Freddie Mac's May Forecast continues to look for a downward trending interest on the 30-year fixed-rate mortgage. The company's economists are project an average rate of 4.3 percent this year with a small increase to 4.5 percent in 2020. Coupled with a strong labor market, low unemployment, and "modest" wage growth, this should mean a steadily growing housing market this year. The forecast is for total housing sales, both new and existing, to slightly best the 2018 number of 5.96 million units, rising to 5.98 million. Existing home sales will account for 5.35 million of the total and new home sales for 630,000 units. Sales in 2020 are expected to be even better, at 6.14 million overall. Housing starts will be flat this year , with single-family starts gaining 0.01 million units to 0.88 million

May 20, 2019 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.06% -0.15%   6.06% 7.26% 15 Yr. Fixed 5.59% -0.15%   5.59% 6.59% 30 Yr. Jumbo 6.35% +0.00%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for May 20, 2019 Mortgage Rates End Week Near Long-Term Lows Fri, May 17, 2019 3:35PM Wednesday was the best day this week for Mortgage rates with the average lender at the lowest levels in more than a month and very close to the lowest levels in more than a year. Things changed on Thursday with rates moving up slightly. That said, Thursday would have been the best day in more than a month had it not been for Wednesday! Friday brought effectively no change to Thursday's levels, thus keeping the average lender very close to long-term lows . In fact, the average loan quote won't have changed in terms of the quoted interest rate during the past 3 days--only in terms of the upfront... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.06% -0.15 0.00 15 Yr. Fixed 5.59% -0.15 0.00 30 Yr. FHA 5.69% -0.15 0.00 30 Yr. Jumbo 6.35% 0.00 0.00 7/6 SOFR ARM 5.72% -0.01 0.00 30 Yr. VA 5.70% -0.15 0.00 Updates Daily - Last Update: 1/9 Freddie Mac Rate Change Points 30 Yr. Fixed 6.16% +0.01 0.00 15 Yr. Fixed 5.46% +0.02 0.00 Updates Weekly - Last Update: 1/8 Mortgage Bankers Assoc. 30 Yr. Fixed 6.33% +0.01 0.60 15 Yr. Fixed 5.71% -0.02 0.64 30 Yr. Jumbo 6.46% +0.06 0.35 Updates Weekly - Last Update: 12/10 UMBS 30YR 5.0 100.44 -0.05   95.05 100.50 UMBS 30YR 5.5 101.64 0.00   97.47 101.64 10 YR Treasury 4.194 +0.024   3.932 4.780 MBS Live Day Ahead: Holiday-Shortened Trading Week Promises Little Inspiration Mon, May 20, 2019 9:42AM In the week just past, bonds managed to extend the already unexpected gains that began on May 6th following a sharp escalation in US/China trade war rhetoric.  Trade-related news continued to be a market mover throughout that two week period, an... (read more) MBS Price Change UMBS 4.5 98.41 -0.12 UMBS 5.0 100.44 -0.05 UMBS 5.5 101.64 0.00 GNMA 4.5 98.15 -0.03 GNMA 5.0 100.18 -0.03 GNMA 5.5 101.24 -0.01 Pricing as of: 1/12 4:25AM EST US Treasury Yield Change 2 YR Treasury 3.525 -0.003 5 YR Treasury 3.760 +0.009 7 YR Treasury 3.968 +0.015 10 YR Treasury 4.194 +0.024 30 YR Treasury 4.860 +0.045 Pricing as of: 1/12 4:25AM EST Other News New Data Prompts Freddie Mac to Upgrade Their Forecast Mon, May 20, 2019 10:06AM Freddie Mac's May Forecast continues to look for a downward trending interest on the 30-year fixed-rate mortgage. The company's economists are project an average rate of 4.3 percent this year with a small increase to 4.5 percent in 2020. Coupled with a strong labor market, low unemployment, and "modest" wage growth, this should mean a steadily growing housin... (read more) Low Rates Stabilize Refinancing Share of Originations Fri, May 17, 2019 8:09AM Refinancing held on to a 35 percent share of mortgage originations in April according to the Origination Insight Report from Ellie Mae as the 30-year note rate dropped for the fourth consecutive month. The rate was at its highest so far at 5.01 percent in January. The April average was 4.61 percent. The share of refinancing was little changed from March for ... (read more) MBA Betting on New Home Sales Surge Thu, May 16, 2019 12:42PM Applications for new home purchases jumped 15.6 percent in April compared to a year ago and were 3.0 percent higher than in March. The Mortgage Bankers Association said these non-seasonally adjusted numbers indicate there will be a strong increase in new home sales for the month. "There was a healthy increase in new home purchase activity in April, boosted b... (read more) Training, Reno, Appraisal Products; Compliance Warning; FHFA, Fannie, Freddie News Mon, May 20, 2019 8:28AM Tony H. sent, “A conference is a gathering of people who singly can do nothing, but together can decide that nothing can be done.” Not at this MBA event, right!? Here in New York there’s a lot to talk about. Ellie Mae laying off 10% of its workforce, for example. MERS reporting 19,000 eNotes added to the MERS eRegistry during the first quar... (read more) Latest Video January new home sales drop nearly 7% Bank of America CEO: Loan demand showing consistent growth UK parliament votes on options to delay Brexit January new home sales fall short of expectations, down 6.9 percent Around the Web Reuters Tight U.S. job market not attracting new people to the labor force: paper Calculated Risk Blog The Changing Mix of Light Vehicle Sales Reuters Wall St. pressured as Huawei fallout worries spark tech sell-off CNBC Morgan Stanley: More tariffs on China could trigger a global recession Reuters U.S. unlikely to suffer big damages from China trade dispute: Fed CNBC Without student debt, Morehouse graduates will have more options, from careers to homes Bloomberg Fed's Bostic Says an Interest-Rate Hike and a Cut Are Equally Likely Calculated Risk Blog Quarterly Housing Starts by Intent NAHB Eye on Housing California Leads Job Gains in April Calculated Risk Blog Chicago Fed "Index Points to Slower Economic Growth in April" CNBC Atlanta Fed President Bostic does not see a rate cut this year like the market is telegraphing CNBC US Treasury yields tick higher ahead of comments from Fed's Powell Bloomberg Trade War's Hammerlock on Bond Market Puts Lower Yields in Sight

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