MBS RECAP: Bonds Improve Nicely Ahead of 3-day Weekend

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MBS RECAP: Bonds Improve Nicely Ahead of 3-day Weekend

Posted to: MBS Commentary
Thursday, March 29, 2018 2:46 PM

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Bond markets closed early today and will be fully closed tomorrow for the Good Friday holiday. It was also “month-end,” which can bring in additional compulsory volume from traders who have to make certain trades by the end of the month.

One group of traders certainly already got their fill over the past few days: short-sellers (those betting on rates moving higher). In the face of moderate bond rallies, short sellers were forced to cut bait and close their trades. When it comes to shorts, this is accomplished by BUYING bonds.

That bond buying helped fuel…

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Daily Newsletter: Mortgage Rates Unchanged Despite Market Improvements; Affordability Likely to Get Worse

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dailynewsletter.png
30 Year Fixed
4.51% +0.00
15 Year Fixed
3.89% +0.00
10YR Treasury
2.74% -0.0418
FNMA 30YR 3.5
100.19 +0.19
FNMA 15YR 2.5
99.86 +0.13
View Today’s Rates
Thursday March 29, 2018
Mortgage Rate Watch – 2:28PM
Mortgage Rates Unchanged Despite Market Improvements
Mortgage rates were generally unchanged today, although a few lenders offered slight improvements. This stands in contrast to the noticeable improvements in underlying bond markets …
MND NewsWire – 11:07AM
Affordability is Declining and is Likely to Get Worse
ATTOM Data Solutions, formerly known to us as RealtyTrac, has released an affordability report which shows that median home prices in the first quarter of 2018 failed to be affordable …
Pipeline Press – 9:13AM
Recruiting and Workflow Products; Agency News; 10 YR Holds Below 2.8
In the time I spend with loan officers (and I am fortunate to meet some top-notch producers), I hear plenty of stories about walking a real estate agent’s dog, washing their car …
MBS Commentary – 8:55AM
MBS Day Ahead: With Key Floor Broken, Bonds Defend New Ceiling
10yr yields had 3 big bounces at 2.80% in March, making it the only obvious candidate for the lower boundary of the recently sideways range. It was finally broken on Tuesday, leading …

Latest Video


Santelli Exchange: What is driving long rates?

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Art Cashin: Watch out for ‘blockbuster’ nonfarm payrolls

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 4.51% +0.00
15 Yr FRM 3.89% +0.00
FHA 30 Year Fixed 4.30% +0.00
Jumbo 30 Year Fixed 4.54% +0.00
5/1 Yr ARM 3.64% +0.01

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 4.68% 0.46 -0.01
15 Yr. Fixed 4.12% 0.51 +0.05
30 Yr. Jumbo 4.55% 0.37 +0.00
30 Yr. FHA 4.69% 0.81 -0.04
5/1 ARM 3.83% 0.68 -0.10
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 4.44% 0.50 -0.01
15 Yr. Fixed 3.90% 0.50 -0.01
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.66% 0.40 -0.02

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 97.50 +0.23
30YR FNMA 3.5 100.19 +0.19
30YR GNMA 3.0 98.42 +0.23
30YR GNMA 3.5 100.89 +0.16
15YR FNMA 3.0 99.86 +0.13
15YR FNMA 2.5 97.97 +0.14
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 2.2701% -0.0161
5 YR 2.5620% -0.0336
10 YR 2.7407% -0.0418
30 YR 2.9721% -0.0493
Prices as of: 3/29/2018 2:05PM 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.
© 2018 Brown House Media, Inc. All rights reserved.
Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031
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Weekly Rate Report: Another Solid Week For Mortgage Rates

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weeklyrateheader.png
30 Year Fixed
4.51% +0.00
15 Year Fixed
3.89% +0.00
10YR Treasury
2.74% -0.0418
FNMA 30YR 3.5
100.19 +0.19
FNMA 15YR 2.5
99.86 +0.13
View Today’s Rates
Another Solid Week For Mortgage Rates
March 29, 2018
Market Summary
Mortgage rates are starting to get excited by what they’re seeing elsewhere in the bond market. Specifically, US Treasury yields closed at their lowest yields in nearly 2 months this week. Treasury yields tend to correlated strongly with mortgage rates although the latter are lagging the current move.

