Daily Rate Update: Mortgage Rates Manage Small Victory

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30 Year Fixed 3.82% -0.02 15 Year Fixed 3.13% -0.01 10YR Treasury 2.04% -0.0124 FNMA 30YR 3.5 104.84 +0.06 FNMA 15YR 2.5 104.69 +0.03 View Today’s Rates

Mortgage Rates Manage Small Victory After Yesterday’s Huge Defeat April 30, 2015 Mortgage rates held their ground today, and in some cases, managed to improve after yesterday’s rout. This result was far from guaranteed during the morning hours though. Stronger economic data caused bond markets to weaken significantly, putting upward pressure on the day’s first rate sheets. Later in the day, traders set about making their end-of-month trades, which often must be made without regard for economic data or investment strategy. In today’s case, those month-end trades were a big benefit for the bond markets that underlie mortgage rates. Most lenders were able to reissue improved rate sheets by the end of the day, though we’ve only just barely begun erasing yesterdays losses. Many lenders are still offering conventional 30yr fixed rates of 3.875% on top tier scenarios. The more aggressive lenders remained at 3.75%. From a lock/float standpoint, there’s still a lot of negative momentum in bond markets. To shift our stance away from a lock bias would be to attempt to catch the proverbial falling knife. That doesn’t tend to make a lot of sense on the last day of any given month as those aforementioned “month-end” bond trades can distort reality . Loan Originator Perspective “Sometimes the trend is simply not your friend and that is the case for now. Until I am otherwise convinced this trend will not continue I would be locking up everything right now. Nothing ever goes in one direction forever but for now it’s wise to play defense.” –Hugh W. Page, Mortgage Banker, SeacoastBank “I’ve been flat out recommending locking for several weeks. Except for loans outside of 60 days or loans with moving pieces, my clients are all locked up, including a jumbo loan application this morning. There’s too much unease in the bond markets for my comfort level.” –Brent Borcherding, brentborcherding.com “It is still to soon to see what direction rates will now be headed in. Locking is the prudent things to do especially if your closing is weeks away. If you have 30 days or more waiting to see how things shake out is not a bad idea.” –Manny Gomes, Branch Manager Norcom Mortgage Today’s Best-Execution Rates 30YR FIXED – 3.75%-3.875% FHA/VA – 3.375-3.5 15 YEAR FIXED – 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 was Europe and the introduction of European quantitative easing. With European QE having now begun, we’re on high alert for a big picture bounce in European economic data, sentiment, growth, and rates. The more it looks like such a bounce is taking hold, the greater the risk that domestic bond markets and mortgage rates will also experience a big bounce higher. There was a possibility that the bounce occurred in February, but European bonds got back to the task of improving in March. This helped calm the domestic bond market’s move toward higher rates. April’s weak employment report helped solidify it. It’s a highly uncertain time for global financial markets. On the one hand, some believe we’re in the midst of a race among world central banks to devalue currencies and lower interest rates. Others believe that the global economy is turning a corner and rates will grind higher. That had been creating a lot of volatility, which made for uncertain fluctuations from day to day. But those periods of volatility have been interspersed by utter indecision where rates are effectively drifting sideways with no conviction and no desire to get off the fence. We have yet to see a truly big/scary move higher after 2015’s first (and so far “only”) big push toward higher rates that ended at the beginning of March. We’ve been sideways right in between the highs and lows ever since. 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, conventional 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 3.82% -0.02 15 Yr FRM 3.13% -0.01 FHA 30 Year Fixed 3.50% +0.00 Jumbo 30 Year Fixed 3.75% +0.00 5/1 Yr ARM 2.96% -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 3.87% 0.38 +0.01 15 Yr. Fixed 3.16% 0.29 +0.01 30 Yr. Jumbo 3.84% 0.35 +0.03 30 Yr. FHA 3.67% 0.23 -0.02 5/1 ARM 2.82% 0.40 +0.06 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 3.68% 0.60 +0.03 15 Yr. Fixed 2.94% 0.60 +0.02 1 Yr. ARM 2.49% 0.40 +0.05 5/1 Yr. ARM 2.85% 0.50 +0.01 Secondary Markets MBS Price Change 30YR FNMA 3.0 101.86 +0.13 30YR FNMA 3.5 104.84 +0.06 30YR GNMA 3.0 102.72 +0.11 30YR GNMA 3.5 105.45 +0.11 15YR FNMA 3.0 104.69 +0.03 15YR FNMA 2.5 102.56 +0.05 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 0.5748% +0.0119 5 YR 1.4286% +0.0016 10 YR 2.0352% -0.0124 30 YR 2.7467% -0.0128 Prices as of: 4/30/2015 4:30PM 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.

