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You are viewing Micro News from Friday, Sep 9, 2011 - View all recent Micro News
  • 9/9/11
    Week Ahead Includes Plenty of Data, Auctions, and Five Whole Days
    This past week may have been doomed from the get-go in terms of participation. Data was light... No auctions... Volume was light considering the tape-bombs. Next week will try to make up for it with a full 5 days of fury, including a round of Treasury auctions at the lowest yields since as far back as most of us have records. Auctions actually kick off on Monday in order to make room for TIPS and T-bill announcements on Thursday. Data highlights include PPI, Retail Sales, CPI, Industrial Production, Philly Fed (yes, already!). Perhaps most importantly, it's the last week before the 2 day Fed Meeting on 9/20 and 9/21.
    Category: MBS, ECON
    Share:   
  • 9/9/11
    HUD: Notices for FHA Lenders
    Beginning Monday, September 12, 2011, lenders will no longer be able to order a streamline refinance case with an appraisal. The only available streamline refinance case type will be streamline without appraisal. A prior FHA refinance case with appraisal should be ordered as a fully processed Prior FHA case with an appraisal.

    Beginning Monday, September 12, 2011, for Streamline Refinances cases without an appraisal, when a prior FHA refinance case is netted to a new case number, the outstanding principal balance for the projected month of closing and the following month will automatically be provided in FHA Connection. These fields will appear on the Case Number Assignment screen when the case number is assigned. They will also appear on Refinance Authorization and Refinance Credit Query. The values will be used to limit the entry in the Unpaid Principal Balance field on FHAC Insurance Application for FHA to FHA refinance cases. The Unpaid Principal Balance amount is used to determine the maximum mortgage allowed for the case. For this reason, it is very important that the lender enter an accurate projected closing date. If they find the entered closing date is no longer accurate, they should correct it, prior to remitting UFMIP, using FHAC Refinance Authorization to obtain a new outstanding principal balance from A43 before processing Insurance Application.
    Category: MBS, INDUSTRY
    Share:   
  • 9/9/11
    HUD: New FHA Mortgagee Letter (2011-33)
    Subject: Mortgage Record Changes and Data Reconciliation

    Purpose: This Mortgagee Letter announces that FHA approved Holders and Servicers are subject to sanctions for failure to report Mortgage Record Changes (MRC) for mortgage sales, transfers and terminations of mortgage insurance. Mortgagees who fail to comply may be subject to referral to the Mortgagee Review Board (MRB) for administrative actions including but not limited to civil money penalties…

    Read the Letter Here

    Category: MBS, INDUSTRY
    Share:   
  • 9/9/11
    Hard to miss the rally in 10yr yields. 1.896 at one...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 9/9/11
    Fed's Williams: Anti-Risk Rules Must Aid Growth Too
    (Reuters) - Global regulators must balance the need to crack down on risky practices that could set off another financial crisis against the imperative of economic growth, a U.S. central banker said on Friday.

    Just as lax rules on lending helped fuel a housing bubble that then burst with disastrous consequences, overly strict rules might prolong the economic doldrums, San Francisco Federal Reserve Bank President John Williams suggested in remarks prepared for delivery at a San Francisco Fed symposium on Asian banking.

    "It's important to talk about both sides of the coin - the threat represented by a buildup of systemic risk and the cost of policies and practices that contain that risk," Williams said in the text of the remarks, made available by email in Chicago. "The challenge is to design a regime of macroprudential supervision that maintains financial stability and maximizes long-term economic growth."

    A legislative overhaul after the 2007-2009 crisis gave the Fed new powers to oversee systemically important financial institutions, the rules for which are still being written.

    Those rules could have important economic consequences, Williams cautioned, including possibly restricting credit and therefore economic growth.

