Weekly Rate Report: Mortgage Rates Recover Somewhat After Fed Day

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weeklyrateheader.png
30 Year Fixed
4.78% -0.02
15 Year Fixed
4.26% -0.02
10YR Treasury
3.06% +0.0094
FNMA 30YR 3.5
98.34 -0.05
FNMA 15YR 2.5
98.75 -0.02
View Today’s Rates
Mortgage Rates Recover Somewhat After Fed Day
September 28, 2018
Market Summary
Mortgage rates began the week at their highest levels in more than 7 years, but managed to end it at 2-week lows. Unfortunately, there’s not a huge gap between the two.

The rising rate pressure is best thought of as a product of longer-term, bigger-picture headwinds that have been in place for 2 years, and especially since the tax bill materialized at the end of 2017. The ill effects of that pressure have come and gone, but stronger economic data early in September reinvigorated the general upward pressure.

This week’s downward pressure was mostly a factor of timing. Investors were prepared for the Federal Reserve to be a bit less friendly (toward rates) in their announcement on Wednesday. The improvement in the 2nd half of the week corresponds with investors calming down a bit.

-Matt Graham, Mortgage News Daily

30 Year Fixed Rate Mortgage
28?w=360
Week in Review
Rates shown below are based on the 30 Year Fixed Rate Mortgage

Beginning Average: 4.85%
Ending Average: 4.78%
Weekly Change: -0.07%
Yearly Change: +0.88%

Friday, September 21, 2018 : 4.85% (-0.02%)
Mortgage rates actually fell today, on average–something they haven’t been able to say all week, or indeed at nearly any time during the past 4 weeks. Yesterday, in particular, was the worst day for rates since 2011 for most lenders, with anything less than an ideal loan scenario garnering 30yr fixed quotes of 4.875% to 5.0%. With all of the above in mind, today’s token improvement isn’t necessarily exciting, but at least it’s better than the alternative.

More detail: “Best Day of a Rotten Week For Mortgage Rates”

Monday, September 24, 2018 : 4.86% (+0.01%)
Mortgage rates are having a bleak September, having risen at least an eighth of a percentage point in all cases and by a quarter of a point in many cases. Depending on the lender and scenario, conventional 30yr fixed rates of 5.0% aren’t out of the question although 4.875% remains far more prevalent for borrowers with lots of equity/down-payment and top-tier credit. Either way, that’s as high as mortgage rates have been since 2011 for most lenders.

More detail: “Mortgage Rates Treading Water Near Long-Term Highs”

Tuesday, September 25, 2018 : 4.87% (+0.01%)
Mortgage rates were unchanged for some lenders today while others were in slightly higher territory. Either way, that leaves the average lender at the highest levels in more than 7 years. For what it’s worth, there are a few lenders that were slightly worse off for a day or two earlier this year. In terms of outright levels, the average top-tier scenario is being quoted 4.875% today.

More detail: “Mortgage Rates Unchanged to Slightly Higher”

Wednesday, September 26, 2018 : 4.83% (-0.04%)
Mortgage rates improved in a somewhat noticeable way for the first time in weeks following today’s policy announcement from the Fed. Actually, to be fair and accurate, rates didn’t improve until Fed Chair Powell answered a question about inflation during his press conference, saying the Fed doesn’t see inflation “surprising to the upside.” That’s a fancy way of saying they don’t expect inflation to rise any faster than forecasts suggest.

More detail: “Mortgage Rates Improve After Fed Announcement”

Thursday, September 27, 2018 : 4.80% (-0.03%)
Mortgage rates fell modestly again today. Over the past 2 days, we’ve managed to undo more than a week of damage, with rates back at their best levels since September 17th. That may sound a bit more exciting than it actually is, however. Many prospective borrowers would still be quoted the same rate over the past 3 days with the improvements limited to the ‘upfront cost’ side of the mortgage cost equation.

