While earlier generations tended to pay off their mortgages before they retired, the leading edge of Baby Boomers, now in their late 60s and early 70s have been less likely to do so. Fannie Mae says the increasing prevalence of housing debt among the 33 million-member strong generation has raised concerns it could compromise their retirement security. Carrying mortgage debt could expand housing affordability problems, crimp essential spending in other areas, limit the accumulation of housing wealth, and raise seniors' exposure to foreclosure. Patrick Simmons, Director of Strategic Planning in Fannie Mae's Economic & Strategic Research Group writes in the current edition of the company's Housing Insights that, while several studies have documented the rise of mortgage debt among older homeowners

October 6, 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 Oct 6, 2017 Mortgage Rates Head Back Toward 4% Thu, Oct 5, 2017 3:02PM Mortgage rates moved higher today, bringing the average lender back near 4% in terms of conventional 30yr fixed quotes for top tier scenarios. Most lenders were back in line with last Thursday's rates, which were the highest in roughly 2 months. In terms of day to day changes, nothing about the recent mortgage rate environment is terribly alarming . It's only when you add up each day's movement over the past 3-4 weeks that things look a bit more serious. During that time rates have risen as much as any other comparable period of time in nearly a year. The biggest concern would be that "this ti... (read more) 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 5.5 101.22 -0.06   97.47 101.61 UMBS 30YR 6.0 102.47 -0.07   99.66 102.50 10 YR Treasury 4.065 +0.026   3.621 4.780 MBS Live Day Ahead: How NFP Matters and How it Doesn't Fri, Oct 6, 2017 8:22AM NFP, or "nonfarm payrolls" (the principle component of the big jobs report officially known as the "Employment Situation") are a bond market institution.  No other data has consistently had as much of an impact on rates over the years.  It is to bonds what the day after Thanksgiving is to shopping.  It will always be associated with an abund... (read more) MBS Live Recap: Stocks Surge and Bonds Stumble Ahead of NFP Thu, Oct 5, 2017 4:58PM Generally higher yields and tepid intraday performances are nothing new for bond markets over the past week and a half.  In some ways, today marked a mere continuation of that trend and even offered some silver linings.  In other ways, it kicked the weakness into a slightly higher gear ahead of tomorrow's jobs data. In terms of silver linings ... (read more) MBS Price Change UMBS 5.0 99.68 -0.10 UMBS 5.5 101.22 -0.06 UMBS 6.0 102.46 -0.07 GNMA 5.0 100.01 -0.07 GNMA 5.5 101.18 -0.01 GNMA 6.0 102.12 -0.06 Pricing as of: 9/9 6:51AM EST US Treasury Yield Change 2 YR Treasury 3.503 +0.015 5 YR Treasury 3.580 +0.019 7 YR Treasury 3.789 +0.021 10 YR Treasury 4.065 +0.026 30 YR Treasury 4.723 +0.033 Pricing as of: 9/9 6:51AM EST Other News Boomers More Likely to Carry Mortgages Into Retirement Fri, Oct 6, 2017 10:23AM While earlier generations tended to pay off their mortgages before they retired, the leading edge of Baby Boomers, now in their late 60s and early 70s have been less likely to do so. Fannie Mae says the increasing prevalence of housing debt among the 33 million-member strong generation has raised concerns it could compromise their retirement security. Carryi... (read more) NAHB and NAR Divided Over Mortgage Deduction Thu, Oct 5, 2017 11:19AM Is it time to bid farewell to an American-as-Apple-Pie tax deduction? Maybe. After 75 years of supporting it against all assaults, the National Association of Home Builders (NAHB) has abandoned its defense of the mortgage interest deduction (MID) one of the more sacred cows in the U.S. tax code. The National Association of Realtors (NAR) however is standing ... (read more) Nationwide Closes Correspondent; DEVAL Opens Retail; The Fed and Rates Fri, Oct 6, 2017 9:21AM Thank you to the California MBA who sponsored a tour yesterday of the Tesla Factory – the building has the 2nd largest footprint in the world (behind the flower auction house in the Netherlands). The engineering & technology on the assembly line was far ahead what a simple capital markets guy like me can understand. Builders are certainly keen on u... 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