    Williams did not comment on monetary policy or the economic outlook in his prepared remarks

    (Reporting by Ann Saphir, Editing by Chizu Nomiyama)
    Category: MBS, FED
    Share:   
  • 9/9/11
    MBA Applauds Senate Banking Committee's Passage of Flood Insurance Bill
    David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), released the following statement in response to Thursday's passage of the Flood Insurance Reform and Modernization Act of 2011 by the U.S. Senate Committee on Banking, Housing and Urban Affairs:

    "MBA applauds the Senate Banking Committee, led by Chairman Tim Johnson (D-SD) and Ranking Member Richard Shelby (R-AL), on its unanimous passage of the Flood Insurance Reform and Modernization Act of 2011. This legislation is vital to the real estate finance industry and flooding this week on the U.S. East Coast is a reminder of that."

    "The National Flood Insurance Program (NFIP) is set to expire at the end of this month and with that in mind we would urge passage of this legislation by the full Senate and a swift reconciliation so the President may sign a bill into law by September 30, 2011. If it is impossible to get a bill to the President's desk in that timeframe, it is critical that Congress grant an extension of NFIP, rather than allow it to lapse, which would ill-serve lenders, borrowers and owners of real estate."
    Category: INDUSTRY
    Share:   
  • 9/9/11
    ECON: Wholesale Inventories up in July
    (Reuters) -

    U.S. wholesale inventories rose to a record high in July partly due to higher stocks of unsold computer equipment, machinery and apparel, a government report said on Friday.

    Total wholesale inventories rose 0.8 percent to $462.4 billion, the Commerce department said, in line with analysts' forecasts and following a 0.6 percent rise in June.

    Wholesale inventories in July were supported by a 3.7 percent rise in computer equipment and a 1.3 percent increase in machinery. Apparel stocks rose 2.9 percent.

    Sales at wholesalers were unchanged at $396 billion after reaching an all-time high in June.

    (Reporting by Rachelle Younglai; Editing by James Dalgleish)
    Category: MBS, ECON
    Share:   
  • 9/9/11
    ECB's Stark to Retire Early After Bond-Buying Disagreements
    (Reuters) - The top German official at the European Central Bank is to quit early in disagreement with the bank's policy of buying euro zone government bonds to combat the currency bloc's debt crisis.

    After Reuters exclusively reported that Executive Board Member Juergen Stark, the central bank's chief economist, would quit, the ECB confirmed that he would leave before the end of the year once a replacement had been found. Stark's departure, almost three years before his term is due to expire in May 2014, would deepen a gulf between the ECB, which manages the currency of the 17-nation European currency area, and German guardians of central bank orthodoxy. Former Bundesbank President Axel Weber, who had been the frontrunner to succeed ECB President Jean-Claude Trichet when he retires at the end of next month, resigned and withdrew from the race in February in protest at the same policy.

    "Stark held the same view of the bond-buying as Axel Weber and the current Bundesbank president," said Manfred Neumann, emeritus economics professor at Bonn University and former thesis adviser to Bundesbank chief Jens Weidmann. "It is a position that all the Germans have. This is a sign of huge problems within the central bank. The Germans clearly have a problem with the direction of the ECB."

    Trichet made an emotional defence of the bank's performance against German criticism at a news conference on Thursday, angrily telling a German questioner that the ECB's record of inflation fighting in Germany over the last 12 years had been better than the Bundesbank's.

    Stark was one of four members of the ECB's policymaking governing council who sources said voted against last month's controversial decision to revive the dormant bond-buying programme and start buying Italian and Spanish debt after the two countries' borrowing costs ballooned amid market fever.
    Category: MBS, ECON
    Share:   
  • 9/9/11
    Early bond market action was on the weaker side and...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 9/9/11
    House Financial Services Committee Republicans Request Facts on Dodd-Frank’s Job-Threatening Regulations
    “We hear constantly from small town bankers, credit unions and small businesses that these regulations are like tying lead weights around their ankles and then asking them to run a foot race,” said Chairman Bachus. “Instead of adding more burdens, more costs and more rules on small banks and small business, Washington needs to back off the regulatory onslaught and get the government out of micro-managing the economy. Washington needs to cut the red tape so entrepreneurs can create American jobs.”

    View a copy of the letter.

