Daily Newsletter: Rates Slightly Lower; Contract Signings Second Lowest in 17 Months; Campaign Debate Missing Critical Issue

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30 Year Fixed
3.66% -0.01
15 Year Fixed
2.96% -0.01
10YR Treasury
1.74% -0.0190
FNMA 30YR 3.5
104.77 +0.11
FNMA 15YR 2.5
104.27 +0.06
View Today’s Rates
Monday February 29, 2016
Mortgage Rate Watch – 5:10PM
Mortgage Rates Slightly Lower to Begin Week
Mortgage rates were slightly lower today, recovering only some of the weakness seen over the past several business days. Apart from last Friday, today’s rates are still the highest …
MND NewsWire – 11:00AM
Contract Signings Second Lowest in 17 Months
Pending home sales kicked off 2016 by declining nationally and in three of the country’s four regions. The National Association of Realtors® (NAR) said that its Pending Home Sales …
MND NewsWire – 10:58AM
Campaign Debate Missing Critical Housing Issue
Why has one of the nation’s most critical issues been missing from the presidential debates? Faith Schwartz, CoreLogic’s Senior Vice President for Government Affairs says it can’t be …
Pipeline Press – 10:31AM
Upcoming Events; Primer on Mortgage Insurance and What MI Folks are Doing
Lenders everywhere are looking forward to a great March given their swollen locked pipelines . As thousands of operations folks descend on Ellie’s conference in Las Vegas, regulation …

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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 3.66% -0.01
15 Yr FRM 2.96% -0.01
FHA 30 Year Fixed 3.25% +0.00
Jumbo 30 Year Fixed 3.50% -0.01
5/1 Yr ARM 2.97% -0.01

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.45% 1.20 -0.01
30 Yr. Fixed 4.12% 1.43 -0.05
MBA ** hdr_arrow.png
30 Yr. Fixed 3.83% 0.36 -0.08
15 Yr. Fixed 3.11% 0.31 -0.07
30 Yr. Jumbo 3.74% 0.26 -0.02
30 Yr. FHA 3.67% 0.34 -0.05
5/1 ARM 2.92% 0.32 -0.04
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 3.62% 0.60 -0.03
15 Yr. Fixed 2.93% 0.50 -0.02
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 2.79% 0.50 -0.06

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 102.55 +0.16
30YR FNMA 3.5 104.77 +0.11
30YR GNMA 3.0 103.39 +0.09
30YR GNMA 3.5 105.36 +0.08
15YR FNMA 3.0 104.27 +0.06
15YR FNMA 2.5 102.55 +0.09
Treasuries hdr_arrow.png
Yield Change
Current MBS / Treasury Prices »
MBS and Treasury data provided by Thomson Reuters.
Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information.
Secondary Marketing Managers:
If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information
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2 YR 0.7855% -0.0079
5 YR 1.2171% -0.0145
10 YR 1.7382% -0.0190
30 YR 2.6163% -0.0146
Prices as of: 2/29/2016 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.
© 2016 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 Very Quiet and Slightly Stronger

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MBS RECAP: Bond Markets Very Quiet and Slightly Stronger

Posted to: MBS Commentary
Monday, February 29, 2016 5:41 PM

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It was a tremendously calm day for bond markets. In fact, 10yr yields held a range of 1.73 to 1.768–the narrowest of the entire year. Still, the modest amount of movement managed to be positive, even though that didn’t look like a guarantee early in the session.

Coming off the overnight hours, bond markets were weakening in concert with rising equities and oil prices. The morning’s economic data actually had an impact though. Chicago PMI was much weaker than expected (47.6 vs 53.0) and helped bonds bounce out of the negative territory they’d been slipping…

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Daily Rate Update: Mortgage Rates Slightly Lower to Begin Week

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dailyrateheader.png
30 Year Fixed
3.66% -0.01
15 Year Fixed
2.96% -0.01
10YR Treasury
1.74% -0.0190
FNMA 30YR 3.5
104.77 +0.11
FNMA 15YR 2.5
104.27 +0.06
View Today’s Rates
Mortgage Rates Slightly Lower to Begin Week
February 29, 2016
Mortgage rates were slightly lower today, recovering only some of the weakness seen over the past several business days. Apart from last Friday, today’s rates are still the highest in a week for most lenders. Context is important though. We’re not talking about big swings in rates. In fact, contract rates themselves aren’t even moving. Rather, it’s the closing costs associated with any given rate that have been rising and falling modestly. 3.625% remains the most prevalent conventional 30yr fixed rate quote for top tier scenarios.

The absence of drama and volatility in the near term past is no guarantee of the same in the next few days. The markets that underlie mortgage rate movement have been consolidating in a narrow, sideways range. That’s the sort of pattern we typically see before a higher energy move. Unfortunately, the increased likelihood of a bigger move doesn’t carry a connotation about whether it will be higher or lower. So approach it as a “higher risk, higher reward” scenario when it comes to locking and floating. In any event, if you choose to float, always have a game-plan regarding locking if it markets start moving against you.

