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Daily Newsletter: Rates at 2-Week Lows After GDP; CFPB’s TRID Changes; Jumbo Market Woes; Homeownership Lows

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dailynewsletter.png
30 Year Fixed
3.37% -0.02
15 Year Fixed
2.72% -0.02
10YR Treasury
1.45% -0.0513
FNMA 30YR 3.5
105.63 +0.20
FNMA 15YR 2.5
104.92 +0.09
View Today’s Rates
Friday July 29, 2016
Mortgage Rate Watch – 4:15PM
Mortgage Rates Down to 2-Week Lows After GDP
Mortgage rates enjoyed another strong day, falling to the best levels in exactly 2 weeks. Rates were actually set to move higher early this morning, but a much weaker-than-expected …
MND NewsWire – 12:44PM
CFPB Requests Comments on TRID Changes
The Consumer Financial Protection Bureau (CFPB) is proposing changes to its Know Before You Owe Mortgage Disclosure Act, usually referred to in the industry as TRID. CFPB said the changes …
Pipeline Press – 10:28AM
Fannie And Freddie Changes; Jumbo Market Altering And Not For The Better
“Buy land – they’re not making any more of it.” And the reverse is happening in Louisiana. Say what you want about global warming, or inappropriate levy building, the fact is that the …
MND NewsWire – 9:28AM
Homeownership Dips to All-Time Low
Homeownership rates, which have been declining since the end of the housing boom, hit an a ll-time low in the second quarter of 2016 . The rate at the end of the period was 62.9 percent …

Latest Video


Housing & GDP

Lots of GDP revisions

Chicago PMI 55.8 (July) vs. 56.8 (June)

More News from ‘Around the Web’

Velocify_160x175.png

Today’s Rates

Best Execution hdr_arrow.png
Rate Change
Current Mortgage Rates »
What are best-execution rates?
30 Yr FRM 3.37% -0.02
15 Yr FRM 2.72% -0.02
FHA 30 Year Fixed 3.25% +0.00
Jumbo 30 Year Fixed 3.50% -0.02
5/1 Yr ARM 2.84% -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 3.48% 0.50 +0.03
15 Yr. Fixed 2.78% 0.50 +0.03
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 2.78% 0.50 +0.00

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 104.06 +0.25
30YR FNMA 3.5 105.63 +0.20
30YR GNMA 3.0 104.94 +0.31
30YR GNMA 3.5 106.34 +0.22
15YR FNMA 3.0 104.92 +0.09
15YR FNMA 2.5 103.59 +0.19
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
TR_Eikon_Email.png
2 YR 0.6632% -0.0513
5 YR 1.0253% -0.0610
10 YR 1.4548% -0.0513
30 YR 2.1827% -0.0477
Prices as of: 7/29/2016 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
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Weekly Newsletter: 3 Percent-Down Program Gets Makeover; New Homes at 8-Year High; Price Gains Slowing; Rates at 2-Week Low

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30 Year Fixed
3.37% -0.02
15 Year Fixed
2.72% -0.02
10YR Treasury
1.45% -0.0513
FNMA 30YR 3.5
105.63 +0.20
FNMA 15YR 2.5
104.92 +0.09
View Today’s Rates
Friday July 29, 2016
MND NewsWire – 7/27
Fannie Mae Upgrades 3 Percent-Down Mortgage Program
Fannie Mae has made changes to its HomeReady mortgage program that allows borrowers to obtain a mortgage with as little as a 3 percent downpayment. The enhancements change income maximums …
MND NewsWire – 7/26
New Home Sales Surge to 8-Year High
Sales of newly constructed homes posted a gain in June, rising 3.5 percent from the May estimate. The Census Bureau and the Department of Housing and Urban Development put new home …
MND NewsWire – 7/26
Price Appreciation Slowing Down -Case-Shiller
The newly named S&P CoreLogic Case-Shiller Indices noted a continued rise in prices across the country although some monthly indices declined . The National Index which covers all …
Mortgage Rate Watch – 7/29
Mortgage Rates Down to 2-Week Lows After GDP
Mortgage rates enjoyed another strong day, falling to the best levels in exactly 2 weeks. Rates were actually set to move higher early this morning, but a much weaker-than-expected …

Latest Video


Bond market reaction to Fed

September rate hike in play?