    Category: INDUSTRY
    Share:   
  • 9/9/11
    Geithner Says No Act of Congress Needed For More Refinancings
    (Reuters) - U.S. Treasury Secretary Timothy Geithner said on Friday that the Obama administration's new jobs bill would have a substantial positive impact on the U.S. economy if passed by Congress. "If Congress were to act on this bill, it would have a substantial powerful effect on strengthening the economy that has slowed quite a bit and that would translate into jobs for hundreds of thousands of American workers at a time when we need that," Geithner told National Public Radio in a telephone interview. He also said that the administration did not need an act of Congress for new initiatives to boost refinancings of federally supported home mortgages. He said more details on how refinancings would work would be announced in the next three weeks. (Reporting by David Lawder and Rachelle Younglai, editing by W Simon )
    Category: MBS, ECON
    Share:   
  • 9/9/11
    HUD: Notices for FHA Lenders
    Beginning Monday, September 12, 2011, lenders will no longer be able to order a streamline refinance case with an appraisal. The only available streamline refinance case type will be streamline without appraisal. A prior FHA refinance case with appraisal should be ordered as a fully processed Prior FHA case with an appraisal.

    Beginning Monday, September 12, 2011, for Streamline Refinances cases without an appraisal, when a prior FHA refinance case is netted to a new case number, the outstanding principal balance for the projected month of closing and the following month will automatically be provided in FHA Connection. These fields will appear on the Case Number Assignment screen when the case number is assigned. They will also appear on Refinance Authorization and Refinance Credit Query. The values will be used to limit the entry in the Unpaid Principal Balance field on FHAC Insurance Application for FHA to FHA refinance cases. The Unpaid Principal Balance amount is used to determine the maximum mortgage allowed for the case. For this reason, it is very important that the lender enter an accurate projected closing date. If they find the entered closing date is no longer accurate, they should correct it, prior to remitting UFMIP, using FHAC Refinance Authorization to obtain a new outstanding principal balance from A43 before processing Insurance Application.
    Category: MBS, INDUSTRY
    Share:   
  • 9/9/11
    HUD: New FHA Mortgagee Letter (2011-33)
    Subject: Mortgage Record Changes and Data Reconciliation

    Purpose: This Mortgagee Letter announces that FHA approved Holders and Servicers are subject to sanctions for failure to report Mortgage Record Changes (MRC) for mortgage sales, transfers and terminations of mortgage insurance. Mortgagees who fail to comply may be subject to referral to the Mortgagee Review Board (MRB) for administrative actions including but not limited to civil money penalties…

    Read the Letter Here

    Category: MBS, INDUSTRY
    Share:   
  • 9/9/11
    MBA Applauds Senate Banking Committee's Passage of Flood Insurance Bill
    David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), released the following statement in response to Thursday's passage of the Flood Insurance Reform and Modernization Act of 2011 by the U.S. Senate Committee on Banking, Housing and Urban Affairs:

    "MBA applauds the Senate Banking Committee, led by Chairman Tim Johnson (D-SD) and Ranking Member Richard Shelby (R-AL), on its unanimous passage of the Flood Insurance Reform and Modernization Act of 2011. This legislation is vital to the real estate finance industry and flooding this week on the U.S. East Coast is a reminder of that."

    "The National Flood Insurance Program (NFIP) is set to expire at the end of this month and with that in mind we would urge passage of this legislation by the full Senate and a swift reconciliation so the President may sign a bill into law by September 30, 2011. If it is impossible to get a bill to the President's desk in that timeframe, it is critical that Congress grant an extension of NFIP, rather than allow it to lapse, which would ill-serve lenders, borrowers and owners of real estate."
    Category: INDUSTRY
    Share:   
  • 9/9/11
    House Financial Services Committee Republicans Request Facts on Dodd-Frank’s Job-Threatening Regulations
    “We hear constantly from small town bankers, credit unions and small businesses that these regulations are like tying lead weights around their ankles and then asking them to run a foot race,” said Chairman Bachus. “Instead of adding more burdens, more costs and more rules on small banks and small business, Washington needs to back off the regulatory onslaught and get the government out of micro-managing the economy. Washington needs to cut the red tape so entrepreneurs can create American jobs.”

