Single-Family Homes Now Integral to Rental Stock

Posted to: MND NewsWire
Monday, December 31, 2018 12:04 PM

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When one thinks about renters it is usually clusters of three-story garden style apartments, or high-rise elevator buildings that come to mind. But Freddie Mac says that the majority of America’s 43 million renter households, 25 million of them in fact live in properties considered single-family housing – detached homes, townhomes, and two-to-four-unit properties (with the last category accounting for about 8 million units). The total valuation of single-family rentals (SFRs) is estimated at well over $4 trillion, compared to $3.7 trillion for the traditional five+ unit rental properties. Urban dwellers make up 35.5 million of the nation’s renters while 7.5 million live in rural areas, but in the latter, 66 percent of the rental stock is single family housing.

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More from MND:

• Mortgage Rate Watch: Mortgage Rates End Year on Strong Note
• MBS Commentary: MBS Day Ahead: 8 Examples of New Year Bond Trading Themes
• Pipeline Press: Dec. 31: Rates, the Fed, World Economies, Affordability, and the Shutdown
• MBS Commentary: MBS RECAP: Bonds Improve Significantly Despite Stock Market Resilience
• Mortgage Rate Watch: Mortgage Rates End 2018 at 4-Month Lows

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MBS Day Ahead: 8 Examples of New Year Bond Trading Themes

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

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Posted to: MBS Commentary
Monday, December 31, 2018 9:40 AM

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This week promises a slow start due to the early close today and full closure tomorrow, but a strong finish due to Friday’s NFP and the simple fact that it’s a new trading year during a fairly volatile phase for markets. I’ve talked a lot in recent weeks about the general truths of new year trading, so I figured it was time to put together charts with examples of recent new year themes.

Here are the 7 most interesting new year trends/reversals of the past 8 years. 2 of them didn’t make the cut because nothing new happened, but 7 out of 9 is more than enough…

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More from MND:

• Pipeline Press: Dec. 31: Rates, the Fed, World Economies, Affordability, and the Shutdown
• MBS Commentary: MBS RECAP: Bonds Improve Significantly Despite Stock Market Resilience
• Mortgage Rate Watch: Mortgage Rates End 2018 at 4-Month Lows
• MND NewsWire: Pending Sales; Foiled Again!
• MBS Commentary: MBS Day Ahead: Are Stocks and Bonds Correlated Right Now? It’s Complicated

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Dec. 31: Rates, the Fed, World Economies, Affordability, and the Shutdown

Posted to: Pipeline Press
Monday, December 31, 2018 8:15 AM

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How important is it for lock desk personnel to charge the correct fees for rate lock extensions? Very. Lock mistakes were included in Wells Fargo’s latest settlement with states, this time around for $575 million. There were other non-mortgage items listed, however, including opening millions of unauthorized accounts and enrolled customers into online banking services without their knowledge or consent, improperly referred customers for enrollment in third-party renters and life insurance policies, improperly charging auto loan customers for force-placed and unnecessary collateral protection insurance, and failure to ensure that customers received refunds of unearned premiums on some optional auto finance products. (In other legal news, the video industry is scrambling since athletes don’t own their tattoos! Time to lawyer-up with copywrite attorneys.)

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More from MND:

• MBS Commentary: MBS RECAP: Bonds Improve Significantly Despite Stock Market Resilience
• Mortgage Rate Watch: Mortgage Rates End 2018 at 4-Month Lows
• MND NewsWire: Pending Sales; Foiled Again!
• MBS Commentary: MBS Day Ahead: Are Stocks and Bonds Correlated Right Now? It’s Complicated
• Pipeline Press: FHA and VA Changes; Agency Deals Continue to Share Risk

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MBS RECAP: Bonds Improve Significantly Despite Stock Market Resilience

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

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Posted to: MBS Commentary
Friday, December 28, 2018 4:55 PM

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Bonds have had their good eye on stocks for months now. Almost any instance of exceptional bond market strength has come courtesy of exceptional weakness in the stock market. Today was–well… and exception.

Stocks and bonds both began the day fairly close to yesterday’s latest levels. Stocks stayed there. Bonds didn’t. It’s really that simple in terms of recapping the movement itself, but what was the underlying cause?

