Daily Newsletter: New Credit Score Model Would be Great for Housing! Too Bad it Won’t be Used; Housing Entering Dicey Transition Phase; Rates Unchanged Near 2014 Lows

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30 Year Fixed
4.10% +0.00
15 Year Fixed
3.26% +0.00
10YR Treasury
2.34% +0.0070
FNMA 30YR 3.5
102.92 +0.02
FNMA 15YR 2.5
103.66 +0.02
View Today’s Rates
Friday August 29, 2014
MND NewsWire – 12:48PM
New Credit Score Model Would be Great for Housing! Too Bad it Won’t be Used
FICO, the company that develops proprietary scoring models for credit bureaus and lenders, announced August 7 that a new model (FICO Score 9) would be released this fall. FICO’s press …
MND NewsWire – 12:42PM
Housing Market Entering Dicey Transition Phase
RealtyTrac estimated that home sales in July were at an annualized rate of 4.63 million units , a decrease of 3 percent from June and down 12 percent from July 2013. This would be the …
Mortgage Rate Watch – 2:49PM
Mortgage Rates Unchanged Near 2014 Lows Ahead of 3-Day Weekend
Mortgage rates barely budged today. A few lenders were a bit higher than yesterday. A few more were a bit lower, but most hadn’t moved enough to be considered anything more than unchanged …
Pipeline Press – 10:11AM
New Digs for Fannie; CFPB Fines; HELOCs on the Rise; Cash vs. Security Sales
Cleverness is alive and well in lending, and the “free Russian cat with your loan funding” story yesterday brought a few e-mails. Chris L. contributes, “Thanks for sharing the idea …

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Today’s Comments

avatar.aspx MBS Commentary – 2:07PM
“lmao Matt… great update and good laughs too…”
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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 3.26% +0.00
FHA 30 Year Fixed 3.75% +0.00
Jumbo 30 Year Fixed 3.98% +0.01
5/1 Yr ARM 3.22% +0.00

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.56% 1.13 -0.10
30 Yr. Fixed 4.37% 1.39 -0.16
MBA ** hdr_arrow.png
30 Yr. Fixed 4.35% 0.22 +0.00
15 Yr. Fixed 3.48% 0.30 -0.03
30 Yr. Jumbo 4.24% 0.19 -0.02
30 Yr. FHA 4.04% 0.03 -0.02
5/1 ARM 3.24% 0.45 -0.08
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 4.10% 0.50 +0.00
15 Yr. Fixed 3.25% 0.60 +0.02
1 Yr. ARM 2.39% 0.50 +0.01
5/1 Yr. ARM 2.97% 0.50 +0.02

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 99.52 +0.06
30YR FNMA 3.5 102.92 +0.02
30YR GNMA 3.0 101.39 +0.02
30YR GNMA 3.5 103.97 +0.03
15YR FNMA 3.0 103.66 +0.02
15YR FNMA 2.5 101.25 -0.06
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 0.4961% -0.0078
5 YR 1.6283% -0.0032
10 YR 2.3448% +0.0070
30 YR 3.0824% +0.0072
Prices as of: 8/29/2014 4:08PM EST

23623981

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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MBS RECAP: Bond Markets Hold Narrow Range Overall; Some Month-End Volatility Around Treasury Close

MBS RECAP: Bond Markets Hold Narrow Range Overall; Some Month-End Volatility Around Treasury Close

Posted to: MBS Commentary
Friday, August 29, 2014 4:07 PM

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Overnight trading was uneventful for bond markets and made for a just slightly weaker open for both Treasuries and MBS. Economic data was completely and utterly ignored. It wasn’t until headlines out of the UK concerning a “severe” terrorism alert sent UK bond yields sharply lower that US bond markets finally found some motivation to get moving.

From there, liquidity waned severely, leaving the market open to any significant month-end trade flows. In other words, if there were to be even a normal amount of month-end trading around the 3pm Treasury close, it would …

(READ THE FULL POST)

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Daily Rate Update: Mortgage Rates Unchanged Near 2014 Lows Ahead of 3-Day Weekend

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30 Year Fixed
4.10% +0.00
15 Year Fixed
3.26% +0.00
10YR Treasury
2.35% +0.0088
FNMA 30YR 3.5
102.92 +0.02
FNMA 15YR 2.5
103.63 -0.02
View Today’s Rates
Mortgage Rates Unchanged Near 2014 Lows Ahead of 3-Day Weekend
August 29, 2014
Mortgage rates barely budged today. A few lenders were a bit higher than yesterday. A few more were a bit lower, but most hadn’t moved enough to be considered anything more than unchanged. Most borrowers would see the exact same quote today compared to yesterday. 4.125% remains the most prevalently quoted conforming 30yr fixed rate, but 4.0% is as close as it’s been since May 28th.

