Daily Newsletter: Mortgage Rates End October Just Off 5-Month Highs; One Home Price Index Bucking The Trend

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30 Year Fixed
3.59% -0.01
15 Year Fixed
2.90% +0.00
10YR Treasury
1.83% -0.0213
FNMA 30YR 3.5
104.97 +0.02
FNMA 15YR 2.5
104.63 -0.02
View Today’s Rates
Monday October 31, 2016
Mortgage Rate Watch – 3:58PM
Mortgage Rates End October Just Off 5-Month Highs
Mortgage Rates moved sideways to slightly lower for the 2nd day in a row, after hitting the highest levels in 5 months on Thursday. While the positive progress is better than a sharp …
MND NewsWire – 10:29AM
Black Knight Home Prices Buck Industry Trend
The fourth and last of the August home price estimates is in and none of them show any slowing of appreciation. Among peers, Black Knight Financial Services is the only one that doesn …
Pipeline Press – 10:25AM
Upcoming Events; Jumbo, Pricing, and USDA News; Economy Doing Pretty Well?
Here we are at Halloween already. Who will win the inter-department costume contest, shipping or accounting? And what could be more horrifying for a borrower than an appraisal that …
MBS Commentary – 10:15AM
MBS Week Ahead: Bond Markets Won’t Miss October
It’s no mystery that the prevailing trend in bond markets has been negative for several months. At first , this was no big deal, as Treasury yields just hit all-time lows in early July …

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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 3.59% -0.01
15 Yr FRM 2.90% +0.00
FHA 30 Year Fixed 3.40% +0.00
Jumbo 30 Year Fixed 3.75% -0.01
5/1 Yr ARM 2.90% -0.02

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.05% 1.21 -0.03
30 Yr. Fixed 3.74% 1.37 -0.06
MBA ** hdr_arrow.png
30 Yr. Fixed 3.66% 0.33 -0.04
15 Yr. Fixed 2.95% 0.38 -0.04
30 Yr. Jumbo 3.64% 0.28 -0.05
30 Yr. FHA 3.52% 0.21 -0.04
5/1 ARM 2.92% 0.40 -0.07
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 3.47% 0.60 -0.05
15 Yr. Fixed 2.78% 0.50 -0.01
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 2.84% 0.40 -0.01

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 102.94 0.00
30YR FNMA 3.5 104.97 +0.02
30YR GNMA 3.0 104.03 +0.02
30YR GNMA 3.5 106.00 +0.05
15YR FNMA 3.0 104.63 -0.02
15YR FNMA 2.5 102.88 0.00
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 0.8488% -0.0078
5 YR 1.3083% -0.0178
10 YR 1.8273% -0.0213
30 YR 2.5837% -0.0349
Prices as of: 10/31/2016 4:32PM 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: Fiercely Apathetic Day, Especially For Month-End

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MBS RECAP: Fiercely Apathetic Day, Especially For Month-End

Posted to: MBS Commentary
Monday, October 31, 2016 5:09 PM

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The last trading day of any given month is more volatile and more actively traded than the average trading day. That wasn’t the case today, which is somewhat of a surprise given that the previous trading session saw the highest yields in 5 months amid very high volume. With that set-up, today was more likely to go big in either direction, at least from a strictly technical perspective (i.e. if we ignore all of the fundamental events in play).

But wouldn’t you know it! There are a ton of fundamental events in play, and by the time we consider them, we can probably…

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Daily Rate Update: Mortgage Rates End October Just Off 5-Month Highs

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dailyrateheader.png
30 Year Fixed
3.59% -0.01
15 Year Fixed
2.90% +0.00
10YR Treasury
1.83% -0.0213
FNMA 30YR 3.5
104.97 +0.02
FNMA 15YR 2.5
104.63 -0.02
View Today’s Rates
Mortgage Rates End October Just Off 5-Month Highs
October 31, 2016
Mortgage Rates moved sideways to slightly lower for the 2nd day in a row, after hitting the highest levels in 5 months on Thursday. While the positive progress is better than a sharp stick in the eye, it nonetheless leaves us right in line with highs for all practical purposes. In fact, virtually all lenders are putting out quotes today that are indistinguishable from Thursday’s for most prospective borrowers. The most prevalently-quoted conventional 30yr fixed rate remains 3.625% on top tier scenarios, with a handful of the most aggressive lenders at 3.5%.

The remainder of the week brings several flashpoints for market volatility, with Wednesday’s Fed announcement being the center of attention. The Fed is not expected to announce a rate hike this week (though it’s not impossible, by any means). Rather, the baseline assumption is that the Fed will use this meeting much like they used the 2nd to last meeting of 2015 to telegraph a hike in the final meeting of the year in December.

When you see or hear a reference to the Fed hiking or cutting “rates,” it doesn’t refer to all interest rates–merely the Fed Funds Rate (the Fed’s desired, or “target” rate for overnight borrowing/lending among the largest banks, which it achieves by adjusting several policy variables). In other words, mortgage lenders are by no means forced to instantly raise rates if the Fed declares that it will now be targeting a higher Fed Funds Rate. Moreover, mortgage rates are more closely-related to longer-term rates, such as 10yr Treasury yields (i.e. mortgage rates tend to move in the same direction as 10yr Treasury yields, even if short term interest rates are moving in the opposite direction).

Now for the tricky part. Even though mortgage rates don’t follow the Fed Funds Rate, they can absolutely follow the EXPECTATIONS that precede changes in the Fed Funds Rate. As such, if the Fed were indeed to telegraph a December rate hike, mortgage rates could face additional upward pressure. But if this Wednesday’s Fed announcement doesn’t contain the sort of clue that many investors expect, mortgage rates have some room to move slightly lower.

