Daily Newsletter: Pending Home Sales Rise at Fastest Pace Since 2010; Rates Steady to Start Busy Week; Short Sales Down Big in Q1

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30 Year Fixed
4.10% +0.00
15 Year Fixed
3.25% +0.00
10YR Treasury
2.52% -0.0144
FNMA 30YR 3.5
102.83 +0.06
FNMA 15YR 2.5
103.81 +0.03
View Today’s Rates
Monday June 30, 2014
MND NewsWire – 10:32AM
Pending Home Sales Rise at Fastest Pace Since 2010
There was encouraging home market news from the National Association of Realtors® (NAR) this morning. The association’s Pending Home Sales Index surged in May , increasing 6.11 …
Mortgage Rate Watch – 2:49PM
Mortgage Rates Unchanged to Begin Short Week
Mortgage rates were unchanged today. More often than not, when the average rate is unchanged, it’s due to a balance between some lenders offering higher rates and others offering lower …
MND NewsWire – 3:40PM
Short Sales Fall Sharply in First Quarter
The Federal Housing Finance Agency said on Friday that Freddie Mac and Fannie Mae continue to complete thousands of foreclosure prevention actions in each reporting period. The two …
MBS Commentary – 7:27AM
MBS Week Ahead: Action-Packed 3.5 Day Week Ends with NFP
Pound for pound, this is one of the busiest weeks of the year . There are relevant economic reports every day as well as Fed speakers and the last trading day of Q2. Wrapping it all …

Latest Video


Santelli: Dollar no longer the king

Pending home sales jump

Q1 GDP reading ‘meaningless’: Economist

More News from ‘Around the Web’

Today’s Comments

avatar.aspx MBS Live Chat – 10:00AM
“RTRS- U.S. MAY PENDING HOME SALES INDEX +6.1 PCT, LARGEST GAIN SINCE APRIL 2010, (CONSENSUS +1.5 PCT) TO 103.9 – NAR…”
avatar.aspx MBS Live Chat – 10:00AM
“RTRS- U.S. MAY PENDING HOME SALES -5.2 PCT FROM MAY 2013…”
avatar.aspx MBS Live Chat – 11:01AM
“MG, if your announcement regarding the new version is the one I have, it’s incredible. The mobile app is crazy, I played golf with the owner of our hedge fund and my app was better than his!…”
Velocify_160x175.png

Today’s Rates

Best Execution hdr_arrow.png
Rate Change
Current Mortgage Rates »
What are best-execution rates?
30 Yr FRM 4.10% +0.00
15 Yr FRM 3.25% +0.00
FHA 30 Year Fixed 3.75% +0.00
Jumbo 30 Year Fixed 3.95% +0.01
5/1 Yr ARM 3.25% +0.01

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.66% 1.16 -0.01
30 Yr. Fixed 4.53% 1.31 +0.02
MBA ** hdr_arrow.png
30 Yr. Fixed 4.33% 0.18 -0.03
15 Yr. Fixed 3.47% 0.19 -0.03
30 Yr. Jumbo 4.28% 0.12 -0.04
30 Yr. FHA 4.03% -0.38 -0.04
5/1 ARM 3.23% 0.27 +0.03
Freddie Mac ** hdr_arrow.png
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 4.14% 0.50 -0.03
15 Yr. Fixed 3.22% 0.50 -0.08
1 Yr. ARM 2.40% 0.40 -0.01
5/1 Yr. ARM 2.98% 0.30 -0.02

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 98.69 +0.08
30YR FNMA 3.5 102.83 +0.06
30YR GNMA 3.0 100.73 +0.14
30YR GNMA 3.5 103.89 +0.13
15YR FNMA 3.0 103.81 +0.03
15YR FNMA 2.5 101.53 +0.09
Treasuries hdr_arrow.png
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
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2 YR 0.4607% -0.0039
5 YR 1.6283% -0.0081
10 YR 2.5214% -0.0144
30 YR 3.3507% -0.0175
Prices as of: 6/30/2014 4:04PM EST