Loan Originator Perspective

“Rates trickled slightly lower today, despite some corporate bond issuance. Many, but not all, lenders improved their pricing mid day. World economic conditions aren’t going to cure themselves today, this week, or this month, so my hunch is rates continue to hover near recent ranges for a while. With that being said, most of my pipeline is locked, with the exception of new files a month or more from closing. Pricing is great, if your risk tolerance is low and/or your funds to close are tight, I’d lock while the locking is good! ” –Ted Rood, Senior Originator

Today’s Best-Execution Rates

  • 30YR FIXED – 3.625
  • FHA/VA – 3.25-3.5%
  • 15 YEAR FIXED – 3.00
  • 5 YEAR ARMS – 2.75 – 3.25% depending on the lender

Ongoing Lock/Float Considerations

  • The Fed finally hiked on December 16th, causing fears of rising rates in 2016.
  • But global financial markets came into the new year in distress. Now markets aren’t even convinced that we’ll see another Fed rate hike in 2016. Major stock indices plummeted around the world, and investors sought shelter in the bond market. When investor demand for bonds increases, rates fall.
  • So we’re left with much lower mortgage rates despite the Fed having just begun its hiking cycle. This paradoxical trend can continue as long as global market turmoil fuels a demand for safer haven investments. A big bounce in oil/stock prices could mean trouble for rates–at least temporarily.
  • 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, 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
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 3.66% -0.01
15 Yr FRM 2.96% -0.01
FHA 30 Year Fixed 3.25% +0.00
Jumbo 30 Year Fixed 3.50% -0.01
5/1 Yr ARM 2.97% -0.01

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.45% 1.20 -0.01
30 Yr. Fixed 4.12% 1.43 -0.05
MBA ** hdr_arrow.png
30 Yr. Fixed 3.83% 0.36 -0.08
15 Yr. Fixed 3.11% 0.31 -0.07
30 Yr. Jumbo 3.74% 0.26 -0.02
30 Yr. FHA 3.67% 0.34 -0.05
5/1 ARM 2.92% 0.32 -0.04
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 3.62% 0.60 -0.03
15 Yr. Fixed 2.93% 0.50 -0.02
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 2.79% 0.50 -0.06

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 102.55 +0.16
30YR FNMA 3.5 104.77 +0.11
30YR GNMA 3.0 103.39 +0.09
30YR GNMA 3.5 105.36 +0.08
15YR FNMA 3.0 104.27 +0.06
15YR FNMA 2.5 102.55 +0.09
Treasuries hdr_arrow.png
Yield Change
Current MBS / Treasury Prices »
MBS and Treasury data provided by Thomson Reuters.
Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information.
Secondary Marketing Managers:
If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information
2 YR 0.7855% -0.0079
5 YR 1.2171% -0.0145
10 YR 1.7382% -0.0190
30 YR 2.6163% -0.0146
Prices as of: 2/29/2016 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.
© 2016 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.
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.

Contract Signings Second Lowest in 17 Months

Contract Signings Second Lowest in 17 Months

Posted to: MND NewsWire
Monday, February 29, 2016 10:56 AM

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Pending home sales kicked off 2016 by declining nationally and in three of the country’s four regions. The National Association of Realtors® (NAR) said that its Pending Home Sales Index (PHSI) declined 2.5 percent in January to 106.0. The indicator, based on signings for home purchase contracts was higher than the index in January 2015 by 1.4 percent.

The unexpected decline – the consensus of analysts was for a 0.5 percent increase – was offset a bit by an upward revision in the December index which went from the 106.8 originally estimated, a 0.1 percent increase, to 108.7, a 0.9 percent gain.

NAR said the index has increased year-over-year for 17 straight months but the January gain was second only to that of September 2014 as the smallest over that period. The average for the index for all of 2015, 108.9, was the highest since it hit 111.7 in 2006 and it was 8.0 percent higher than the average in 2014.

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Campaign Debate Missing Critical Housing Issue

Campaign Debate Missing Critical Housing Issue

Posted to: MND NewsWire
Monday, February 29, 2016 9:49 AM

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Why has one of the nation’s most critical issues been missing from the presidential debates? Faith Schwartz, CoreLogic’s Senior Vice President for Government Affairs says it can’t be for lack of material.

While candidates on either side “haven’t been shy about taking positions on a wide range of issues: everything from immigration to healthcare and gun control to climate change,” she says, a discussion about housing has been missing in action.

Schwart maintains that housing and the broader issue of affordable shelter are critical elements to the issue of the future of the middle class, the sustainability of the American Dream of homeownership, even the appropriate role of government.

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Upcoming Events; Primer on Mortgage Insurance and What MI Folks are Doing

Upcoming Events; Primer on Mortgage Insurance and What MI Folks are Doing

Posted to: Pipeline Press
Monday, February 29, 2016 7:44 AM

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Lenders everywhere are looking forward to a great March given their swollen locked pipelines. As thousands of operations folks descend on Ellie’s conference in Las Vegas, regulation will be the focus, and its impact on lenders and consumers. Is the cure worse than the disease? We’ll see where TRID takes things. According to the December Origination Insight Report from Ellie Mae, the average time to close a loan in 2015 took 49 days. The average time to close a refinance dropped to 47 days, while the average time to close a purchase transaction increased to 50 days. Closing rates for all loans was 67 percent, while the closing rates for refinances reached the highest level of the year at 63 percent and closing rates for purchases declined slightly to 71 percent.

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MBS Day Ahead: 2 Warnings in Short Term Bond Markets

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MBS Day Ahead: 2 Warnings in Short Term Bond Markets

Posted to: MBS Commentary
Monday, February 29, 2016 9:12 AM

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The relationship between short and long term yields is an important indicator for bond markets and the broader economy. 10yr yields are almost always higher than 2yr yields, but when they become much closer together, or when 2yr yields actually rise above 10yr yields, conventional wisdom holds that recession is in store.

With 10’s trading around 1.75 and 2’s around 0.8, we’re nowhere close to a so-called “inverted yield curve,” but the gap has grown relentlessly narrower since the beginning of 2014. Any time the yield curve is narrowing this much, and especially…

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