Given the timing of today’s volume spikes in bonds, we’re almost certainly dealing with year-end tradeflows. What does that…

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More from MND:

• Mortgage Rate Watch: Mortgage Rates End 2018 at 4-Month Lows
• MND NewsWire: Pending Sales; Foiled Again!
• MBS Commentary: MBS Day Ahead: Are Stocks and Bonds Correlated Right Now? It’s Complicated
• Pipeline Press: FHA and VA Changes; Agency Deals Continue to Share Risk
• MBS Commentary: MBS RECAP: Stocks Taking Bonds on Year-End Roller Coaster

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Daily Newsletter: Pending Home Sales Foiled Again; Rates End Year at 4-Month Lows

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30 Year Fixed 4.63% -0.01 15 Year Fixed 4.19% -0.01 10YR Treasury 2.72% -0.0521 FNMA 30YR 3.5 99.78 +0.27 FNMA 15YR 2.5 99.64 +0.20 View Today’s Rates

Friday December 28, 2018 Mortgage Rate Watch – 4:27PM Mortgage Rates End 2018 at 4-Month Lows Mortgage rates moved lower by an almost imperceptible amount today. The improvement was enough to bring the average lender to the lowest levels since the end of August, 2018. In other … MND NewsWire – 10:29AM Pending Sales; Foiled Again! Analysts had expected to hear that pending home sales had a good run in November, perhaps even breaking its 10-month streak of year-over-year declines; Econoday went so far as to predict … Pipeline Press – 9:31AM FHA and VA Changes; Agency Deals Continue to Share Risk “Rob, should we be staffing up for another refi boom?” It seems like most lenders are pausing during the holidays to take stock of current staffing levels before adjusting … MBS Commentary – 9:17AM MBS Day Ahead: Are Stocks and Bonds Correlated Right Now? It’s Complicated As we discuss off and on over the years, the relationship between stocks and bonds is always complicated. At times, it seems as if bond yields and stocks prices are following each other … Fannie/Freddie Annual Prices Soften; New Home Sales Delayed Marketing Products; Shutdown Update, Flood Insurance Setback; Over 1,400 Vendors? Latest Video Higher rent growth is possible during 2019, says REITs analyst If Fed continues on its path, we’ll see recession by 2020, says Natixis’ LaVorgna Pending home sales weaker than estimated More News from ‘Around the Web’ The Basis Point – 3:42PM Did you know a $2.7 billion data company called Plaid secretly powers your mortgage? eyeonhousing.org – 3:20PM Eye on Housing: Home Features Buyers Consider Essential Calculated Risk Blog – 2:52PM Q4 GDP Forecasts: Mid 2s CNBC – 1:35PM US student debt levels set a new record in 2018here’s how much the typical borrower owes CNBC – 12:56PM El-Erian: Criticize the Fed more for how it communicates, and not on monetary policy Bloomberg – 12:33PM The 10-Year Yield Will Go Higher, Says Bulltick’s Vera Calculated Risk Blog – 11:59AM Question #9 for 2019: What will happen with house prices in 2019? Calculated Risk Blog – 10:54AM Chicago PMI Decreased Slighly in December Bloomberg – 8:16AM UBS Sees No Risk of Europe Recession, U.S. `Even Less So’ Today’s Rates Best Execution Rate Change Current Mortgage Rates » What are best-execution rates? 30 Yr FRM 4.63% -0.01 15 Yr FRM 4.19% -0.01 FHA 30 Year Fixed 4.22% -0.01 Jumbo 30 Year Fixed 4.39% -0.01 5/1 Yr ARM 4.59% -0.01 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 4.15% 1.16 -0.02 30 Yr. Fixed 4.78% 1.15 +0.01 MBA ** 30 Yr. Fixed 4.96% 0.49 -0.01 15 Yr. Fixed 4.39% 0.50 +0.01 30 Yr. Jumbo 4.93% 0.31 +0.01 30 Yr. FHA 4.95% 0.80 +0.01 5/1 ARM 4.24% 0.48 +0.02 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 4.55% 0.50 -0.07 15 Yr. Fixed 4.01% 0.40 -0.06 1 Yr. ARM 2.68% 0.20 +0.01 5/1 Yr. ARM 4.00% 0.30 +0.02 Secondary Markets MBS Price Change 30YR FNMA 3.0 97.33 +0.41 30YR FNMA 3.5 99.78 +0.27 30YR GNMA 3.0 98.30 +0.30 30YR GNMA 3.5 100.41 +0.22 15YR FNMA 3.0 99.64 +0.20 15YR FNMA 2.5 97.53 +0.23 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 2.5182% -0.0483 5 YR 2.5564% -0.0636 10 YR 2.7217% -0.0521 30 YR 3.0237% -0.0354 Prices as of: 12/28/2018 4:55PM 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. © 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: Rates Hold Near Longer-Term Lows; Volatility Risks Remain