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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 and terms are subject to change without notice.
© 2014 Brown House Media, Inc. All rights reserved.
Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031
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Daily Rate Update: Mortgage Rates Unchanged to Begin Short Week

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dailyrateheader.png
30 Year Fixed
4.10% +0.00
15 Year Fixed
3.25% +0.00
10YR Treasury
2.53% -0.0108
FNMA 30YR 3.5
102.81 +0.05
FNMA 15YR 2.5
103.80 +0.02
View Today’s Rates
Mortgage Rates Unchanged to Begin Short Week
June 30, 2014
Mortgage rates were unchanged today. More often than not, when the average rate is unchanged, it’s due to a balance between some lenders offering higher rates and others offering lower rates. Today, however, there were more than a few lenders who simply didn’t make any significant changes to Friday’s latest rate sheets. That said, some may be offering slight improvements this afternoon as underlying market conditions have improved.

The most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) remains at 4.125%, with any improvements coming in the form of lower closing costs.

This will be a busy week in terms of scheduled events that can impact rates. In addition, the all-important jobs report will be on Thursday morning as markets are closed on Friday in observance of the Independence Day holiday. Combined with the other events already scheduled on Thursday, there’s an uncommonly high amount of market movement potential packed into a short period of time. As Thursday approaches, the risks increase for bigger changes in rates than we’ve recently seen.

Loan Originator Perspective

“Lender pricing at the open today was very similar to Friday. As the day has progressed, MBS have moved higher in price which could allow lenders to improve pricing later today. If you are within 15 days of closing, you should consider locking especially if your lender reprices for the better. If your lender doesn’t reprice better today and you wish to float overnight, be in touch with your lender first thing in the morning as an important economic data report will be released at 10am.” –Victor Burek, Open Mortgage

“Markets have been fairly quiet for a bit which tends to breed complacency. Even though we’ve experienced improvements in pricing for several days now it’s important that consumers avoid getting complacent. With high risk events on the near term horizon (Jobs Report among others) the risk of floating into Wed/Thu seems excessive to me and I would be inclined to capture the recent gains by getting this pricing protected right now.” –Hugh W. Page, Sen. Mortgage Consultant, Capital Partners Mortgage

“Mortgage bonds had a seesaw session but were able finish near the highs of the day keeping the current up trend in tact. Things will heat up later in this shortened trading week as we get the jobs report on Thursday. Floating into tomorrow if your lender did not price better after Fridays re-price but be ready to lock if you have favorable pricing tomorrow for it will be dangerous to float into the ADP report or the Jobs report.” –Manny Gomes, Branch Manager, Norcom Mortgage

“ISM Manufacturing report is scheduled to be released tomorrow and the strength or weakness will likely move the market. We’re on the lower side of the new range, so the risk is for a greater move upward in rates than downward. I still think we’ll test the lows of this range in the near future, but if you’re on a day to day lock/float watch…I’d consider locking. If you have more time, the risk to float could continue to pay off.” –Brent Borcherding, www.brentborcherding.com

Today’s Best-Execution Rates

  • 30YR FIXED – 4.125
  • FHA/VA – 3.75%
  • 15 YEAR FIXED – 3.375%
  • 5 YEAR ARMS – 3.0-3.50% depending on the lender

