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Daily Newsletter: CoreLogic Sees Signs of Credit Cracks; Rates Unchanged Ahead of Fed Week

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30 Year Fixed 4.09% +0.00 15 Year Fixed 3.34% +0.00 10YR Treasury 2.29% -0.0107 FNMA 30YR 3.5 102.80 +0.06 FNMA 15YR 2.5 102.81 +0.02 View Today’s Rates

Friday April 28, 2017 MND NewsWire – 11:32AM CoreLogic Sees Signs of Credit Cracks Here we go again? Sam Khater, CoreLogic’s deputy chief economist, says loan performance is beginning to show some cracks in what has been a near perfect veneer. This might be an early … Mortgage Rate Watch – 2:41PM Mortgage Rates Unchanged Heading Into Fed Week Mortgage rates were unchanged today, holding onto modest improvements seen yesterday. In many ways, the past 2 days have confirmed that rates are in limbo near the lower end of the … MBS Commentary – 10:31AM MBS Day Ahead: Bonds Sitting on a Big Fence Heading Into Next Week’s Fed Bond markets are very much on a fence at the moment with respect to short and intermediate trends. There are a few ways we can measure this fence-sitting. The most basic would be to … Pipeline Press – 9:17AM Agency Updates; Another GSE Reform Plan; Bank M&A – Branches Still Popular For 2015, retail originators averaged total compensation of $88,415 versus $80,376 for Consumer Direct originators, per a STRATMOR Insights report on the subject. While retail originators … Cash Sales Share Remains Stubbornly High Painfully Low Inventory Saps Pending Home Sales Latest Video April consumer sentiment 97.0 vs. 97.9 expectation Q1 GDP up 0.7% Yellen ‘behind the curve’ and playing catch up’: Peter Boockvar More News from ‘Around the Web’ Calculated Risk Blog – 1:58PM Chicago PMI increases in April CNBC – 10:57AM Economic growth may stink, but a pickup in inflation means the Fed will raise rates Reuters – 10:55AM Congress set to vote on heading off government shutdown blog.hud.gov – 10:53AM Enforcing Fair Housing 49 Years after the Fair Housing Act Calculated Risk Blog – 10:53AM Q1 GDP: Investment CNBC – 8:50AM US economic growth weakened to 0.7% in first quarter http://www.consumerfinancemonitor.com – 8:32AM CFPB Spring 2017 Supervisory Highlights focuses on mortgage origination/servicing, student loan servicing deficiencies, service provider exams Today’s Rates Best Execution Rate Change Current Mortgage Rates » What are best-execution rates? 30 Yr FRM 4.09% +0.00 15 Yr FRM 3.34% +0.00 FHA 30 Year Fixed 3.80% +0.00 Jumbo 30 Year Fixed 4.35% -0.01 5/1 Yr ARM 3.08% +0.02 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 3.06% 1.30 +0.03 30 Yr. Fixed 3.76% 1.38 +0.03 MBA ** 30 Yr. Fixed 4.41% 0.38 +0.13 15 Yr. Fixed 3.64% 0.34 +0.12 30 Yr. Jumbo 4.36% 0.26 +0.07 30 Yr. FHA 4.15% 0.29 +0.13 5/1 ARM 3.45% 0.26 +0.17 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 4.03% 0.50 +0.06 15 Yr. Fixed 3.27% 0.40 +0.04 1 Yr. ARM 2.68% 0.20 +0.01 5/1 Yr. ARM 3.12% 0.40 +0.02 Secondary Markets MBS Price Change 30YR FNMA 3.0 99.86 +0.06 30YR FNMA 3.5 102.80 +0.06 30YR GNMA 3.0 101.23 +0.19 30YR GNMA 3.5 103.80 +0.19 15YR FNMA 3.0 102.81 +0.02 15YR FNMA 2.5 100.59 +0.08 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 1.2699% +0.0081 5 YR 1.8192% -0.0049 10 YR 2.2892% -0.0107 30 YR 2.9579% -0.0118 Prices as of: 4/28/2017 5:06PM 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. © 2017 Brown House Media, Inc. All rights reserved. Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031

