MBS Day Ahead: Big Decisions to be Made, But Not Today

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MBS Day Ahead: Big Decisions to be Made, But Not Today

Posted to: MBS Commentary
Friday, November 29, 2019 9:48 AM

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Due to the holiday-shortened work week, today’s economic calendar is empty and Wednesday’s was about as clogged as it ever gets, with the following reports all within the space of 90 minutes (except the early bird mortgage application data):

  • MBA mortgage apps
  • Jobless Claims
  • Durable Goods
  • GDP (2nd update for Q3)
  • PCE inflation
  • Pending Home Sales
  • Crude Oil Inventory
  • 7yr Treasury Auction
  • Chicago PMI

It really doesn’t get any more action-packed than that, but in the bigger picture, bond markets couldn’t care much less. The trade war won’t be resolved this week. The…

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Specified (“Spec”) Pools and REIT Primer; Vendor News; Disaster Updates

Specified ("Spec") Pools and REIT Primer; Vendor News; Disaster Updates

Posted to: Pipeline Press
Friday, November 29, 2019 8:22 AM

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There are seven members of the Board of Governors of the Federal Reserve System, and each region has a President. For 2019, the annual salary for the Fed Chairman is $203,500. The annual salary of the other Fed Governors is $183,100. But just think of all the “free” lunches during your speaking tours! There is no pay gap between men and women in the Fed, nor should there be. But per the U.S. Census Bureau, unfortunately all of the largest occupations with over 1 million full-time workers show some degree of earnings gap between men and women. This pattern remains for most of these occupations even when accounting for educational attainment. Occupations in which men are, on average, older than women have higher earnings on average, compared with occupations in which women are older.

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Refinancing Share of Freddie’s Volume Soared in October

Refinancing Share of Freddie’s Volume Soared in October

Posted to: MND NewsWire
Wednesday, November 27, 2019 12:06 PM

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Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 3.0 percent in October, down from 10.7 percent the previous month. The portfolio balance at the end of the period was $2.301 trillion compared to $2.295 trillion at the end of September and $2.157 trillion a year earlier.

Purchases and Issuances totaled $51.128 billion and Sales were ($1.578) billion. The September numbers were $61.80 billion and ($2,205) billion respectively.

Single-family refinance loan purchase and guarantee volume was $26.9 billion in October, up from $22.2 billion in September and representing a 57 percent share of total single-family mortgage portfolio purchases and issuances compared to 48 percent the previous month.

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Pending Home Sales Decline, But Still in Strong Territory

Pending Home Sales Decline, But Still in Strong Territory

Posted to: MND NewsWire
Wednesday, November 27, 2019 9:59 AM

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Pending home sales slipped in October after two months of solid gains. The National Association of Realtors® (NAR) said its Pending Home Sale Index (PHSI), a leading indicator of existing home sales, retreated 1.7 percent to 106.7 in October. The Index had gained an aggregate of 4 percentage points over the previous two months. The PHSI was up 4.4 percent from its reading in October 2018. This month neither Econoday nor MarketWatch published analysts’ forecasts for pending home sales. Lawrence Yun, NAR’s chief economist, noted the decline in inventory and a small rise in mortgage rates from the prior month to explain, in part, the October decline in contract activity.

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Borrower Retention Tool; 2020 Loan Limits; Fed Addressing Financial Disparity

Borrower Retention Tool; 2020 Loan Limits; Fed Addressing Financial Disparity

Posted to: Pipeline Press
Wednesday, November 27, 2019 8:24 AM

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Loan officers know that rent is a “piece of the puzzle,” “a part of the equation” in the homebuying decision. They should be glad to know that the typical rent in the U.S. is now $1,600, an annual increase of 2.3% in October. I’m simplifying things quite a bit, but it is not lost on LOs that a $1,600 monthly outgo, including taxes and insurance after a $20,000 down payment, buys someone a $300,000 house at current rates. And it’s still the American Dream! What isn’t in the American Dream is having your personal information sold by motor vehicle departments around the nation. For example, the California DMV pocketed $52,048,236 in revenue in the 2017-18 financial year through the sale of drivers’ personal information. California is not alone in the practice of selling names, physical addresses and car registration information to companies like LexisNexis and Experian, as well as to private investigators, insurance companies, and prospective employers.