June pending home sales posts big miss

More News from ‘Around the Web’

Velocify_160x175.png

Today’s Rates

Best Execution hdr_arrow.png
Rate Change
Current Mortgage Rates »
What are best-execution rates?
30 Yr FRM 3.37% -0.02
15 Yr FRM 2.72% -0.02
FHA 30 Year Fixed 3.25% +0.00
Jumbo 30 Year Fixed 3.50% -0.02
5/1 Yr ARM 2.84% -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 3.48% 0.50 +0.03
15 Yr. Fixed 2.78% 0.50 +0.03
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 2.78% 0.50 +0.00

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 104.06 +0.25
30YR FNMA 3.5 105.63 +0.20
30YR GNMA 3.0 104.94 +0.31
30YR GNMA 3.5 106.34 +0.22
15YR FNMA 3.0 104.92 +0.09
15YR FNMA 2.5 103.59 +0.19
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
TR_Eikon_Email.png
2 YR 0.6632% -0.0513
5 YR 1.0253% -0.0610
10 YR 1.4548% -0.0513
30 YR 2.1827% -0.0477
Prices as of: 7/29/2016 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
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MBS RECAP: Bonds Cheer Weak GDP and Month-End Momentum

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MBS RECAP: Bonds Cheer Weak GDP and Month-End Momentum

Posted to: MBS Commentary
Friday, July 29, 2016 4:46 PM

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Heading into the close at much stronger levels this afternoon, it would be easy to overlook the fact that bond markets were weaker overnight (following the Bank of Japan’s underwhelming policy announcement) and remained in weaker territory right up to the 8:30am GDP release. Who knows how momentum would have shaped up had GDP come in stronger than expected?

While a weaker economy is unfortunate, its effect on interest rates is the opposite. Bonds rallied purposefully after the +1.2 vs +2.6 percent GDP miss (not to mention the revision to the previous quarter from 1.1…

(READ THE FULL POST)

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Weekly Rate Report: Mortgage Rates Fall Back to 2-Week Lows

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weeklyrateheader.png
30 Year Fixed
3.37% -0.02
15 Year Fixed
2.72% -0.02
10YR Treasury
1.45% -0.0513
FNMA 30YR 3.5
105.63 +0.20
FNMA 15YR 2.5
104.92 +0.09
View Today’s Rates
Mortgage Rates Fall Back to 2-Week Lows
July 29, 2016
Market Summary
If you follow along with this weekly synopsis, you might have noticed a bit of hesitation on my part last week when it came to “ringing the alarm bells” for rates continuing their recent move higher. The reason was simple: while rates did indeed hit 2-week highs last week, they did so in a very cautious manner. It suggested that we might be generally sideways until this week’s Fed Announcement, and indeed that was the case.

Fortunately, the Fed was rate-friendly, or at least the market read the Fed as such. Rates rallied with conviction on Thursday and Friday, ultimately making it back to 2-week lows by the end of the week.

Next week brings important economic data, including the big jobs report on Friday. Even though Traders downgraded the probability of a Fed rate hike this week, next week’s data could counteract that, if it happens to be strong enough. Of course, if the data is weaker, it would only fuel the fledgling momentum that began to take flight at the end of this week. The point is we have another set of variables on deck that can push rates in either direction.

-Matt Graham, Mortgage News Daily

30 Year Fixed Rate Mortgage
29?w=360
Week in Review
Rates shown below are based on the 30 Year Fixed Rate Mortgage

Beginning Average: 3.44%
Ending Average: 3.37%
Weekly Change: -0.07%
Yearly Change: -0.57%

Friday, July 22, 2016 : 3.44% (+0.00%)
Mortgage rates didn’t budge, compared to yesterday’s, which leaves them in line with their highest levels since late June. A small majority lenders have moved up from quoting conventional 30yr fixed rates of 3.375% to 3.5% during the course of this week, and a several are already as high as 3.625% for top tier scenarios. That’s about as stratified as it gets when it comes to each lenders’ best possible rate on any given scenario. The stratification is a product of market volatility, all-time lows in benchmark rates (like US Treasuries) earlier this month, and varying lender strategies with respect to their business flow.

