Daily Newsletter: Mortgage Rates Steady Today, but Volatility Looms; Price Gains Ease, but West Stays Hot

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30 Year Fixed 3.72% +0.00 15 Year Fixed 2.98% -0.01 10YR Treasury 1.85% -0.0017 FNMA 30YR 3.5 104.59 +0.08 FNMA 15YR 2.5 104.22 +0.20 View Today’s Rates

Tuesday May 31, 2016 Mortgage Rate Watch – 3:42PM Mortgage Rates Steady Today, but Volatility Looms Mortgage rates were generally unchanged to begin the short work-week for financial markets, though that wasn’t the case at first. Earlier this morning, most lenders were quoting higher … MND NewsWire – 10:42AM Price Gains Ease Slightly on National Basis The annual pace of price gains nationally slowed slightly in March according to the S&P Case-Shiller National Home Price Index. The 10- and 20-City Composite Indices however increased … Pipeline Press – 10:17AM New and Proposed FHA & VA changes – HECMs In The News Research by the EBRI on retirement finds while 67% of workers plan to work for pay in retirement, only 27% of retirees do so. Of the retirees who worked, the reasons included wanting … MBS Commentary – 8:29AM MBS Week Ahead: Bonds on The Ropes as Month Ends and Data Hits Last week’s moderate resilience could have been temporary due to ‘month-end’ This could also help today, to some extent If it doesn’t, it’s the first clue about a potential break of … CFPB Goes After Individual LO; The Cost of Regulation on Home Prices; TRID Costs Continue Home Price Gains Top 6% Year-Over-Year Latest Video Consumer Confidence Index 92.6 (May) Santelli Exchange: ‘New normal’ not so new anymore Rates reverse pre-holiday slide More News from ‘Around the Web’ SEC – 4:44PM Mortgage Company and Executives Settle Fraud Charges http://www.gallup.com – 2:22PM U.S. Economic Confidence Index Improves Slightly to -12 freddiemac.mwnewsroom.com – 12:39PM Freddie Mac May 2016 Insight http://www.bkfs.com – 10:10AM Black Knight Home Price Index Report: March 2016 Transactions CNBC – 9:09AM Small business job growth declines in May: IHS-Paychex CNBC – 9:07AM March home prices rise: S&P/Case-Shiller eyeonhousing.org – 9:07AM Home Buyer Preferences for Green Features Remain Stable Reuters – 9:07AM U.S. consumer spending posts biggest gain in more than six years CNBC – 8:01AM US Treasurys lower ahead of data dump Today’s Rates Best Execution Rate Change Current Mortgage Rates » What are best-execution rates? 30 Yr FRM 3.72% +0.00 15 Yr FRM 2.98% -0.01 FHA 30 Year Fixed 3.30% +0.00 Jumbo 30 Year Fixed 3.72% -0.01 5/1 Yr ARM 3.00% +0.01 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 3.37% 1.26 -0.14 30 Yr. Fixed 3.95% 1.30 -0.16 MBA ** 30 Yr. Fixed 3.82% 0.34 -0.05 15 Yr. Fixed 3.06% 0.33 -0.07 30 Yr. Jumbo 3.74% 0.31 -0.05 30 Yr. FHA 3.64% 0.25 -0.05 5/1 ARM 2.93% 0.22 +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 3.64% 0.50 +0.06 15 Yr. Fixed 2.89% 0.50 +0.08 1 Yr. ARM 2.68% 0.20 +0.01 5/1 Yr. ARM 2.87% 0.50 +0.07 Secondary Markets MBS Price Change 30YR FNMA 3.0 102.36 +0.11 30YR FNMA 3.5 104.59 +0.08 30YR GNMA 3.0 103.30 -0.02 30YR GNMA 3.5 105.48 +0.08 15YR FNMA 3.0 104.22 +0.20 15YR FNMA 2.5 102.48 +0.17 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 0.8829% -0.0277 5 YR 1.3766% -0.0098 10 YR 1.8493% -0.0017 30 YR 2.6472% -0.0031 Prices as of: 5/31/2016 4:32PM 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. © 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 Battle Back to Green After Weaker Open

Before you read it here, it was on MBS Live.