    View a copy of the letter.

    Category: INDUSTRY
    Share:   
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  • 9/9/11
    This past week may have been doomed from the get-go in terms of participation. Data was light... No auctions... Volume was light considering the tape-bombs. Next week will try to make up for it with a full 5 days of fury, including a round of Treasury auctions at the lowest yields since as far back as most of us have records. Auctions actually kick off on Monday in order to make room for TIPS and T-bill announcements on Thursday. Data highlights include PPI, Retail Sales, CPI, Industrial Production, Philly Fed (yes, already!). Perhaps most importantly, it's the last week before the 2 day Fed Meeting on 9/20 and 9/21.
    Category: MBS, ECON
    Share:   
  • 9/9/11
    Beginning Monday, September 12, 2011, lenders will no longer be able to order a streamline refinance case with an appraisal. The only available streamline refinance case type will be streamline without appraisal. A prior FHA refinance case with appraisal should be ordered as a fully processed Prior FHA case with an appraisal.

    Beginning Monday, September 12, 2011, for Streamline Refinances cases without an appraisal, when a prior FHA refinance case is netted to a new case number, the outstanding principal balance for the projected month of closing and the following month will automatically be provided in FHA Connection. These fields will appear on the Case Number Assignment screen when the case number is assigned. They will also appear on Refinance Authorization and Refinance Credit Query. The values will be used to limit the entry in the Unpaid Principal Balance field on FHAC Insurance Application for FHA to FHA refinance cases. The Unpaid Principal Balance amount is used to determine the maximum mortgage allowed for the case. For this reason, it is very important that the lender enter an accurate projected closing date. If they find the entered closing date is no longer accurate, they should correct it, prior to remitting UFMIP, using FHAC Refinance Authorization to obtain a new outstanding principal balance from A43 before processing Insurance Application.
    Category: MBS, INDUSTRY
    Share:   
  • 9/9/11
    Subject: Mortgage Record Changes and Data Reconciliation

    Purpose: This Mortgagee Letter announces that FHA approved Holders and Servicers are subject to sanctions for failure to report Mortgage Record Changes (MRC) for mortgage sales, transfers and terminations of mortgage insurance. Mortgagees who fail to comply may be subject to referral to the Mortgagee Review Board (MRB) for administrative actions including but not limited to civil money penalties…

    Read the Letter Here

    Category: MBS, INDUSTRY
    Share:   
  • 9/9/11
    Hard to miss the rally in 10yr yields. 1.896 at one...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 9/9/11
    (Reuters) - Global regulators must balance the need to crack down on risky practices that could set off another financial crisis against the imperative of economic growth, a U.S. central banker said on Friday.

    Just as lax rules on lending helped fuel a housing bubble that then burst with disastrous consequences, overly strict rules might prolong the economic doldrums, San Francisco Federal Reserve Bank President John Williams suggested in remarks prepared for delivery at a San Francisco Fed symposium on Asian banking.

    "It's important to talk about both sides of the coin - the threat represented by a buildup of systemic risk and the cost of policies and practices that contain that risk," Williams said in the text of the remarks, made available by email in Chicago. "The challenge is to design a regime of macroprudential supervision that maintains financial stability and maximizes long-term economic growth."

    A legislative overhaul after the 2007-2009 crisis gave the Fed new powers to oversee systemically important financial institutions, the rules for which are still being written.

    Those rules could have important economic consequences, Williams cautioned, including possibly restricting credit and therefore economic growth.

    Williams did not comment on monetary policy or the economic outlook in his prepared remarks

    (Reporting by Ann Saphir, Editing by Chizu Nomiyama)
    Category: MBS, FED
    Share:   
  • 9/9/11
    (Reuters) -

    U.S. wholesale inventories rose to a record high in July partly due to higher stocks of unsold computer equipment, machinery and apparel, a government report said on Friday.

