Weekly Newsletter: FHA’s Role is Shrinking; NE Drags Down New Home Sales, but Pending Sales Rise; Rates Recover Modestly to end Bad Month

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30 Year Fixed 3.77% -0.02 15 Year Fixed 3.08% -0.01 10YR Treasury 2.00% -0.0383 FNMA 30YR 3.5 104.81 +0.27 FNMA 15YR 2.5 104.70 +0.20 View Today’s Rates

Friday February 27, 2015 MND NewsWire – 2/26 By Any Measure FHA’s Role is Shrinking The Federal Housing Administration (FHA) saw its share of the mortgage market soar to 72 percent of all mortgages issued in 2008 as other lenders pulled back and FHA moved into one … MND NewsWire – 2/25 Northeast Drags Down New Home Sales Sales of newly constructed single-family homes dipped only slightly in January from December levels. The U.S. Census Bureau and Department of Housing and Urban Developing said today … MND NewsWire – 2/27 Homebuyers were Busy in January; Pending Sales Rise Even though sales of existing homes dropped by 4.9 percent in January buyers were apparently out shopping and seriously so. The National Association of Realtors® said that its Pending … Mortgage Rate Watch – 2/27 Mortgage Rates End Bad Month on Good Note Mortgage rates managed to scrape together modest gains for today’s month-end session. In terms of the financial markets that dictate mortgage rates, the last day of the month can be … Construction Industry Optimism at 20-year High Lessons for Europe from the US Housing Recovery Black Knight Notes Home Price Decline Q4 Home Price Gains Outpace Inflation -FHFA Freddie Mac Profits Put Taxpayers $91.8 Billion in the Black 2015 Starts Slowly for Existing Home Sales Clear Regional Patterns as Home Prices Falter MBS MID-DAY: Bonds Let Guard Down After no Yellen Bombshells Mergers, Acquisitions, and Production Shifts; Upcoming Events and Training Housing Indicator Continues to Stabilize; Energy States at Risk Latest Video Mortgage meltdown brewing? Bove Closing Bell Exchange: Low rates, how long? Lawmakers accuse Yellen of political bias More News from ‘Around the Web’ CNBC – 2/27 US Q4 growth rate revised down to 2.2% WSJ – 2/27 Fed’s Dudley: Markets May Force a More Aggressive Rate Hike Cycle WSJ – 2/27 Economists React to the Fourth-Quarter GDP Report: The Underlying Picture Remains Good’ Reuters – 2/27 U.S. pending home sales hit one-and-a-half-year high in January Calculated Risk Blog – 2/27 Catching Up: Final February Consumer Sentiment at 95.4, Chicago PMI declines Sharply Bloomberg – 2/27 Ocwen Tumbles After Mortgage Servicer Gets Fired From Bond Deals CNBC – 2/27 Hell no, we won’t go! Homeowners who wouldn’t budge Calculated Risk Blog – 2/27 Fed’s Fischer: "Conducting Monetary Policy with a Large Balance Sheet" Reuters – 2/27 Jobs report may test market’s complacency WSJ – 2/27 ECB’s Constancio Sees Stock of 4 Trillion Eligible for QE Purchases Bloomberg – 2/27 Blackstone Seeks Up to $15 Billion for Real Estate Fund Market Watch – 2/27 Fed won’t be predictable after lifting rates, Fischer says Bloomberg – 2/26 Orders for U.S. Durable Goods Increased 2.8% in January CNBC – 2/26 Consumer price index falls 0.7% in January NAHB – 2/26 Developers? Sentiment About Multifamily Market Holds Steady in the Fourth Quarter freddiemac.mwnewsroom.com – 2/26 Mortgage Rates Rise for Third Consecutive Week Google News – 2/26 Three charts that explain the renters next door Bloomberg – 2/26 Most Millennials Can’t Do a Single Nice Thing for Someone Else Bloomberg – 2/26 Major Firms Are Saying the Stage Is Set For Another Crisis In The Bond Market blog.hud.gov – 2/26 FHA’s Middle Class Promise http://www.wsj.com – 2/26 When to Refinance WSJ – 2/26 Cleveland Fed’s Mester: Fed’s Focus is the Economy, Not Politics Bloomberg – 2/26 What to Look for in Friday’s GDP Report WSJ – 2/26 Why Isn’t the Fed More Worried About Inflation Expectations? freddiemac.mwnewsroom.com – 2/26 Freddie Mac Issues Monthly Volume Summary for January 2015 Bloomberg – 2/26 Ocwen Seen Losing Mortgage-Servicing Contracts Following Default CNBC – 2/25 Mortgage applications point to more buyers blog.redfin.com – 2/25 Confessions of a First-Time Homebuyer CNBC – 2/25 I’m optimistic about home improvement sector: CEO Bloomberg – 2/25 Is Fed’s Yellen a Slave to Draghi Economics? – Video freddiemac.mwnewsroom.com – 2/25 U.S. Housing Stability Improves for Fourth Consecutive Month Reuters – 2/25 U.S. new home sales dip, but remain near multi-year highs Bloomberg – 2/25 Yellen Defends Fed Against Lawmaker