More detail: “Mortgage Rates Lowest in More Than a Week”

Friday, September 28, 2018 : 4.78% (-0.02%)
Mortgage rates were slightly lower again today, but there are some caveats. First of all, the average lender wasn’t in substantially better shape compared to yesterday afternoon. On top of that, bond markets (the underpinnings of mortgage rates) weakened throughout the day. If lenders were beginning their day looking at current bond market pricing, we’d likely have seen rates edge slightly HIGHER. As such, unless bonds manage to receive solid support from Asia and Europe on Monday morning, US lenders will likely be forced to bring rates a bit higher.

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

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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 4.78% -0.02
15 Yr FRM 4.26% -0.02
FHA 30 Year Fixed 4.37% -0.03
Jumbo 30 Year Fixed 4.32% -0.03
5/1 Yr ARM 3.95% -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 4.68% 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 4.65% 0.50 +0.05
15 Yr. Fixed 4.11% 0.50 +0.05
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.92% 0.40 -0.01

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 95.61 -0.03
30YR FNMA 3.5 98.34 -0.05
30YR GNMA 3.0 96.86 +0.06
30YR GNMA 3.5 99.30 -0.03
15YR FNMA 3.0 98.75 -0.02
15YR FNMA 2.5 96.39 -0.06
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 2.8229% -0.0081
5 YR 2.9546% -0.0034
10 YR 3.0649% +0.0094
30 YR 3.2082% +0.0234
Prices as of: 9/28/2018 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 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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MBS RECAP: Month-End No Help For Longer-Term Rates

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MBS RECAP: Month-End No Help For Longer-Term Rates

Posted to: MBS Commentary
Friday, September 28, 2018 5:00 PM

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Today brought rather pervasive pressure on longer-term rates and mortgages. It wasn’t a significant amount of selling, but it was fairly steady throughout the day–ultimately bringing us back into the red after starting the day in the green.

Credit Europe for the green start. To a smaller extent, stock losses may have played a role. As domestic traders got started for the day, everything reversed course. Stocks gained. Bonds lost. Economic data was either uneventful or overlooked.

The only noticeable theme in bond markets was a “steepening”…

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Daily Newsletter: Mortgage Rates at 2-Week Lows; Freddie Gives Equity Ownership a Closer Look

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30 Year Fixed
4.78% -0.02
15 Year Fixed
4.26% -0.02
10YR Treasury
3.06% +0.0075
FNMA 30YR 3.5
98.36 -0.03
FNMA 15YR 2.5
98.75 -0.02
View Today’s Rates
Friday September 28, 2018
Mortgage Rate Watch – 4:25PM
Mortgage Rates at 2-Week Lows
Mortgage rates were slightly lower again today, but there are some caveats. First of all, the average lender wasn’t in substantially better shape compared to yesterday afternoon. On …
MND NewsWire – 10:07AM
Freddie Mac Gives Shared Equity Ownership a Closer Look
Freddie Mac made two announcements this week. The first is a long expected administrative change to requirements for private mortgage insurance (PMI) which will go into effect on March …
Pipeline Press – 8:53AM
CE, Sales Products; Ocwen/PHH update; Agency Deals; Why Does Extending a Lock Cost Money?
In less than 2 years, we’ll be closer to 2070 than 1970! Does anyone feel that it’s silly to think of middle-aged mortgage bankers believing that they can still dance well to …
MBS Commentary – 8:31AM
MBS Day Ahead: Is it ‘Game On’ For a Rally?
September has been a long month for the bond market as rates quickly trudged back up to levels that aligned with our more pessimistic assumptions for 2018. With strong average hourly …

Latest Video


A bright spot in the sluggish real estate sector

Consumer sentiment index at 100.1 in September

The Fed and global central banks could push the U.S. into recession: Boockvar

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 4.78% -0.02
15 Yr FRM 4.26% -0.02
FHA 30 Year Fixed 4.37% -0.03
Jumbo 30 Year Fixed 4.32% -0.03
5/1 Yr ARM 3.95% -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 4.68% 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 4.65% 0.50 +0.05
15 Yr. Fixed 4.11% 0.50 +0.05
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.92% 0.40 -0.01