The lack of material improvement in mortgage rates is notable today, considering the underlying markets that most directly affect rates would indicate some improvement. This is one of the few instances where mortgage-backed-securities (MBS) will be in better shape without any noticeable effect on loan pricing. This phenomenon actually isn’t that uncommon on the day before a 3-day weekend, and especially when it happens to be the last business day of the month.

Keep in mind that by accepting locks, lenders are increasing the amount of commitments they have in the marketplace. Generally speaking, it’s riskier to increase the level of commitment ahead of long weekends, especially when geopolitical risk is a market-moving consideration. Any major change in markets over the long weekend runs the risk of making lenders sorely regret offering locks at what would then be an “out of market” rate come Tuesday.

Loan Originator Perspective

“We’re bordering on the best rates of the year, but I say float through the 3 day weekend and into Tuesday. As I think better rates are just ahead, as the pull lower due to global events, European debt, etc is the largest rate indicator right now. Be ready to lock at any time, but I suggest waiting to see what next week brings.” –Brent Borcherding, brentborcherding.com

“The lender pricing i viewed opened up worse this morning even though MBS are higher in price which should reflect in better pricing. This is a common occurrence before a 3 day holiday weekend. As a general rule, you should never lock on a Friday before a 3 day weekend. I would recommend to float all loans over the weekend and evaluate pricing on Tuesday morning. ” –Victor Burek, Open Mortgage

“Our improvement continued today despite some robust economic data. The best thing about our gains is that they’ve been steady and slow, rather than huge movements that evaporate as quickly as they arrive. At some point, our range and stability will end, but for the moment it’s a great environment for both buyers and lenders. Seems odd to say floating is an option when we’re near the best pricing of the year, but it might be for aggressive borrowers. If you’re close to closing, or have tight debt ratios/cash to close, lock ’em up, and don’t look back!” -Ted Rood, Senior Mortgage Planner, tedroodteam.com

Today’s Best-Execution Rates

  • 30YR FIXED – 4.125
  • FHA/VA – 3.75%
  • 15 YEAR FIXED – 3.25%
  • 5 YEAR ARMS – 3.0-3.50% depending on the lender

Ongoing Lock/Float Considerations

  • The hallmark of 2014 so far has been a disconcertingly narrow range in rates. Too many market participants bet on rates going higher in 2014, and markets have punished that imbalance with a paradoxical move lower.
  • As of June, rates were officially lower year-over-year, but that’s due to rates’ path higher in 2013. The current path in 2014 remains sideways.
  • European markets continue to play a nagging role in the background, generally helping rates in the US remain lower than they otherwise might be.
  • From a wider point of view, we’re in limbo, waiting for the first significant move away from the narrow range. A rally into late May stood a chance to act as this break, but rates have since returned to what were previously the lower limits of the 2014 range.
  • As always, please keep in mind that the rates discussed generally refer to what we’ve termedbest-execution(that is, the most frequently quoted, conforming, 30yr fixed rate for top tier borrowers, based not only on the outright price, but also ‘bang-for-the-buck.’ Generally speaking, our best-execution rate tends to connote no origination or discount points–though this can vary–and tends to predict Freddie Mac’s weekly survey with high accuracy. It’s safe to assume that our best-ex rate is the more timely and accurate of the two due to Freddie’s once-a-week polling method).

30 Year Fixed Rate Mortgage
29?w=360
15 Year Fixed Rate Mortgage
29?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 3.26% +0.00
FHA 30 Year Fixed 3.75% +0.00
Jumbo 30 Year Fixed 3.98% +0.01
5/1 Yr ARM 3.22% +0.00

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.56% 1.13 -0.10
30 Yr. Fixed 4.37% 1.39 -0.16
MBA ** hdr_arrow.png
30 Yr. Fixed 4.35% 0.22 +0.00
15 Yr. Fixed 3.48% 0.30 -0.03
30 Yr. Jumbo 4.24% 0.19 -0.02
30 Yr. FHA 4.04% 0.03 -0.02
5/1 ARM 3.24% 0.45 -0.08
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 4.10% 0.50 +0.00
15 Yr. Fixed 3.25% 0.60 +0.02
1 Yr. ARM 2.39% 0.50 +0.01
5/1 Yr. ARM 2.97% 0.50 +0.02