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30 Year Fixed 4.63% -0.01 15 Year Fixed 4.19% -0.01 10YR Treasury 2.72% -0.0538 FNMA 30YR 3.5 99.80 +0.28 FNMA 15YR 2.5 99.64 +0.20 View Today’s Rates

Rates Hold Near Longer-Term Lows; Volatility Risks Remain December 28, 2018 Market Summary Mortgage rates surged lower last week and then spent this week largely holding steady. Holiday market closures and volatility in related markets made for some excitement and uncertainty at times. But for the most part, the market for mortgage-backed securities (the stuff that trades on wall street and beyond that actually determines mortgage rates) is far enough removed from the stock market to avoid major drama. As was the case last week, we continue to wait on next week’s big jobs report to take the first stab at getting a ball of momentum rolling in 2019. -Matt Graham, 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: 4.65% Ending Average: 4.63% Weekly Change: -0.02% Yearly Change: +0.60% Friday, December 21, 2018 : 4.65% (+0.01%) Mortgage rates were steady to slightly higher yet again today. This reinforces our sense from yesterday that rates may have already found their post-Fed floor. The thing that makes today’s modest weakness somewhat surprising is the fact that underlying bond markets actually suggested rates could improve. More detail: “Mortgage Rates Modestly Higher Despite Stronger Bond Market” Monday, December 24, 2018 : 4.65% (+0.00%) Mortgage rates did nothing interesting today, as is typical for the days before and after a major holiday. Tangentially related and significantly more interesting is the President’s criticism of the Fed and Fed Chair Powell. I think this is very much worth discussing around the holiday table (not politics, but rather, fiscal and monetary policy’s effect on interest rates). More detail: “Trump Vs The Fed: A Public Service Announcement” Wednesday, December 26, 2018 : 0.00% (+0.00%) Mortgage rates were unchanged in some cases today and higher in others. The discrepancy is a result of the timing of today’s market movements. The most important thing to know is that lenders who are unchanged today will almost certainly be higher tomorrow, unless the bond market stages an impressive comeback between now and tomorrow morning. More detail: “Mortgage Rates Higher Today or Tomorrow” Thursday, December 27, 2018 : 4.64% (-0.01%) Mortgage rates were unchanged to slightly lower today, which is a major victory considering how yesterday left off. Specifically, bond markets had weakened significantly in the afternoon. Weaker bonds coincide with mortgage lenders raising rates, but only if there’s enough weakness early enough in the day. Yesterday’s pace resulted in some lenders raising rates right away while others put it off until this morning. More detail: “Mortgage Rates Stay Steady “ Friday, December 28, 2018 : 4.63% (-0.01%) Mortgage rates moved lower by an almost imperceptible amount today. The improvement was enough to bring the average lender to the lowest levels since the end of August, 2018. In other words, these are the best rates in 4 months. 2 months ago, all hope seemed lost. Rates were the highest in years and there were few reasons to expect the pain to subside, short of a massive meltdown in stocks or a big picture shift in the economy. As you’re likely away, stocks indeed tanked heading into the 4th quarter. And as I’ve mentioned many times since, that stock weakness was largely responsible for rates’ ability to reclaim lost ground. More detail: “Mortgage Rates End 2018 at 4-Month Lows” 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 4.63% -0.01 15 Yr FRM 4.19% -0.01 FHA 30 Year Fixed 4.22% -0.01 Jumbo 30 Year Fixed 4.39% -0.01 5/1 Yr ARM 4.59% -0.01 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 4.15% 1.16 -0.02 30 Yr. Fixed 4.78% 1.15 +0.01 MBA ** 30 Yr. Fixed 4.96% 0.49 -0.01 15 Yr. Fixed 4.39% 0.50 +0.01 30 Yr. Jumbo 4.93% 0.31 +0.01 30 Yr. FHA 4.95% 0.80 +0.01 5/1 ARM 4.24% 0.48 +0.02 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 4.55% 0.50 -0.07 15 Yr. Fixed 4.01% 0.40 -0.06 1 Yr. ARM 2.68% 0.20 +0.01 5/1 Yr. ARM 4.00% 0.30 +0.02 Secondary Markets MBS Price Change 30YR FNMA 3.0 97.33 +0.41 30YR FNMA 3.5 99.80 +0.28 30YR GNMA 3.0 98.31 +0.31 30YR GNMA 3.5 100.42 +0.23 15YR FNMA 3.0 99.64 +0.20 15YR FNMA 2.5 97.53 +0.23 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 2.5182% -0.0483 5 YR 2.5547% -0.0653 10 YR 2.7200% -0.0538 30 YR 3.0245% -0.0346 Prices as of: 12/28/2018 5:01PM 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. © 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: Home Price Gains Slowing, Still up 5.5%; Pending Sales Foiled Again; Rates at 4-Month Lows

