Daily Newsletter: Mortgage Rates Hold 3-Year Lows; Bank Stress Tests; IRS Deadline Extended

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30 Year Fixed
3.42% -0.01
15 Year Fixed
2.75% -0.01
10YR Treasury
1.48% -0.0289
FNMA 30YR 3.5
105.52 +0.20
FNMA 15YR 2.5
104.84 +0.14
View Today’s Rates
Thursday June 30, 2016
Mortgage Rate Watch – 2:26PM
Mortgage Rates Stay Strong to End Quarter
Mortgage rates trickled slightly lower today, technically taking them to another in a string of 3-year lows over the past 2 weeks. The most recent, most noticeable catalyst for the …
Pipeline Press – 10:34AM
Banking Stress Tests, Mergers; IRS Extends Deadline; Austin & SF Job Market Stats
The last day of June, and 2016 half over? How did that happen? (Regarding time flying Linda B. writes, “Thank the Good Lord, I am Benjamin Button.”) June for me included …
MBS Commentary – 9:09AM
MBS Day Ahead: Revisiting Bigger Picture After Yesterday’s Losses
Bonds remain generally strong despite yesterday’s losses There continues to be a good line in the sand that can warn against a bigger shift Further losses would take rates back toward …
MND NewsWire – 2:16PM
Boomers’ Big Impact on Housing Market
Baby Boomers, even as they age, continue to have an outsized impact on the housing market. Freddie Mac recently conducted a large survey of those over age 55 to find out their housing …

Latest Video


Loans for rentals

High flying home prices

Bullard repeats US is in new economic ‘regime’

More News from ‘Around the Web’

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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 3.42% -0.01
15 Yr FRM 2.75% -0.01
FHA 30 Year Fixed 3.25% +0.00
Jumbo 30 Year Fixed 3.49% -0.02
5/1 Yr ARM 2.83% -0.02

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.37% 1.26 -0.14
30 Yr. Fixed 3.95% 1.30 -0.16
MBA ** hdr_arrow.png
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 ** 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 3.48% 0.50 -0.08
15 Yr. Fixed 2.78% 0.40 -0.05
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 2.70% 0.50 -0.04

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 103.80 +0.36
30YR FNMA 3.5 105.52 +0.20
30YR GNMA 3.0 104.38 +0.27
30YR GNMA 3.5 106.14 +0.16
15YR FNMA 3.0 104.84 +0.14
15YR FNMA 2.5 103.48 +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 0.5895% -0.0434
5 YR 1.0077% -0.0417
10 YR 1.4815% -0.0289
30 YR 2.2925% -0.0212
Prices as of: 6/30/2016 4:30PM EST

23623981

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: Quarter Ends With Volatility, But No Sell-Off

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MBS RECAP: Quarter Ends With Volatility, But No Sell-Off

Posted to: MBS Commentary
Thursday, June 30, 2016 6:41 PM

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  • Bonds bounced back as month-end buying hit its stride
  • Second wind came from Bank of England comments on likely stimulus
  • Yields bounced higher after Europe closed, but held same general range from past 4 days

If we take a look at everything that’s happened since bonds began their big sell-off yesterday afternoon, it all ended up being a wash by the end of today’s trading. A chart illustrates the point:

2016-6-30 tsy

In arriving at this flatness, there have been a few notable players. Treasuries began moving lower in yield of their own volition in the morning hours but…

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Daily Rate Update: Mortgage Rates Stay Strong to End Quarter

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30 Year Fixed
3.42% -0.01
15 Year Fixed
2.75% -0.01
10YR Treasury
1.48% -0.0289
FNMA 30YR 3.5
105.52 +0.20
FNMA 15YR 2.5
104.84 +0.14
View Today’s Rates
Mortgage Rates Stay Strong to End Quarter
June 30, 2016
Mortgage rates trickled slightly lower today, technically taking them to another in a string of 3-year lows over the past 2 weeks. The most recent, most noticeable catalyst for the move toward lower rates is the passing of the referendum for the UK to leave the EU (aka “Brexit”). Given the bounce back in stocks since last Friday, it’s tempting to conclude that financial markets have “gotten over” their initial apprehension regarding Brexit. But the bond markets that underly mortgage rate movement haven’t bounced back in the same way. In fact, they haven’t really bounced back at all.