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Weekly Newsletter: Fannie’s Big Student Loan News; Rates Steady After Tax Plan; Painfully Low Inventory Saps Sales

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30 Year Fixed 4.09% +0.00 15 Year Fixed 3.34% +0.00 10YR Treasury 2.29% -0.0107 FNMA 30YR 3.5 102.80 +0.06 FNMA 15YR 2.5 102.81 +0.02 View Today’s Rates

Friday April 28, 2017 MND NewsWire – 4/25 Fannie Moves to Accommodate Student Loan Debt At $1.4 trillion, student loan debt represents the U.S.’s second largest debt market behind mortgages and, in several recent surveys, younger respondents have said those loans are a … Mortgage Rate Watch – 4/26 Mortgage Rates Hold Ground After Tax Plan Release Mortgage rates were relatively unchanged today, but only after averaging the disparate changes from various lenders. That means some lenders are in much better shape versus yesterday … MND NewsWire – 4/27 Painfully Low Inventory Saps Pending Home Sales Is there mostly good news in the negative number for March pending home sales? The National Association of Realtors says yes. The NAR’s Pending Home Sales Index (PHSI) dipped by 0.8 … MND NewsWire – 4/26 Another Plan Emerges for Fannie/Freddie Reform Last week, with considerable fanfare , the Mortgage Bankers Association released its plan for reforming the housing finance system, including a resolution of the nine-year old federal … CoreLogic Sees Signs of Credit Cracks CoreLogic Expects Reauthorization, Maybe Even Reform, of Flood Insurance Program Home Price Gains Aren’t Cooling Off Falling Rates Stoke Refinancing New Home Sales Nearly Match Post-Crisis High The Unexpected Link Between Tax Season and Refinancing Home Prices Hit Post Crisis Peak -Black Knight MBS Day Ahead: Bonds Sitting on a Big Fence Heading Into Next Week’s Fed Agency Updates; Another GSE Reform Plan; Bank M&A – Branches Still Popular Latest Video Homebuyer demand suddenly falling off as inventory keeps shrinking Trader bets on bond breakdown El-Erian: Not all uncertainty in France has been lifted More News from ‘Around the Web’ http://www.consumerfinancemonitor.com – 4/28 CFPB Spring 2017 Supervisory Highlights focuses on mortgage origination/servicing, student loan servicing deficiencies, service provider exams Calculated Risk Blog – 4/28 Q1 GDP: Investment blog.hud.gov – 4/28 Enforcing Fair Housing 49 Years after the Fair Housing Act CNBC – 4/28 US economic growth weakened to 0.7% in first quarter Reuters – 4/28 Congress set to vote on heading off government shutdown CNBC – 4/28 Economic growth may stink, but a pickup in inflation means the Fed will raise rates Calculated Risk Blog – 4/28 Chicago PMI increases in April Market Watch – 4/27 Why Trump should have ditched the mortgage-interest deduction http://www.redfin.com – 4/27 Luxury Housing Market Off to a Strong Start in 2017 Market Watch – 4/27 ECB leaves rates unchanged, reiterates asset-purchase plans CNBC – 4/27 White House’s Mulvaney says tax plan was intentionally vague freddiemac.mwnewsroom.com – 4/27 Mortgage Rates Increase After Weeks of Decline Bloomberg – 4/27 Fannie and Freddie, Back in the Black CNBC – 4/27 US weekly jobless claims total 257,000 vs 242,000 estimate CNBC – 4/27 US durable goods orders rose 0.7% in March vs. 1.2% increase expected Reuters – 4/27 Atlanta Fed cuts first-quarter GDP growth view to 0.2 percent CNBC – 4/27 Trump’s tax plan alone won’t get him the 3% economic growth he hopes for, Mohamed El-Erian warns http://www.realtor.com – 4/27 Working From Home? Real-Estate Developers Are Here to Help CNBC – 4/26 US Treasurys mixed as investors eye Trump’s tax plan, auctions CNBC – 4/26 Lowest mortgage rates since election push refinances up 7% Calculated Risk Blog – 4/27 HVS: Q1 2017 Homeownership and Vacancy Rates Google News – 4/26 Homeownership in the Crosshairs of Latest Tax Plan freddiemac.mwnewsroom.com – 4/26 Freddie Mac Issues Monthly Volume Summary for March 2017 CNBC – 4/21 Trump says he will release tax reform package next week, says it will be bigger than ‘any tax cut ever’ CNBC – 4/26 Op-Ed: Here’s the biggest problem with Trump’s tax plan http://www.realtor.com – 4/26 More Homeowners Pay for Repairs With Credit Cards Reuters – 4/26 U.S. House may consider bill to fund government for a week: source CNBC – 4/26 The White House just outlined its tax plan. Here’s what’s in it CNBC – 4/26 Homebuyer demand suddenly falling off as inventory keeps shrinking Calculated Risk Blog – 4/26 New Home Prices CNBC – 4/26 Two huge markets are sizing up Trump and making radically different bets CNBC – 4/26 Treasury’s Mnuchin confirms Trump will seek 15 percent corporate tax rate CNBC – 4/26 Treasury’s Mnuchin: This is going to be the biggest tax cut and largest tax reform in our country’s history CNBC – 4/25 Janet Yellen’s successor at the Fed just might be Gary Cohn Bloomberg – 4/25 There’s a Huge Disagreement Between Bonds and Stocks Calculated Risk Blog – 4/25 A few Comments on March New Home Sales Market Watch – 4/25 French election relief could pave way for ECB tapering, but not yet Fannie Mae – 4/25 New Fannie Mae Changes Address Student Loan Issues Market Watch – 4/25 10-year Treasury yield back above 2.3% as investors shun havens CNBC – 4/25 US homebuilder stocks slide on concern Trump’s lumber tariff will raise costs Washington Post – 4/25 White House confident’ of averting shutdown as Trump shows flexibility on wall http://www.gallup.com – 4/25 Americans’ Confidence in Economy Stable, Positive Market Watch – 4/25 Bernanke warns that a âpoliticized’ U.S. economy will create bad policies http://www.redfin.com – 4/25 Redfin Housing Demand Index Drops Amid Lower-Than-Expected Buyer Activity in March; Remains Above Three-Year Average CNBC – 4/25 Republicans float a spending deal without border wall funding, NBC reports Market Watch – 4/21 This is what homeowners did with their savings on variable mortgage rates CNBC – 4/24 Trump reportedly still wants a 15% corporate tax rate, even if it falls short on revenue Bloomberg – 4/24 Suddenly Everything’s Looking Good in the Euro Area CNBC – 4/24 Spring housing season is the ‘strongest seller’s market ever’ Calculated Risk Blog – 4/24 Chicago Fed "Slower Economic Growth in March" CNBC – 4/24 Trump suddenly finds himself needing the Fed Calculated Risk Blog – 4/24 Black Knight: House Price Index up 0.8% in February, Up 5.7% year-over-year Bloomberg – 4/24 Treasuries Slide Across Curve as French Vote Damps Safety Demand http://www.redfin.com – 4/24 Movement Out of California Was the Most Influential Driver of U.S. Migration Patterns in Early 2017 Today’s Rates Best Execution Rate Change Current Mortgage Rates » What are best-execution rates? 30 Yr FRM 4.09% +0.00 15 Yr FRM 3.34% +0.00 FHA 30 Year Fixed 3.80% +0.00 Jumbo 30 Year Fixed 4.35% -0.01 5/1 Yr ARM 3.08% +0.02 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 3.06% 1.30 +0.03 30 Yr. Fixed 3.76% 1.38 +0.03 MBA ** 30 Yr. Fixed 4.41% 0.38 +0.13 15 Yr. Fixed 3.64% 0.34 +0.12 30 Yr. Jumbo 4.36% 0.26 +0.07 30 Yr. FHA 4.15% 0.29 +0.13 5/1 ARM 3.45% 0.26 +0.17 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 4.03% 0.50 +0.06 15 Yr. Fixed 3.27% 0.40 +0.04 1 Yr. ARM 2.68% 0.20 +0.01 5/1 Yr. ARM 3.12% 0.40 +0.02 Secondary Markets MBS Price Change 30YR FNMA 3.0 99.86 +0.06 30YR FNMA 3.5 102.80 +0.06 30YR GNMA 3.0 101.23 +0.19 30YR GNMA 3.5 103.80 +0.19 15YR FNMA 3.0 102.81 +0.02 15YR FNMA 2.5 100.59 +0.08 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 1.2699% +0.0081 5 YR 1.8192% -0.0049 10 YR 2.2892% -0.0107 30 YR 2.9579% -0.0118 Prices as of: 4/28/2017 5:06PM 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. © 2017 Brown House Media, Inc. All rights reserved. Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031