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 95.63 -0.02
30YR FNMA 3.5 98.36 -0.03
30YR GNMA 3.0 96.88 +0.08
30YR GNMA 3.5 99.30 -0.03
15YR FNMA 3.0 98.75 -0.02
15YR FNMA 2.5 96.41 -0.05
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 2.8229% -0.0081
5 YR 2.9546% -0.0034
10 YR 3.0630% +0.0075
30 YR 3.2065% +0.0217
Prices as of: 9/28/2018 4:59PM 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 Newsletter: New Home Sales End Slump; Prices Catching Up; Rates at 2-Week Lows; IRS Slams Door on Property Tax Workarounds

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weeklynewsletter.png
30 Year Fixed
4.78% -0.02
15 Year Fixed
4.26% -0.02
10YR Treasury
3.06% +0.0094
FNMA 30YR 3.5
98.34 -0.05
FNMA 15YR 2.5
98.75 -0.02
View Today’s Rates
Friday September 28, 2018
MND NewsWire – 9/26
New Home Sales Reverse Course, Ending Two-Month Deficit
New Home Sales posted a month-over-month increase for the first time since May according to Wednesday’s report from the U.S. Census Bureau and the Department of Housing and Urban Development …
MND NewsWire – 9/25
Home Prices Slowing Their Momentum, Catching up With Housing
Both of the major home price indexes that were released this morning showed continued deceleration in the rate of appreciation, even though July is usually one of the strongest months …
Mortgage Rate Watch – 9/28
Mortgage Rates at 2-Week Lows
Mortgage rates were slightly lower again today, but there are some caveats. First of all, the average lender wasn’t in substantially better shape compared to yesterday afternoon. On …
MND NewsWire – 9/26
IRS Slams Door on Property Tax Workarounds
One of the more contentious provisions of the 2017 Tax Cuts and Jobs Act (TCJA) was a new ceiling on the SALT deduction. This is the amount taxpayers can deduct on federal tax returns …

Latest Video


A bright spot in the sluggish real estate sector

Santelli Exchange: Rate hikes and recessions

Fed’s Powell: Our economy is strong but benefits haven’t reached all Americans

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 4.78% -0.02
15 Yr FRM 4.26% -0.02
FHA 30 Year Fixed 4.37% -0.03
Jumbo 30 Year Fixed 4.32% -0.03
5/1 Yr ARM 3.95% -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 4.68% 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 4.65% 0.50 +0.05
15 Yr. Fixed 4.11% 0.50 +0.05
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.92% 0.40 -0.01

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 95.61 -0.03
30YR FNMA 3.5 98.34 -0.05
30YR GNMA 3.0 96.86 +0.06
30YR GNMA 3.5 99.30 -0.03
15YR FNMA 3.0 98.75 -0.02
15YR FNMA 2.5 96.39 -0.06
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 2.8229% -0.0081
5 YR 2.9546% -0.0034
10 YR 3.0649% +0.0094
30 YR 3.2082% +0.0234
Prices as of: 9/28/2018 5:05PM 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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Daily Rate Update: Mortgage Rates at 2-Week Lows

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dailyrateheader.png
30 Year Fixed
4.78% -0.02
15 Year Fixed
4.26% -0.02
10YR Treasury
3.06% +0.0075
FNMA 30YR 3.5
98.34 -0.05
FNMA 15YR 2.5
98.75 -0.02
View Today’s Rates
Mortgage Rates at 2-Week Lows
September 28, 2018
Mortgage rates were slightly lower again today, but there are some caveats. First of all, the average lender wasn’t in substantially better shape compared to yesterday afternoon. On top of that, bond markets (the underpinnings of mortgage rates) weakened throughout the day. If lenders were beginning their day looking at current bond market pricing, we’d likely have seen rates edge slightly HIGHER. As such, unless bonds manage to receive solid support from Asia and Europe on Monday morning, US lenders will likely be forced to bring rates a bit higher.

Despite those gray clouds on the horizon, the average lender was indeed able to offer their lowest rates in 2 weeks for the entirety of the day, providing a much-needed respite from the recent spike toward long-term highs.