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Mortgage Apps On-Track for Best Year Since 2007

Mortgage Apps On-Track for Best Year Since 2007

Posted to: MND NewsWire
Wednesday, November 27, 2019 5:08 AM

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Joel Kan, Associate Vice President of Economic and Industry Forecasting for the Mortgage Bankers Association (MBA) says low rates are continuing to keep mortgage applications activity brisk. “Mortgage rates stayed below 4 percent for the second straight week and borrowers responded positively, with mortgage applications rising 1.5 percent on the back of increases in both refinance and purchase activity,” Kan said. “Refinances have been strong this month, but we are starting to see the average pace slow compared to the peak experienced in August through October.” MBA’s Market Composite Index, a measure of mortgage loan application volume, increased, as Kan said, 1.5 percent on a seasonally adjusted basis during the week ended November 22.

MBS RECAP: Holiday Drift Continues

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MBS RECAP: Holiday Drift Continues

Posted to: MBS Commentary
Tuesday, November 26, 2019 5:24 PM

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For those of you who are MBS Live members, yes, the recap title is the same as the MBS Huddle. Sorry for the lack of creativity, but this is an uninspiring week that’s been living up to every ounce of its uninspiring potential.

Bonds were inconsequentially stronger overnight and moved almost perfectly sideways throughout the domestic session. It’s as if the trading algorithms that have caused some ridiculous Thanksgiving volatility in the past were finally turned off (as they should be) or simply set to “sleep mode.”

Apart from a modest bump toward…

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Daily Newsletter: Conforming Loan Limit Increased to $510,400; Prices Done Decelerating?

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dailynewsletter.png
30 Year Fixed
3.73% -0.04
15 Year Fixed
3.40% -0.02
10YR Treasury
1.74% -0.0172
FNMA 30YR 3.5
102.69 -0.03
FNMA 15YR 2.5
102.36 +0.03
View Today’s Rates
Tuesday November 26, 2019
MND NewsWire – 11:55AM
Conforming Loan Limit Increased to $510,400
The conforming loan limit for most of the U.S. will, quite predictably, move higher on January 1. The Federal Housing Finance Agency announced on Tuesday that the maximum origination …
MND NewsWire – 10:28AM
Are Home Prices Finally Done Decelerating?
While it is only incremental, home price increases appear to have stopped decelerating and are again creeping slowly upward . Both the S&P CoreLogic Case-Shiller Indices and the …
Mortgage Rate Watch – 4:31PM
Mortgage Rates Fall Back to Recent Lows
Mortgage rates recovered today after moving higher for the first time in nearly 2 weeks yesterday. In the bigger picture, rates have been in a back-and-forth pattern near long-term …
MND NewsWire – 10:56AM
New Home Sales Highest in 12 Years
The headline for the new home sales report for October was the year-over-year increase in sales. While sales of newly constructed homes were actually slightly lower than in September …

Latest Video


New home sales dipped in October, but the sector shows strength overall year-to-date

Dow, S&P 500 and Nasdaq close at record highs

Consumer Sentiment Index misses expectations in November

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 3.73% -0.04
15 Yr FRM 3.40% -0.02
FHA 30 Year Fixed 3.37% -0.01
Jumbo 30 Year Fixed 3.83% -0.02
5/1 Yr ARM 3.42% -0.03

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 0.00% 0.00 +0.00
30 Yr. Fixed 0.00% 0.00 +0.00
MBA ** hdr_arrow.png
30 Yr. Fixed 3.99% 0.33 -0.04
15 Yr. Fixed 3.40% 0.31 -0.03
30 Yr. Jumbo 3.93% 0.28 -0.05
30 Yr. FHA 3.80% 0.32 -0.05
5/1 ARM 3.51% 0.23 +0.11
Freddie Mac ** hdr_arrow.png
Current Mortgage Rates »
* FHFA averages are updated monthly.
** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly.
30 Yr. Fixed 3.66% 0.60 -0.09
15 Yr. Fixed 3.15% 0.50 -0.05
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.39% 0.40 -0.05

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 101.50 -0.02
30YR FNMA 3.5 102.69 -0.03
30YR GNMA 3.0 102.84 -0.03
30YR GNMA 3.5 103.81 +0.06
15YR FNMA 3.0 102.36 +0.03
15YR FNMA 2.5 100.91 0.00
Treasuries hdr_arrow.png
Yield Change
Current MBS / Treasury Prices »
MBS and Treasury data provided by Thomson Reuters.
Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information.
Secondary Marketing Managers:
If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information
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2 YR 1.5879% -0.0234
5 YR 1.5976% -0.0166
10 YR 1.7431% -0.0172
30 YR 2.1790% -0.0181
Prices as of: 11/26/2019 5:03PM 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.
© 2019 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 Fall Back to Recent Lows