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 99.52 +0.06
30YR FNMA 3.5 102.92 +0.02
30YR GNMA 3.0 101.39 +0.02
30YR GNMA 3.5 103.97 +0.03
15YR FNMA 3.0 103.63 -0.02
15YR FNMA 2.5 101.25 -0.06
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 0.4961% -0.0078
5 YR 1.6299% -0.0016
10 YR 2.3466% +0.0088
30 YR 3.0816% +0.0064
Prices as of: 8/29/2014 4:06PM 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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Weekly Newsletter: How Long Will Low Rates Last? Housing Market Slowly Normalizing; Mortgage Apps Rise; Pending Home Sales Near 1-Year High

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30 Year Fixed
4.10% +0.00
15 Year Fixed
3.26% +0.00
10YR Treasury
2.34% +0.0070
FNMA 30YR 3.5
102.92 +0.02
FNMA 15YR 2.5
103.66 +0.02
View Today’s Rates
Friday August 29, 2014
Mortgage Rate Watch – 8/26
How Long Will Low, Flat Mortgage Rates Last?
So many questions have been raised by the surprising state of affairs in the world of mortgage rates this year. Why did rates move in the opposite direction from broad-based expectations …
MND NewsWire – 8/27
Housing Market Normalizing… Very Slowly
Freddie Mac said today that the housing recovery continues to be a primarily local phenomenon . While markets with strong economies and favorable demographics are continuing to improve …
MND NewsWire – 8/27
Mortgage Applications Rise despite Directionless Rates
Applications for both home purchase and refinancing increased during the week ended August 22. The Mortgage Bankers Association said that its Market Composite Index, a measure of application …
MND NewsWire – 8/28
Pending Home Sales Highest in Nearly a Year
Favorable housing conditions were credited for leading pending home sales higher in July to their best level since August 2013 . Pending sales as measured by purchase contract signings …

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More News from ‘Around the Web’

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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 3.26% +0.00
FHA 30 Year Fixed 3.75% +0.00
Jumbo 30 Year Fixed 3.98% +0.01
5/1 Yr ARM 3.22% +0.00

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.56% 1.13 -0.10
30 Yr. Fixed 4.37% 1.39 -0.16
MBA ** hdr_arrow.png
30 Yr. Fixed 4.35% 0.22 +0.00
15 Yr. Fixed 3.48% 0.30 -0.03
30 Yr. Jumbo 4.24% 0.19 -0.02
30 Yr. FHA 4.04% 0.03 -0.02
5/1 ARM 3.24% 0.45 -0.08
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 4.10% 0.50 +0.00
15 Yr. Fixed 3.25% 0.60 +0.02
1 Yr. ARM 2.39% 0.50 +0.01
5/1 Yr. ARM 2.97% 0.50 +0.02

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 99.52 +0.06
30YR FNMA 3.5 102.92 +0.02
30YR GNMA 3.0 101.39 +0.02
30YR GNMA 3.5 103.97 +0.03
15YR FNMA 3.0 103.66 +0.02
15YR FNMA 2.5 101.25 -0.06
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
TR_Eikon_Email.png
2 YR 0.4961% -0.0078
5 YR 1.6283% -0.0032
10 YR 2.3448% +0.0070
30 YR 3.0816% +0.0064
Prices as of: 8/29/2014 4:18PM EST

23623981

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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Weekly Rate Report: Mortgage Rates Inch Closer to 2014 Lows

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weeklyrateheader.png
30 Year Fixed
4.10% +0.00
15 Year Fixed
3.26% +0.00
10YR Treasury
2.34% +0.0070
FNMA 30YR 3.5
102.92 +0.02
FNMA 15YR 2.5
103.66 +0.02
View Today’s Rates
Mortgage Rates Inch Closer to 2014 Lows
August 29, 2014
Market Summary
Mortgage rates made extremely small individual movements this week, but they added up to a notable improvement over last Friday’s levels by the end of the week. The bond markets that underlie mortgage rates are almost exclusively being driven by factors outside the US, including a weak European economy, prospects for quantitative easing in Europe, and geopolitical risk surround Ukraine. At the risk of being too complacent, it’s hard to see any sharp rise in domestic interest rates until something changes overseas. The fact that such changes would necessarily be a long and gradual process adds further insulation.