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30 Year Fixed 4.63% -0.01 15 Year Fixed 4.19% -0.01 10YR Treasury 2.72% -0.0521 FNMA 30YR 3.5 99.80 +0.28 FNMA 15YR 2.5 99.64 +0.20 View Today’s Rates

Friday December 28, 2018 MND NewsWire – 12/26 Case-Shiller Says Home Price Gains Slowing, Still up 5.5% Home prices continued to ratchet down their advances in October, fewer than half of the tracked cities saw prices increase on an unadjusted basis. The slowing is also beginning to show … MND NewsWire – 12/27 Fannie/Freddie Annual Prices Soften; New Home Sales Delayed Home prices on the Federal Housing Finance Agency’s (FHFA’s) Housing Price Index (HPI) crept higher in October, although year over year appreciation slowed. FHFA, which remains open … MND NewsWire – 12/28 Pending Sales; Foiled Again! Analysts had expected to hear that pending home sales had a good run in November, perhaps even breaking its 10-month streak of year-over-year declines; Econoday went so far as to predict … Mortgage Rate Watch – 12/28 Mortgage Rates End 2018 at 4-Month Lows Mortgage rates moved lower by an almost imperceptible amount today. The improvement was enough to bring the average lender to the lowest levels since the end of August, 2018. In other … MBS Day Ahead: Are Stocks and Bonds Correlated Right Now? It’s Complicated FHA and VA Changes; Agency Deals Continue to Share Risk Marketing Products; Shutdown Update, Flood Insurance Setback; Over 1,400 Vendors? Latest Video Housing market will continue to cool in 2019, says Redfin economist 50 percent chance of a rate cut next year, says Guggenheim’s Scott Minerd Economic data doesn’t support recession concerns More News from ‘Around the Web’ Bloomberg – 12/26 Trump Expresses Confidence in Fed, Mnuchin CNBC – 12/26 Former Wells Fargo CEO argues markets would be down more if Fed didn’t hike this month Bloomberg – 12/26 Bond Market Naysayers Are at Odds With Powell’s Inflation Positivity Reuters – 12/26 Fed chair’s job is not in jeopardy, White House economic adviser says http://www.redfin.com – 12/26 The 20 Cities and Homes Favorited Most in 2018 Calculated Risk Blog – 12/26 Case-Shiller: National House Price Index increased 5.5% year-over-year in Octoer eyeonhousing.org – 12/26 Top Posts: Time Needed to Build a Single-Family Home in 2017 CNBC – 12/26 10-year US Treasury yield hits lowest level since April 2018 CNBC – 12/27 Don’t laugh: The Fed will be cutting rates ‘in coming months,’ David Rosenberg says http://www.realtor.com – 12/27 Mortgage Rates Continue to Fall in Holiday Gift for Home Buyers, Sellers CNBC – 12/27 The ‘January Effect’ could be the market’s big hope for a bounce Reuters – 12/27 Drop in U.S. consumer confidence stokes fears of economic slowdown CNBC – 12/27 Cramer says the Fed is ‘recklessly’ confusing the market ‘it’s a good time to be quiet’ eyeonhousing.org – 12/27 Top Posts: Highest Paid Occupations in Construction Calculated Risk Blog – 12/27 Weekly Initial Unemployment Claims decreased to 216,000 Bloomberg – 12/27 ECB Sees Economic Expansion With Increased Downside Risks CNBC – 12/27 US Treasury yields lower after Wall Street’s massive rally The Basis Point – 12/28 Did you know a $2.7 billion data company called Plaid secretly powers your mortgage? eyeonhousing.org – 12/28 Eye on Housing: Home Features Buyers Consider Essential Calculated Risk Blog – 12/28 Q4 GDP Forecasts: Mid 2s CNBC – 12/28 US student debt levels set a new record in 2018here’s how much the typical borrower owes CNBC – 12/28 El-Erian: Criticize the Fed more for how it communicates, and not on monetary policy Bloomberg – 12/28 The 10-Year Yield Will Go Higher, Says Bulltick’s Vera Calculated Risk Blog – 12/28 Question #9 for 2019: What will happen with house prices in 2019? Calculated Risk Blog – 12/28 Chicago PMI Decreased Slighly in December Bloomberg – 12/28 UBS Sees No Risk of Europe Recession, U.S. `Even Less So’ Today’s Rates Best Execution Rate Change Current Mortgage Rates » What are best-execution rates? 30 Yr FRM 4.63% -0.01 15 Yr FRM 4.19% -0.01 FHA 30 Year Fixed 4.22% -0.01 Jumbo 30 Year Fixed 4.39% -0.01 5/1 Yr ARM 4.59% -0.01 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 4.15% 1.16 -0.02 30 Yr. Fixed 4.78% 1.15 +0.01 MBA ** 30 Yr. Fixed 4.96% 0.49 -0.01 15 Yr. Fixed 4.39% 0.50 +0.01 30 Yr. Jumbo 4.93% 0.31 +0.01 30 Yr. FHA 4.95% 0.80 +0.01 5/1 ARM 4.24% 0.48 +0.02 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 4.55% 0.50 -0.07 15 Yr. Fixed 4.01% 0.40 -0.06 1 Yr. ARM 2.68% 0.20 +0.01 5/1 Yr. ARM 4.00% 0.30 +0.02 Secondary Markets MBS Price Change 30YR FNMA 3.0 97.33 +0.41 30YR FNMA 3.5 99.80 +0.28 30YR GNMA 3.0 98.30 +0.30 30YR GNMA 3.5 100.42 +0.23 15YR FNMA 3.0 99.64 +0.20 15YR FNMA 2.5 97.53 +0.23 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 2.5182% -0.0483 5 YR 2.5580% -0.0620 10 YR 2.7217% -0.0521 30 YR 3.0237% -0.0354 Prices as of: 12/28/2018 4:57PM 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. © 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 End 2018 at 4-Month Lows