Exploring the underlying reasons for rates remaining near all-time lows despite stocks being closer to all-time highs would be a major undertaking for a simple update on mortgage rates. Suffice it to say that bond markets are looking at the longer-term, bigger picture, and they’re seeing the “new normal” that Fed Chair Yellen spoke of 2 weeks ago. Specifically, Yellen said the factors holding rates lower “could be part of a new normal.” In this sense, Brexit isn’t its own catalyst for rate movement, but rather just another symptom of the same disease of slower global growth and lower inflation.

Lenders continue to offer 3.375% on top tier conventional 30yr fixed quotes though quite a few remain at 3.5%.

Loan Originator Perspective

“We are in a rare realm whereas locking vs floating is almost reversed. If you are in a short timetable to close, floating almost makes more sense here because rates are immediately benefiting from foreign economic and political turbulence. Loans with 45+ day closing timelines (mostly refinances) may need to capture the current markets before they are gone. With today’s announcements from the central bank of England of potentially lowering rates, I think it’s safe to float at least into tomorrow. The trend favors lower rates, but as most of us know, this can reverse very quickly, and sometimes with no apparent logical reason. Today I would pass on locking.” –Constantine Floropoulos, VP, The Federal Savings Bank

“Pricing improved mid morning today, as month end demand boosted bonds. Markets have been already been volatile since Brexit, and the combination of a looming 3-4 day weekend and month end rebalancing exacerbated matters. I finally pulled the trigger and locked my first few loans since Brexit, still feel secondary departments are holding onto a portion of the gains rather than passing them all along to rate sheets. At any rate, locking at best rates in 3+ years is never a bad thing, question is whether they’ll get better.” –Ted Rood, Senior Originator

Today’s Best-Execution Rates

  • 30YR FIXED – 3.375-3.5%
  • FHA/VA – 3.25%
  • 15 YEAR FIXED – 2.75%
  • 5 YEAR ARMS – 2.75 – 3.25% depending on the lender


Ongoing Lock/Float Considerations

  • Markets had been primarily concerned with the timing of the Fed’s second rate hike (after they first hiked in December 2015)
  • The possibility that the U.K. would vote to exit the European Union (Brexit) has since taken over as the biggest flashpoint for markets.
  • The Fed freely admits it didn’t hike in June because of this and because it wants to be sure that jobs numbers aren’t taking a bigger turn for the worse. Mortgage rates moved farther into 3-year lows as a result.
  • Brexit happened and rates rejoiced. Lock if you like what you see. The longer term trend remains positive regardless, but periodic corrections toward higher rates continue to be a risk.
  • 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
30?w=360
15 Year Fixed Rate Mortgage
30?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 3.42% -0.01
15 Yr FRM 2.75% -0.01
FHA 30 Year Fixed 3.25% +0.00
Jumbo 30 Year Fixed 3.49% -0.02
5/1 Yr ARM 2.83% -0.02

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.37% 1.26 -0.14
30 Yr. Fixed 3.95% 1.30 -0.16
MBA ** hdr_arrow.png
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 ** 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 3.48% 0.50 -0.08
15 Yr. Fixed 2.78% 0.40 -0.05
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 2.70% 0.50 -0.04

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 103.80 +0.36
30YR FNMA 3.5 105.52 +0.20
30YR GNMA 3.0 104.38 +0.27
30YR GNMA 3.5 106.14 +0.16
15YR FNMA 3.0 104.84 +0.14
15YR FNMA 2.5 103.48 +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 0.5895% -0.0434
5 YR 1.0077% -0.0417
10 YR 1.4815% -0.0289
30 YR 2.2925% -0.0212
Prices as of: 6/30/2016 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.

Banking Stress Tests, Mergers; IRS Extends Deadline; Austin & SF Job Market Stats

Banking Stress Tests, Mergers; IRS Extends Deadline; Austin & SF Job Market Stats

Posted to: Pipeline Press
Thursday, June 30, 2016 8:32 AM

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The last day of June, and 2016 half over? How did that happen? (Regarding time flying Linda B. writes, “Thank the Good Lord, I am Benjamin Button.”) June for me included time spent in Dallas, Albany NY, Northern California, Las Vegas, New Orleans, Kansas, and now Hawai’i for the MBAH conference. I continue to see hard-working, conscientious, competent people in all ranks of residential lending doing their jobs well. And yet we, as an industry continue to pay the price, both in the press and financially, for problems from years ago. And if you don’t think regulators are teaming up, think again – just ask BancorpSouth (details on its $10.6 million settlement below).

