The financial situation for mortgage lenders brightened considerably in the first quarter of this year, although profitability is way down from post-recession peaks. The Mortgage Bankers Association (MBA) said the average gain on each loan originated by the independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks responding to its survey was $285. In the fourth quarter of 2018 each loan originated resulted in a $200 loss and across the entire year the average per-loan profit was $367. Including all business lines (both production and servicing), 59 percent of the firms in the study posted pre-tax net financial profits in the first quarter, up from 44 percent in the fourth quarter. "Independent mortgage bankers experienced improvements in the first three months of the year

June 6, 2019 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.15% -0.02%   6.01% 7.13% 15 Yr. Fixed 5.72% -0.03%   5.55% 6.5% 30 Yr. Jumbo 6.33% -0.02%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Jun 6, 2019 Mortgage Rates Steady to Higher Depending on The Lender Wed, Jun 5, 2019 4:37PM Mortgage rates began the day very little changed versus yesterday's latest offerings. That meant another morning of access to the lowest rates since late 2017. As the day progressed, bond markets weakened and several lenders were forced to issue mid-day reprices (meaning slightly higher rates or upfront costs, depending on the scenario). Reprices can go both ways, but generally speaking, lenders are quicker to reprice toward higher rates/costs when bonds are weakening than they are to offer improvements when bonds are strengthening. It should be noted that different lenders are offering drasti... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.15% -0.02 0.00 15 Yr. Fixed 5.72% -0.03 0.00 30 Yr. FHA 5.75% -0.05 0.00 30 Yr. Jumbo 6.33% -0.02 0.00 7/6 SOFR ARM 5.56% -0.03 0.00 30 Yr. VA 5.77% -0.04 0.00 Updates Daily - Last Update: 2/6 Freddie Mac Rate Change Points 30 Yr. Fixed 6.11% +0.01 0.00 15 Yr. Fixed 5.50% +0.01 0.00 Updates Weekly - Last Update: 2/5 Mortgage Bankers Assoc. 30 Yr. Fixed 6.24% +0.08 0.55 15 Yr. Fixed 5.64% +0.09 0.61 30 Yr. Jumbo 6.34% -0.05 0.40 Updates Weekly - Last Update: 1/28 UMBS 30YR 5.0 100.05 +0.01   95.71 100.50 UMBS 30YR 5.5 101.49 +0.04   98.11 101.64 10 YR Treasury 4.213 +0.033   3.932 4.608 MBS Live Day Ahead: Consolidation Continues Thu, Jun 6, 2019 8:58AM In the day just past, bonds maintained a range that fell almost perfectly inside the range from the previous day.  The same was true of the previous day (Tuesday) and is also true so far today.  This sort of momentum builds a case for a s... (read more) MBS Price Change UMBS 4.5 98.06 +0.03 UMBS 5.0 100.05 +0.01 UMBS 5.5 101.49 +0.04 GNMA 4.5 97.84 +0.10 GNMA 5.0 100.18 +0.11 GNMA 5.5 101.22 -0.02 Pricing as of: 2/7 7:21AM EST US Treasury Yield Change 2 YR Treasury 3.496 +0.044 5 YR Treasury 3.753 +0.036 7 YR Treasury 3.965 +0.026 10 YR Treasury 4.213 +0.033 30 YR Treasury 4.851 +0.006 Pricing as of: 2/7 7:21AM EST Other News Mortgage Profitability, Costs, and Revenues All Surging in 2019 Thu, Jun 6, 2019 3:32PM The financial situation for mortgage lenders brightened considerably in the first quarter of this year, although profitability is way down from post-recession peaks. The Mortgage Bankers Association (MBA) said the average gain on each loan originated by the independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks responding to its surve... (read more) Lack of Mortgage Savvy May be Stifling Homeownership Thu, Jun 6, 2019 10:54AM Fannie Mae's monthly National Housing Survey consistently shows that the vast majority of Americans would prefer to own rather than rent a home but are uncertain or mistaken about what qualifications are necessary to get a mortgage. Now the company has reprised a 2015 survey exploring that knowledge gap and found, after questioning more than 3000 respondents... (read more) NAR Letters Urges FHFA Director, Reform with Caution Thu, Jun 6, 2019 8:25AM We can only guess at what the new director of the Federal Housing Finance Agency (FHFA) told members of the National Association of Realtors® (NAR) last month, but it certainly provoked a response. The Association sent a letter to Mark Calabria on Monday urging him basically not to make changes to the system for the sake of making them. The letter, signe... (read more) Non-QM, Pricing, Reno Products; Vendor News; CFPB/Freedom Settlement Thu, Jun 6, 2019 10:31AM Here on the 75th anniversary of D-Day, recall that, “Those who cannot remember the past are condemned to repeat it.” One could easily follow that with, “Those who remember the past can learn from it.” The death of Herb Sandler (Golden West Financial, sold to Wachovia for $24 billion in 2006; Wachovia was purchased by Wells Fargo in 20... (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 U.S. mulls delaying threatened tariffs on Mexican products: Bloomberg CNBC Fed's Williams says the yield curve isn't a magic 'oracle' for predicting a recession Reuters Wall Street muted as rate cut bets temper trade tensions Brookings Institution How will we know when a recession is coming? 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