Daily Newsletter: Pending Home Sales Plunge to Three-Year Lows; Rates Avoid Setting Another High; Homeownership Trade-Off Getting Expensive

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30 Year Fixed
4.56% -0.02
15 Year Fixed
3.92% -0.01
10YR Treasury
2.87% -0.0347
FNMA 30YR 3.5
99.83 +0.20
FNMA 15YR 2.5
99.56 +0.13
View Today’s Rates
Wednesday February 28, 2018
MND NewsWire – 10:15AM
Pending Home Sales Plunge to Three-Year Lows
Pending home sales took a deep dive in January, falling to their lowest level in over three years . The National Association of Realtors® (NAR) said its Pending Home Sales Index …
Mortgage Rate Watch – 3:55PM
Mortgage Rates Avoid Setting Another High
After moving back up to the highest levels in more than 4 years yesterday, mortgage rates fell slightly today. Pessimists/realists would rightfully point out that today’s rates are …
MND NewsWire – 1:06PM
Homeownership’s Price Tag Rising as Rents Moderate
Taken together, two recent posts in the CoreLogic Insights blog may indicate that, after several years of being a close trade-off or even more affordable than renting, buying a home …
MND NewsWire – 9:28AM
Exploring a Trio of Risks and Outcomes
A recent Freddie Mac Insights article looks back at earlier incidences of rising rate environments, and how the higher rates affected several populations including borrowers, mortgage …

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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 4.56% -0.02
15 Yr FRM 3.92% -0.01
FHA 30 Year Fixed 4.37% -0.01
Jumbo 30 Year Fixed 4.58% -0.02
5/1 Yr ARM 3.60% +0.02

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.65% 1.14 +0.09
30 Yr. Fixed 4.19% 1.21 +0.02
MBA ** hdr_arrow.png
30 Yr. Fixed 4.64% 0.61 +0.07
15 Yr. Fixed 4.02% 0.66 +0.02
30 Yr. Jumbo 4.62% 0.50 +0.07
30 Yr. FHA 4.58% 0.71 +0.04
5/1 ARM 3.72% 0.39 -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 4.40% 0.50 +0.02
15 Yr. Fixed 3.85% 0.50 +0.01
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.65% 0.40 +0.02

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 96.91 +0.27
30YR FNMA 3.5 99.83 +0.20
30YR GNMA 3.0 97.77 +0.14
30YR GNMA 3.5 100.56 +0.02
15YR FNMA 3.0 99.56 +0.13
15YR FNMA 2.5 97.53 +0.17
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 2.2580% -0.0080
5 YR 2.6451% -0.0202
10 YR 2.8660% -0.0347
30 YR 3.1275% -0.0388
Prices as of: 2/28/2018 4:15PM 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.
© 2018 Brown House Media, Inc. All rights reserved.
Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031
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MBS RECAP: Moderate Gains Keep Hope Alive For a Rate Ceiling

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MBS RECAP: Moderate Gains Keep Hope Alive For a Rate Ceiling

Posted to: MBS Commentary
Wednesday, February 28, 2018 4:15 PM

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2.90% or something close to it continues to look like the center of a range of yields that might like to… think about… maybe… potentially… trying… to act as a ceiling for rates. After bouncing at 2.92% yesterday, yields continued lower today. That made today the 12th day since rates first hit 2.90% without moving too much higher. If you’re into hope and optimism, this looks like the beginning of a potential bounce. If you’re playing it safe or simply not too hopeful, it’s just a more convincing consolidation before rates continue a longer-term move…

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Daily Rate Update: Mortgage Rates Avoid Setting Another High

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30 Year Fixed
4.56% -0.02
15 Year Fixed
3.92% -0.01
10YR Treasury
2.87% -0.0328
FNMA 30YR 3.5
99.83 +0.20
FNMA 15YR 2.5
99.56 +0.13
View Today’s Rates
Mortgage Rates Avoid Setting Another High
February 28, 2018
After moving back up to the highest levels in more than 4 years yesterday, mortgage rates fell slightly today. Pessimists/realists would rightfully point out that today’s rates are still pretty close to those 4-year highs, and that one measly day isn’t much of a foundation for hope. Optimists could counter that yesterday’s high rates merely MATCHED the recent highs from last week and that the past 2 weeks overall have seen the most sideways stability in 2018.

Long story short, rates are high relative to anything seen since early 2014, but there also continues to be a chance that they’ll try to avoid going much higher in the short term. NOTE: a “chance” means strictly that. We’re not talking about probabilities here.

The average lender continues quoting conventional 30yr fixed rates of 4.5-4.625% for well-qualified borrowers. Todays’ NOTE rate would be the same as yesterdays with the modest improvement coming in the form of slightly lower closing costs.