The most prevalently quoted conforming 30yr fixed rate for ideal scenarios (best-execution),remained at 4.125%. But instead of sharing more territory with 4.25% this week, we’re now closer to 4.0% as being the runner up for the most common top tier quote.

The only cautionary note is that even during periods of ongoing improvement, markets don’t move in a straight line. There are rallies and corrections. The end of this week coincides with what would be a fairly normal time frame for a rally phase, so short-term loan scenarios should consider that rates could be slightly higher over the next week or two even if the longer-term trend remains toward lower rates.

Matthew Graham, Chief Operating Officer, Mortgage News Daily

30 Year Fixed Rate Mortgage
29?w=360
Week in Review
Rates shown below are based on the 30 Year Fixed Rate Mortgage

Beginning Average: 4.15%
Ending Average: 4.10%
Weekly Change: -0.05%
Yearly Change: -0.43%

Friday, August 22, 2014 : 4.15% (-0.02%)
Mortgage rates moved lower for a second straight day following a much-anticipated speech from Federal Reserve Chair Yellen in Jackson Hole. While she didn’t break any new ground in terms of what we should expect from Fed policy, there was some temporary volatility in the markets that underlie mortgage rates late this morning.

Headlines concerning Ukraine/Russia tension and European market movements all contributed, but by early afternoon, it was all for naught. Bond markets (which include the mortgage-backed-securities that dictate mortgage rates), settled down significantly as the day progressed, leaving the average lender in slightly better shape compared to yesterday’s latest levels.

More detail: “Mortgage Rates at a Standstill Just Above 2014 Lows”

Monday, August 25, 2014 : 4.14% (-0.01%)
Mortgage rates were steady for some lenders today, and slightly lower for others. The movement wasn’t nearly enough to affect rates themselves, meaning the improvement was limited to the closing cost side of the equation. In other words, you’d likely be quoted the same rate today as you would have most of last week, but the upfront costs might be slightly lower. 4.125% remains the most common quote for top tier scenarios in terms of conforming 30yr fixed loans. 4.25% is still prevalent for less-than-perfect scenarios.

More detail: “Mortgage Rates Steady to Slightly Lower”

Tuesday, August 26, 2014 : 4.13% (-0.01%)
So many questions have been raised by the surprising state of affairs in the world of mortgage rates this year. Why did rates move in the opposite direction from broad-based expectations to start the year? Why have rates continued to hold their low ground in such a stable way? Why have rates been able to push to year-over-year lows despite ever-stronger economic data? Why do we now seem ‘stuck’ at those lows while Treasury yields have continued to fall? And most importantly, how long will this relatively favorable environment stick around?

Mortgage rates are driven by movements in financial markets–most directly by MBS (mortgage-backed-securities, which actually dictate how much mortgage debt is worth to investors). MBS are always trading with some level of correlation to broader bond markets where 10yr Treasuries are one of the best big-picture reference points.

More detail: “How Long Will Low, Flat Mortgage Rates Last?”

Wednesday, August 27, 2014 : 4.11% (-0.02%)
Mortgage rates fell by an almost imperceptible amount today. Some lenders were actually unchanged or slightly higher. The actual NOTE rates quoted today would be identical to yesterday, with the only differences being seen in the form of modestly lower closing costs. This means that 4.125% stays intact as the most prevalently-quoted conforming 30yr fixed rate for top tier scenarios. All that having been said, the slow trickle of improvement is gradually bringing rates closer to their best levels in 2014. It would only take another few days of these improvements to get there.

The bond markets that underlie mortgage rates started strong today, once again benefiting from strength in European bond markets. We talked about this phenomenon at length yesterday (Read More: How Long Will Low, Flat Mortgage Rates Last?). Bond markets didn’t move much during US trading hours, but this was more true of the Mortgage-Backed-Securities (MBS) that directly dictate rates as opposed to US Treasuries which continued improving into the afternoon. In other words, Treasury rates are continuing their recent trend of moving lower, faster than mortgage rates (which are stuck in the mud by comparison).

More detail: “Mortgage Rates Closing in on 2014 Lows”

Thursday, August 28, 2014 : 4.10% (-0.01%)
Mortgage rates fell modestly for an impressive sixth straight day today. Yet again, we’re seeing little attention paid to the events in the US that NORMALLY influence interest rates. Case in point, stronger economic data typically pushes rates higher, and three out of three economic reports were stronger than expected today. The dark horse market consideration continues to be Europe. Specifically, expectations for further accommodation from the European Central Bank combined with real economic deterioration in the Eurozone are motivating record low rates in European bond markets and US markets are interconnected enough to get some of that benefit.