Ongoing Lock/Float Considerations

  • The Fed has stayed the course on their $10bln per meeting reduction in bond buying, though markets have handled it relatively calmly compared to the days of “coming to terms with tapering” in 2013.
  • Rates fell significantly in January, leveled-off in February and took choppy steps higher in March. From there, they settled into a flat range mostly consisting of 4.375 and 4.5%, but with occasional forays to 4.25 and 4.625%.
  • The bias had been very slightly toward higher rates, it reversed course in early April as expectations grew concerning European Central Bank easing. On several occasions, those expectations would go on to overwhelm domestic economic data–normally the main source of guidance for market movements.
  • As of the third week in May, rates were as low as they’ve been since June 2013, more than confirming a break below the 2014 range. They remained in that range through month-end and grew more volatile ahead of the June 5th European Central Bank Announcement.
  • Looking back at recent movement, it’s had a disconcertingly small amount to do with ‘normal stuff’ like economic data and Fed policy. Temporary and unpredictable factors currently account for too much of the movement to make firm bets on rates moving either direction in the short term.
  • The narrow range persists even now, though due to the rate landscape from a year ago, rates were officially lower “year-over-year” on June 20th.
  • (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
30?w=360
15 Year Fixed Rate Mortgage
30?w=360&p=15YRFRM

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Today’s Rates

Best Execution hdr_arrow.png
Rate Change
Current Mortgage Rates »
What are best-execution rates?
30 Yr FRM 4.10% +0.00
15 Yr FRM 3.25% +0.00
FHA 30 Year Fixed 3.75% +0.00
Jumbo 30 Year Fixed 3.95% +0.01
5/1 Yr ARM 3.25% +0.01

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.66% 1.16 -0.01
30 Yr. Fixed 4.53% 1.31 +0.02
MBA ** hdr_arrow.png
30 Yr. Fixed 4.33% 0.18 -0.03
15 Yr. Fixed 3.47% 0.19 -0.03
30 Yr. Jumbo 4.28% 0.12 -0.04
30 Yr. FHA 4.03% -0.38 -0.04
5/1 ARM 3.23% 0.27 +0.03
Freddie Mac ** hdr_arrow.png
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 4.14% 0.50 -0.03
15 Yr. Fixed 3.22% 0.50 -0.08
1 Yr. ARM 2.40% 0.40 -0.01
5/1 Yr. ARM 2.98% 0.30 -0.02

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 98.66 +0.05
30YR FNMA 3.5 102.81 +0.05
30YR GNMA 3.0 100.72 +0.13
30YR GNMA 3.5 103.88 +0.11
15YR FNMA 3.0 103.80 +0.02
15YR FNMA 2.5 101.52 +0.08
Treasuries hdr_arrow.png
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 0.4607% -0.0039
5 YR 1.6283% -0.0081
10 YR 2.5250% -0.0108
30 YR 3.3516% -0.0166
Prices as of: 6/30/2014 3:58PM EST

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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.
© 2014 Brown House Media, Inc. All rights reserved.
Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031
View this Report in your Web Browser | Forward to a Friend | Subscribe
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.
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MBS RECAP: Bond Markets Navigate Quarter-End Without Too Much Drama

MBS RECAP: Bond Markets Navigate Quarter-End Without Too Much Drama

Posted to: MBS Commentary
Monday, June 30, 2014 3:50 PM

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Considering that today’s trading range wasn’t meaningfully wider than Friday’s AND that closing prices look like they’ll fall inside Friday’s range, today has turned out to be a relatively drama-free month-end/quarter-end trading session. That didn’t look like it would be the case as Fannie 3.5s made a dash from the highs to the lows at 9:30am, but they recovered into the afternoon.

Economic data didn’t play a big role today as bond markets were generally moving in the opposite direction from that suggested by the data. Bigger considerations included quarter-end trading…

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Short Sales Fall Sharply in First Quarter

Short Sales Fall Sharply in First Quarter

Posted to: MND NewsWire
Friday, June 27, 2014 12:24 PM

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The Federal Housing Finance Agency said on Friday that Freddie Mac and Fannie Mae continue to complete thousands of foreclosure prevention actions in each reporting period. The two assisted homeowners with a combined total of 88,800 loan modifications, forbearances, and other assistance. This brings the total to 3.2 million since the two government sponsored enterprises (GSEs) were put in conservatorship in 2008. That total includes 1.6 million loan modifications.