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30 Year Fixed 4.63% -0.01 15 Year Fixed 4.19% -0.01 10YR Treasury 2.72% -0.0538 FNMA 30YR 3.5 99.75 +0.23 FNMA 15YR 2.5 99.64 +0.20 View Today’s Rates

Mortgage Rates End 2018 at 4-Month Lows December 28, 2018 Mortgage rates moved lower by an almost imperceptible amount today. The improvement was enough to bring the average lender to the lowest levels since the end of August, 2018. In other words, these are the best rates in 4 months. 2 months ago, all hope seemed lost. Rates were the highest in years and there were few reasons to expect the pain to subside, short of a massive meltdown in stocks or a big picture shift in the economy. As you’re likely away, stocks indeed tanked heading into the 4th quarter. And as I’ve mentioned many times since, that stock weakness was largely responsible for rates’ ability to reclaim lost ground. This raises serious questions for the beginning of 2019 because the economic data and other indicators aren’t necessarily looking like they justify all the pain we’ve seen in stocks. Granted, it’s a cliche assertion in the financial media, but there is certainly a risk of a bounce back in January. With that in mind, to whatever extent stocks are able to bounce back, there could some upward pressure waiting for mortgage rates on the other side of the New Year. To be clear, this isn’t a prediction–simply a reminder of the potential volatility ahead. Loan Originator Perspective Rates remained near their recent lows today, but treasury yields failed to break 2.73%, for the third time in 9 days. I’m locking loans closing within 30 days, and carefully floating February closings. Today’s Most Prevalent Rates 30YR FIXED – 4.625-4.75% FHA/VA – 4.25% 15 YEAR FIXED – 4.125-4.25% 5 YEAR ARMS – 4.375%-4.875% depending on the lender Ongoing Lock/Float Considerations Headwinds that had plagued rates for most of the past 2 years are slowly dying down. The rising rate environment could flare up again, and some headwinds remain in effect, but the broader tone has taken a more optimistic shift. Highest rates in more than 7 years in Oct/Nov. Lowest rates in more than 3 months as of mid December This is a bit of a crossroads. We may look back at Oct/Nov and see a long-term ceiling, or we may look back at early December and see a temporary correction before more pain. Either way, it’s one of the more hopeful positions we’ve been in for several years. 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 4.63% -0.01 15 Yr FRM 4.19% -0.01 FHA 30 Year Fixed 4.22% -0.01 Jumbo 30 Year Fixed 4.39% -0.01 5/1 Yr ARM 4.59% -0.01 Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 4.15% 1.16 -0.02 30 Yr. Fixed 4.78% 1.15 +0.01 MBA ** 30 Yr. Fixed 4.96% 0.49 -0.01 15 Yr. Fixed 4.39% 0.50 +0.01 30 Yr. Jumbo 4.93% 0.31 +0.01 30 Yr. FHA 4.95% 0.80 +0.01 5/1 ARM 4.24% 0.48 +0.02 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 4.55% 0.50 -0.07 15 Yr. Fixed 4.01% 0.40 -0.06 1 Yr. ARM 2.68% 0.20 +0.01 5/1 Yr. ARM 4.00% 0.30 +0.02 Secondary Markets MBS Price Change 30YR FNMA 3.0 97.33 +0.41 30YR FNMA 3.5 99.75 +0.23 30YR GNMA 3.0 98.30 +0.30 30YR GNMA 3.5 100.42 +0.23 15YR FNMA 3.0 99.64 +0.20 15YR FNMA 2.5 97.52 +0.22 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 2.5182% -0.0483 5 YR 2.5564% -0.0636 10 YR 2.7200% -0.0538 30 YR 3.0230% -0.0361 Prices as of: 12/28/2018 4:53PM 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.

