Daily Newsletter: Lowest Mortgage Rates in a Month; Affordability Keeps Lid on Purchases; Bank Failure Stats Improving

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30 Year Fixed
3.71% -0.03
15 Year Fixed
2.97% -0.03
10YR Treasury
1.77% -0.0542
FNMA 30YR 3.5
104.88 +0.17
FNMA 15YR 2.5
104.47 +0.14
View Today’s Rates
Thursday March 31, 2016
Mortgage Rate Watch – 4:12PM
Lowest Mortgage Rates in a Month
Mortgage rates dropped again today, continuing a recent trend of improvement and bringing us to the best levels seen since March 1st. Market volatility is still making for a wide variety …
MND NewsWire – 10:53AM
Affordability Keeping a Lid on Purchase Activity
Freddie Mac’s Multi-Indicator Market Index (MiMi) is now showing that most of the nation’s housing markets are, at a minimum, on the outer range of their normal housing activity. The …
Pipeline Press – 10:07AM
Companies Expanding; Bank Failure Stats Improving; Banks Easing Credit?
“If you work hard and go the extra mile to provide for your family…I will take that extra income and give it to those who refuse to do the same!” Was that heard on …
MBS Commentary – 9:46AM
MBS Day Ahead: Are Bonds Only Holding Ground Because It’s Month-End?
Month-end means bond traders are adjusting portfolios to match a published index The index was a bit less friendly than expected yesterday, and bonds bounced That bounce gives us a …

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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 3.71% -0.03
15 Yr FRM 2.97% -0.03
FHA 30 Year Fixed 3.25% +0.00
Jumbo 30 Year Fixed 3.55% -0.04
5/1 Yr ARM 2.95% +0.00

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 3.93% 0.35 -0.01
15 Yr. Fixed 3.18% 0.34 -0.04
30 Yr. Jumbo 3.85% 0.27 -0.01
30 Yr. FHA 3.74% 0.32 -0.03
5/1 ARM 3.13% 0.36 -0.10
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 3.71% 0.50 +0.00
15 Yr. Fixed 2.98% 0.40 +0.02
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 2.90% 0.50 +0.01

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 102.63 +0.27
30YR FNMA 3.5 104.88 +0.17
30YR GNMA 3.0 103.45 +0.28
30YR GNMA 3.5 105.55 +0.23
15YR FNMA 3.0 104.47 +0.14
15YR FNMA 2.5 102.69 +0.20
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 0.7250% -0.0356
5 YR 1.2096% -0.0533
10 YR 1.7739% -0.0542
30 YR 2.6142% -0.0425
Prices as of: 3/31/2016 4:30PM 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 Taking a Classic Lead-Off

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MBS RECAP: Bond Markets Taking a Classic Lead-Off

Posted to: MBS Commentary
Thursday, March 31, 2016 5:37 PM

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  • No NFP anxiety, markets are all about preparing for April
  • Traders think stocks will suffer and bonds will pick up the slack
  • Dovish Yellen helped grease the skids earlier in the week
  • We may have already traded in a lot of the anticipated positivity
  • 10s drop 5.8bps to 1.77. Fannie 3.0s up 9 ticks to 102-21

There are at least 2 sorts of “lead-offs” that bond markets typically take: those at the end of a trading cycle (like month/quarter-end) and those before a big piece of economic data. Today saw at least one of those and possibly both.

The notion of a lead-off refers …

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Daily Rate Update: Lowest Mortgage Rates in a Month

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dailyrateheader.png
30 Year Fixed
3.71% -0.03
15 Year Fixed
2.97% -0.03
10YR Treasury
1.77% -0.0542
FNMA 30YR 3.5
104.88 +0.17
FNMA 15YR 2.5
104.47 +0.14
View Today’s Rates
Lowest Mortgage Rates in a Month
March 31, 2016
Mortgage rates dropped again today, continuing a recent trend of improvement and bringing us to the best levels seen since March 1st. Market volatility is still making for a wide variety of pricing strategies between lenders with some of them easily back down to 3.625% on conventional 30yr fixed quotes while others aren’t quite there yet. Either way, the average lender is more likely to be quoting 3.625% on top tier scenarios than on any other day this month.

The timing is dramatic, with today being the last day of the month/quarter and also the day before the important Employment Situation report (aka “jobs report”). The month/quarter-end designation is important because it creates a relative frenzy of trading activity regardless of the economic data or events. When there are big moves like this, they almost always guarantee a bigger move on the following day. It just so happens that the following day is already doing just fine as far as motivations for big moves, because the jobs report is the most important piece of economic data on any given month.

The only catch is that the probabilities pertain to the total amount of movement, and not to the direction of the movement. In other words, chances are higher for a big change in rates tomorrow, but it could go either way. Any time rates are at one-month lows and there is big potential volatility ahead, it’s never a bad idea to lock. That said, if tomorrow happens to go in our favor, the improvement could be worth the risk to more aggressive borrowers. Either way, make sure you have a game-plan in place for either outcome, and that all parties involved are on the same page.