Foreclosure previous actions have helped more than 2.6 million borrowers stay in their homes and another half-million have been helped to exit home ownership without a foreclosure. Those home forfeiture actions include short sales and deeds-in-lieu. FHFA noted that short sales dropped by 26 percent in the first quarter compared to the previous one.

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MBS MID-DAY: Bond Markets Slightly Stronger After Volatile Start

MBS MID-DAY: Bond Markets Slightly Stronger After Volatile Start

Posted to: MBS Commentary
Monday, June 30, 2014 12:05 PM

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While the overnight sessions was relatively uneventful, the first half of the domestic session has seen some decent volatility. After starting out in positive territory, bond markets sold off fairly quickly starting around 9:30am.

Chicago PMI was weaker than expected, but Treasuries and MBS continued to lose ground until just after 10am. That’s a bit of a paradox considering 10am was the day’s only piece of exceptionally strong economic data. Pending Home Sales rose at the quickest pace since the 2010 first-time-homebuyer tax credit, reaching the best levels…

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Pending Home Sales Rise at Fastest Pace Since 2010

Pending Home Sales Rise at Fastest Pace Since 2010

Posted to: MND NewsWire
Monday, June 30, 2014 10:17 AM

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There was encouraging home market news from the National Association of Realtors® (NAR) this morning. The association’s Pending Home Sales Index surged in May, increasing 6.11 percent from pending sales in April. The index, a forward-looking indicator based on home purchase contracts moved from a value of 97.9 in April to 103.9. Sales resulting from those contract signings are generally expected to close in about 60 days.

The gain was broad based with all four regions of the country experiencing an uptick in contract signings. It was also the largest month-over-month increase since April 2010 when an influx of first-time buyers rushed to take advantage of the homebuyer tax credit. The gain at that time was 9.6 percent. Still the May index remained 5.2 percent below the 109.6 reading of May 2013.

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Defense of VA Fees; Force-Placed Insurance Update; Overcoming Non-QM Loan Liabilities

Defense of VA Fees; Force-Placed Insurance Update; Overcoming Non-QM Loan Liabilities

Posted to: Pipeline Press
Monday, June 30, 2014 7:12 AM

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Suddenly the entire industry seems interested in three things: using the Federal Home Loan Banks as a pseudo-warehouse line, jumbo deals, and force-place insurance. Regarding this last issue, Kate Berry with American Banker wrote an article of interest: “FHFA Should Sue Banks on Force-Placed Insurance: Watchdog“. “The Federal Housing Finance Agency should sue force-placed insurers and large banks for inflating prices and generating losses for Fannie Mae and Freddie Mac, the agency’s inspector general says. Fannie and Freddie suffered $158 million in ‘financial harm’ in 2012 alone from reimbursing servicers for ‘excessively priced’ force-placed insurance. The government-sponsored enterprises reimbursed servicers for $327 million in force-placed insurance premiums last year and for $587 million in premiums from 2009 to 2011, the report found. The 24-page report by the inspector general recommends that the FHFA assess whether to sue insurers and banks to recover damages. The FHFA has agreed to complete an assessment on whether to litigate within a year. Two insurers, Assurant Inc. (AIZ) and QBE Holdings, write more than 90% of force-placed insurance coverage. They priced premiums paid by the GSEs that were 79% above what was considered ‘reasonable’ to cover claims, the inspector general’s report found. Yet the FHFA, as the conservator of Fannie and Freddie, never determined whether to sue to recover damages. FHFA officials ‘cited competing priorities, such as finalizing other financial settlements, as the reason for not completing such an assessment,’ the report found. Force-placed insurance made headlines in 2011 when mortgage borrowers were hit with hefty premiums, usually after they defaulted and went into foreclosure. The hazard insurance is purchased by the servicer or creditor when a struggling homeowner fails to maintain coverage on the property.”

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