As was being widely rumored yesterday, the newly installed Trump Administration has indefinitely suspended a scheduled reduction in the annual premium for Federal Housing Administration (FHA) insurance. A 25-basis point reduction in that premium was announced by then Housing and Urban Development (HUD) Secretary Julian Castro on January 9, scheduled to go into effect on January 27. Mortgagee Letter 2017-07 was issued about an hour after Donald Trump took the oath of office as President, counteracting the earlier Mortgagee Letter 2017-01. The new letter says "FHA will issue a subsequent Mortgagee Letter at a later date should this policy change." The Mortgage Bankers Association (MBA) reacted immediately to the shift. David H. Stevens, President and CEO, issued the following statement on behalf

January 20, 2017 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.28% -0.01%   6.11% 7.26% 15 Yr. Fixed 5.65% +0.05%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Jan 20, 2017 Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.28% -0.01 0.00 15 Yr. Fixed 5.65% +0.05 0.00 30 Yr. FHA 5.94% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.62% +0.03 0.00 30 Yr. VA 5.95% -0.02 0.00 Updates Daily - Last Update: 9/8 Freddie Mac Rate Change Points 30 Yr. Fixed 6.50% -0.06 0.00 15 Yr. Fixed 5.60% -0.09 0.00 Updates Weekly - Last Update: 9/4 Mortgage Bankers Assoc. 30 Yr. Fixed 6.64% -0.05 0.59 15 Yr. Fixed 5.84% -0.19 0.84 30 Yr. Jumbo 6.58% -0.09 0.39 Updates Weekly - Last Update: 9/3 UMBS 30YR 5.5 101.26 -0.02   97.47 101.61 UMBS 30YR 6.0 102.50 -0.04   99.66 102.50 10 YR Treasury 4.046 +0.007   3.621 4.780 MBS Live Day Ahead: Rates Don't Live in a One Story Building Fri, Jan 20, 2017 9:24AM 10yr yields hit 2.5112 overnight.  That's close enough to the important 2.52% pivot point to suggest an expansion of what we consider the current range to be.  After all, before the beginning of 2017, 2.52% was actually the most important ... (read more) MBS Price Change UMBS 5.0 99.75 -0.03 UMBS 5.5 101.26 -0.02 UMBS 6.0 102.51 -0.03 GNMA 5.0 100.06 -0.02 GNMA 5.5 101.21 +0.02 GNMA 6.0 102.15 -0.03 Pricing as of: 9/9 12:39AM EST US Treasury Yield Change 2 YR Treasury 3.494 +0.007 5 YR Treasury 3.567 +0.006 7 YR Treasury 3.772 +0.004 10 YR Treasury 4.046 +0.006 30 YR Treasury 4.692 +0.002 Pricing as of: 9/9 12:39AM EST Other News FHA Premium Cut Officially Reversed; Mortgagee Letter Already Out Fri, Jan 20, 2017 3:02PM As was being widely rumored yesterday, the newly installed Trump Administration has indefinitely suspended a scheduled reduction in the annual premium for Federal Housing Administration (FHA) insurance. A 25-basis point reduction in that premium was announced by then Housing and Urban Development (HUD) Secretary Julian Castro on January 9, scheduled to go in... (read more) Whether Expansion or Recession in 2017, Housing will Survive Fri, Jan 20, 2017 2:59PM How will the economic philosophy that was altered by the last election actually evolve into policy? The is the question raised by Fannie Mae's Economic and Strategic Research Group, headed by Doug Duncan, Senior Vice President and Chief Economist say, in their January economic forecast. With limited information available on the economic priorities of the Tru... (read more) Appraisal Fails Still Causing Issues Despite Improving Markets Fri, Jan 20, 2017 2:50PM While it trails well behind credit history and debt-to-income levels, collateral problems are consistently the third most frequent cause of loan denials. CoreLogic said Home Mortgage Disclosure Act (HMDA) data for 2015 show collateral issuers were the reason behind 13.7 percent of the 450,000 first-lien purchase mortgage applications that failed approval. Th... (read more) Rising Rates Reflected in Increased Purchase Share Fri, Jan 20, 2017 2:53PM Ellie Mae said its Origination Insight Report for December reflects the first effects of rising interest rates . Loans for refinancing slipped from 47 percent in November to 46 percent as the reciprocal number, purchase loans, rose 1 point to 54 percent. The company says this likely signals an upward trend in purchase mortgages that will continue throughout ... (read more) Vendor News and New Products; Agency News and Updates--Stocks Slammed by Mnuchin Fri, Jan 20, 2017 10:31AM How many people find fault seemingly every day with the FHA, Fannie Mae, and Freddie Mac programs or structure? Plenty – see below – they can’t seem to catch a break. What I really meant to ask is how many people live in the United States of America? The Census Bureau projected that the U.S. population was 324,310,011 as of January 1st. Thi... (read more) Latest Video Bill Gross skeptical of growth under Trump Trump gives first speech as President of the United States Trump's tax reform plan: Pros Around the Web Fannie Mae 2017 Outlook: Will Policy Changes Extend the Expansion? ... Market Watch Fed likely to start shrinking balance sheet this year: Harker Calculated Risk Blog Lawler: The Household Conundrum, Part I: The CPS/ASEC Data Redfin 9 Home Improvement Projects to Make Your Home More Desirable in 2017 Bloomberg Yellen: I Believe in the Independence of Monetary Policy - Bloomberg CNBC Bond investors eye Trump inauguration Bloomberg Mnuchin Dashes Investors' Hopes of Quick Fannie-Freddie Windfall HUD New Mortgagee Letter Suspends FHA MIP Cut Bloomberg Trump Administration Overturns Obama's FHA Mortgage-Fee Cut Market Watch The Fed: Yellen not worried about surge of inflation CNBC China is working hard to support the yuan it sold US bonds for 6 months Market Watch Fannie, Freddie tumble as Mnuchin backs away from release plan CNBC How a one-two, Trump-Yellen punch may move interest rates

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