Remember the old Point/Counterpoint segment on CBS's 60 Minutes? Two political commentators, a far right conservative and an equally lefty liberal argued the merits or lack of a current controversial issue. Two recent articles in the same issue of The National Review were reminiscent of that feature - except this was two conservatives arguing which parts of Ben Carson's recent performance were more meritorious. They both had their points, and both managed to entirely overlook a singularly important one. The topic was the Secretary of Housing and Urban Development's recently announced plan to combat the lack of affordable housing by taking on stringent local zoning and land-use regulations. The centerpiece article is written by Michael Tanner, a senior fellow at the Cato Institute. He mentions

October 23, 2018 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.22% +0.09%   6.11% 7.26% 15 Yr. Fixed 5.75% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.14% -0.01%   6.14% 7.45% Compare Mortgage Rates from Local Lenders for Oct 23, 2018 Mortgage Rates Little-Changed to Begin The Week Mon, Oct 22, 2018 4:52PM Mortgage rates didn't move much today. Lenders who made changes to Friday's rate sheets generally did so toward slightly higher rates. Actually, it would be more precise to say those lenders raised upfront costs associated with any given rate. This is typical on days where the broader rate market is slightly weaker, but not weak enough for mortgage lenders to adjust mortgage rates by the standard 0.125% increment. In the bigger picture , this leaves the average lender quoting conventional 30yr fixed rates of roughly 5% on top tier scenarios. There were no major developments or economic reports... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.22% +0.09 0.00 15 Yr. Fixed 5.75% +0.04 0.00 30 Yr. FHA 5.95% +0.04 0.00 30 Yr. Jumbo 6.14% -0.01 0.00 7/6 SOFR ARM 5.65% 0.00 0.00 30 Yr. VA 5.98% +0.06 0.00 Updates Daily - Last Update: 9/17 Freddie Mac Rate Change Points 30 Yr. Fixed 6.35% -0.15 0.00 15 Yr. Fixed 5.50% -0.10 0.00 Updates Weekly - Last Update: 9/11 Mortgage Bankers Assoc. 30 Yr. Fixed 6.49% -0.15 0.56 15 Yr. Fixed 5.70% -0.14 0.55 30 Yr. Jumbo 6.44% -0.14 0.48 Updates Weekly - Last Update: 9/10 UMBS 30YR 5.0 99.51 -0.08   95.05 100.47 UMBS 30YR 5.5 101.02 -0.02   97.47 101.61 10 YR Treasury 4.121 +0.040   3.706 4.780 MBS Live Day Ahead: Consolidation Breakout Sets Up Important Test For Bonds Tue, Oct 23, 2018 9:17AM Yesterday was boring and uneventful.  Bonds seemed to be trying everything in their power to remain range-bound and avoid breaking out of the consolidation pattern we'd been tracking.   By contrast, today's bond market is unrecog... (read more) MBS Live Recap: Uneventful Start; Consolidation Continues Mon, Oct 22, 2018 5:26PM As of October 16th, we'd been tracking the most recent consolidation in bond yields (and stocks for that matter) waiting for a breakout to suggest the next dose of momentum.  Stocks broke higher with conviction while bonds merely trickled sideways.  Still, they'd technically broken the consolidation, thus implying more momentum toward higher rate... (read more) MBS Live Commentary: An Update on MBS Underperformance vs Treasuries Tue, Oct 23, 2018 4:56PM Duration is a key variable in deciding value to bond investors investors. In fact, many investors have a duration target for their portfolio.  Duration changes differently for MBS vs Treasuries, and this contributes to differences in relative pe... (read more) MBS Price Change UMBS 4.5 97.34 -0.28 UMBS 5.0 99.47 -0.12 UMBS 5.5 101.02 -0.01 GNMA 4.5 97.48 -0.54 GNMA 5.0 99.70 -0.13 GNMA 5.5 100.93 +0.04 Pricing as of: 9/18 11:41AM EST US Treasury Yield Change 2 YR Treasury 3.579 +0.016 5 YR Treasury 3.681 +0.025 7 YR Treasury 3.872 +0.033 10 YR Treasury 4.123 +0.042 30 YR Treasury 4.733 +0.045 Pricing as of: 9/18 11:41AM EST Other News Carson Plan: Deregulation to Promote Affordable Housing Tue, Oct 23, 2018 11:53AM Remember the old Point/Counterpoint segment on CBS's 60 Minutes? Two political commentators, a far right conservative and an equally lefty liberal argued the merits or lack of a current controversial issue. Two recent articles in the same issue of The National Review were reminiscent of that feature - except this was two conservatives arguing which parts of ... (read more) Loan Limit Thoughts; Long List of Credit Changes and Lender Updates Tue, Oct 23, 2018 9:56AM Historically the FHFA, and with it Freddie and Fannie, announce official loan levels for the following year soon after Thanksgiving . (There are always rumors prior.) The loan limits are based on home prices around the nation. After 2008, despite the prices in many areas dropping, the Agencies did what they could to maintain stability. Prices in most areas h... (read more) Latest Video Rising home prices drive PulteGroup Q3 profit beat Atlanta Fed's Bostic raises 2018, 2019 growth forecasts Liesman: Fed will take sell-off into consideration, but likely won't change... Around the Web Reuters Wall St. falls on earnings worries but pares losses Reuters Tariffs begin to take bite out of U.S. corporate earnings growth Reuters Wall St. cuts losses as investors snap up shares CNBC With homebuilding stocks down 40%, investors hope Fed gets the message and slows rate hikes CNBC The Federal Reserve doesn't need to 'keep our foot on the gas pedal' anymore, Fed's Bostic says CNBC Home buyers: Here's what higher mortgage rates will cost you in these cities Calculated Risk Blog Quarterly Housing Starts by Intent Bloomberg Treasuries Gain Most Since May With Stocks Slumping, Italy Concern CNBC Former Fed Chairman Paul Volcker thinks 'we're in a hell of a mess' CNBC EU rejects Italy's budget plan for 2019, sending bond yields higher CNBC US Treasury yields slip amid geopolitical jitters Reuters Shares sink toward one-year low as bears bite again Bloomberg Goldman Warns It's Not Over Yet for Italian Debt Market Woes

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