© 2018 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.

Pending Sales; Foiled Again!

Posted to: MND NewsWire
Friday, December 28, 2018 10:11 AM

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Analysts had expected to hear that pending home sales had a good run in November, perhaps even breaking its 10-month streak of year-over-year declines; Econoday went so far as to predict “A big bounce back is the forecast for November pending home sales.” Instead, the National Association of Realtors® (NAR) announced that its Pending Home Sales Index (PHSI) was down 0.7 percent compared to October. The Index, based on signed contracts to purchase existing homes, slipped from 102.1 in October to 101.4. This was a 7.7 percent decline from the November 2017 level, extending the losing streak to 11 months. The November results were below even the most negative predictions from analysts polled by Econoday. Those ranged from an 0.6 percent to loss to a 2.2 percent gain.

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More from MND:

• MBS Commentary: MBS Day Ahead: Are Stocks and Bonds Correlated Right Now? It’s Complicated
• Pipeline Press: FHA and VA Changes; Agency Deals Continue to Share Risk
• MBS Commentary: MBS RECAP: Stocks Taking Bonds on Year-End Roller Coaster
• Mortgage Rate Watch: Mortgage Rates Stay Steady
• MND NewsWire: Fannie/Freddie Annual Prices Soften; New Home Sales Delayed

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MBS Day Ahead: Are Stocks and Bonds Correlated Right Now? It’s Complicated

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Posted to: MBS Commentary
Friday, December 28, 2018 9:17 AM

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As we discuss off and on over the years, the relationship between stocks and bonds is always complicated. At times, it seems as if bond yields and stocks prices are following each other in lock-step. That’s been true of most of the big moves in the 4th quarter of 2018, but there have still been noticeable divergences. Those divergences give us clue as to which side of the market is holding the better cards.

As is often the case when looking for such divergences, it’s often simply a matter of finding the right time windows to compare. For example the interesting…

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More from MND:

• Pipeline Press: FHA and VA Changes; Agency Deals Continue to Share Risk
• MBS Commentary: MBS RECAP: Stocks Taking Bonds on Year-End Roller Coaster
• Mortgage Rate Watch: Mortgage Rates Stay Steady
• MND NewsWire: Fannie/Freddie Annual Prices Soften; New Home Sales Delayed
• MBS Commentary: MBS Day Ahead: Bonds Still Trading Fed Day Range

If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/mortgage_rates/blog/891823.aspx

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