    Total wholesale inventories rose 0.8 percent to $462.4 billion, the Commerce department said, in line with analysts' forecasts and following a 0.6 percent rise in June.

    Wholesale inventories in July were supported by a 3.7 percent rise in computer equipment and a 1.3 percent increase in machinery. Apparel stocks rose 2.9 percent.

    Sales at wholesalers were unchanged at $396 billion after reaching an all-time high in June.

    (Reporting by Rachelle Younglai; Editing by James Dalgleish)
    Category: MBS, ECON
    Share:   
  • 9/9/11
    (Reuters) - The top German official at the European Central Bank is to quit early in disagreement with the bank's policy of buying euro zone government bonds to combat the currency bloc's debt crisis.

    After Reuters exclusively reported that Executive Board Member Juergen Stark, the central bank's chief economist, would quit, the ECB confirmed that he would leave before the end of the year once a replacement had been found. Stark's departure, almost three years before his term is due to expire in May 2014, would deepen a gulf between the ECB, which manages the currency of the 17-nation European currency area, and German guardians of central bank orthodoxy. Former Bundesbank President Axel Weber, who had been the frontrunner to succeed ECB President Jean-Claude Trichet when he retires at the end of next month, resigned and withdrew from the race in February in protest at the same policy.

    "Stark held the same view of the bond-buying as Axel Weber and the current Bundesbank president," said Manfred Neumann, emeritus economics professor at Bonn University and former thesis adviser to Bundesbank chief Jens Weidmann. "It is a position that all the Germans have. This is a sign of huge problems within the central bank. The Germans clearly have a problem with the direction of the ECB."

    Trichet made an emotional defence of the bank's performance against German criticism at a news conference on Thursday, angrily telling a German questioner that the ECB's record of inflation fighting in Germany over the last 12 years had been better than the Bundesbank's.

    Stark was one of four members of the ECB's policymaking governing council who sources said voted against last month's controversial decision to revive the dormant bond-buying programme and start buying Italian and Spanish debt after the two countries' borrowing costs ballooned amid market fever.
    Category: MBS, ECON
    Share:   
  • 9/9/11
    Early bond market action was on the weaker side and...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 9/9/11
    (Reuters) - U.S. Treasury Secretary Timothy Geithner said on Friday that the Obama administration's new jobs bill would have a substantial positive impact on the U.S. economy if passed by Congress. "If Congress were to act on this bill, it would have a substantial powerful effect on strengthening the economy that has slowed quite a bit and that would translate into jobs for hundreds of thousands of American workers at a time when we need that," Geithner told National Public Radio in a telephone interview. He also said that the administration did not need an act of Congress for new initiatives to boost refinancings of federally supported home mortgages. He said more details on how refinancings would work would be announced in the next three weeks. (Reporting by David Lawder and Rachelle Younglai, editing by W Simon )
    Category: MBS, ECON
    Share:   
  • 9/9/11
    Week Ahead Includes Plenty of Data, Auctions, and Five Whole Days
    This past week may have been doomed from the get-go in terms of participation. Data was light... No auctions... Volume was light considering the tape-bombs. Next week will try to make up for it with a full 5 days of fury, including a round of Treasury auctions at the lowest yields since as far back as most of us have records. Auctions actually kick off on Monday in order to make room for TIPS and T-bill announcements on Thursday. Data highlights include PPI, Retail Sales, CPI, Industrial Production, Philly Fed (yes, already!). Perhaps most importantly, it's the last week before the 2 day Fed Meeting on 9/20 and 9/21.
    Category: MBS, ECON
    Share:   
  • 9/9/11
    ECON: Wholesale Inventories up in July
    (Reuters) -

    U.S. wholesale inventories rose to a record high in July partly due to higher stocks of unsold computer equipment, machinery and apparel, a government report said on Friday.

    Total wholesale inventories rose 0.8 percent to $462.4 billion, the Commerce department said, in line with analysts' forecasts and following a 0.6 percent rise in June.