© 2015 Brown House Media, Inc. All rights reserved. Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031

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

Daily Newsletter: Still a Chance GSEs Could Need a Bailout; Small Victory for Rates; Title Companies Targeted

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30 Year Fixed 3.82% -0.02 15 Year Fixed 3.13% -0.01 10YR Treasury 2.04% -0.0124 FNMA 30YR 3.5 104.84 +0.06 FNMA 15YR 2.5 104.69 +0.03 View Today’s Rates

Thursday April 30, 2015 MND NewsWire – 2:32PM Severe Economic Downturn could Trigger GSE Bailout The Federal Housing Finance Agency reports that the two government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac might together require government assistance of as much as … Mortgage Rate Watch – 4:45PM Mortgage Rates Manage Small Victory After Yesterday’s Huge Defeat Mortgage rates held their ground today, and in some cases, managed to improve after yesterday’s rout. This result was far from guaranteed during the morning hours though. Stronger economic … Pipeline Press – 10:43AM CFPB, NY, and Maryland Target Title Companies – More Regulators on the Way? I travel around a fair amount, spending time with lenders, Realtors, and TSA personnel. A major concern among the first two groups is whether or not real estate agents – especially … MBS Commentary – 7:32AM MBS Day Ahead: Weak Enough to Bounce or Weak Enough to Suggest More Selling? There are two ways to approach the weakness in bond markets over the past two days, and before we discuss them, I should warn you that I don’t know which way is the right one. The first … MBS RECAP: Widespread Positive Reprices as Bonds Battle Back to Green MERS, a Blast from the Past Latest Video Homeownership lowest in 25 years Millennial housing story New mortgage options More News from ‘Around the Web’ Calculated Risk Blog – 3:46PM More Builder Results (updated table) content.govdelivery.com – 3:46PM Agencies Issue Final Rule on Minimum Requirements for Appraisal Management Companies CNBC – 2:47PM 7 years on from crisis, $150B in fines and penalties NAHB – 2:45PM NAHB Remodelers Reveals the Most Popular Type of Home Remodeling Projects CNBC – 1:45PM Hot LA housing market held back by tight supply CNBC – 1:40PM A credit thaw is offering more mortgage options Fannie Mae – 1:40PM Statements – Stress Test Results | Fannie Mae freddiemac.mwnewsroom.com – 1:39PM Low Mortgage Rates Boost Refinance Activity in the First Quarter Bloomberg – 12:12PM Stress Test Shows Fannie-Freddie Would Need Bailout in Downturn Bloomberg – 12:11PM Bernanke’s Latest Blog Post Takes a Brutal Shot at the Wall Street Journal http://www.builderonline.com – 12:11PM Chicago New Home Construction Sluggish Reuters – 10:17AM U.S. labor costs rise solidly; wage growth picks up freddiemac.mwnewsroom.com – 10:16AM Mortgage Rates Up on Mixed Economic and Housing Data S&P/Case Shiller – 10:16AM Will Millennials start buying homes? CNBC – 8:44AM Why Fed should hike in June: UBS chief economist Market Watch – 8:40AM Fed’s Tarullo open to easing regulatory burden on small banks Calculated Risk Blog – 8:40AM Weekly Initial Unemployment Claims decreased to 262,000, Lowest since April 2000 Bloomberg – 8:40AM Worker Pay in U.S. Increased at Faster Pace in First Quarter Today’s Rates Best Execution Rate Change Current Mortgage Rates » What are best-execution rates? 30 Yr FRM 3.82% -0.02 15 Yr FRM 3.13% -0.01 FHA 30 Year Fixed 3.50% +0.00 Jumbo 30 Year Fixed 3.75% +0.00 5/1 Yr ARM 2.96% -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 3.87% 0.38 +0.01 15 Yr. Fixed 3.16% 0.29 +0.01 30 Yr. Jumbo 3.84% 0.35 +0.03 30 Yr. FHA 3.67% 0.23 -0.02 5/1 ARM 2.82% 0.40 +0.06 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 3.68% 0.60 +0.03 15 Yr. Fixed 2.94% 0.60 +0.02 1 Yr. ARM 2.49% 0.40 +0.05 5/1 Yr. ARM 2.85% 0.50 +0.01 Secondary Markets MBS Price Change 30YR FNMA 3.0 101.86 +0.13 30YR FNMA 3.5 104.84 +0.06 30YR GNMA 3.0 102.72 +0.11 30YR GNMA 3.5 105.45 +0.11 15YR FNMA 3.0 104.69 +0.03 15YR FNMA 2.5 102.56 +0.05 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 0.5748% +0.0119 5 YR 1.4286% +0.0016 10 YR 2.0352% -0.0124 30 YR 2.7467% -0.0128 Prices as of: 4/30/2015 4:30PM 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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MBS RECAP: Widespread Positive Reprices as Bonds Battle Back to Green

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Posted to: MBS Commentary
Thursday, April 30, 2015 4:43 PM

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After defying overnight pressure from European bond markets to open in stronger territory, domestic bond markets were soon facing their own pressure. Economic data came in stronger than expected. Of particular note was the Employment Cost Index, which suggested a solid increase in wages. The significantly stronger Jobless Claims data–while of questionable importance–certainly didn’t make any case against weakness in the morning. And weakness is what we got.