Criticism on Independence WSJ – 2/25 U.S. New-Home Sizes Set Record Last Year Bloomberg – 2/25 ECB Denies It Plotted to Burn Greece Bondholders in 2012 webfeeds.brookings.edu – 2/25 The agreement with Greece and the challenges ahead Market Watch – 2/25 BB&T sets aside $85 million over possible fine on FHA loans WSJ – 2/25 U.S. Productivity Now Grows Faster Than Jobs. What Changed? Bloomberg – 2/25 Bond Traders Clashing With Analysts on Yellen May Win Regardless Market Watch – 2/25 Foreign bidders take home 60% of new 5-year notes http://www.wellsfargo.com – 2/25 Wells Fargo Survey: Construction Activity Widely Expected to Improve in 2015 Calculated Risk Blog – 2/24 Lawler on Toll Brothers and Other Builders: Maybe Points to Strong New Home Sales in January The Big Picture – 2/24 Grexit is harder than you think WSJ – 2/24 5 Quotes From Fed Chairwoman Janet Yellen’s Report to Congress rss.nytimes.com – 2/24 High-End Home Buyers Call the Tune in a Cautious Market CNBC – 2/24 Yellen gave me a great reason to buy bonds: Trader WSJ – 2/24 New-Home Sales Are Surging. Why Aren’t Existing Homes As Hot? Calculated Risk Blog – 2/24 FDIC: Fewer Problem banks, Residential REO Declines in Q4 CNN – 2/24 Janet Yellen: Too many American’s aren’t making it CNBC – 2/24 Fewer sellers may hurt spring housing Bloomberg – 2/24 Traders Still Don’t Believe the Fed Is Ready to Raise Rates Calculated Risk Blog – 2/24 A Comment on House Prices: Real Prices and Price-to-Rent Ratio in December CNBC – 2/24 Fed won’t raise rates at all in 2015 Reuters – 2/24 U.S. home prices rise in December: S&P/Case-Shiller CNBC – 2/24 Read: Yellen’s prepared testimony rss.nytimes.com – 2/24 Fed in No Hurry to Raise Rates, Yellen Says Bloomberg – 2/24 Treasuries Decline as Yellen Signals Fed to Be Flexible on Rates CNBC – 2/24 Millennials rent but aren’t insured Reuters – 2/24 Home Depot quarterly profit rises 36 percent Bloomberg – 2/24 Seeing a Lot More Existing Home Renovations http://www.cfpbmonitor.com – 2/23 An Opportunity to Collaborate? The CFPB’s credit report study http://www.cfpbmonitor.com – 2/23 CFPB to hold field hearing on arbitration Calculated Risk Blog – 2/23 A Few Comments on January Existing Home Sales Bloomberg – 2/23 Trulia Economist Kolko to Leave Following Zillow Purchase Calculated Risk Blog – 2/23 Black Knight: House Price Index down slightly in December, Up 4.5% year-over-year Market Watch – 2/23 The Fed: Janet Yellen could strike hawkish tone before Congress CNBC – 2/23 There’s a new mortgage crisis brewing: Bove Market Watch – 2/23 Goldman Sachs could be hit with mortgage-bond sale lawsuit Reuters – 2/23 U.S. existing home sales hit nine-month low, supply weak CNBC – 2/23 US stocks open mostly lower; Greece, Yellen eyed Bloomberg – 2/23 Ocwen to Sell $9.8 Billion Servicing Portfolio to Nationstar Reuters – 2/23 Ten days that shook the euro; how Greece came to the brink Bloomberg – 2/23 US Treasuries in `Sweet Spot’ Right Now, Caron Says blog.redfin.com – 2/23 Luxury Home Prices Grow Just 3% in 4th Quarter; Foreign Buyers Boost Prices in Breakaway Cities http://www.freddiemac.com – 2/23 Keep Calm and Carry On Market Watch – 2/23 Ocwen’s stock rallies after deal to sell portfolio of mortgage servicing rights blogs.wsj.com – 2/23 5 Things To Know About Greece’s Bailout Extension Today’s Rates Best Execution Rate Change Current Mortgage Rates » What are best-execution rates? 30 Yr FRM 3.77% -0.02 15 Yr FRM 3.08% -0.01 FHA 30 Year Fixed 3.50% +0.00 Jumbo 30 Year Fixed 3.77% -0.01 5/1 Yr ARM 3.12% -0.01 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 3.47% 1.11 +0.02 30 Yr. Fixed 4.33% 1.33 -0.01 MBA ** 30 Yr. Fixed 3.93% 0.35 +0.09 15 Yr. Fixed 3.24% 0.35 +0.09 30 Yr. Jumbo 3.92% 0.28 +0.02 30 Yr. FHA 3.73% 0.12 +0.01 5/1 ARM 3.09% 0.47 +0.02 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 3.80% 0.60 +0.00 15 Yr. Fixed 3.07% 0.60 +0.00 1 Yr. ARM 2.44% 0.40 +0.00 5/1 Yr. ARM 2.99% 0.50 +0.00 Secondary Markets MBS Price Change 30YR FNMA 3.0 101.86 +0.27 30YR FNMA 3.5 104.81 +0.27 30YR GNMA 3.0 102.69 +0.28 30YR GNMA 3.5 105.02 +0.34 15YR FNMA 3.0 104.70 +0.20 15YR FNMA 2.5 102.42 +0.20 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 0.6263% -0.0277 5 YR 1.5005% -0.0409 10 YR 1.9965% -0.0383 30 YR 2.5964% -0.0338 Prices as of: 2/27/2015 4:31PM 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. © 2015 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: Rates Recover Modestly to Close Out Bad Month