    Wholesale inventories in July were supported by a 3.7 percent rise in computer equipment and a 1.3 percent increase in machinery. Apparel stocks rose 2.9 percent.

    Sales at wholesalers were unchanged at $396 billion after reaching an all-time high in June.

    (Reporting by Rachelle Younglai; Editing by James Dalgleish)
    Category: MBS, ECON
    Share:   
  • 9/9/11
    ECB's Stark to Retire Early After Bond-Buying Disagreements
    (Reuters) - The top German official at the European Central Bank is to quit early in disagreement with the bank's policy of buying euro zone government bonds to combat the currency bloc's debt crisis.

    After Reuters exclusively reported that Executive Board Member Juergen Stark, the central bank's chief economist, would quit, the ECB confirmed that he would leave before the end of the year once a replacement had been found. Stark's departure, almost three years before his term is due to expire in May 2014, would deepen a gulf between the ECB, which manages the currency of the 17-nation European currency area, and German guardians of central bank orthodoxy. Former Bundesbank President Axel Weber, who had been the frontrunner to succeed ECB President Jean-Claude Trichet when he retires at the end of next month, resigned and withdrew from the race in February in protest at the same policy.

    "Stark held the same view of the bond-buying as Axel Weber and the current Bundesbank president," said Manfred Neumann, emeritus economics professor at Bonn University and former thesis adviser to Bundesbank chief Jens Weidmann. "It is a position that all the Germans have. This is a sign of huge problems within the central bank. The Germans clearly have a problem with the direction of the ECB."

    Trichet made an emotional defence of the bank's performance against German criticism at a news conference on Thursday, angrily telling a German questioner that the ECB's record of inflation fighting in Germany over the last 12 years had been better than the Bundesbank's.

    Stark was one of four members of the ECB's policymaking governing council who sources said voted against last month's controversial decision to revive the dormant bond-buying programme and start buying Italian and Spanish debt after the two countries' borrowing costs ballooned amid market fever.
    Category: MBS, ECON
    Share:   
  • 9/9/11
    Geithner Says No Act of Congress Needed For More Refinancings
    (Reuters) - U.S. Treasury Secretary Timothy Geithner said on Friday that the Obama administration's new jobs bill would have a substantial positive impact on the U.S. economy if passed by Congress. "If Congress were to act on this bill, it would have a substantial powerful effect on strengthening the economy that has slowed quite a bit and that would translate into jobs for hundreds of thousands of American workers at a time when we need that," Geithner told National Public Radio in a telephone interview. He also said that the administration did not need an act of Congress for new initiatives to boost refinancings of federally supported home mortgages. He said more details on how refinancings would work would be announced in the next three weeks. (Reporting by David Lawder and Rachelle Younglai, editing by W Simon )
    Category: MBS, ECON
    Share:   
  • 9/9/11
    Fed's Williams: Anti-Risk Rules Must Aid Growth Too
    (Reuters) - Global regulators must balance the need to crack down on risky practices that could set off another financial crisis against the imperative of economic growth, a U.S. central banker said on Friday.

    Just as lax rules on lending helped fuel a housing bubble that then burst with disastrous consequences, overly strict rules might prolong the economic doldrums, San Francisco Federal Reserve Bank President John Williams suggested in remarks prepared for delivery at a San Francisco Fed symposium on Asian banking.

    "It's important to talk about both sides of the coin - the threat represented by a buildup of systemic risk and the cost of policies and practices that contain that risk," Williams said in the text of the remarks, made available by email in Chicago. "The challenge is to design a regime of macroprudential supervision that maintains financial stability and maximizes long-term economic growth."

    A legislative overhaul after the 2007-2009 crisis gave the Fed new powers to oversee systemically important financial institutions, the rules for which are still being written.

    Those rules could have important economic consequences, Williams cautioned, including possibly restricting credit and therefore economic growth.

    Williams did not comment on monetary policy or the economic outlook in his prepared remarks

    (Reporting by Ann Saphir, Editing by Chizu Nomiyama)
    Category: MBS, FED
    Share:   
 
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