10yr yields climbed as high as 2.11 by 10:50am–the same time that German Bund yields were hitting their…

(READ THE FULL POST)

More from MND:

• MND NewsWire: Severe Economic Downturn could Trigger GSE Bailout
• MND NewsWire: MERS, a Blast from the Past
• MBS Commentary: MBS MID-DAY: Europe Still Pushing Bond Weakness, but Domestic Data Isn’t Helping
• Pipeline Press: CFPB, NY, and Maryland Target Title Companies – More Regulators on the Way?
• MBS Commentary: MBS Day Ahead: Weak Enough to Bounce or Weak Enough to Suggest More Selling?

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Severe Economic Downturn could Trigger GSE Bailout

Posted to: MND NewsWire
Thursday, April 30, 2015 1:53 PM

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The Federal Housing Finance Agency reports that the two government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac might together require government assistance of as much as $157.3 billion in the event of an extremely severe economic downturn. The figure comes as a result of a stress test mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act for certain financial institutions with more than $10 billion in assets, criteria which includes the two companies which are in Federal conservatorship.

The test, an annual requirement, is designed to determine whether an institution can absorb losses as a result of hypothetical adverse economic conditions.

(READ THE FULL POST)

More from MND:

• MND NewsWire: MERS, a Blast from the Past
• MBS Commentary: MBS MID-DAY: Europe Still Pushing Bond Weakness, but Domestic Data Isn’t Helping
• Pipeline Press: CFPB, NY, and Maryland Target Title Companies – More Regulators on the Way?
• MBS Commentary: MBS Day Ahead: Weak Enough to Bounce or Weak Enough to Suggest More Selling?
• MBS Commentary: MBS RECAP: Role Reversal: GDP And Morning Trading Trump FOMC

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MERS, a Blast from the Past

Posted to: MND NewsWire
Wednesday, April 29, 2015 10:29 AM

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Remember 2010-2011 and the daily revelations about robosigning? Behind the shortcuts taken by servicers in processing foreclosure documents (sometimes even employing forgery) was their policy of recording mortgages and notes in the name of Mortgage Electronic Registrations Systems, Inc. (MERS) to avoid recording subsequent assignments to individual lenders or servicers when loans were sold or servicing rights transferred. This practice facilitated sales and transfers and avoided the cost of making assignments but became problematic when those loans fell into default and the chain of title became unclear.

(READ THE FULL POST)

More from MND:

• MBS Commentary: MBS MID-DAY: Europe Still Pushing Bond Weakness, but Domestic Data Isn’t Helping
• Pipeline Press: CFPB, NY, and Maryland Target Title Companies – More Regulators on the Way?
• MBS Commentary: MBS Day Ahead: Weak Enough to Bounce or Weak Enough to Suggest More Selling?
• MBS Commentary: MBS RECAP: Role Reversal: GDP And Morning Trading Trump FOMC
• Mortgage Rate Watch: Mortgage Rates at 6 Week Highs, But Why?

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MBS MID-DAY: Europe Still Pushing Bond Weakness, but Domestic Data Isn’t Helping

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Posted to: MBS Commentary
Thursday, April 30, 2015 12:37 PM

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During yesterday’s bond market rout, a lousy reading on domestic data (GDP) effectively did nothing to stem the tide of overnight weakness. Today, the opposite is mostly true. Although bond markets in Europe were weaker overnight, domestic bonds managed to open in flat-to-slightly-positive territory. Economic data was generally stronger this time around, and that was where domestic bond markets found their motivation for the day.

10yr yields are up another 4.4bps to 2.09 and had been as high as 2.11 earlier today. MBS are faring better by comparison with Fannie…

(READ THE FULL POST)

More from MND:

• Pipeline Press: CFPB, NY, and Maryland Target Title Companies – More Regulators on the Way?
• MBS Commentary: MBS Day Ahead: Weak Enough to Bounce or Weak Enough to Suggest More Selling?
• MBS Commentary: MBS RECAP: Role Reversal: GDP And Morning Trading Trump FOMC
• Mortgage Rate Watch: Mortgage Rates at 6 Week Highs, But Why?
• MBS Commentary: MBS MID-DAY: Bond Markets Fear The Nudge

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CFPB, NY, and Maryland Target Title Companies – More Regulators on the Way?

Posted to: Pipeline Press
Thursday, April 30, 2015 8:55 AM

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I travel around a fair amount, spending time with lenders, Realtors, and TSA personnel. A major concern among the first two groups is whether or not real estate agents – especially those that only close a couple deals a year – are going to be ready for the TRID changes on August 1. NAR is indeed trying to educate through videos. And this video is a reminder about what is happening with the good ol’ HUD-1. Down a couple paragraphs is more information about TRID-mania. Are 30 day contracts a thing of the past?

Speaking of TILA-RESPA and keeping abreast of changes…

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More from MND:

• MBS Commentary: MBS Day Ahead: Weak Enough to Bounce or Weak Enough to Suggest More Selling?
• MBS Commentary: MBS RECAP: Role Reversal: GDP And Morning Trading Trump FOMC
• Mortgage Rate Watch: Mortgage Rates at 6 Week Highs, But Why?
• MBS Commentary: MBS MID-DAY: Bond Markets Fear The Nudge
• Pipeline Press: Homeownership Stats; CFPB Penalties; Rant on Millennials, Why They Aren’t Buying

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