The Mortgage Credit Availability Index (MCAI), a measure developed by the Mortgage Bankers Association (MBA), was unchanged in April at 177.9. The Index indicates the availability of credit based on whether lending standards are tightening, which would result in a lower score, or loosening, an increase in the index. Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting, said "Credit availability in April was unchanged overall, but the components told different stories. Government credit tightened slightly as investors continued to pull back on streamline refinance products, while conventional credit availability increased, driven mainly by an expansion in jumbo credit. The jumbo market remains competitive for lenders according to data from our Weekly Application Survey

May 8, 2018 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.25% -0.04%   6.11% 7.26% 15 Yr. Fixed 5.71% -0.01%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for May 8, 2018 Mortgage Rates Still Waiting to Make a Move Mon, May 7, 2018 4:14PM Mortgage rates have been exceptionally sideways for nearly 2 weeks now--this after hitting the highest levels in more than 4 years on April 25th. As always, the run up to long-term highs happened in concert with weakness in the broader bond market. Rates are based primarily on the prices of mortgage-backed securities (MBS). In turn, MBS movement is heavily dependent on movement in the broader bond market (where bonds like US Treasuries are top dog, domestically). All that to say: we're not really witnessing a mortgage rate phenomenon, but rather a bond market phenomenon. Both Treasuries and MB... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.25% -0.04 0.00 15 Yr. Fixed 5.71% -0.01 0.00 30 Yr. FHA 5.99% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.64% -0.01 0.00 30 Yr. VA 6.01% 0.00 0.00 Updates Daily - Last Update: 9/15 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 5.5 101.29 +0.16   97.47 101.61 UMBS 30YR 6.0 102.44 +0.04   99.66 102.50 10 YR Treasury 4.031 -0.035   3.621 4.780 MBS Live Day Ahead: As Week Begins in Earnest, Bonds Are Under Pressure Tue, May 8, 2018 9:16AM Yesterday's recap labeled the trading day as an official 3rd day of the weekend due to an absence of volume or volatility.  The underlying culprit (apart from Mondays generally being slower) was a bank holiday in the UK that contributed to a ver... (read more) MBS Live Recap: Another Unofficial 3-Day Weekend (Still in Progress) Mon, May 7, 2018 4:36PM This happens from time to time on Mondays.  Either due to a holiday overseas or some other distraction, a data-free Monday ends up being a complete dud in terms of volume and volatility in the US trading session.  Such was the case today, with the most obvious culprit being the market closure (scheduled) in London--a critical hub for overnight tr... (read more) MBS Price Change UMBS 5.0 99.91 +0.28 UMBS 5.5 101.28 +0.15 UMBS 6.0 102.45 +0.06 GNMA 5.0 100.23 +0.23 GNMA 5.5 101.28 +0.15 GNMA 6.0 102.06 +0.05 Pricing as of: 9/15 2:29PM EST US Treasury Yield Change 2 YR Treasury 3.534 -0.019 5 YR Treasury 3.599 -0.031 7 YR Treasury 3.782 -0.034 10 YR Treasury 4.031 -0.035 30 YR Treasury 4.648 -0.034 Pricing as of: 9/15 2:29PM EST Other News Government Mortgage Standards Tightening While Jumbos Expand Tue, May 8, 2018 4:32PM The Mortgage Credit Availability Index (MCAI), a measure developed by the Mortgage Bankers Association (MBA), was unchanged in April at 177.9. The Index indicates the availability of credit based on whether lending standards are tightening, which would result in a lower score, or loosening, an increase in the index. Joel Kan, MBA's Associate Vice President o... (read more) Remodelers Say Labor Shortages are Raising Costs, Delaying Work Tue, May 8, 2018 10:54AM Home owners who have needed help from someone in the trades in the recent past will probably agree with a report from the National Association of Home Builders (NAHB) noting the serious shortages of labor faced by remodelers . Paul Emrath, writing in the NAHB Eye-on-Housing blog says 91 percent of remodelers responding to an Association survey said they had ... (read more) Capital Markets Products; Non-QM Issuance; Freddie Extending Credit to Non-Banks? Tue, May 8, 2018 9:09AM Air travel is an interesting thing, and very safe by most metrics. Did you know that there are between 440,000 and 660,000 people in the air over the U.S. at any given time? (This morning one of those will be me as it is off to Dallas for the TXAMP luncheon tomorrow.) "Not available for tracking per request from the owner" says a flight-tracking website whic... (read more) Latest Video President Trump expected to withdraw from the Iran nuclear deal Santelli Exchange: Growth and inflation will determine the level of interes... JP Morgan Private Bank: Is the growth cycle about to end? Around the Web consumerfinancemonitor.com Top CFPB officials describe recent changes at the Bureau Calculated Risk Blog Update: Housing Inventory Tracking Washington Post A surprising economic factor that could power presidential voting: The availability of mortgages Calculated Risk Blog Las Vegas Real Estate in April: Sales Up Slightly YoY, Inventory down 19% CNBC Here's how the next bond crash actually happens Calculated Risk Blog BLS: Job Openings Increased in March to New Series High CNBC Homeowners are bullish on prices, while buyers may find there's no inventory Bloomberg Powell Comments, Emerging-Market Concern, UK Houses: Eco Day Gallup U.S. Home Selling and Buying Intentions Point to Sellers' Market Washington Post Forget owning, renting is becoming the end game for many millennials and baby boomers NAHB Eye on Housing For Remodelers, Labor Shortages Resume Aggravating Trend Washington Post HUD Secretary Ben Carson to be sued for suspending Obama-era fair-housing rule Bloomberg Departure of Fed's Dudley Will Open the Door for a Hawk on FOMC

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