Daily Newsletter: Pending Sales Increase is 1st in 4 Months; Price Index Wavering; Rates Modestly Lower

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30 Year Fixed
4.02% -0.02
15 Year Fixed
3.31% -0.02
10YR Treasury
2.30% +0.0054
FNMA 30YR 3.5
102.94 +0.02
FNMA 15YR 2.5
102.83 -0.02
View Today’s Rates
Monday July 31, 2017
MND NewsWire – 11:39AM
June Pending Sales Increase the First in Four Months
Pending home sales recovered from a three-month swoon in June, increasing 1.5 percent in June. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI …
MND NewsWire – 9:10AM
Another Price Index Goes a Little Wobbly
The last of the May’s four home price indices (HPI) that MND tracks, the version supplied by Black Knight Financial Services, was released on Monday. Like the others, it shows accelerating …
Mortgage Rate Watch – 4:43PM
Mortgage Rates Modestly Lower Despite Flat Markets
Mortgage rates moved modestly lower today, despite an absence of improvement in underlying bond markets. Rates typically rise in this scenario, but this pattern has been more and more …
Pipeline Press – 9:36AM
Vanguard Stops Taking Apps; Fed Owns How Much Agency MBS?
How much would you pay to drive a cab? In New York City, in 2014, the price of a Taxi Medallion hit $1.3 million. With Uber and Lyft, Medallions are now running in the $200,000s to …

Latest Video


Gary Cohn: Trump is 100% committed to getting tax reform done

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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 4.02% -0.02
15 Yr FRM 3.31% -0.02
FHA 30 Year Fixed 3.75% +0.00
Jumbo 30 Year Fixed 4.32% -0.01
5/1 Yr ARM 3.17% +0.00

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.06% 1.30 +0.03
30 Yr. Fixed 3.76% 1.38 +0.03
MBA ** hdr_arrow.png
30 Yr. Fixed 4.13% 0.32 +0.00
15 Yr. Fixed 3.39% 0.33 -0.01
30 Yr. Jumbo 4.09% 0.20 +0.01
30 Yr. FHA 4.02% 0.41 -0.02
5/1 ARM 3.31% 0.25 +0.05
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 3.92% 0.50 -0.04
15 Yr. Fixed 3.20% 0.50 -0.03
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.18% 0.50 -0.03

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 100.13 -0.05
30YR FNMA 3.5 102.94 +0.02
30YR GNMA 3.0 101.41 +0.14
30YR GNMA 3.5 103.81 +0.09
15YR FNMA 3.0 102.83 -0.02
15YR FNMA 2.5 100.81 -0.02
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 1.3551% +0.0039
5 YR 1.8372% +0.0033
10 YR 2.2960% +0.0054
30 YR 2.9015% +0.0070
Prices as of: 7/31/2017 5:05PM 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.
© 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: Bonds Generally Hold Ground as Bigger Data Approaches

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MBS RECAP: Bonds Generally Hold Ground as Bigger Data Approaches

Posted to: MBS Commentary
Monday, July 31, 2017 5:19 PM

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Today’s economic data consisted only of Chicago PMI (sometimes a decent market mover) and Pending Home Sales (rarely a noticeable market mover). It also suffered from the fact that it was a Monday during the middle of summer–meaning that participation levels among traders were lower than normal. Volumes ultimately made it up to nearly average levels, but that’s low for a month-end trading session (nearly a quarter of the day’s volume happened in the 5 minutes between 2:58 and 3:03pm, surrounding the 3pm CME close–the closest thing the bond market has to an official ‘closing …

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Daily Rate Update: Mortgage Rates Modestly Lower Despite Flat Markets

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dailyrateheader.png
30 Year Fixed
4.02% -0.02
15 Year Fixed
3.31% -0.02
10YR Treasury
2.30% +0.0054
FNMA 30YR 3.5
102.94 +0.02
FNMA 15YR 2.5
102.83 -0.02
View Today’s Rates
Mortgage Rates Modestly Lower Despite Flat Markets
July 31, 2017
Mortgage rates moved modestly lowertoday, despite an absence of improvement in underlying bond markets. Rates typically rise in this scenario, but this pattern has been more and more common recently. It’s nothing too scandalous–or even terribly interesting. Lenders are simply less eager to follow every little juke and head-fake in bond markets when things have been so flat in the bigger picture. The summertime phenomenon only adds to the apathy.

The net effect is that lenders often find themselves with the need to adjust prices based on bond market movement in the previous business day. In the current case, that means lenders are getting caught up with Friday afternoon’s bond market improvement, thus allowing for lower rates on a day where bonds are technically weaker.

The coming days bring increasingly important economic reports. These have the power to create more market movement than we saw at the end of last week and thus, a bigger change in mortgage rates, for better or worse. For now, things have been holding exceptionally steady with an average top tier 30yr fixed rate of 4.0%.