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dailyrateheader.png
30 Year Fixed
3.73% -0.04
15 Year Fixed
3.40% -0.02
10YR Treasury
1.74% -0.0172
FNMA 30YR 3.5
102.69 -0.03
FNMA 15YR 2.5
102.36 +0.03
View Today’s Rates
Mortgage Rates Fall Back to Recent Lows
November 26, 2019
Mortgage rates recovered today after moving higher for the first time in nearly 2 weeks yesterday. In the bigger picture, rates have been in a back-and-forth pattern near long-term lows. Most of October and early November were spent with rates moving higher in that pattern after late September marked a surge lower. While we wouldn’t call the past few weeks a “surge” per se, they’ve at least been moving in the right direction.

The average lender improved back to levels seen about a week ago. Those were the best offerings in roughly 3 weeks. That said, we’re only talking about small moves in the grand scheme of things. Most prospective borrowers will only be seeing slightly lower upfront costs on any given loan quote, if not a complete absence of change.

Loan Originator Perspective

Not so sure there is any benefit to floating right now. I typically do not favor locking on a Friday, but i really don’t see any reason for rates to improve unless the trade wars pick up…which is possible. Most clients are favoring to lock once within 30 days. –Victor Burek, Churchill Mortgage

Today’s Most Prevalent Rates For Top Tier Scenarios

  • 30YR FIXED -3.75%
  • FHA/VA – 3.375%
  • 15 YEAR FIXED – 3.375%
  • 5 YEAR ARMS – 3.25-3.75% depending on the lender


Ongoing Lock/Float Considerations

  • 2019 has been the best year for mortgage rates since 2011. Big, long-lasting improvements such as this one are increasingly susceptible to bounces/corrections
  • Fed policy and the US/China trade war have been key players. Major updates on either front could cause a volatile reaction in rates
  • The Fed and the bond market (which dictates rates) will be watching economic data closely, both at home and abroad, as well as trade war updates. The stronger the data and trade relations, the more rates could rise, while weaker data and trade wars will lead to new long-term lows.
  • 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
26?w=360
15 Year Fixed Rate Mortgage
26?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 3.73% -0.04
15 Yr FRM 3.40% -0.02
FHA 30 Year Fixed 3.37% -0.01
Jumbo 30 Year Fixed 3.83% -0.02
5/1 Yr ARM 3.42% -0.03

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 0.00% 0.00 +0.00
30 Yr. Fixed 0.00% 0.00 +0.00
MBA ** hdr_arrow.png
30 Yr. Fixed 3.99% 0.33 -0.04
15 Yr. Fixed 3.40% 0.31 -0.03
30 Yr. Jumbo 3.93% 0.28 -0.05
30 Yr. FHA 3.80% 0.32 -0.05
5/1 ARM 3.51% 0.23 +0.11
Freddie Mac ** hdr_arrow.png
Current Mortgage Rates »
* FHFA averages are updated monthly.
** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly.
30 Yr. Fixed 3.66% 0.60 -0.09
15 Yr. Fixed 3.15% 0.50 -0.05
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.39% 0.40 -0.05

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 101.52 0.00
30YR FNMA 3.5 102.69 -0.03
30YR GNMA 3.0 102.84 -0.03
30YR GNMA 3.5 103.81 +0.06
15YR FNMA 3.0 102.36 +0.03
15YR FNMA 2.5 100.91 0.00
Treasuries hdr_arrow.png
Yield Change
Current MBS / Treasury Prices »
MBS and Treasury data provided by Thomson Reuters.
Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information.
Secondary Marketing Managers:
If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information
2 YR 1.5859% -0.0254
5 YR 1.5976% -0.0166
10 YR 1.7431% -0.0172
30 YR 2.1797% -0.0174
Prices as of: 11/26/2019 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.
© 2019 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.

Conforming Loan Limit Increased to $510,400

Conforming Loan Limit Increased to $510,400

Posted to: MND NewsWire
Tuesday, November 26, 2019 11:49 AM

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The conforming loan limit for most of the U.S. will, quite predictably, move higher on January 1. The Federal Housing Finance Agency announced on Tuesday that the maximum origination balance for loans purchased or acquired by the GSEs Fannie Mae and Freddie Mac during 2020 will increase to $510,400. The conforming limit for 2019 is $484,350. In areas where the median home value is 115 percent of the new baseline loan limit the conforming limit is higher than that baseline but cannot exceed 150 percent of it. That calculation caps the loan limit for these “high cost” areas at $765,600, or 150 percent of $510,400.

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