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Posted to: MBS Commentary
Tuesday, May 31, 2016 5:05 PM

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• Bonds opened weaker as Yellen’s Friday comments reverberated
• data was largely ignored
• Bonds rallied after Brexit poll and technical ceiling in 10yr yields

10yr Treasuries have been holding a very tidy, very sideways range for 8 straight days now (that’s every single session since the FOMC Minutes, for what it’s worth). During that time, they never moved above 1.89. Today marked the closest call with that upper boundary as domestic traders joined the bond market sell-off already in progress early this morning.

Not only did the range end up holding, but bonds soon found …

(READ THE FULL POST)

More from MND:

• Mortgage Rate Watch: Mortgage Rates Steady Today, but Volatility Looms
• MND NewsWire: Price Gains Ease Slightly on National Basis
• Pipeline Press: New and Proposed FHA & VA changes – HECMs In The News
• MBS Commentary: MBS Week Ahead: Bonds on The Ropes as Month Ends and Data Hits
• MBS Commentary: MBS RECAP: Bonds Do Mostly Nothing on Mostly Pointless Day

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Daily Rate Update: Mortgage Rates Steady Today, but Volatility Looms

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30 Year Fixed 3.72% +0.00 15 Year Fixed 2.98% -0.01 10YR Treasury 1.85% -0.0017 FNMA 30YR 3.5 104.59 +0.08 FNMA 15YR 2.5 104.22 +0.20 View Today’s Rates

Mortgage Rates Steady Today, but Volatility Looms May 31, 2016 Mortgage rates were generally unchanged to begin the short work-week for financial markets, though that wasn’t the case at first. Earlier this morning, most lenders were quoting higher rates than those seen last Friday. Markets improved rather significantly during the course of the day, allowing most lenders to ‘reprice’ to lower rates, thus bringing them back in line with Friday’s. Despite the apparent lack of volatility today, the rest of the week could see much bigger moves depending on the outcome of the various economic reports that will be released between now and Friday. In addition to the data, financial markets are perhaps even more sensitive to news regarding the potential for a Fed rate hike in mid-June. Today, for instance, a poll came out saying that the U.K. was slightly more likely to exit the European Union (aka “Brexit”)–something that could cause the Fed to leave rates unchanged in June. So when the Brexit odds increased, interest rates moved lower in financial markets. Granted, this isn’t the only consideration moving interest rates, but it speaks to the diverse sources of volatility in the coming days as investors increasingly try to decide if the Fed will hike in June. Loan Originator Perspective “Bonds opened the day well into the red resulting in lenders worsening rate sheets from Friday. Since then, rates have managed to rally and some lenders have even repriced for the better. Some of these gains could be due to month end trading which tends to be supportive. If your pricing is the same or better than Friday, I would look to lock later today. If your pricing is worse than Friday, I would go ahead and float overnight.” –Victor Burek, Churchill Mortgage “Rates hung tough today, posting small gains as consumer confidence was lower than expected. We’re still bouncing around our prior range, which has narrowed over the past couple of weeks. When that range breaks, rates typically move dramatically, especially after long “rangebound” periods. My June pipeline is locked, floating some July closings, but stand ready to pull the trigger quickly if necessary. Don’t forget, Friday marks the release of May’s NFP jobs report, so by end of day Thursday, floating borrowers assume higher risk, for better or worse. I’m 50/50 on locking July closings, but would definitely advise June closings to lock and take risk out of the equation.” –Ted Rood, Senior Originator Today’s Best-Execution Rates 30YR FIXED – 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 have seen only brief episodes of volatility in a low, narrow range. The Fed’s most recent announcement at the end of April reinforced their cautious approach to rate hikes. This helped rates improved through mid May Now some investors are getting concerned that the Fed may be more prepared to hike rates than markets currently expect. This could create volatility and pressure toward higher rates heading into the June Fed meeting, thus favoring locking vs floating. 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 3.72% +0.00 15 Yr FRM 2.98% -0.01 FHA 30 Year Fixed 3.30% +0.00 Jumbo 30 Year Fixed 3.72% -0.01 5/1 Yr ARM 3.00% +0.01 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 3.37% 1.26 -0.14 30 Yr. Fixed 3.95% 1.30 -0.16 MBA ** 30 Yr. Fixed 3.82% 0.34 -0.05 15 Yr. Fixed 3.06% 0.33 -0.07 30 Yr. Jumbo 3.74% 0.31 -0.05 30 Yr. FHA 3.64% 0.25 -0.05 5/1 ARM 2.93% 0.22 +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 3.64% 0.50 +0.06 15 Yr. Fixed 2.89% 0.50 +0.08 1 Yr. ARM 2.68% 0.20 +0.01 5/1 Yr. ARM 2.87% 0.50 +0.07 Secondary Markets MBS Price Change 30YR FNMA 3.0 102.36 +0.11 30YR FNMA 3.5 104.59 +0.08 30YR GNMA 3.0 103.30 -0.02 30YR GNMA 3.5 105.48 +0.08 15YR FNMA 3.0 104.22 +0.20 15YR FNMA 2.5 102.48 +0.17 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 0.8829% -0.0277 5 YR 1.3766% -0.0098 10 YR 1.8493% -0.0017 30 YR 2.6472% -0.0031 Prices as of: 5/31/2016 4:32PM 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.