More detail: “Mortgage Rates Steady at 1-Month Highs”

Monday, July 25, 2016 : 3.44% (+0.00%)
Mortgage rates were unchanged again today, making three out of the past 4 days where rates haven’t budged and 6 out of the past 7 days where rates moved by 0.01% or less, on average. That’s an exceptionally narrow range, and it speaks to indecision in financial markets ahead of this week’s major central bank announcements. That’s where the Fed and the Bank of Japan give the official word on their monetary policy, which includes setting short term rates and spelling out various stimulus efforts.

More detail: “Mortgage Rates Continue Sideways Slide Ahead of Fed”

Tuesday, July 26, 2016 : 3.45% (+0.01%)
Mortgage rates moved slightly higher today, and are now effectively at the highest levels in month. That sounds a bit more dire than it is, though, because there hasn’t been much movement in the bigger picture–especially over the past few days. In fact, there’s quite a good chance that you’d receive the same quote today as you would have late last week. For most borrowers, that’s in the mid 3.5% neighborhood when it comes to conventional, 30yr fixed loans.

More detail: “Mortgage Rates at 1-Month Highs”

Wednesday, July 27, 2016 : 3.44% (-0.01%)
Mortgage rates moved slightly lower today, although that’s only true for lenders who issued mid-day improvements following the Fed’s policy announcement. Markets were, by no means, expecting the Fed to hike rates today, but there was a decent enough chance they would telegraph their intention to hike. Such a move is certainly in the Fed’s playbook, but if that’s what they were shooting for today, it didn’t show.

More detail: “Mortgage Rates Move Down Following Fed Announcement”

Thursday, July 28, 2016 : 3.39% (-0.05%)
Mortgage rates fell at the quickest pace in more than a month today as lenders priced-in the market improvements seen after yesterday’s Fed Announcement. Even though quite a few lenders offered improvements yesterday afternoon, the so-called “reprices” were conservative compared to improvements implied by trading levels in mortgage-backed-securities (the bonds that most directly affect mortgage rates).

More detail: “Best Day Since Brexit For Mortgage Rates”

Friday, July 29, 2016 : 3.37% (-0.02%)
Mortgage rates enjoyed another strong day, falling to the best levels in exactly 2 weeks. Rates were actually set to move higher early this morning, but a much weaker-than-expected reading on Q2 GDP helped drive demand for bonds. Better buying pushes bond prices higher and rates lower. The strength in bond markets gave lenders the peace of mind needed in order to offer even better terms than yesterday. The most prevalent conventional 30yr fixed rate is quickly returning to 3.375% on top tier scenarios.

More detail: “Mortgage Rates Down to 2-Week Lows After GDP”

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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 3.37% -0.02
15 Yr FRM 2.72% -0.02
FHA 30 Year Fixed 3.25% +0.00
Jumbo 30 Year Fixed 3.50% -0.02
5/1 Yr ARM 2.84% -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 3.48% 0.50 +0.03
15 Yr. Fixed 2.78% 0.50 +0.03
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 2.78% 0.50 +0.00

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 104.06 +0.25
30YR FNMA 3.5 105.63 +0.20
30YR GNMA 3.0 104.94 +0.31
30YR GNMA 3.5 106.34 +0.22
15YR FNMA 3.0 104.92 +0.09
15YR FNMA 2.5 103.59 +0.19
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 0.6632% -0.0513
5 YR 1.0253% -0.0610
10 YR 1.4548% -0.0513
30 YR 2.1827% -0.0477
Prices as of: 7/29/2016 4:31PM EST

TR_Eikon_Email.png

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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Daily Rate Update: Mortgage Rates Down to 2-Week Lows After GDP

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dailyrateheader.png
30 Year Fixed
3.37% -0.02
15 Year Fixed
2.72% -0.02
10YR Treasury
1.45% -0.0513
FNMA 30YR 3.5
105.63 +0.20
FNMA 15YR 2.5
104.92 +0.09
View Today’s Rates
Mortgage Rates Down to 2-Week Lows After GDP
July 29, 2016
Mortgage rates enjoyed another strong day, falling to the best levels in exactly 2 weeks. Rates were actually set to move higher early this morning, but a much weaker-than-expected reading on Q2 GDP helped drive demand for bonds. Better buying pushes bond prices higher and rates lower. The strength in bond markets gave lenders the peace of mind needed in order to offer even better terms than yesterday. The most prevalent conventional 30yr fixed rate is quickly returning to 3.375% on top tier scenarios.