More detail: “Mortgage Rates Fall For Sixth Straight Day”

Friday, August 29, 2014 : 4.10% (+0.00%)
Mortgage rates barely budged today. A few lenders were a bit higher than yesterday. A few more were a bit lower, but most hadn’t moved enough to be considered anything more than unchanged. Most borrowers would see the exact same quote today compared to yesterday. 4.125% remains the most prevalently quoted conforming 30yr fixed rate, but 4.0% is as close as it’s been since May 28th.

The lack of material improvement in mortgage rates is notable today, considering the underlying markets that most directly affect rates would indicate some improvement. This is one of the few instances where mortgage-backed-securities (MBS) will be in better shape without any noticeable effect on loan pricing. This phenomenon actually isn’t that uncommon on the day before a 3-day weekend, and especially when it happens to be the last business day of the month.

More detail: “Mortgage Rates Unchanged Near 2014 Lows Ahead of 3-Day Weekend”

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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 3.26% +0.00
FHA 30 Year Fixed 3.75% +0.00
Jumbo 30 Year Fixed 3.98% +0.01
5/1 Yr ARM 3.22% +0.00

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.56% 1.13 -0.10
30 Yr. Fixed 4.37% 1.39 -0.16
MBA ** hdr_arrow.png
30 Yr. Fixed 4.35% 0.22 +0.00
15 Yr. Fixed 3.48% 0.30 -0.03
30 Yr. Jumbo 4.24% 0.19 -0.02
30 Yr. FHA 4.04% 0.03 -0.02
5/1 ARM 3.24% 0.45 -0.08
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 4.10% 0.50 +0.00
15 Yr. Fixed 3.25% 0.60 +0.02
1 Yr. ARM 2.39% 0.50 +0.01
5/1 Yr. ARM 2.97% 0.50 +0.02

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 99.52 +0.06
30YR FNMA 3.5 102.92 +0.02
30YR GNMA 3.0 101.39 +0.02
30YR GNMA 3.5 103.97 +0.03
15YR FNMA 3.0 103.66 +0.02
15YR FNMA 2.5 101.25 -0.06
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 0.4961% -0.0078
5 YR 1.6283% -0.0032
10 YR 2.3448% +0.0070
30 YR 3.0816% +0.0064
Prices as of: 8/29/2014 4:16PM EST

TR_Eikon_Email.png

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.

© 2014 Brown House Media, Inc. All rights reserved.
Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031

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New Credit Score Model Would be Great for Housing! Too Bad it Won’t be Used

New Credit Score Model Would be Great for Housing! Too Bad it Won’t be Used

Posted to: MND NewsWire
Friday, August 29, 2014 10:52 AM

Forward this email: Send a copy of this story to someone you know that may want to read it.

FICO, the company that develops proprietary scoring models for credit bureaus and lenders, announced August 7 that a new model (FICO Score 9) would be released this fall. FICO’s press release caught buyers’, Realtors’, and lenders’ attention, as the new model was touted as significantly more “borrower friendly”. Paid collections would no longer impact credit scores. Medical debts (paid or not) would hurt scores less as well. FICO predicted some consumers’ scores could rise by 25 points, an amount that would significantly reduce their loan costs or interest rates.

The pending changes (which followed a CFPB study on the fairness of FICO’s scoring models) ignited a frenzy of optimism from Steve Brown, president of the National Assn of Realtors who gushed they would “make a real difference in the lives of millions of American who have been shut out of the mortgage market or forced to pay higher mortgage interest rates because of flawed credit scores.”

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Housing Market Entering Dicey Transition Phase

Housing Market Entering Dicey Transition Phase

Posted to: MND NewsWire
Wednesday, August 27, 2014 6:23 PM

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RealtyTrac estimated that home sales in July were at an annualized rate of 4.63 million units, a decrease of 3 percent from June and down 12 percent from July 2013. This would be the third consecutive month in which RealtyTrac has projected a decrease in sales volume and the report is sharp contrast to the Existing Home Sales report issued last week by the National Association of Realtors® (NAR). That report showed existing home sales rose 2.4 percent from June to July, the fourth straight month-over-month increases, to an annualized total of 5.15 million sales and a rate down only 4.3 percent from the previous July.

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