If broader bond markets (Treasuries, mortgage-backed securities, etc) continue to improve at the beginning of next week, we should see lenders pass along some of the best rates in months.

Keep in mind, that’s a BIG “if.” 2018 is still a year to take advantage of small opportunities when it comes to rates–as opposed to holding out for bigger opportunities.

-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: 4.54%
Ending Average: 4.51%
Weekly Change: -0.03%
Yearly Change: +0.34%

Thursday, March 22, 2018 : 4.54% (-0.03%)
Mortgage rates continued lower today on a combination of global reaction to yesterday’s Fed Announcement and apprehension over new tariffs on China. The Fed Announcement was positive due to Jerome Powell’s press conference–an event that happens late enough in the day that overseas markets don’t really have a chance to react. Because of that, domestic markets sometimes hold back a little until they can feel out the global reaction.

More detail: “Mortgage Rates Back at This Week's Lows”

Friday, March 23, 2018 : 4.55% (+0.01%)
Mortgage rates were just barely higher in many cases today, although underlying bond markets recovered enough ground by the afternoon to suggest Monday’s rates will recoup those losses. The only catch is that other factors can have an effect on bonds between now and then. If bond markets are weaker by Monday morning, this afternoon’s strength will be overshadowed. Bottom line here: rates will start Monday with a very slight advantage “all things being equal.” Incidentally, the reason we don’t see this advantage today is that the bond market gains were small enough and happened late enough in the day that mortgage lenders didn’t update their rate sheets.

More detail: “Mortgage Rates Sideways to Slightly Higher Despite Stock Rout”

Monday, March 26, 2018 : 4.56% (+0.01%)
Mortgage rates moved sideways to slightly higher today, keeping them in an exceptionally narrow range that’s persisted for the entire month of March. As of last Thursday, rates looked like they might make an attempt to challenge the lower boundary of that range, but they quickly backed off (or backed “up” as the case may be). Friday and today have seen a fairly steady move back toward the middle of March’s range.

More detail: “Mortgage Rates Slightly Higher to Begin Shortened Week”

Tuesday, March 27, 2018 : 4.52% (-0.04%)
As of yesterday, it looked like mortgage rates would be more interested in staying in a narrow, sideways range for the holiday-shortened Spring Break/Good Friday trading week. Today, financial markets gave us a reminder about how much reality can differ from apparently probable outcomes. Fortunately, the surprises work in the favor of the mortgage market today as rates are sharply lower (at least in the context of the recent range, which has been extremely narrow).

More detail: “Mortgage Rates Quickly Down to 2 Week Lows”

Wednesday, March 28, 2018 : 4.51% (-0.01%)
Mortgage rates were sideways to slightly lower today, keeping/bringing them in line with the lowest levels in roughly 2 weeks (depending on the lender). Interest rates in the broader bond market were slightly better off, with 10yr Treasury yields falling to the best levels since early February.

More detail: “Mortgage Rates at 2-Week Lows”

Thursday, March 29, 2018 : 4.51% (+0.00%)
Mortgage rates were generally unchanged today, although a few lenders offered slight improvements. This stands in contrast to the noticeable improvements in underlying bond markets. As we discussed yesterday, Treasury yields are leading the charge toward lower rates, and while the bonds that underlie mortgages are definitely lagging that move, they’re improving nonetheless. But again, you wouldn’t really know it based on today’s rate sheets.

More detail: “Mortgage Rates Unchanged Despite Market Improvements”

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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 4.51% +0.00
15 Yr FRM 3.89% +0.00
FHA 30 Year Fixed 4.30% +0.00
Jumbo 30 Year Fixed 4.54% +0.00
5/1 Yr ARM 3.64% +0.01

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 4.68% 0.46 -0.01
15 Yr. Fixed 4.12% 0.51 +0.05
30 Yr. Jumbo 4.55% 0.37 +0.00
30 Yr. FHA 4.69% 0.81 -0.04
5/1 ARM 3.83% 0.68 -0.10
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 4.44% 0.50 -0.01
15 Yr. Fixed 3.90% 0.50 -0.01
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.66% 0.40 -0.02