Next week brings important economic data, including the big jobs report on Friday. The overall tone of that data should help determine whether rates will continue building on the past 2 days of positive momentum. The conservative approach would be to lock in the gains with rates at 2-week lows. The aggressive approach would be to wait until we have clear evidence AGAINST the possibility that a new trend toward lower rates has begun. As of today, there is no such evidence, but it could come at any time.

Loan Originator Perspective

Rate sheets have shown solid improvements over the last couple days. The benchmark 10 year note has pushed below resistance at 1.51 which makes me lean toward favoring floating. however, today is month end and I am a bit concerned some of the rally today is based on that and we could lose some on Monday. Based on that, I would think wise to lock in any short term closings, but if closing in over 15 days, I would roll the dice over the weekend and float. –Victor Burek, Open Mortgage

Pricing remains to be very attractive and the recent move lower may cause for a bigger motivation to lock. I’m locking all loans on the block for closing in the next 2 weeks, leaving an option for those within 30 days, but floating anything with more time to close. Rates seem to want to creep lower. –Gus Floropoulos, VP, The Federal Savings Bank

Interest rates continue to challenge all time lows as we head into month end and a weak GDP report this morning is adding fuel to the rally. While I would never fault anyone for locking up and protecting these low rates we have now I certainly would be comfortable with any borrower floating and especially if their closing time was on a longer horizon. As always, however, we know things can change quickly so keep close to the speed dial button for your loan officer who is hopefully a well informed MBS Live member 🙂 –Hugh W. Page, Mortgage Banker, SeacoastBank

Bonds continued their recent gains today, following more tepid US economic news. 10 year Treasury yields are currently 1.46%, exceptionally low by US standards, but a long ways from Japanese and some European bonds with negative yields. Since the trend is now towards lower rates, I don’t see a huge incentive to lock, for folks with some time and risk tolerance, and IF their loan originator tracks MBS to anticipate future market movement. Close to closing? Sure not a bad time to lock, with pricing nearly back to Brexit levels. –Ted Rood, Senior Originator

Today’s Best-Execution Rates

  • 30YR FIXED – 3.3753.5%
  • FHA/VA – 3.25%
  • 15 YEAR FIXED – 2.75%
  • 5 YEAR ARMS – 2.75 – 3.25% depending on the lender


Ongoing Lock/Float Considerations

  • In the biggest of pictures, “global growth concerns” remain the driving force behind the long-term trend toward lower rates
  • Amid that trend, periodic corrections toward higher rates can and will happen. These can happen for no apparent reason, or they can be brought on by changes in expectations surrounding central bank policy at home and abroad, as well as geopolitical and systemic risks
  • Time horizon and risk tolerance are 2 variables to consider when it comes to locking. If you have plenty of time and don’t mind losing some ground, set a limit as to how much higher rates could go before you’d lock to avoid further losses, and then float in the hopes of never seeing that limit.
  • In the shorter-term, it’s always good to look for lock opportunities after rates have been moving lower or sideways repeatedly, especially if they’ve since begun to move back up in any sort of consistent way.
  • 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 3.37% -0.02
15 Yr FRM 2.72% -0.02
FHA 30 Year Fixed 3.25% +0.00
Jumbo 30 Year Fixed 3.50% -0.02
5/1 Yr ARM 2.84% -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 3.48% 0.50 +0.03
15 Yr. Fixed 2.78% 0.50 +0.03
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 2.78% 0.50 +0.00

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 104.06 +0.25
30YR FNMA 3.5 105.63 +0.20
30YR GNMA 3.0 104.94 +0.31
30YR GNMA 3.5 106.34 +0.22
15YR FNMA 3.0 104.92 +0.09
15YR FNMA 2.5 103.59 +0.19
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 0.6632% -0.0513
5 YR 1.0253% -0.0610
10 YR 1.4548% -0.0513
30 YR 2.1827% -0.0477
Prices as of: 7/29/2016 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.