© 2016 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.

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Price Gains Ease Slightly on National Basis

Posted to: MND NewsWire
Tuesday, May 31, 2016 10:27 AM

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The annual pace of price gains nationally slowed slightly in March according to the S&P Case-Shiller National Home Price Index. The 10- and 20-City Composite Indices however increased at the same level as in February.

The National Index, which covers all nine U.S. census districts, was up 5.2 percent compared to March 2015. The February-to-February gain was 5.4 percent. The 10-City Composite rose 4.7 percent year-over-year and the 20-City was 5.4 percent higher. Both increases were identical to those in February.

Three western cities continued to post double digit annual price increases. Portland was up 12.3 percent, Seattle prices rose 10.8 percent and Denver’s by 10.0 percent. Ten cities reported greater year-over-year increases in March than in February.

(READ THE FULL POST)

More from MND:

• Pipeline Press: New and Proposed FHA & VA changes – HECMs In The News
• MBS Commentary: MBS Week Ahead: Bonds on The Ropes as Month Ends and Data Hits
• MBS Commentary: MBS RECAP: Bonds Do Mostly Nothing on Mostly Pointless Day
• Mortgage Rate Watch: Mortgage Rates Calm Ahead of Long Weekend
• Pipeline Press: CFPB Goes After Individual LO; The Cost of Regulation on Home Prices; TRID Costs Continue

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New and Proposed FHA & VA changes – HECMs In The News

Posted to: Pipeline Press
Tuesday, May 31, 2016 8:43 AM

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Research by the EBRI on retirement finds while 67% of workers plan to work for pay in retirement, only 27% of retirees do so. Of the retirees who worked, the reasons included wanting to stay active and involved (82%), enjoy working (80%), wanting money to buy extras (57%), need money to make ends meet (51%), a decrease in the value of their savings or investments (43%), and to keep health insurance or other benefits (32%).

FHA published its Home Equity Conversion Mortgage (HECM) proposed rule, Strengthening the Home Equity Conversion Mortgage Program (FR-5353-P-01), in the Federal Register. This is a milestone step for FHA in its efforts to ensure the continued viability of its HECM program. The proposed rule updates the regulations (24 CFR Parts 30 and 206), consolidating all HECM regulations into one document for public comment with the intent to: Codify previously implemented requirements; Propose new requirements that reflect FHA’s need to manage the risk to the Mutual Mortgage Insurance Fund, while maintaining the program in a manner that assists seniors in using the HECM program to access the equity in their homes; Propose clarifications and corrections to existing HECM regulatory language; and Replace certain references in 24 CFR Part 203 by incorporating those requirements in 24 CFR Part 206.