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 97.50 +0.23
30YR FNMA 3.5 100.19 +0.19
30YR GNMA 3.0 98.42 +0.23
30YR GNMA 3.5 100.89 +0.16
15YR FNMA 3.0 99.86 +0.13
15YR FNMA 2.5 97.97 +0.14
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 2.2701% -0.0161
5 YR 2.5620% -0.0336
10 YR 2.7407% -0.0418
30 YR 2.9721% -0.0493
Prices as of: 3/29/2018 2:05PM 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 presented in this report are averages and 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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Daily Rate Update: Mortgage Rates Unchanged Despite Market Improvements

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dailyrateheader.png
30 Year Fixed
4.51% +0.00
15 Year Fixed
3.89% +0.00
10YR Treasury
2.74% -0.0418
FNMA 30YR 3.5
100.19 +0.19
FNMA 15YR 2.5
99.86 +0.13
View Today’s Rates
Mortgage Rates Unchanged Despite Market Improvements
March 29, 2018
Mortgage rates were generally unchanged today, although a few lenders offered slight improvements. This stands in contrast to the noticeable improvements in underlying bond markets. As we discussed yesterday, Treasury yields are leading the charge toward lower rates, and while the bonds that underlie mortgages are definitely lagging that move, they’re improving nonetheless. But again, you wouldn’t really know it based on today’s rate sheets.

The absence of lender improvements on days like today is unfortunately par for the course. It was only a half day for bond markets and tomorrow is a full closure for the Good Friday holiday. As such, there’s additional risk involved for lenders dropping mortgage rates for 2 reasons. First, the counterparties required to trade the underlying bonds are harder to find on either side of a holiday weekend. Also, an extra day and a half simply creates risk of additional market movement between now and the next time lenders can update rate sheets. If they price too low today and rates jump higher next week, today’s commitments would have cost lenders more money than a typical market swing.

Loan Originator Perspective

Although continued support at current levels is promising I am very cautiously floating with my finger on the trigger to lock if there is any hint of change. –Al Hensling, Mortgage Originator

Hate recommending locking ahead of a long holiday weekend, especially with bonds confirming a break lower. I am still not convinced this will hold. So, my clients are still favoring to lock in now with the improved rates from the recent move in bonds. –Victor Burek, Churchill Mortgage

Today’s Most Prevalent Rates

  • 30YR FIXED – 4.5%
  • 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 beginning of 2018
  • The scariest part of the move higher looks like it ended as of early February, and rates have been generally sideways since then
  • Even so, the potential remains for more weakness (i.e. higher rates). It makes more sense to remain defensive (i.e. more inclined to lock) until we’ve seen a more convincing shift lower.
  • 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
29?w=360
15 Year Fixed Rate Mortgage
29?w=360&p=15YRFRM

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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 hdr_arrow.png
Rate Change
Current Mortgage Rates »
What are best-execution rates?
30 Yr FRM 4.51% +0.00
15 Yr FRM 3.89% +0.00
FHA 30 Year Fixed 4.30% +0.00
Jumbo 30 Year Fixed 4.54% +0.00
5/1 Yr ARM 3.64% +0.01

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 4.68% 0.46 -0.01
15 Yr. Fixed 4.12% 0.51 +0.05
30 Yr. Jumbo 4.55% 0.37 +0.00
30 Yr. FHA 4.69% 0.81 -0.04
5/1 ARM 3.83% 0.68 -0.10
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 4.44% 0.50 -0.01
15 Yr. Fixed 3.90% 0.50 -0.01
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.66% 0.40 -0.02

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 97.50 +0.23
30YR FNMA 3.5 100.19 +0.19
30YR GNMA 3.0 98.42 +0.23
30YR GNMA 3.5 100.89 +0.16
15YR FNMA 3.0 99.86 +0.13
15YR FNMA 2.5 97.97 +0.14
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 2.2701% -0.0161
5 YR 2.5620% -0.0336
10 YR 2.7407% -0.0418
30 YR 2.9721% -0.0493
Prices as of: 3/29/2018 2:05PM 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.
© 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.