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30 Year Fixed 3.77% -0.02 15 Year Fixed 3.08% -0.01 10YR Treasury 2.00% -0.0383 FNMA 30YR 3.5 104.81 +0.27 FNMA 15YR 2.5 104.70 +0.20 View Today’s Rates

Rates Recover Modestly to Close Out Bad Month February 27, 2015 Market Summary After an unpleasantly quick ride higher last week, and during the month of February in general, mortgage rates finally caught a break this week. It wasn’t an extreme bounce back, but after the last 3 weeks, any relief is a welcome sight. After markets came to terms with Greece’s bailout extension (a key component in last week’s weakness), it was on to waiting on the edge of our seats to see if Fed Chair Yellen would have anything disturbing to say about the prospects for a near term rate hike. As her first day of Congressional testimony ended without any alarming anecdotes, bond markets moved quickly toward lower rates. Top tier borrowers are mostly back to seeing 3.75% as the lowest conventional 30yr fixed offering, whereas 3.875% had been much more prevalent last week. –Matthew Graham, Chief Operating Officer, Mortgage News Daily 30 Year Fixed Rate Mortgage Week in Review Rates shown below are based on the 30 Year Fixed Rate Mortgage Beginning Average: 3.85% Ending Average: 3.77% Weekly Change: -0.08% Yearly Change: -0.55% Friday, February 20, 2015 : 3.85% (+0.01%) Mortgage rates are ending the day in very similar territory to yesterday’s latest levels but have had something of a wild ride between now and then. At issue is the ongoing drama between Greece and its Eurozone creditors. There was some risk heading into today that a temporary agreement would be reached to extend Greece’s bailout agreement, and indeed that’s behind the volatility. More detail: “Mortgage Rates End Unchanged Despite Massive Market Volatility “ Monday, February 23, 2015 : 3.85% (+0.00%) Mortgage rates ended the day in almost perfectly unchanged territory versus Friday’s despite trading levels improving in the secondary mortgage market. In other words, the mortgage-backed-securities that dictate lender’s rate sheets suggested a modest improvement–an improvement that we’re not really seeing. That said, of the few lenders who moved today, most have moved slightly lower. The most prevalently-quoted conventional 30yr fixed rate remains 3.875% for top tier scenarios, though 3.75% is certainly not unheard-of. The rationale for the conservative approach can vary from lender to lender, but several factors are likely in play. First and foremost, volatility will always hurt lenders’ ability to move mortgage rates in proportion to the rest of the bond market. More detail: “Mortgage Rates Mostly Flat Ahead of Yellen Testimony” Tuesday, February 24, 2015 : 3.79% (-0.06%) Mortgage rates had their best day of the month today following Fed Chair Yellen’s testimony before the Senate Banking Committee. That’s part of a 2-day semi-annual update that the Fed gives to congress. In this modern electronic age, it’s a wholly unnecessary relic from a bygone era when everything that every member of the Fed has said on the record wasn’t instantly available on the web. And so it has devolved into a painful display of American bureaucracy where congress-people can vent their frustrations or display their ignorance for a quick sound-byte. All that having been said, markets still treat this as the Fed Chair’s twice-a-year chance to set the record straight in a Q&A format, less constrained by the formalities of official FOMC communications. More detail: “Best Day of the Month for Mortgage Rates” Wednesday, February 25, 2015 : 3.77% (-0.02%) Mortgage rates had a bad Valentines Day. It’s not that anything happened on that Saturday. Indeed, lenders