Loan Originator Perspectives

Bond markets apparently forgot Monday was a business day, and slumbered along, essentially unchanged from Friday’s close. It’s unlikely we’ll see any significant moves until Wednesday-Friday, as the July NFP Job Situation report takes shape. The biggest current incentive to float is obtaining better pricing based on 15/30 day locks, compared with 30/45 day’s. Not sure that’s enough to justify the risk, but at least it’s something. If floating, make sure your lender is monitoring MBS movement. –Ted Rood, Senior Originator

Today’s Most Prevalent Rates

  • 30YR FIXED – 4.00%
  • FHA/VA – 3.75%
  • 15 YEAR FIXED – 3.375%
  • 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
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 4.02% -0.02
15 Yr FRM 3.31% -0.02
FHA 30 Year Fixed 3.75% +0.00
Jumbo 30 Year Fixed 4.32% -0.01
5/1 Yr ARM 3.17% +0.00

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.06% 1.30 +0.03
30 Yr. Fixed 3.76% 1.38 +0.03
MBA ** hdr_arrow.png
30 Yr. Fixed 4.13% 0.32 +0.00
15 Yr. Fixed 3.39% 0.33 -0.01
30 Yr. Jumbo 4.09% 0.20 +0.01
30 Yr. FHA 4.02% 0.41 -0.02
5/1 ARM 3.31% 0.25 +0.05
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 3.92% 0.50 -0.04
15 Yr. Fixed 3.20% 0.50 -0.03
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.18% 0.50 -0.03

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 100.13 -0.05
30YR FNMA 3.5 102.94 +0.02
30YR GNMA 3.0 101.41 +0.14
30YR GNMA 3.5 103.81 +0.09
15YR FNMA 3.0 102.83 -0.02
15YR FNMA 2.5 100.81 -0.02
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 1.3551% +0.0039
5 YR 1.8372% +0.0033
10 YR 2.2960% +0.0054
30 YR 2.9015% +0.0070
Prices as of: 7/31/2017 5:05PM 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.
© 2017 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.

June Pending Sales Increase the First in Four Months

June Pending Sales Increase the First in Four Months

Posted to: MND NewsWire
Monday, July 31, 2017 11:35 AM

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Pending home sales recovered from a three-month swoon in June, increasing 1.5 percent in June. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) rose to 110.2. NAR also revised the May PHSI up slightly, from 108.5 to 108.6.

The index in June was 0.5 percent higher than a year earlier. NAR said it was the first time the Index ran higher on an annual basis since last March.

The Index is a forward-looking indicator based on contracts for existing home purchases. Those contracts are generally expected to result in completed transactions in about two months.

Analysts were expecting an increase in contract signings, although at a more modest level. The index came in at the top of predictions from those polled by Econoday which ranged from 0.3 to 1.5 percent. The consensus was 0.9 percent.

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Vanguard Stops Taking Apps; Fed Owns How Much Agency MBS?

Vanguard Stops Taking Apps; Fed Owns How Much Agency MBS?

Posted to: Pipeline Press
Monday, July 31, 2017 8:31 AM

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How much would you pay to drive a cab? In New York City, in 2014, the price of a Taxi Medallion hit $1.3 million. With Uber and Lyft, Medallions are now running in the $200,000s to the $500,000s. These valuable licenses that allow yellow cabs to operate have historically been a solid investment for owners. I mention this because there are credit unions that allowed medallion owners to take out lines of credit using the medallion as collateral. Due to the collapse in value, enough medallion owners are now underwater that three New York lenders have been placed into conservatorship.

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MBS Week Ahead: Bonds Begin Week Storing Energy For a Breakout

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MBS Week Ahead: Bonds Begin Week Storing Energy For a Breakout

Posted to: MBS Commentary
Monday, July 31, 2017 9:09 AM

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Last Friday’s AM commentary had a detailed write-up on the significance of “month-end bond buying.” Here’s a link to that, and here’s a link to our primer on the topic. With today being the last day of July, it’s possible we’ll still see some random momentum due to the month-end process, but would expect a relatively higher proportion of traders to have gotten those housekeeping trades out of the way last week given the generally lower liquidity of summertime Mondays.

The week ahead is no slouch though! There is a slew of top tier economic data, and some of it is…

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Another Price Index Goes a Little Wobbly

Another Price Index Goes a Little Wobbly

Posted to: MND NewsWire
Monday, July 31, 2017 7:33 AM

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The last of the May’s four home price indices (HPI) that MND tracks, the version supplied by Black Knight Financial Services, was released on Monday. Like the others, it shows accelerating price increases on a year-over-year basis, but indicated a small degree of softening in more recent data.

National home prices gained 6.1 percent in May when compared to the same month in 2016. It was the fourth successive month that the annual rate of gain has grown – in April the increase was 6.0 percent. May’s appreciation brought the national index to another new peak, $278,000, and marked a 4.6 percent gain in home prices thus far in 2017. However, on a month over month basis, the rate of appreciation slowed. It was up 1.2 percent from March to April, but only 1.1 percent from April to May.

While the numbers are different, each of the other major indices, those from CoreLogic, the Federal Housing Finance Agency (FHFA), and S&P CoreLogic Case-Schiller, have become a little wobbly in recent months. FHFA and Case-Shiller both continue to post year-over-year increases but both, along with Black Knight, declined slightly from April to May. The CoreLogic HPI has now posted two annual declines as well as a 0.4 decrease in what remained very strong growth from April to May.

Black Knight’s national HPI in May was back to its pre-housing crisis peak. Home prices rose in every state and the 40 largest metros increased in May and 11 of the 20 most most-populous states and 20 of the 40 largest metros hit new price peaks.

Rhode Island led all states in monthly gains at 1.7 percent; Utah, Idaho, Montana and Washington all followed at 1.6 percent. Spokane and Carson City posted the highest monthly gain, 1.9 percent, among metropolitan areas. Seattle home prices continued to lead the nation, they have gained by 10.3 percent in 2017 alone; San Jose, Calif., followed with 9.0 percent growth year-to-date

The Black Knight HPI utilizes repeat sales data from its public records data set as well as loan-level mortgage performance data to capture home price data from both disclosure and non-disclosure states.

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