Markets Hold Gains After Weaker Consumer Confidence
• MND NewsWire: Home Price Growth Slowing but Still Bubbly in West

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Daily Rate Update: Mortgage Rates Continue Flat, Holiday Trend

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30 Year Fixed 4.42% +0.00 15 Year Fixed 3.49% +0.00 10YR Treasury 2.71% -0.0252 FNMA 30YR 3.5 101.19 +0.05 FNMA 15YR 2.5 103.28 0.00 View Today’s Rates

Mortgage Rates Continue Flat, Holiday Trend November 26, 2013 Mortgage rates were flat again today. Some lenders were just slightly better or worse compared to yesterday, but on average, there was no change. Heading in to extended holiday weekends, it’s not uncommon to see rates show some determination to do nothing. This depends, to some extent, on whether market conditions will allow rates to stay flat. Naturally, if big enough news crossed the wires, rates would move, but we haven’t had anything in that realm so far this week. As such the the most prevalently quoted conforming 30yr fixed rate for ideal scenarios (best-execution) remains at 4.375%. Flat mortgage rates can also be seen as a symptom of a broader holiday phenomenon that may have less to do with the upcoming Thanksgiving holiday and more to do with market focus. Specifically, market participants are focused primarily on next week’s official jobs numbers. That report is so much more important to the rest of 2013 than any other data that it doesn’t make much sense to be overly aggressive or defensive with interest rates. Loan Originator Perspectives “The mortgage world has provided some calm in this short week. Tomorrow is loaded with weekly jobless claims (a day early), Chicago PMI and U of Michigan consumer sentiment, amongst many other releases, yet I have no unease about floating into Monday and December. Enjoy your holiday with friends and family.” -Matt Hodges, Charlottesville Sales Manager, Presidential Mortgage Group. Today’s Best-Execution Rates 30YR FIXED – 4.375% FHA/VA – 4.25%-3.75% (depends heavily on lender) 15 YEAR FIXED – 3.5% 5 YEAR ARMS – 3.0-3.50% depending on the lender Ongoing Lock/Float Considerations Uncertainty over the Fed’s bond-buying plans and Fiscal Policy has been making for a tough interest rate environment where we’re not seeing sustained improvement unless it’s a correction to even bigger deterioration. The Fed’s bond buying is the key consideration–not just the initial reduction (aka “tapering”), but the general pace of withdrawal. We’ve gone from tapering being a “sure thing” in September, to it being on hold until March 2014, and now December 2013 is increasingly possible after the most recent Employment report on Nov 8th. Markets continue to be most interested in economic data and its suggestions about the longer term trajectory of the economy. This will shape expectations for Fed policy in the coming months, and thus inform the direction of interest rates. The stronger the data the more likely the Fed is seen as reducing asset purchases. Rates would rise under this scenario, but the Fed indicated its cognizance of high rates creating headwinds for the recovery, and this suggests they’ll attempt to keep the pace of rising rates moderate as long as inflation isn’t adversely affected. (As always, please keep in mind that our Best-Execution rate always pertains to a completely ideal scenario. There are many reasons a quoted rate may differ from our average rates, and in those cases, assuming you’re following along on a day to day basis, simply use the Best-Ex levels we quote as a baseline to track potential movement in your quoted rate). 30 Year Fixed Rate Mortgage 15 Year Fixed Rate Mortgage Co-branding this Report Enable co-branding to personalize this report with your business information here. Learn more about co-branding with NO competitor ads. Today’s Rates Best Execution Rate Change Current Mortgage Rates » What are best-execution rates? 30 Yr FRM 4.42% +0.00 15 Yr FRM 3.49% +0.00 FHA 30 Year Fixed 4.11% -0.01 Jumbo 30 Year Fixed 4.39% +0.00 5/1 Yr ARM 3.25% +0.00 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 3.62% 1.06 +0.18 30 Yr. Fixed 4.49% 1.21 +0.22 MBA ** 30 Yr. Fixed 4.46% 0.38 +0.02 15 Yr. Fixed 3.52% 0.33 +0.00 30 Yr. Jumbo 4.47% 0.22 -0.01 30 Yr. FHA 4.14% 0.25 -0.02 5/1 ARM 3.12% 0.27 +0.01 Freddie Mac ** Current Mortgage Rates » * FHFA averages are updated monthly. ** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly. 30 Yr. Fixed 4.22% 0.70 -0.13 15 Yr. Fixed 3.27% 0.70 -0.08 1 Yr. ARM 2.61% 0.40 +0.00 5/1 Yr. ARM 2.95% 0.50 -0.06 Secondary Markets MBS Price Change 30YR FNMA 3.0 96.89 +0.09 30YR FNMA 3.5 101.19 +0.05 30YR GNMA 3.0 97.98 +0.06 30YR GNMA 3.5 102.27 +0.06 15YR FNMA 3.0 103.28 0.00 15YR FNMA 2.5 100.06 0.00 Treasuries Yield Change Current MBS / Treasury Prices » MBS and Treasury data provided by Thomson Reuters. Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information. Secondary Marketing Managers: If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information 2 YR 0.2972% +0.0106 5 YR 1.3107% -0.0280 10 YR 2.7103% -0.0252 30 YR 3.8009% -0.0230 Prices as of: 11/26/2013 4:00PM EST

About This Report Mortgage News Daily is a trusted source of mortgage rate market data and analysis, with over 1 million readers each month. Unlike many rate surveys, our survey is conducted on a daily basis and is designed to bring you the most current and accurate rate data available. We use a proprietary formula to calculate averages based on best-execution rates from top lender’s rate sheets, also taking into account feedback from hundreds of mortgage market professionals around the country.

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MND NewsWire – Conforming Loan Limits Stay Put for 2014, Including High Cost Areas

Conforming Loan Limits Stay Put for 2014, Including High Cost Areas

Posted to: MND NewsWire
Tuesday, November 26, 2013 12:59 PM

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Whether because of the uproar from some members of Congress, the Mortgage Bankers Association, National Association of Realtors, and other industry players or not, Edward J. DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA) has left loan limits for Fannie Mae and Freddie Mac unchanged for the coming year. In a press release on Tuesday DeMarco said that the maximum conforming loan limits for mortgages acquired or guaranteed by the two government sponsored enterprises (GSEs) will remain at $417,000 for one-unit properties in most areas of the country.

Some high costs areas such as Washington, DC, New York, Boston, and large parts of California are exempt from the $417,000 ceiling with limits that range as high as $625,000. This upper limit is also unchanged. It is possible there are areas that have previous fallen into the jumbo mortgage category between the two loan limits that may now be capped at the national limit or have experienced some changes in maximums depending on local calculations.

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