The Fed released the results of its annual stress tests of 33 large US banks that have more than $50 billion in assets. Do non-bank residential lenders have stress tests? No. The stress tests examine what would happen if a bank, or economy, ran into trouble. Last year only Deutsche Bank and Banco Santander did not pass the stress test.

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MBS Day Ahead: Revisiting Bigger Picture After Yesterday’s Losses

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MBS Day Ahead: Revisiting Bigger Picture After Yesterday’s Losses

Posted to: MBS Commentary
Thursday, June 30, 2016 9:09 AM

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  • Bonds remain generally strong despite yesterday’s losses
  • There continues to be a good line in the sand that can warn against a bigger shift
  • Further losses would take rates back toward previously broken range of 2016

Yesterday’s Day Ahead pointed out the stock/bond divergence and asked “which one is lying?” As I sifted through headlines this morning, I saw one to the effect of “stocks and bonds saying the same thing, but trust bonds.” I’m glad that’s all cleared up!

Seriously though, given the global sovereign debt situation (Treasuries are US sovereign debt) with over …

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Daily Newsletter: Boomers’ Big Impact on Housing; Pending Sales Ebb; Rates Hold 3-Year Lows, But…

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30 Year Fixed
3.43% -0.01
15 Year Fixed
2.76% +0.00
10YR Treasury
1.51% +0.0457
FNMA 30YR 3.5
105.31 -0.08
FNMA 15YR 2.5
104.70 -0.08
View Today’s Rates
Wednesday June 29, 2016
MND NewsWire – 2:16PM
Boomers’ Big Impact on Housing Market
Baby Boomers, even as they age, continue to have an outsized impact on the housing market. Freddie Mac recently conducted a large survey of those over age 55 to find out their housing …
Mortgage Rate Watch – 4:09PM
Rates Continue Holding 3-Year Lows
Mortgage rates roughly unchanged today, on average, with some lenders showing slight improvements while others moved just a bit higher. Even on individual lenders’ rate sheets there …
MND NewsWire – 12:06PM
Pending Sales Fall 3.7% in May on Contracting Inventories
Pending home sales hit the skids in May, following three straight months of increases. The National Association of Realtors® (NAR) said that its Pending Home Sales Index (PHSI) …
MND NewsWire – 8:00AM
Refi Demand Won’t Reflect Rate Drop Until Next Week
Mortgage application activity was down across the board during the week ended June 24. The Mortgage Bankers Association (MBA) reports that its Market Composite Index, a measure of application …

Latest Video


Santelli: The UK elixir

High flying home prices

May pending home sales down

More News from ‘Around the Web’

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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 3.43% -0.01
15 Yr FRM 2.76% +0.00
FHA 30 Year Fixed 3.25% +0.00
Jumbo 30 Year Fixed 3.51% -0.01
5/1 Yr ARM 2.85% -0.01

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.37% 1.26 -0.14
30 Yr. Fixed 3.95% 1.30 -0.16
MBA ** hdr_arrow.png
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 ** 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 3.56% 0.60 +0.02
15 Yr. Fixed 2.83% 0.50 +0.02
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 2.74% 0.50 +0.00

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 103.44 -0.17
30YR FNMA 3.5 105.31 -0.08
30YR GNMA 3.0 104.11 -0.14
30YR GNMA 3.5 105.98 -0.03
15YR FNMA 3.0 104.70 -0.08
15YR FNMA 2.5 103.28 -0.06
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 0.6329% +0.0197
5 YR 1.0494% +0.0432
10 YR 1.5104% +0.0457
30 YR 2.3137% +0.0381
Prices as of: 6/29/2016 4:31PM EST

23623981

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
View this Report in your Web Browser | Forward to a Friend | Subscribe
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MBS RECAP: Bonds Tank in PM Trading After Oracle Goes Big

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MBS RECAP: Bonds Tank in PM Trading After Oracle Goes Big

Posted to: MBS Commentary
Wednesday, June 29, 2016 4:45 PM

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  • Bonds continued holding ultra-narrow post-Brexit range until 3pm
  • At that point, Treasuries spiked aggressively and MBS eventually followed
  • Initial culprit was likely the Oracle corporate bond issuance
  • Markets knew this was coming, but they didn’t know when or how big
  • It was sooner and bigger than expected, thus putting pressure on other parts of the bond market and adding to snowball selling momentum

If you like to click links and learn more about the bigger picture bond market motivations, and if you haven’t already read it, check out our primer on corporate bond issuance HERE. …

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