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MBS RECAP: Month-End Buying Helps Bonds Hold Ground

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

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Posted to: MBS Commentary
Friday, April 28, 2017 7:18 PM

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Bond markets began the day in slightly weaker territory, with Treasuries following European yields higher in the overnight session. Domestic hours brought more selling pressure out of the gate with Q1 wage growth coming in higher than expected.

There were also some counterpoints in the GDP data that made the 0.7 vs 1.2 result look more palatable. Namely, inventories cut 0.9% from the GDP headline. That means GDP would have come in at 1.6 vs 1.2 with a neutral inventory build.

Finally, the PCE and core PCE components of the GDP report were downright unfriendly…

(READ THE FULL POST)

More from MND:

• Mortgage Rate Watch: Mortgage Rates Unchanged Heading Into Fed Week
• MND NewsWire: CoreLogic Sees Signs of Credit Cracks
• MND NewsWire: Cash Sales Share Remains Stubbornly High
• MBS Commentary: MBS Day Ahead: Bonds Sitting on a Big Fence Heading Into Next Week’s Fed
• Pipeline Press: Agency Updates; Another GSE Reform Plan; Bank M&A – Branches Still Popular

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Weekly Rate Report: Mortgage Rates Slightly Higher: Fed Coming Up Next Week

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30 Year Fixed 4.09% +0.00 15 Year Fixed 3.34% +0.00 10YR Treasury 2.29% -0.0107 FNMA 30YR 3.5 102.80 +0.06 FNMA 15YR 2.5 102.81 +0.02 View Today’s Rates