weren’t even open. It’s just that things changed significantly by the time US markets reopened on Tuesday, with rates moving higher at the fastest pace in over a year. After a purely corrective bounce the following day, rates spent the next three days in limbo. That brought us to yesterday’s big move lower following Yellen’s testimony and an anticlimactic Eurozone response to the Greek bailout (initial approval), but it was an outlier against an otherwise crummy trend toward higher rates in February. Until today… More detail: “Mortgage Rates Finally Feeling the Love” Thursday, February 26, 2015 : 3.79% (+0.02%) Mortgage rates were slightly higher today, undoing the modest gains seen yesterday, but leaving the more significant drop from Tuesday intact. 3.75% remains the most prevalently-quoted conforming 30yr fixed rate for top tier scenarios, though a few lenders will have drifted up to 3.875% with today’s weakness. Today’s losses were a factor of both data and events. This morning’s economic data was mixed, but higher Durable Goods and Real Wages overshadowed higher Jobless Claims. The data started the ball rolling in a negative direction for the markets that affect mortgage rates this morning, and from there, several month-end trading dynamics made for steady losses throughout the day. Particularly, companies issued corporate bonds at a rapid pace this afternoon, and that issuance process can indirectly put some upward pressure on rates. More detail: “Mortgage Rates Move Slightly Higher Ahead of GDP” Friday, February 27, 2015 : 3.77% (-0.02%) Mortgage rates managed to scrape together modest gains for today’s month-end session. In terms of the financial markets that dictate mortgage rates, the last day of the month can be a volatile day that shuns the normal cause and effect relationships between data and market movement. Today’s example thankfully bucked that trend (perhaps because the rest of the month had already given us plenty of volatility). Trading levels were stable to stronger all day, allowing many lenders to drop rates in the middle of the day. 3.75% remains intact as the most prevalently-quoted conventional 30yr fixed rate for top tier scenarios, though 3.875% is still fairly common. Lenders erred on the side of caution, in general, in that they didn’t quite keep pace with the improvements in underlying markets. In other words, they’ll have some extra improvement to pass along if markets hold their ground to start next week. More detail: “Mortgage Rates End Bad Month on Good Note” 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 3.77% -0.02 15 Yr FRM 3.08% -0.01 FHA 30 Year Fixed 3.50% +0.00 Jumbo 30 Year Fixed 3.77% -0.01 5/1 Yr ARM 3.12% -0.01 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 3.47% 1.11 +0.02 30 Yr. Fixed 4.33% 1.33 -0.01 MBA ** 30 Yr. Fixed 3.93% 0.35 +0.09 15 Yr. Fixed 3.24% 0.35 +0.09 30 Yr. Jumbo 3.92% 0.28 +0.02 30 Yr. FHA 3.73% 0.12 +0.01 5/1 ARM 3.09% 0.47 +0.02 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 3.80% 0.60 +0.00 15 Yr. Fixed 3.07% 0.60 +0.00 1 Yr. ARM 2.44% 0.40 +0.00 5/1 Yr. ARM 2.99% 0.50 +0.00 Secondary Markets MBS Price Change 30YR FNMA 3.0 101.86 +0.27 30YR FNMA 3.5 104.81 +0.27 30YR GNMA 3.0 102.69 +0.28 30YR GNMA 3.5 105.02 +0.34 15YR FNMA 3.0 104.70 +0.20 15YR FNMA 2.5 102.42 +0.20 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 0.6263% -0.0277 5 YR 1.5005% -0.0409 10 YR 1.9965% -0.0383 30 YR 2.5964% -0.0338 Prices as of: 2/27/2015 4:31PM 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 presented in this report are averages and are subject to change without notice. © 2015 Brown House Media, Inc. All rights reserved. Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031