(READ THE FULL POST)

More from MND:

• MBS Commentary: MBS Week Ahead: Bonds on The Ropes as Month Ends and Data Hits
• MBS Commentary: MBS RECAP: Bonds Do Mostly Nothing on Mostly Pointless Day
• Mortgage Rate Watch: Mortgage Rates Calm Ahead of Long Weekend
• Pipeline Press: CFPB Goes After Individual LO; The Cost of Regulation on Home Prices; TRID Costs Continue
• MBS Commentary: MBS Day Ahead: Yellen Speech Won’t Matter Until Next Week–Even if it Moves Markets Today

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MBS Week Ahead: Bonds on The Ropes as Month Ends and Data Hits

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Posted to: MBS Commentary
Tuesday, May 31, 2016 8:29 AM

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• Last week’s moderate resilience could have been temporary due to ‘month-end’
• This could also help today, to some extent
• If it doesn’t, it’s the first clue about a potential break of the long-term range
• If data confirms that break, Fed rate hike fears will increase and bonds won’t be happy

The holiday-shortened week begins on a bit of a gloomy note, both because of where bonds were already trading at the end of last week as well as the moderate weakness seen in the overnight session. Any push toward higher yields this week will increasingly cast a vote for bigger picture…

(READ THE FULL POST)

More from MND:

• MBS Commentary: MBS RECAP: Bonds Do Mostly Nothing on Mostly Pointless Day
• Mortgage Rate Watch: Mortgage Rates Calm Ahead of Long Weekend
• Pipeline Press: CFPB Goes After Individual LO; The Cost of Regulation on Home Prices; TRID Costs Continue
• MBS Commentary: MBS Day Ahead: Yellen Speech Won’t Matter Until Next Week–Even if it Moves Markets Today
• MBS Commentary: MBS RECAP: Early Month-End Buying Boosts Bonds

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Weekly Rate Report: Mortgage Rates Sideways After Last Week’s Spike

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30 Year Fixed 3.72% -0.01 15 Year Fixed 2.99% -0.01 10YR Treasury 1.85% +0.0246 FNMA 30YR 3.5 104.52 -0.11 FNMA 15YR 2.5 104.02 -0.17 View Today’s Rates