Mortgage Rates Slightly Higher: Fed Coming Up Next Week April 28, 2017 Market Summary Mortgage rates moved higher this week as financial markets reacted the French election and optimism ahead of Trump’s tax plan announcement. Once the announcement turned out to be less threatening than markets anticipated, rates eased back toward lower levels but never recovered all the way to last Friday’s levels. Most lenders are quoting top tier conventional 30yr fixed rates in a range of 4.0-4.125%. This leaves us right on the upper edge of the lowest range of 2017. Remaining here would be nice, but whether or not it’s possible may depend on next week’s Fed Announcement (Wednesday afternoon). While the Fed isn’t expected to hike rates this time around, investors will nonetheless attempt to pick up on clues about future policy potential. –Matthew 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: 4.05% Ending Average: 4.09% Weekly Change: +0.04% Yearly Change: +0.33% Friday, April 21, 2017 : 4.05% (+0.01%) Mortgage rates were sideways to slightly higher this week as global financial markets braced for volatility surrounding this weekend’s French election. While it may seem like a world away from the domestic mortgage market, events that potentially impact the stability of the European Union have a strong track record of filtering through to movement in domestic bond markets. And bond markets are the primary driver of day-to-day movement in mortgage rates. In addition to preparations for the weekend’s events, traders also reacted to today’s headlines concerning tax reform. Just before 2pm, the Associated Press reported that Trump would announce his tax plan next week and that it would be bigger than “any tax cut ever.” More detail: “Mortgage Rates End Week Roughly Unchanged” Monday, April 24, 2017 : 4.08% (+0.03%) Mortgage rates moved moderately higher today, and most of the blame goes to the presidential election in France. If you’re wondering what European politics have to do with mortgage rates in the US, you’re not alone. While it certainly isn’t the first thing that comes to mind when thinking about what’s motivating rates, its impact was unmistakable today. To understand the connection, first consider that the EU economy is slightly bigger than that of the US. Then consider France is the third biggest economy in the EU. Germany is the biggest and the UK is the second biggest. On that note, don’t forget that the UK is currently in the process of exiting the European Union. Now to bring it all home, simply consider that one of the candidates in the French election (Marine Le Pen) wants France to exit the EU as well. More detail: “Mortgage Rates Slightly Higher After French Election” Tuesday, April 25, 2017 : 4.11% (+0.03%) Mortgage rates moved moderately higher again higher today, as global financial markets continued reacting to recent geopolitical flashpoints (like the French election, discussed yesterday). Markets are also moving in anticipation of future flashpoints (like tomorrow’s tax reform announcement). In general, investors have piled back into riskier assets like stocks because the French election reduces long-term risks to the European Union. Investors previously were more willing to buy bonds–a safe haven asset frequently used to insulate investors from increased risk. The prospects for tax reform have a similar effect in that they encourage investors to favor riskier assets at the expense of bonds. When demand for bonds decreases relative to supply, rates move higher. More detail: “Mortgage Rates Highest in 2 Weeks” Wednesday, April 26, 2017 : 4.11% (+0.00%) Mortgage rates were relatively unchanged today, but only after averaging the disparate changes from various lenders. That means some lenders are in much better shape versus yesterday while others are noticeably worse. This sort of disparate movement isn’t typical of mortgage rates across lenders, but it can happen when underlying bond markets experience volatility on back-to-back afternoons. That was indeed the case over the past 48 hours. Bond markets weakened (which pushes rates higher) yesterday afternoon, but only a handful of lenders issued reprices (new, higher rates, in response to intraday market movement). Today’s volatility was in our favor resulting in several lenders issuing POSITIVE reprices. More detail: “Mortgage Rates Hold Ground After Tax Plan Release” Thursday, April 27, 2017 : 4.09% (-0.02%) Mortgage rates moved lower today, following a policy announcement from the European Central Bank (ECB). Some investors were concerned the ECB might begin sprinkling in clues about rate hikes or an early end to bond buying programs, but there was no such drama in the announcement or the press conference that followed. More detail: “Mortgage Rates Fighting to Stay Near 2017 Lows” Friday, April 28, 2017 : 4.09% (+0.00%) Mortgage rates were unchanged today, holding onto modest improvements seen yesterday. In many ways, the past 2 days have confirmed that rates are in limbo near the lower end of the post-election range. To be sure, they were definitively lower in mid-April, but they’re much closer to recent lows than highs. More importantly, current levels have acted as a line in the sand that divides the year’s lowest rates from everything else. In other words, we’d really like to remain in this zone. More detail: “Mortgage Rates Unchanged Heading Into Fed Week” 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 4.09% +0.00 15 Yr FRM 3.34% +0.00 FHA 30 Year Fixed 3.80% +0.00 Jumbo 30 Year Fixed 4.35% -0.01 5/1 Yr ARM 3.08% +0.02 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 3.06% 1.30 +0.03 30 Yr. Fixed 3.76% 1.38 +0.03 MBA ** 30 Yr. Fixed 4.41% 0.38 +0.13 15 Yr. Fixed 3.64% 0.34 +0.12 30 Yr. Jumbo 4.36% 0.26 +0.07 30 Yr. FHA 4.15% 0.29 +0.13 5/1 ARM 3.45% 0.26 +0.17 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 4.03% 0.50 +0.06 15 Yr. Fixed 3.27% 0.40 +0.04 1 Yr. ARM 2.68% 0.20 +0.01 5/1 Yr. ARM 3.12% 0.40 +0.02 Secondary Markets MBS Price Change 30YR FNMA 3.0 99.86 +0.06 30YR FNMA 3.5 102.80 +0.06 30YR GNMA 3.0 101.23 +0.19 30YR GNMA 3.5 103.80 +0.19 15YR FNMA 3.0 102.81 +0.02 15YR FNMA 2.5 100.59 +0.08 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 1.2699% +0.0081 5 YR 1.8192% -0.0049 10 YR 2.2892% -0.0107 30 YR 2.9579% -0.0118 Prices as of: 4/28/2017 5:06PM 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. © 2017 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 Unchanged Heading Into Fed Week