Loan Originator Perspective

Bonds tread water today, with only small gains near the closing bell. Since today’s the final business day of September, it would have been great to see more month end support (traders often have to square positions before months’ ends), but we didn’t. I don’t foresee any huge motivation for rates to rally next week, will continue to lock new loans at origination for clients closing within 45 days. Happy Friday! –Ted Rood, Senior Originator

I and my clients continue to favor locking in. Inflation data on a month over month basis came in lower than expected, but bonds have been unable to rally on the news. The trend continues to not be our friend. –Victor Burek, Churchill Mortgage

Today’s Most Prevalent Rates

  • 30YR FIXED – 4.75-4.875%
  • FHA/VA – 4.5%
  • 15 YEAR FIXED – 4.25%-4.375
  • 5 YEAR ARMS – 3.75-4.25% depending on the lender


Ongoing Lock/Float Considerations

  • Rates moved higher in a serious way due to several big-picture headwinds, including: the Fed’s rate hike outlook (and general policy tightening), the increased amount of Treasury issuance to pay for the tax bill (higher bond issuance = higher rates), and the possibility that fiscal stimulus results in higher growth/inflation.
  • Rates cooled off heading in the summer months, but that proved to be the eye of an ongoing storm. As long as economic data remains strong, rates can continue to move higher in general, even though there may be brief periods of correction.
  • It makes sense to remain defensive (i.e. generally more lock-biased) because the headwinds mentioned above won’t die down quickly. It will take a big change in economic fundamentals or geopolitical risk for the big picture to change.
  • 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
28?w=360
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 4.78% -0.02
15 Yr FRM 4.26% -0.02
FHA 30 Year Fixed 4.37% -0.03
Jumbo 30 Year Fixed 4.32% -0.03
5/1 Yr ARM 3.95% -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 4.68% 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 4.65% 0.50 +0.05
15 Yr. Fixed 4.11% 0.50 +0.05
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.92% 0.40 -0.01

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 95.63 -0.02
30YR FNMA 3.5 98.34 -0.05
30YR GNMA 3.0 96.88 +0.08
30YR GNMA 3.5 99.31 -0.02
15YR FNMA 3.0 98.75 -0.02
15YR FNMA 2.5 96.41 -0.05
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 2.8229% -0.0081
5 YR 2.9529% -0.0051
10 YR 3.0630% +0.0075
30 YR 3.2074% +0.0226
Prices as of: 9/28/2018 4:59PM 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.

Freddie Mac Gives Shared Equity Ownership a Closer Look

Freddie Mac Gives Shared Equity Ownership a Closer Look

Posted to: MND NewsWire
Friday, September 28, 2018 9:52 AM

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Freddie Mac made two announcements this week. The first is a long expected administrative change to requirements for private mortgage insurance (PMI) which will go into effect on March 31, 2019. The company updated these requirements under a mandate from its regulator the Federal Housing Finance Agency (FHFA), incorporating changes related to its assessment of credit and counterparty risk. The new financial requirements include revisions to the risk-based asset requirements, enhancements to the treatment of approved risk transfer transactions, and adjustments to risk transfer credit arising from counterparty risk associated with reinsurance transactions. PMI is required for mortgages where the borrower is making less than a 20 percent down payment.

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CE, Sales Products; Ocwen/PHH update; Agency Deals; Why Does Extending a Lock Cost Money?

CE, Sales Products; Ocwen/PHH update; Agency Deals; Why Does Extending a Lock Cost Money?

Posted to: Pipeline Press
Friday, September 28, 2018 8:24 AM

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In less than 2 years, we’ll be closer to 2070 than 1970! Does anyone feel that it’s silly to think of middle-aged mortgage bankers believing that they can still dance well to this song like they did 30-40 years ago? (Yes, Animal House is 40 years old!) And am I the only one that might consider the number of awards being handed out in the residential lending business has cheapened actually winning an award? (Does that even make sense?) It seems like every week some publication has a new list of award winners, whether companies or individuals. Most of the individuals, if not all, are well deserving, but is it just a way to publicize the publication? If a dozen whatever’s put out their top 20 awards, year after year… Such a curmudgeonly thing for me to say!

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