Construction spending in August came in a little higher than expected, posting the first increase in three months. Unlike housing starts and completions, national spending did not seem affected by Hurricane Harvey. The U.S. Census Bureau said total construction spending for the month was at a seasonally adjusted annual rate of $1.22 billion, an increase of 0.5 percent from the revised estimate of $1.21 billion in July and 2.5 percent ahead of spending in August 2016. Analysts were expecting an increase in spending of 0.3 percent on a month-over-month basis. Predictions among those polled by Econoday ranged from -0.1 percent to 0.5 percent. On a non-adjusted basis, total spending for the month was estimated at 112.84 billion, up from $111.61 billion in July. For the first eight months of the

October 2, 2017 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.34% +0.06%   6.13% 7.26% 15 Yr. Fixed 5.82% +0.01%   5.6% 6.59% 30 Yr. Jumbo 6.32% +0.02%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Oct 2, 2017 Mortgage Rates Back Down From 2-Month Highs Fri, Sep 29, 2017 2:37PM Mortgage rates moved lower today, even though underlying bond markets (which ultimately drive rates) suggested a move higher. This happens from time to time and it's usually a factor of timing. Today is no different. Bond markets were improving throughout the day yesterday, but started out at much weaker levels. Bond market weakness is associated with higher rates. As such, yesterday's rates were the highest we'd seen in roughly 2 months. As bonds improved throughout the day, many lenders abstained when it arguably became time to release friendlier rate sheets. When that happens, lenders becom... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.34% +0.06 0.00 15 Yr. Fixed 5.82% +0.01 0.00 30 Yr. FHA 6.06% +0.05 0.00 30 Yr. Jumbo 6.32% +0.02 0.00 7/6 SOFR ARM 5.98% +0.09 0.00 30 Yr. VA 6.08% +0.05 0.00 Updates Daily - Last Update: 11/3 Freddie Mac Rate Change Points 30 Yr. Fixed 6.17% -0.02 0.00 15 Yr. Fixed 5.41% -0.03 0.00 Updates Weekly - Last Update: 10/30 Mortgage Bankers Assoc. 30 Yr. Fixed 6.30% -0.07 0.58 15 Yr. Fixed 5.67% -0.07 0.61 30 Yr. Jumbo 6.38% -0.01 0.34 Updates Weekly - Last Update: 10/29 UMBS 30YR 5.0 99.58 +0.13   95.05 100.11 UMBS 30YR 5.5 101.09 +0.09   97.47 101.40 10 YR Treasury 4.088 -0.021   3.932 4.780 MBS Live Week Ahead: October Begins With a Reminder About The Trend Mon, Oct 2, 2017 9:11AM The current trend in bond markets is not your friend.  While it may sound trite, there's a reason we say "the trend is not your friend until it's your friend again."  This analytical platitude isn't just meaningless common sense.  It's... (read more) MBS Live Recap: Strong Start, Weak Finish on Fed Musical Chairs and Month End Fri, Sep 29, 2017 3:49PM The music is currently playing for the role of Fed Chair next year.  When the music stops, Yellen may or may not still have a seat.  News came out this morning that Trump was meeting with former Fed governor Kevin Warsh about filling the role.  Warsh is also the son-in-law of one of Trump's long-time friends, and is considered to be a "hawk"... (read more) MBS Price Change UMBS 4.5 97.53 +0.11 UMBS 5.0 99.58 +0.13 UMBS 5.5 101.09 +0.09 GNMA 4.5 97.53 +0.02 GNMA 5.0 99.80 +0.15 GNMA 5.5 100.88 +0.09 Pricing as of: 11/4 8:23AM EST US Treasury Yield Change 2 YR Treasury 3.576 -0.033 5 YR Treasury 3.696 -0.028 7 YR Treasury 3.880 -0.025 10 YR Treasury 4.089 -0.020 30 YR Treasury 4.674 -0.019 Pricing as of: 11/4 8:23AM EST Other News Construction Spending Up for First Time in Three Months Mon, Oct 2, 2017 1:35PM Construction spending in August came in a little higher than expected, posting the first increase in three months. Unlike housing starts and completions, national spending did not seem affected by Hurricane Harvey. The U.S. Census Bureau said total construction spending for the month was at a seasonally adjusted annual rate of $1.22 billion, an increase of 0... (read more) Harvey and Irma - Different Storms, Different Potential for Mortgage Losses Mon, Oct 2, 2017 12:18PM Even though Hurricane Harvey didn't hit the Houston area until very late in August, its effects are already being felt on mortgage performance. Black Knight's Mortgage Monitor for August, released on Monday, reports that, in the Federal Emergency Management Agency (FEMA) disaster designated counties, delinquencies were at close to a 17-year low before the st... (read more) Lender Appraisal Changes; Freddie and Fannie Updates Mon, Oct 2, 2017 9:26AM Freddie Mac is re-imagining the Mortgage Experience to create a smarter, simpler, and less costly origination process. We're using big data and advanced analytics to offer an automated alternative to an appraisal through our new automated collateral evaluation (ACE) for certain loans submitted through Loan Product Advisor®, our next-generation automated ... 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