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30 Year Fixed 4.09% +0.00 15 Year Fixed 3.34% +0.00 10YR Treasury 2.29% -0.0107 FNMA 30YR 3.5 102.80 +0.06 FNMA 15YR 2.5 102.81 +0.02 View Today’s Rates

Mortgage Rates Unchanged Heading Into Fed Week April 28, 2017 Mortgage rates were unchanged today, holding onto modest improvements seen yesterday. In many ways, the past 2 days have confirmed that rates are in limbo near the lower end of the post-election range. To be sure, they were definitively lower in mid-April, but they’re much closer to recent lows than highs. More importantly, current levels have acted as a line in the sand that divides the year’s lowest rates from everything else. In other words, we’d really like to remain in this zone. Whether or not that’s possible may depend on next week’s Fed Announcement (Wednesday afternoon). While the Fed isn’t expected to hike rates this time around, investors will nonetheless attempt to pick up on clues about future policy potential. The average lender continues offering conventional 30yr fixed rates in the 4.0-4.125% range for top tier scenarios. Loan Originator Perspective Bond markets parlayed weak 1st quarter GDP growth into minor gains today. My pricing improved, but very slightly, We’re still in the same waiting period: waiting to see if Trump’s economic stimulus and tax reform proposals will pass; if tensions in Korea wax or wane; if France’s election will produce a predictable result. Until the answer to one or more of these is clear, I’m guessing markets will, well, continue waiting. Have a great weekend! –Ted Rood, Senior Originator Today’s Best-Execution Rates 30YR FIXED – 4.0-4.125% FHA/VA – 3.5 – 3.75% 15 YEAR FIXED – 3.25% 5 YEAR ARMS – 2.75 – 3.25% depending on the lender Ongoing Lock/Float Considerations Investors were relatively convinced that the decades-long trend toward lower rates had been permanently reversed after Trump became president, but such a conclusion would require YEARS to truly confirm Instead of continuing higher in 2017, rates instead formed a narrow, sideways range, and held inside until April. Investor perceptions are shifting such that fiscal reforms and other policy developments will need to live up to expectations in order to push rates higher. Geopolitical risks would also need to avoid flaring up (more than they already have) For the first time since the election, we’re in a rate environment where you wouldn’t be crazy not to lock at every little opportunity/improvement. Until/unless it’s broken, the highest rates of early-2017 mark the ceiling, and we’re now waiting to see how much lower we can go from here. Rates discussed refer to the most frequently-quoted, conforming, conventional 30yr fixed rate for top tier borrowers among average to well-priced lenders. The rates generally assume little-to-no origination or discount except as noted when applicable. Rates appearing on this page are “effective rates” that take day-to-day changes in upfront costs into consideration. 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 4.09% +0.00 15 Yr FRM 3.34% +0.00 FHA 30 Year Fixed 3.80% +0.00 Jumbo 30 Year Fixed 4.35% -0.01 5/1 Yr ARM 3.08% +0.02 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 3.06% 1.30 +0.03 30 Yr. Fixed 3.76% 1.38 +0.03 MBA ** 30 Yr. Fixed 4.41% 0.38 +0.13 15 Yr. Fixed 3.64% 0.34 +0.12 30 Yr. Jumbo 4.36% 0.26 +0.07 30 Yr. FHA 4.15% 0.29 +0.13 5/1 ARM 3.45% 0.26 +0.17 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 4.03% 0.50 +0.06 15 Yr. Fixed 3.27% 0.40 +0.04 1 Yr. ARM 2.68% 0.20 +0.01 5/1 Yr. ARM 3.12% 0.40 +0.02 Secondary Markets MBS Price Change 30YR FNMA 3.0 99.86 +0.06 30YR FNMA 3.5 102.80 +0.06 30YR GNMA 3.0 101.23 +0.19 30YR GNMA 3.5 103.80 +0.19 15YR FNMA 3.0 102.81 +0.02 15YR FNMA 2.5 100.59 +0.08 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 1.2699% +0.0081 5 YR 1.8192% -0.0049 10 YR 2.2892% -0.0107 30 YR 2.9579% -0.0118 Prices as of: 4/28/2017 5:06PM 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.