Perspective is important when discussing “lower vs higher” rates at the moment. In general, lenders will hesitate to aggressively push rates lower with the looming possibility of a Fed rate hike in December (among other things). That means there is decreased reward for the risk of floating. If you’re OK with the smaller victory and accept the risk that rates continue to move higher, it wouldn’t be unreasonable to float. If you do, make a gameplan with your originator and be ready to lock immediately if rates react unfavorably to Wednesday’s Fed.


Loan Originator Perspective

This week promises chills, thrills, and perhaps a few scares, and not just because of Halloween. Friday marks the release of October’s NFP jobs report, and between that, election drama, and a resoundingly bearish bond market, it’s vital to NOT take pricing for granted. My pipeline is locked, except for some files closing 45+ days out. Float with great caution, or (better yet) don’t float at all. –Ted Rood, Senior Originator

Today’s Best-Execution Rates

  • 30YR FIXED – 3.625%
  • FHA/VA – 3.25-3.5%
  • 15 YEAR FIXED – 2.875%
  • 5 YEAR ARMS – 2.75 – 3.25% depending on the lender


Ongoing Lock/Float Considerations

  • Rates have generally been trending higher since hitting all-time lows in early July
  • Clearly-defined uptrends provide higher-than-average motivation to lock
  • Risk-takers can try to time the dips in rates that may occur during that broader uptrend, but the reward for good timing generally isn’t worth the risk in these situations.
  • We’d need to see a sustained push back toward lower rates (something that lasts more than 1-3 days) before anything less than a cautious, lock-biased approach makes sense for all but the most risk-tolerant borrowers.
  • 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 3.59% -0.01
15 Yr FRM 2.90% +0.00
FHA 30 Year Fixed 3.40% +0.00
Jumbo 30 Year Fixed 3.75% -0.01
5/1 Yr ARM 2.90% -0.02

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.05% 1.21 -0.03
30 Yr. Fixed 3.74% 1.37 -0.06
MBA ** hdr_arrow.png
30 Yr. Fixed 3.66% 0.33 -0.04
15 Yr. Fixed 2.95% 0.38 -0.04
30 Yr. Jumbo 3.64% 0.28 -0.05
30 Yr. FHA 3.52% 0.21 -0.04
5/1 ARM 2.92% 0.40 -0.07
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 3.47% 0.60 -0.05
15 Yr. Fixed 2.78% 0.50 -0.01
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 2.84% 0.40 -0.01

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 102.94 0.00
30YR FNMA 3.5 104.97 +0.02
30YR GNMA 3.0 104.03 +0.02
30YR GNMA 3.5 106.00 +0.05
15YR FNMA 3.0 104.63 -0.02
15YR FNMA 2.5 102.88 0.00
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 0.8488% -0.0078
5 YR 1.3083% -0.0178
10 YR 1.8273% -0.0213
30 YR 2.5837% -0.0349
Prices as of: 10/31/2016 4:32PM 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.

MBS Week Ahead: Bond Markets Won’t Miss October

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MBS Week Ahead: Bond Markets Won’t Miss October

Posted to: MBS Commentary
Monday, October 31, 2016 10:15 AM

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It’s no mystery that the prevailing trend in bond markets has been negative for several months. At first, this was no big deal, as Treasury yields just hit all-time lows in early July. Coming off all-time lows, it’s easy to forgive a bit of a corrective bounce. After all, rates can’t go perpetually lower without blowing off some steam from time to time.

With that in mind, things weren’t too alarming heading into the end of August. True, the low yields on any given day were trending higher, but the high yields remained under a ceiling of 1.60%, in general.


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Black Knight Home Prices Buck Industry Trend

Black Knight Home Prices Buck Industry Trend

Posted to: MND NewsWire
Monday, October 31, 2016 9:50 AM

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The fourth and last of the August home price estimates is in and none of them show any slowing of appreciation. Among peers, Black Knight Financial Services is the only one that doesn’t report a greater year-over-year gain in August than it did in July. Black Knight puts its Home Price Index (HPI) at $266,000, an annual increase of 5.3 percent, unchanged from the previous month.

Black Knight calls this “a trend of very stable growth. The 5.3 percent increase is, in fact, identical to the percentage gain in the index in seven out of the last eight months. The index rose 0.3 percent compared to July. The change from June to July was 0.4 percent.

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Upcoming Events; Jumbo, Pricing, and USDA News; Economy Doing Pretty Well?

Upcoming Events; Jumbo, Pricing, and USDA News; Economy Doing Pretty Well?

Posted to: Pipeline Press
Monday, October 31, 2016 8:25 AM

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Here we are at Halloween already. Who will win the inter-department costume contest, shipping or accounting? And what could be more horrifying for a borrower than an appraisal that is late, or comes in $50k under the transaction price? But what about the poor appraisers – don’t they have some frightful tales? Yes, they do. What isn’t terrifying is the economy: traders believe that the 1.2% drop in Treasury security prices this month, the biggest loss in nearly two years, is a sign that the U.S. economy is truly recovering.

Jumbo news out there? Price adjustment changes? Yes, there’s a little.

Lending standards in the jumbo space are loosening, even as the luxury end of the housing market underperforms. (I’ve heard Miami Beach is once again actually heading down in price.) Loan Depot is now offering 40 year jumbo products that are interest-only for the first 10 years. Redwood is now offering a 90 LTV product that goes down to a 660 FICO.

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