Loan Originator Perspective

Bond markets posted small gains today, and treasury yields seem to have found a comfort range between 2.85%-2.92%. While that’s significantly higher than we’ve seen in recent years, at least it appears we MAY be establishing some support. Yes, I still advise locking sooner rather than later, but there’s a small light at the end of the tunnel. We’ll see if it’s an oncoming train or possible rate stabilization in due time. Ted Rood, Senior Originator

Today’s Most Prevalent Rates

  • 30YR FIXED – 4.5-4.625%
  • FHA/VA – 4.375%
  • 15 YEAR FIXED – 3.875%
  • 5 YEAR ARMS – 3.5-3.75% depending on the lender


Ongoing Lock/Float Considerations

  • 2017 had proven to be a relatively good year for mortgage rates despite widespread expectations for a stronger push higher after the presidential election in late 2016.
  • While rates remain low in absolute terms, they moved higher in a more threatening way heading into the 4th quarter, relative to the stability and improvement seen earlier in 2017
  • The default stance for now is that this trend toward higher rates has the potential to continue. It will take more than a few great days here and there for that outlook to change.
  • For weeks, this bullet point had warned about recent stability inviting a bigger dose of volatility. That volatility is now here. As such, locking is generally the better choice until the volatility is clearly dying down.
  • 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
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15 Year Fixed Rate Mortgage
28?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 4.56% -0.02
15 Yr FRM 3.92% -0.01
FHA 30 Year Fixed 4.37% -0.01
Jumbo 30 Year Fixed 4.58% -0.02
5/1 Yr ARM 3.60% +0.02

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.65% 1.14 +0.09
30 Yr. Fixed 4.19% 1.21 +0.02
MBA ** hdr_arrow.png
30 Yr. Fixed 4.64% 0.61 +0.07
15 Yr. Fixed 4.02% 0.66 +0.02
30 Yr. Jumbo 4.62% 0.50 +0.07
30 Yr. FHA 4.58% 0.71 +0.04
5/1 ARM 3.72% 0.39 -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 4.40% 0.50 +0.02
15 Yr. Fixed 3.85% 0.50 +0.01
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.65% 0.40 +0.02

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 96.91 +0.27
30YR FNMA 3.5 99.83 +0.20
30YR GNMA 3.0 97.75 +0.13
30YR GNMA 3.5 100.36 -0.19
15YR FNMA 3.0 99.56 +0.13
15YR FNMA 2.5 97.53 +0.17
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 2.2580% -0.0080
5 YR 2.6468% -0.0185
10 YR 2.8679% -0.0328
30 YR 3.1308% -0.0355
Prices as of: 2/28/2018 4:13PM 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.
© 2018 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.

Homeownership’s Price Tag Rising as Rents Moderate

Homeownership’s Price Tag Rising as Rents Moderate

Posted to: MND NewsWire
Wednesday, February 28, 2018 12:31 PM

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Taken together, two recent posts in the CoreLogic Insights blog may indicate that, after several years of being a close trade-off or even more affordable than renting, buying a home might be losing any advantage. Shu Chen writes that the growth in rents nationwide seems to be slowing after seven years of steady increases. CoreLogic’s Single-Family Rent Index (SFRI) shows that year-over-year rents, were increasing on an annual basis when the rate topped out at 4.3 percent in February 2016. The growth has been decelerating slowing since then. In November 2017 the year over year increase was 2.7 percent. The Index measures changes to the cost to rent single-family rental homes, including condominiums, using a repeat-rent analysis to measure the same rental properties over time.

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Pending Home Sales Plunge to Three-Year Lows

Pending Home Sales Plunge to Three-Year Lows

Posted to: MND NewsWire
Wednesday, February 28, 2018 9:59 AM

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Pending home sales took a deep dive in January, falling to their lowest level in over three years. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI), a forward-looking indicator of existing home sales, fell 4.7 percent to 104.6. The December index, which had represented an 0.5 percent increase from November, was revised down from 110.1 to 109.8. The January loss put pending sales 3.8 percent behind the pace in January 2017 and at its lowest level since October 2014.

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Exploring a Trio of Risks and Outcomes

Exploring a Trio of Risks and Outcomes

Posted to: MND NewsWire
Tuesday, February 27, 2018 2:53 PM

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A recent Freddie Mac Insights article looks back at earlier incidences of rising rate environments, and how the higher rates affected several populations including borrowers, mortgage lenders, homeowners, real estate agents, and home builders. MND summarized those findings in an earlier article and today we look at the second half of the analysis. Doug McManus, Freddie Mac Quantitative Analytics Director and Elias Yannopoulos, Quantitative Analytics Senior, consider the risk factors that drive movements in mortgage rates and the possibilities for rate changes in the near- to mid-term. Lenders and guarantors have three main risks when issuing a mortgage: credit risk, prepayment risk, and inflation risk.

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Ocwen-PHH; Changes to Fees, Pricing, and Lock Policies

Ocwen-PHH; Changes to Fees, Pricing, and Lock Policies

Posted to: Pipeline Press
Wednesday, February 28, 2018 8:33 AM

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As an industry we don’t want headlines about the Department of Housing and Urban Development (HUD) spending $31,000 on a dining set spending $31,000 on a dining set for Ben Carson. But we have them. Especially when over 33,000 Texans are still displaced from their homes as a direct result of Hurricane Harvey, five months after the storm battered the Houston area. Many of these people are still living in temporary federal emergency housing. In related news, and not just in Texas, home buyers are increasingly putting in bids sight unseen.

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