© 2017 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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CoreLogic Sees Signs of Credit Cracks

Posted to: MND NewsWire
Friday, April 28, 2017 9:24 AM

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Here we go again?

Sam Khater, CoreLogic’s deputy chief economist, says loan performance is beginning to show some cracks in what has been a near perfect veneer. This might be an early signal of a downturn in the credit cycle. Khater is not issuing a warning, merely alerting those who should be watching such things to pay attention.

He writes, in an article in the CoreLogic Insights blog, that a typical economic expansion and recession are strongly driven by loan performance. When times are good, lenders take on more marginal borrowers then tend to become more conservative when loan performance begins to deteriorate. That often exacerbates an economic downturn.

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More from MND:

• MND NewsWire: CoreLogic Sees Signs of Credit Cracks
• MND NewsWire: Cash Sales Share Remains Stubbornly High
• MBS Commentary: MBS Day Ahead: Bonds Sitting on a Big Fence Heading Into Next Week’s Fed
• Pipeline Press: Agency Updates; Another GSE Reform Plan; Bank M&A – Branches Still Popular
• MBS Commentary: MBS RECAP: Slightly Stronger, but Far From Finding Answers

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Cash Sales Share Remains Stubbornly High

Posted to: MND NewsWire
Thursday, April 27, 2017 12:23 PM

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The share of sales that are all-cash continues at an elevated level. CoreLogic reports cash transactions accounted for 36.5 percent of all home sales in January, unchanged from a year earlier. While the percentage of sales that close without third-party financing has declined from the January 2011 high of 46.6 percent, it remains well above the pre-crisis average of around one-quarter of sales.

Sales of bank-owned property (REO) had, as they always do, the largest share of cash transactions, 61.2 percent. Resales had a cash share of 36.5 percent and new homes a 17.7 percent share.

(READ THE FULL POST)

More from MND:

• MBS Commentary: MBS Day Ahead: Bonds Sitting on a Big Fence Heading Into Next Week’s Fed
• Pipeline Press: Agency Updates; Another GSE Reform Plan; Bank M&A – Branches Still Popular
• MBS Commentary: MBS RECAP: Slightly Stronger, but Far From Finding Answers
• Mortgage Rate Watch: Mortgage Rates Fighting to Stay Near 2017 Lows
• MND NewsWire: Painfully Low Inventory Saps Pending Home Sales

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MBS Day Ahead: Bonds Sitting on a Big Fence Heading Into Next Week’s Fed

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Posted to: MBS Commentary
Friday, April 28, 2017 10:31 AM

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Bond markets are very much on a fence at the moment with respect to short and intermediate trends. There are a few ways we can measure this fence-sitting. The most basic would be to look at “pivot points” that have recently made a name for themselves. 2.31% is a good example as it’s been the modal bottom of the post-election range. In this context, “modal” refers to the most frequently recurring example of a particular technical level. In other words, 2.31% has seen more “floor bounces” than any other potential floor level.

Another way to look at…

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More from MND:

• Pipeline Press: Agency Updates; Another GSE Reform Plan; Bank M&A – Branches Still Popular
• MBS Commentary: MBS RECAP: Slightly Stronger, but Far From Finding Answers
• Mortgage Rate Watch: Mortgage Rates Fighting to Stay Near 2017 Lows
• MND NewsWire: Painfully Low Inventory Saps Pending Home Sales
• Pipeline Press: Vendor Updates; Servicing: Who’s Brokering, Buying, Selling, and Why?

If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/mortgage_rates/blog/733023.aspx

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