Mortgage Rates Sideways After Last Week’s Spike May 27, 2016 Market Summary Mortgage Rates calmed down this week after spiking on last week’s news that the Fed was taking a serious look at a rate hike in June or July. There was no appreciable bounce back toward lower levels this week, however, and we never made it back to the levels seen last Tuesday before the Fed news came out. That means the average conventional 30yr fixed rate for top tier borrowers remains at 3.75% after spending weeks at 3.625% (a few of the strongest lenders are still at 3.625%). The coming week will tell us a lot about what mortgage rate momentum will look like heading into the June 15th Fed Announcement. We’re closer to the high end of the recent range, so any further weakness could be the harbinger of more sustained upward momentum. – Matt Graham, Chief of Operations, 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: 3.73% Ending Average: 3.72% Weekly Change: -0.01% Yearly Change: -0.23% Friday, May 20, 2016 : 3.73% (+0.00%) Mortgage rates held mostly steady today, as some lenders were just barely higher and others slightly lower than yesterday’s latest levels. With that, the damage seen on Wednesday is still very much intact, meaning that almost any scenario is now being quoted an eighth of a point higher in rate on the average conventional 30yr fixed loan compared to the beginning of the week. More detail: “Mortgage Rates Hold Eerily Steady” Monday, May 23, 2016 : 3.72% (-0.01%) Mortgage rates were relatively steady again, marking the third straight business day with almost no rate movement following last week’s quick spike higher. That spike was all about financial markets quickly coming to terms with a higher probability of a Fed rate hike. Given that there hasn’t been any movement since then, we can increasingly assume that markets took care of this business by Wednesday afternoon. While it’s reassuring that we haven’t seen any additional move higher in rates, neither have we seen any meaningful move lower. That leaves the average conventional 30yr fixed rate quote at 3.75%, but there are still quite a few lenders quoting 3.625%. More detail: “Mortgage Rates Continue Sideways for 3rd Straight Day” Tuesday, May 24, 2016 : 3.74% (+0.02%) Mortgage rates were mixed today, depending on the lender. Some lenders adjusted rates higher in the middle of the day to reflect bond market weakness while others maintained the same rate sheets all day long. The lenders in that second group are more likely to move higher with tomorrow morning’s first rate sheets, all other things being equal. More detail: “Mortgage Rates Higher in Some Cases” Wednesday, May 25, 2016 : 3.75% (+0.01%) Mortgage rates didn’t move much today, depending on the lender. Most of the movement seen was toward slightly higher levels. The bond markets that underly mortgage rates remain under pressure after last week’s Fed Minutes showed widespread support for a Fed rate hike in June or July. Since then, several Fed speakers have echoed the sentiment in no unspecific terms. More detail: “Mortgage Rates Remain Under Pressure, Near Recent Highs” Thursday, May 26, 2016 : 3.73% (-0.02%) Mortgage rates moved modestly lower today. Given that rates had spiked last Wednesday and haven’t moved too much since then, today’s improvement was enough to get rates to the best levels seen since last Tuesday. That might sound odd or ironic in light of today’s widely-circulated mortgage rate data from Freddie Mac. Freddie says that rates rose rather sharply, but that’s to-be-expected given the report’s methodology (which essentially provides a snapshot of Monday and Tuesday’s rates). More detail: “Mortgage Rates Lowest in More Than a Week” Friday, May 27, 2016 : 3.72% (-0.01%) Mortgage rates were sideways to slightly lower today, depending on the lender. Financial markets closed early for Memorial Day weekend, and will be fully closed on Monday. As such, lenders won’t be updating rate sheets again until Tuesday. Today’s rate sheets aren’t too terribly different from yesterday’s. Most lenders are unchanged and a few are offering just slightly lower costs for the same “note rates” seen yesterday. The most prevalently-quoted conventional 30yr fixed rate continues to be 3.75% on top tier scenarios, but there are several lenders at 3.625%. More detail: “Mortgage Rates Calm Ahead of Long Weekend” 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 3.72% -0.01 15 Yr FRM 2.99% -0.01 FHA 30 Year Fixed 3.30% +0.00 Jumbo 30 Year Fixed 3.73% -0.02 5/1 Yr ARM 2.99% -0.02 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 3.37% 1.26 -0.14 30 Yr. Fixed 3.95% 1.30 -0.16 MBA ** 30 Yr. Fixed 3.82% 0.34 -0.05 15 Yr. Fixed 3.06% 0.33 -0.07 30 Yr. Jumbo 3.74% 0.31 -0.05 30 Yr. FHA 3.64% 0.25 -0.05 5/1 ARM 2.93% 0.22 +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 3.64% 0.50 +0.06 15 Yr. Fixed 2.89% 0.50 +0.08 1 Yr. ARM 2.68% 0.20 +0.01 5/1 Yr. ARM 2.87% 0.50 +0.07 Secondary Markets MBS Price Change 30YR FNMA 3.0 102.25 -0.06 30YR FNMA 3.5 104.52 -0.11 30YR GNMA 3.0 103.31 +0.06 30YR GNMA 3.5 105.41 -0.06 15YR FNMA 3.0 104.02 -0.17 15YR FNMA 2.5 102.31 -0.14 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 0.9106% +0.0356 5 YR 1.3864% +0.0390 10 YR 1.8510% +0.0246 30 YR 2.6503% +0.0117 Prices as of: 5/27/2016 2:05PM 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. © 2016 Brown House Media, Inc. All rights reserved. Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031

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