Homebuyers were Busy in January; Pending Sales Rise

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.

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

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.

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

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

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 …

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MBS RECAP: Strong Start, Much Weaker Finish as Corporate Deals Hit Rates

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MBS RECAP: Strong Start, Much Weaker Finish as Corporate Deals Hit Rates

Posted to: MBS Commentary
Thursday, February 26, 2015 6:44 PM

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For being a day that followed 2 sessions of gains in a month where 2 sessions of gains is nearly unheard of, today got off to a great start. There were new all-time lows in German Bund yields and US 10s were all the way down to 1.931 at their best levels. By the end of the day though, they’d be exactly 10bps higher.

The weakness started right off the bat after a round of mixed economic data at 8:30am. Perhaps it was the stronger Durable Goods headline or the big increases in Real Wages in the CPI data. Whatever it was, bonds didn’t like it.

Tradeflows…

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Daily Newsletter: FHA’s Role is Shrinking; Rates Slightly Higher Ahead of GDP; Home Prices Outpacing Inflation

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30 Year Fixed
3.79% +0.02
15 Year Fixed
3.09% +0.02
10YR Treasury
2.03% +0.0678
FNMA 30YR 3.5
104.55 -0.23
FNMA 15YR 2.5
104.50 -0.14
View Today’s Rates
Thursday February 26, 2015
MND NewsWire – 12:43PM
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 …
Mortgage Rate Watch – 6:04PM
Mortgage Rates Move Slightly Higher Ahead of GDP
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 …
MND NewsWire – 12:13PM
Q4 Home Price Gains Outpace Inflation -FHFA
The Federal Housing Finance Agency (FHFA) said today that home prices in the fourth quarter of 2014 were up 1.4 percent compared to the previous quarter and 4.9 percent from the fourth …
Pipeline Press – 12:10PM
Mergers, Acquisitions, and Production Shifts; Upcoming Events and Training
Here in North Dakota, at -9 degrees this morning, appraising properties is a walk in the park, right? What about for appraisers in the Lake Erie area where there’s a land-yacht? And …

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Closing Bell Exchange: Low rates, how long?

Santelli: Treasury rates rise

Jobless claims up 31,000 to 313,000

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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 3.79% +0.02
15 Yr FRM 3.09% +0.02
FHA 30 Year Fixed 3.50% +0.00
Jumbo 30 Year Fixed 3.78% +0.02
5/1 Yr ARM 3.13% +0.02

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.47% 1.11 +0.02
30 Yr. Fixed 4.33% 1.33 -0.01
MBA ** hdr_arrow.png
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 ** 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 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 hdr_arrow.png
Price Change
30YR FNMA 3.0 101.59 -0.34
30YR FNMA 3.5 104.55 -0.23
30YR GNMA 3.0 102.41 -0.28
30YR GNMA 3.5 104.67 -0.16
15YR FNMA 3.0 104.50 -0.14
15YR FNMA 2.5 102.22 -0.23
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 0.6540% +0.0475
5 YR 1.5414% +0.0871
10 YR 2.0348% +0.0678
30 YR 2.6302% +0.0627
Prices as of: 2/26/2015 4:31PM 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.
© 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 Move Slightly Higher Ahead of GDP

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dailyrateheader.png
30 Year Fixed
3.79% +0.02
15 Year Fixed
3.09% +0.02
10YR Treasury
2.03% +0.0678
FNMA 30YR 3.5
104.55 -0.23
FNMA 15YR 2.5
104.50 -0.14
View Today’s Rates
Mortgage Rates Move Slightly Higher Ahead of GDP
February 26, 2015
Mortgage rateswere 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.

Tomorrow’s data and events stand a chance to take rates in either direction. At current levels, rates can afford to be receptive to the big data release, which is the 1st revision of Q4 GDP at 8:30am. If the data is much stronger than expected, rates could remain under pressure. If, however, GDP comes in weaker than expected, there’s room to improve. Beyond that, it’s good to keep in mind that rates won’t always move in a logical direction based on the data, and there’s more risk of that on the last day of the month where many traders are moving money for reasons that are unrelated to market fundamentals.


Loan Originator Perspective

“Our streak of good days looks to be ending today. The benchmark 10 year note is still holding under 2.04 which is pretty solid support. Unless your lender repriced for the worse today, you should be seeing similar pricing today. Since we were unable to extend the past couple days of gains, i think it would be prudent to lock short termers. As long as 2.04 holds, i would float longer term closings. Treasury supply is done and tomorrow is month end, hopefully we see some bond buying by investors.” –Victor Burek, Open Mortgage

“Rate markets treaded water today, albeit with small losses. Our hope is that we’re establishing the upper end of the rate range. Any pronounced gains would require serious motivation, and I don’t see that looming. I’m counseling borrowers who are happy with their pricing to lock and eliminate the risk of losing ground, at least until we start trending lower on rates, not sideways to upward.” –Ted Rood, Senior Originator

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 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
26?w=360
15 Year Fixed Rate Mortgage
26?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 3.79% +0.02
15 Yr FRM 3.09% +0.02
FHA 30 Year Fixed 3.50% +0.00
Jumbo 30 Year Fixed 3.78% +0.02
5/1 Yr ARM 3.13% +0.02

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.47% 1.11 +0.02
30 Yr. Fixed 4.33% 1.33 -0.01
MBA ** hdr_arrow.png
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 ** 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 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 hdr_arrow.png
Price Change
30YR FNMA 3.0 101.59 -0.34
30YR FNMA 3.5 104.55 -0.23
30YR GNMA 3.0 102.41 -0.28
30YR GNMA 3.5 104.67 -0.16
15YR FNMA 3.0 104.50 -0.14
15YR FNMA 2.5 102.22 -0.23
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 0.6540% +0.0475
5 YR 1.5414% +0.0871
10 YR 2.0348% +0.0678
30 YR 2.6302% +0.0627
Prices as of: 2/26/2015 4:31PM 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.
© 2015 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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By Any Measure FHA’s Role is Shrinking

By Any Measure FHA’s Role is Shrinking

Posted to: MND NewsWire
Thursday, February 26, 2015 12:04 PM

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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 of the two roles it was designed to fill, as a counterforce providing access to credit when the private sector pulls back, typically because of economic stress. Since then that share has steadily declined and FHA is back down to around 15-17 percent.

In a recent entry in the National Association of Realtor’s® Economist Commentaries, Ken Fears, NAR’s Director of Regional Economics and Housing Finance, says that with the recent changes in FHA’s insurance premiums it is worth reviewing the agency’s impact on the market. First, he says, unit volume as above is only one way to measure FHA’s market share. It can be viewed as a share of:

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