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Daily Newsletter: Construction Industry Optimism at 20-year High; Pending Home Sales Rise; Rates end Bad Month on Good Note

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30 Year Fixed 3.77% -0.02 15 Year Fixed 3.08% -0.01 10YR Treasury 2.00% -0.0383 FNMA 30YR 3.5 104.81 +0.27 FNMA 15YR 2.5 104.70 +0.20 View Today’s Rates

Friday February 27, 2015 MND NewsWire – 2:39PM Construction Industry Optimism at 20-year High While its ultimate focus is the future of the construction equipment business, Wells Fargo’s Equipment Finance division has some predictions for residential construction as well. The … MND NewsWire – 11:27AM Homebuyers were Busy in January; Pending Sales Rise Even though sales of existing homes dropped by 4.9 percent in January buyers were apparently out shopping and seriously so. The National Association of Realtors® said that its Pending … Mortgage Rate Watch – 5:09PM Mortgage Rates End Bad Month on Good Note Mortgage rates managed to scrape together modest gains for today’s month-end session. In terms of the financial markets that dictate mortgage rates, the last day of the month can be … Community Commentary – 3:04PM Lessons for Europe from the US Housing Recovery In our highly interconnected financial world, what happens in Europe, Greece, and Germany greatly affects our own bond and MBS markets . There has been much discussion back and forth … MBS RECAP: Slow, Steady Gains for Bond Markets Note on VA Loans in Super Lien States; More on Oil’s Impact on the Economy MBS Day Ahead: Today Probably Won’t Decide the Permanent Fate of Rates in the US Latest Video Fed’s Fischer: Rate hike high probability in 2015 Clashes in streets of Athens Santelli: 10-year Treasury yield on the move More News from ‘Around the Web’ Market Watch – 4:20PM Fed won’t be predictable after lifting rates, Fischer says Bloomberg – 4:19PM Blackstone Seeks Up to $15 Billion for Real Estate Fund WSJ – 4:18PM ECB’s Constancio Sees Stock of 4 Trillion Eligible for QE Purchases Reuters – 2:11PM Jobs report may test market’s complacency Calculated Risk Blog – 1:56PM Fed’s Fischer: "Conducting Monetary Policy with a Large Balance Sheet" CNBC – 12:35PM Hell no, we won’t go! Homeowners who wouldn’t budge Bloomberg – 12:28PM Ocwen Tumbles After Mortgage Servicer Gets Fired From Bond Deals Calculated Risk Blog – 11:31AM Catching Up: Final February Consumer Sentiment at 95.4, Chicago PMI declines Sharply Reuters – 10:28AM U.S. pending home sales hit one-and-a-half-year high in January WSJ – 10:27AM Economists React to the Fourth-Quarter GDP Report: The Underlying Picture Remains Good’ WSJ – 10:27AM Fed’s Dudley: Markets May Force a More Aggressive Rate Hike Cycle CNBC – 9:05AM US Q4 growth rate revised down to 2.2% Today’s Rates Best Execution Rate Change Current Mortgage Rates » What are best-execution rates? 30 Yr FRM 3.77% -0.02 15 Yr FRM 3.08% -0.01 FHA 30 Year Fixed 3.50% +0.00 Jumbo 30 Year Fixed 3.77% -0.01 5/1 Yr ARM 3.12% -0.01 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 3.47% 1.11 +0.02 30 Yr. Fixed 4.33% 1.33 -0.01 MBA ** 30 Yr. Fixed 3.93% 0.35 +0.09 15 Yr. Fixed 3.24% 0.35 +0.09 30 Yr. Jumbo 3.92% 0.28 +0.02 30 Yr. FHA 3.73% 0.12 +0.01 5/1 ARM 3.09% 0.47 +0.02 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 3.80% 0.60 +0.00 15 Yr. Fixed 3.07% 0.60 +0.00 1 Yr. ARM 2.44% 0.40 +0.00 5/1 Yr. ARM 2.99% 0.50 +0.00 Secondary Markets MBS Price Change 30YR FNMA 3.0 101.86 +0.27 30YR FNMA 3.5 104.81 +0.27 30YR GNMA 3.0 102.69 +0.28 30YR GNMA 3.5 105.02 +0.34 15YR FNMA 3.0 104.70 +0.20 15YR FNMA 2.5 102.42 +0.20 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 0.6263% -0.0277 5 YR 1.5005% -0.0409 10 YR 1.9965% -0.0383 30 YR 2.5964% -0.0338 Prices as of: 2/27/2015 4:31PM 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. © 2015 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 End Bad Month on Good Note