Loan Originator Perspective

“Tough call to float or lock today. Bonds and rate sheets have enjoyed nice gains the last few days, so if you have been floating you can lock today and be a winner. Floating into NFP day is always risky, but if you can tolerate the risk and afford to be wrong, it could pay off big. If you do wish to remove risk and lock today, wait as late as possible as many lenders have repriced better and more should be coming.” -Victor Burek, Churchill Mortgage

“Mortgage markets typically get defensive (lose ground) on Non-Farm Payrolls’ week, but that isn’t the case today. We built on Tuesday’s “face melting” rally, which tells me global economic concerns are now driving markets. This may be the first NFP I haven’t recommending locking, but outside of a remarkably strong report, the trend is still our friend. My pipeline within 30 days of closing is locked, but for those with more time, will float for now.” –Ted Rood, Senior Originator


Today’s Best-Execution Rates

  • 30YR FIXED – 3.625-3.75%
  • 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 markets began the new year with rates moving surprisingly lower. Major losses in stocks and oil prices were part of the same trend of investors moving away from risk.
  • After bottoming out fairly close to all-time lows in February, rates began to rise somewhat sharply in March as market panic subsided and as the Fed signaled it would probably still hike rates in 2016–just not as quickly as anticipated.
  • It remains to be seen whether markets can continue to move in this risk-friendly direction (read: bad for rates, good for stocks). Stocks have yet to break out of a gradual downtrend that began in mid-2015. If they do, it could keep pressure on rates to continue higher.
  • We HAD been leaning toward locking since March 1st, which has proved to be a very solid strategy, but began to reconsider starting the 3rd week of the month. We’ve been more open to the idea of floating since then, as long as you’re setting a stop-loss level somewhere overhead, meaning you’d lock to avoid further losses if markets move against you.
  • 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
31?w=360
15 Year Fixed Rate Mortgage
31?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 3.71% -0.03
15 Yr FRM 2.97% -0.03
FHA 30 Year Fixed 3.25% +0.00
Jumbo 30 Year Fixed 3.55% -0.04
5/1 Yr ARM 2.95% +0.00

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 3.93% 0.35 -0.01
15 Yr. Fixed 3.18% 0.34 -0.04
30 Yr. Jumbo 3.85% 0.27 -0.01
30 Yr. FHA 3.74% 0.32 -0.03
5/1 ARM 3.13% 0.36 -0.10
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 3.71% 0.50 +0.00
15 Yr. Fixed 2.98% 0.40 +0.02
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 2.90% 0.50 +0.01

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 102.63 +0.27
30YR FNMA 3.5 104.88 +0.17
30YR GNMA 3.0 103.45 +0.28
30YR GNMA 3.5 105.55 +0.23
15YR FNMA 3.0 104.47 +0.14
15YR FNMA 2.5 102.69 +0.20
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 0.7250% -0.0356
5 YR 1.2096% -0.0533
10 YR 1.7739% -0.0542
30 YR 2.6142% -0.0425
Prices as of: 3/31/2016 4:30PM 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.

Affordability Keeping a Lid on Purchase Activity

Affordability Keeping a Lid on Purchase Activity

Posted to: MND NewsWire
Thursday, March 31, 2016 9:34 AM

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Freddie Mac’s Multi-Indicator Market Index (MiMi) is now showing that most of the nation’s housing markets are, at a minimum, on the outer range of their normal housing activity. The national MiMi in January was 82.7, a .18 percent improvement from December and a three-month positive change of 1.46 percent. Since January 2015 the MiMi value has risen by 7.57 percent.

Freddie Mac constructs its index to monitor and measure the stability of the nation’s housing market and markets in all 50 states, the District of Columbia and the top 100 metro markets. It is compiled from local area housing data including home purchase applications, payment-to-income ratios (changes in home purchasing power based on house prices, mortgage rates and household income), and proportion of on-time mortgage payments in each market, and data on employment. The company combines the local information it with its own proprietary data to show where each market stands relative to its own historic range of housing and activity and the direction in which it is trending. A market can fall outside its stable range by being too weak to generate enough demand for a well-balanced housing market or by overheating to an unsustainable level of activity. The MiMi is up 40 percent from its all-time low in October 2010 but remains well below its high of 121.7.

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Companies Expanding; Bank Failure Stats Improving; Banks Easing Credit?

Companies Expanding; Bank Failure Stats Improving; Banks Easing Credit?

Posted to: Pipeline Press
Thursday, March 31, 2016 8:31 AM

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“If you work hard and go the extra mile to provide for your family…I will take that extra income and give it to those who refuse to do the same!” Was that heard on the campaign trail? I don’t know. But it is making the rounds. And don’t forget that tomorrow is April’s Fools Day – be careful what you believe in daily commentaries.

The Financial Times reported that client-reporting failure has cost big banks $43B since 2009. “The world’s largest investment banks have been fined $43 billion during the past seven years for customer-reporting failure, according to Corlytics.” That is a lot of money. Something else that has cost a lot of money is bank failures. Fortunately, the number of failed banks peaked in 2010 and has been coming down ever since: 2008=25, 2009=140, 2010=157, 2011=92, 2012=51, 2013=24, 2014=18, 2015=8.

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MBS Day Ahead: Are Bonds Only Holding Ground Because It’s Month-End?

Before you read it here, it was on MBS Live.
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MBS Day Ahead: Are Bonds Only Holding Ground Because It’s Month-End?

Posted to: MBS Commentary
Thursday, March 31, 2016 9:46 AM

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  • Month-end means bond traders are adjusting portfolios to match a published index
  • The index was a bit less friendly than expected yesterday, and bonds bounced
  • That bounce gives us a good target to watch for rallies

Things have been going fairly well for bond markets over the past few days, with Tuesday’s post-Yellen rally being the biggest potential turning point. Before that, Treasuries and MBS had been in a mostly-sidewayspattern, potentially running into resistance at middle-of-the-road trading levels. But after the Yellen-inspired rally, we’ve had a hard time…

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