Weekly Newsletter: Affordability “Not a Concern” vs “Likely to Get Worse”; Homebuying Sentiment at Odds; Ownership Wealth Effect

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weeklynewsletter.png
30 Year Fixed
4.51% +0.00
15 Year Fixed
3.89% +0.00
10YR Treasury
2.74% -0.0418
FNMA 30YR 3.5
100.19 +0.19
FNMA 15YR 2.5
99.86 +0.13
View Today’s Rates
Thursday March 29, 2018
MND NewsWire – 3/27
Case-Shiller Says "Affordability not a Concern"
It should hardly come as a surprise, each month the report from the S&P CoreLogic Case Shiller home price report starts the same way, “home prices continued their rise across the …
MND NewsWire – 3/26
Homebuying Attitudes at Odds With Economic Outlook
Positive attitudes toward home buying still predominated in the National Association of Realtors® (NAR) most recent Housing Opportunities and Market Experience (HOME) survey, but …
MND NewsWire – 3/26
How Homeownership Affects Household Wealth
It is conventional wisdom that homeownership is key to household wealth , and the National Association of Home Builders makes a convincing argument for that theory in its Eye on Housing …
MND NewsWire – 3/29
Affordability is Declining and is Likely to Get Worse
ATTOM Data Solutions, formerly known to us as RealtyTrac, has released an affordability report which shows that median home prices in the first quarter of 2018 failed to be affordable …

Latest Video


Top 5 healthiest places to live in the US: Aetna CEO

Pending home sales up 3.1% in February

Santelli Exchange: What is driving long rates?

More News from ‘Around the Web’

newsletter_2D00_mbslive.png

Today’s Rates

Best Execution hdr_arrow.png
Rate Change
Current Mortgage Rates »
What are best-execution rates?
30 Yr FRM 4.51% +0.00
15 Yr FRM 3.89% +0.00
FHA 30 Year Fixed 4.30% +0.00
Jumbo 30 Year Fixed 4.54% +0.00
5/1 Yr ARM 3.64% +0.01

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 4.68% 0.46 -0.01
15 Yr. Fixed 4.12% 0.51 +0.05
30 Yr. Jumbo 4.55% 0.37 +0.00
30 Yr. FHA 4.69% 0.81 -0.04
5/1 ARM 3.83% 0.68 -0.10
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 4.44% 0.50 -0.01
15 Yr. Fixed 3.90% 0.50 -0.01
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.66% 0.40 -0.02

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 97.50 +0.23
30YR FNMA 3.5 100.19 +0.19
30YR GNMA 3.0 98.42 +0.23
30YR GNMA 3.5 100.89 +0.16
15YR FNMA 3.0 99.86 +0.13
15YR FNMA 2.5 97.97 +0.14
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 2.2701% -0.0161
5 YR 2.5620% -0.0336
10 YR 2.7407% -0.0418
30 YR 2.9721% -0.0493
Prices as of: 3/29/2018 2:05PM 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.
© 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
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.

Affordability is Declining and is Likely to Get Worse

Affordability is Declining and is Likely to Get Worse

Posted to: MND NewsWire
Thursday, March 29, 2018 10:52 AM

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ATTOM Data Solutions, formerly known to us as RealtyTrac, has released an affordability report which shows that median home prices in the first quarter of 2018 failed to be affordable for average wage earners in 304 or 68 percent of the 446 counties the company analyzed for the report. And a separate CoreLogic report tells us why. The ATTOM report determined affordability by calculating the income needed to make monthly house payments; principal, interest property taxes, and insurance – on a median priced home. Their calculations presumed a 3 percent down payment, the minimum available from FHA and less than required by Fannie Mae and Freddie Mac, and a 28 percent maximum debt-to-income ratio on the “front end,” that is required monthly payment on debt before adding the house payment factor.

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Recruiting and Workflow Products; Agency News; 10 YR Holds Below 2.8

Recruiting and Workflow Products; Agency News; 10 YR Holds Below 2.8

Posted to: Pipeline Press
Thursday, March 29, 2018 8:19 AM

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In the time I spend with loan officers (and I am fortunate to meet some top-notch producers), I hear plenty of stories about walking a real estate agent’s dog, washing their car, being asked to bring refreshments to an open house, etc. Are RE agent’s days numbered? Some home buyers are finding what they want (and saving money on commissions) by using Artificial Intelligence instead of RE agents. But don’t we prefer to interact with other humans, for better or worse? The FHFA announced June 3, 2019 as the implementation date for the Single Security. Yes, 2019.

(READ THE FULL POST)

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