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30 Year Fixed 3.77% -0.02 15 Year Fixed 3.08% -0.01 10YR Treasury 2.00% -0.0383 FNMA 30YR 3.5 104.81 +0.27 FNMA 15YR 2.5 104.70 +0.20 View Today’s Rates

Mortgage Rates End Bad Month on Good Note February 27, 2015 Mortgage ratesmanaged to scrape together modest gains for today’s month-end session. In terms of the financial markets that dictate mortgage rates, the last day of the month can be a volatile day that shuns the normal cause and effect relationships between data and market movement. Today’s example thankfully bucked that trend (perhaps because the rest of the month had already given us plenty of volatility). Trading levels were stable to stronger all day, allowing many lenders to drop rates in the middle of the day. 3.75% remains intact as the most prevalently-quoted conventional 30yr fixed rate for top tier scenarios, though 3.875% is still fairly common. Lenders erred on the side of caution, in general, in that they didn’t quite keep pace with the improvements in underlying markets. In other words, they’ll have some extra improvement to pass along if markets hold their ground to start next week. Loan Originator Perspective “Rates are range bound with support at 2.04 and resistance at 2.00. Very weak data this morning was unfortunately unable to break us through 2.00. We have to several important pieces of economic data to hit on Monday. If the data is weak on Monday, i think we can break the 2.00 resistance (good implications for mortgage rates); however, if it is stronger rates could also burst through the ceiling at 2.04 (bad for mortgage rates). My advice would be to take short term closings off the float boat and lock them up today. A few lenders have repriced for the better, so before locking check to see if you lender has done so. If your lender has not repriced for the better, i would float over the weekend.” –Victor Burek, Open Mortgage “Rate markets enjoyed a sedate Friday to end the month, with minor pricing improvements on my rate sheets. While we’re still closer to the rate highs for February than the lows seen early in the month, at least we’ve regained some ground, and appear to be in a “wait and see” mode at the moment. I’ll probably still lock the majority of my submissions early in the process, particularly for borrowers with limited risk tolerance, high debt ratios, or tight cash to close. After all, “One in the hand beats…..”” –Ted Rood, Senior Originator “Today’s gains can be attributed to a combination of month-end bond buying and a economic data coming in slightly lower than forecast. These gains still did not offset yesterday’s losses and lenders have been reluctant to pass any improvements onto rate sheets. Next week brings us the Jobs Report which is will be the last print before the Fed’s quarterly statement in March. Volatility is highly possible leading up to the report. If you have low risk tolerance and need to lock in the next 30 days you should strongly consider it.” –Justin Dudek, Mortgage Professional, Supreme Lending Today’s Best-Execution Rates 30YR FIXED – 3.75 FHA/VA – 3.25-3.5 15 YEAR FIXED – 3.00-3.125 5 YEAR ARMS – 2.75 – 3.25% depending on the lender Ongoing Lock/Float Considerations 2015 began with a strong move to the lowest rates seen since May 2013. The catalyst has been and continues to be Europe. European bond yields trended constantly lower in 2014, thus playing a prominent role in keeping US rates lower than they otherwise might be. Many feel that Europe will continue to slide until their central bank engages in US-style quantitative easing. Some see this happening in early 2015. In any event, we’re looking for a turn in Europe, first and foremost, before worrying about the longer-term trend in bond markets being at serious risk of reversing. It’s impossible to know when Europe will turn a corner, and even then it’s only the sort of thing we’ll be able to observe in hindsight. That means every head-fake toward higher rates runs the risk of developing into a longer term rise, even if those risks vary greatly in terms of probability. Clients with longer term time horizons and who otherwise don’t mind losing some ground in exchange for the chance at locking even lower rates are the only ones who should float. Clients who must close by a certain date or who can’t afford to lose any ground on rates should generally be locking even though the longer term trend has been in their favor for over a year now. As always, please keep in mind that the rates discussed generally refer to what we’ve termed ‘best-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 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 3.77% -0.02 15 Yr FRM 3.08% -0.01 FHA 30 Year Fixed 3.50% +0.00 Jumbo 30 Year Fixed 3.77% -0.01 5/1 Yr ARM 3.12% -0.01 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 3.47% 1.11 +0.02 30 Yr. Fixed 4.33% 1.33 -0.01 MBA ** 30 Yr. Fixed 3.93% 0.35 +0.09 15 Yr. Fixed 3.24% 0.35 +0.09 30 Yr. Jumbo 3.92% 0.28 +0.02 30 Yr. FHA 3.73% 0.12 +0.01 5/1 ARM 3.09% 0.47 +0.02 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 3.80% 0.60 +0.00 15 Yr. Fixed 3.07% 0.60 +0.00 1 Yr. ARM 2.44% 0.40 +0.00 5/1 Yr. ARM 2.99% 0.50 +0.00 Secondary Markets MBS Price Change 30YR FNMA 3.0 101.86 +0.27 30YR FNMA 3.5 104.81 +0.27 30YR GNMA 3.0 102.69 +0.28 30YR GNMA 3.5 105.02 +0.34 15YR FNMA 3.0 104.70 +0.20 15YR FNMA 2.5 102.42 +0.20 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 0.6263% -0.0277 5 YR 1.5005% -0.0409 10 YR 1.9965% -0.0383 30 YR 2.5964% -0.0338 Prices as of: 2/27/2015 4:31PM 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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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 RECAP: Slow, Steady Gains for Bond Markets

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Posted to: MBS Commentary
Friday, February 27, 2015 4:59 PM

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Very little has changed between now and the mid-day update (read that HERE if you like). To recap, bonds started the day roughly in line with yesterday’s latest levels and made gradual improvements throughout the day. That was more true for MBS than for Treasuries though. 10yr yields were locked in more of a sideways range in the morning hours and never really broke it until after the 3pm close. MBS saw more consistent improvement, albeit at a gradual pace.

Data was disregarded, with the possible exception of some volatility after Chicago PMI. There were no …

(READ THE FULL POST)

More from MND:

• Community Commentary: Lessons for Europe from the US Housing Recovery
• MND NewsWire: Construction Industry Optimism at 20-year High
• MBS Commentary: MBS MID-DAY: Uneventful Month-End Session; Little Impact From Data
• MND NewsWire: Homebuyers were Busy in January; Pending Sales Rise
• Pipeline Press: Note on VA Loans in Super Lien States; More on Oil’s Impact on the Economy

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Construction Industry Optimism at 20-year High

Posted to: MND NewsWire
Thursday, February 26, 2015 9:38 AM

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While its ultimate focus is the future of the construction equipment business, Wells Fargo’s Equipment Finance division has some predictions for residential construction as well. The company’s 2015 Construction Industry Forecast, presents results of a survey it has conducted for the last 19 years of industry executives representing large and small contractors as well as equipment distributorships and equipment rental companies.

Wells Fargo’s survey attempts to track industry optimism using what it calls the Optimism Quotient (OQ). John Crum, National Sales Manager for the Equipment Finance Construction Group said that, after tumbling to an all-time low of 42 in January 2009, the OQ has climbed steadily, reaching new highs in three of the last four years and landing this year at 130, up six points from 2014.

(READ THE FULL POST)

More from MND:

• MBS Commentary: MBS MID-DAY: Uneventful Month-End Session; Little Impact From Data
• MND NewsWire: Homebuyers were Busy in January; Pending Sales Rise
• Pipeline Press: Note on VA Loans in Super Lien States; More on Oil’s Impact on the Economy
• MBS Commentary: MBS Day Ahead: Today Probably Won’t Decide the Permanent Fate of Rates in the US
• MBS Commentary: MBS RECAP: Strong Start, Much Weaker Finish as Corporate Deals Hit Rates

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MBS MID-DAY: Uneventful Month-End Session; Little Impact From Data

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Posted to: MBS Commentary
Friday, February 27, 2015 1:06 PM

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The last trading day of the month has managed to be a total let-down to anyone looking for excitement. In terms of doing no further harm, it’s been just fine though–at least through mid-day.

That wasn’t necessarily looking like the case overnight. European data and the resulting bond market weakness carried 10yr yields up to 2.052, but they saw solid support there and ultimately made it back to positive territory as the domestic session got underway.

GDP data was a non-event, either because markets weren’t interested or because it was right in line with the forecast…

(READ THE FULL POST)

More from MND:

• MND NewsWire: Homebuyers were Busy in January; Pending Sales Rise
• Pipeline Press: Note on VA Loans in Super Lien States; More on Oil’s Impact on the Economy
• MBS Commentary: MBS Day Ahead: Today Probably Won’t Decide the Permanent Fate of Rates in the US
• MBS Commentary: MBS RECAP: Strong Start, Much Weaker Finish as Corporate Deals Hit Rates
• Mortgage Rate Watch: Mortgage Rates Move Slightly Higher Ahead of GDP

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Homebuyers were Busy in January; Pending Sales Rise

Posted to: MND NewsWire
Friday, February 27, 2015 10:29 AM

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Even though sales of existing homes dropped by 4.9 percent in January buyers were apparently out shopping and seriously so. The National Association of Realtors® said that its Pending Home Sales Index (PHSI) climbed to 104.2 in January, a 1.7 percent increase from December and the highest level for the index since August 2013.

The January PHSI was 8.4 percent higher than the one for January 2014. It was the fifth consecutive month of year-over-year gains and NAR said that each month has accelerated the annual gain from the prior month. In addition the December number was revised upward from 100.7 to 102.5, erasing about half of the previously reported 3.7 percent November to December loss.

(READ THE FULL POST)

More from MND:

• Pipeline Press: Note on VA Loans in Super Lien States; More on Oil’s Impact on the Economy
• MBS Commentary: MBS Day Ahead: Today Probably Won’t Decide the Permanent Fate of Rates in the US
• MBS Commentary: MBS RECAP: Strong Start, Much Weaker Finish as Corporate Deals Hit Rates
• Mortgage Rate Watch: Mortgage Rates Move Slightly Higher Ahead of GDP
• MND NewsWire: By Any Measure FHA’s Role is Shrinking

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Note on VA Loans in Super Lien States; More on Oil’s Impact on the Economy

Posted to: Pipeline Press
Friday, February 27, 2015 8:22 AM

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Zillow published an article indicating that low-income renters have moved away from living in rural, dense communities and into more affluent suburban areas that were adversely affected by the recession. Historically, low-income renters lived in rural, single-family residences and large multifamily units. However, this cohort is now more likely to live in low-rise, low-density, multifamily structures. About 36% of all U.S. households rent and more than 68% of low-income households in the U.S. are renters. Renters are also three times more likely than homeowners to have low incomes and in 2013, roughly 26% of renter-occupied households had low incomes as opposed to 9% of owner-occupied households.

(READ THE FULL POST)

More from MND:

• MBS Commentary: MBS Day Ahead: Today Probably Won’t Decide the Permanent Fate of Rates in the US
• MBS Commentary: MBS RECAP: Strong Start, Much Weaker Finish as Corporate Deals Hit Rates
• Mortgage Rate Watch: Mortgage Rates Move Slightly Higher Ahead of GDP
• MND NewsWire: By Any Measure FHA’s Role is Shrinking
• MND NewsWire: Q4 Home Price Gains Outpace Inflation -FHFA

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MBS Day Ahead: Today Probably Won’t Decide the Permanent Fate of Rates in the US

MBS Live: Extended 4 Week Free Trial Offer
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Posted to: MBS Commentary
Friday, February 27, 2015 7:34 AM

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We’re all a bit shaken up–us market watching types. Almost all of 2014 through January of 2015 was great, and now February has stuck out like a sore thumb. This week’s refreshing rally on Tuesday was the first real glimmer of hope. As of Thursday night, that glimmer was far from extinguished, with 10yr yields holding under the important 2.04 technical level after having been as high as 2.16 in the previous week.

All of that is good, but any strong bouts of selling are unsettling right now. We want our glimmer to grow and flourish–not to have merely been a cruel …

(READ THE FULL POST)

More from MND:

• MBS Commentary: MBS RECAP: Strong Start, Much Weaker Finish as Corporate Deals Hit Rates
• Mortgage Rate Watch: Mortgage Rates Move Slightly Higher Ahead of GDP
• MND NewsWire: By Any Measure FHA’s Role is Shrinking
• MND NewsWire: Q4 Home Price Gains Outpace Inflation -FHFA
• Pipeline Press: Mergers, Acquisitions, and Production Shifts; Upcoming Events and Training

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