The reported net profit per loan reported to the Mortgage Bankers Association (MBA) by independent mortgage banks and mortgage subsidiaries of chartered banks cratered during the fourth quarter of 2016. The MBA said today the average gain on each loan originated during the fourth quarter period fell by two-thirds compared to the third quarter, down from 1,773 to $575. Production volume also fell both on a dollar and a loan count basis. The MBA's Quarterly Mortgage Bankers Performance Report says the average pre-tax production profit was 24 basis points (bps) in the fourth quarter compared to 74 bps in the third. Since the inception of the Performance Report in the fourth quarter of 2008, net production income has averaged 53 bps. Average production volume was $690 million per company in the

March 21, 2017 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.27% -0.04%   6.13% 7.26% 15 Yr. Fixed 5.82% -0.01%   5.6% 6.59% 30 Yr. Jumbo 6.00% -0.22%   6% 7.45% Compare Mortgage Rates from Local Lenders for Mar 21, 2017 Mortgage Rates Down to March Lows Tue, Mar 21, 2017 4:14PM Mortgage rates continued lower today as political uncertainty sparked the biggest day of stock market losses since the election. In general, short term pain for stocks benefits bonds. When demand for bonds increases, rates move lower. Today was no exception. Bond yields (which correlate with mortgage rates) fell in lock-step with stocks in the late morning hours. Today's improvement makes for a nice addition to several days of lower rates. In less than a week, rates have fallen quickly from 3 year highs to the lowest levels of the month . The average lender is still quoting conventional 30yr f... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.27% -0.04 0.00 15 Yr. Fixed 5.82% -0.01 0.00 30 Yr. FHA 6.00% -0.03 0.00 30 Yr. Jumbo 6.00% -0.22 0.00 7/6 SOFR ARM 5.71% -0.01 0.00 30 Yr. VA 6.02% -0.03 0.00 Updates Daily - Last Update: 10/15 Freddie Mac Rate Change Points 30 Yr. Fixed 6.30% -0.04 0.00 15 Yr. Fixed 5.53% -0.02 0.00 Updates Weekly - Last Update: 10/9 Mortgage Bankers Assoc. 30 Yr. Fixed 6.43% -0.03 0.60 15 Yr. Fixed 5.77% +0.01 0.79 30 Yr. Jumbo 6.60% +0.06 0.44 Updates Weekly - Last Update: 10/8 UMBS 30YR 5.0 99.65 -0.02   95.05 99.96 UMBS 30YR 5.5 101.07 -0.01   97.47 101.28 10 YR Treasury 4.043 +0.014   3.932 4.780 MBS Live Day Ahead: Lightest Day of The Week For Data and Fed Speakers Tue, Mar 21, 2017 9:13AM Bond markets continue making a case for re-entry into the core of the range that has been intact since December 2016.  The December Fed meeting helped set the highs of that range, and the March Fed meeting has helped to reinforce them (roughly ... (read more) MBS Live Recap: Uneventful Green Days Are Starting to Add Up Mon, Mar 20, 2017 7:14PM Much like Friday, today was uneventful and moderately positive for bond markets.  At some point, we have to consider the combined effects of these sorts of days.  Individually, they're " nice ," but not too terribly special.  When they come in 2's and 3's, they add up to a potential shift in momentum.   Last week's bounce from 2.62% to ... (read more) MBS Price Change UMBS 4.5 97.68 -0.01 UMBS 5.0 99.65 -0.02 UMBS 5.5 101.07 -0.02 GNMA 4.5 97.73 +0.03 GNMA 5.0 99.84 +0.01 GNMA 5.5 100.86 -0.04 Pricing as of: 10/15 3:09PM EST US Treasury Yield Change 2 YR Treasury 3.504 +0.021 5 YR Treasury 3.627 +0.023 7 YR Treasury 3.814 +0.016 10 YR Treasury 4.044 +0.015 30 YR Treasury 4.641 +0.011 Pricing as of: 10/15 3:09PM EST Other News Profits Plummet as Rising Rates Constrict Loan Volume Tue, Mar 21, 2017 12:39PM The reported net profit per loan reported to the Mortgage Bankers Association (MBA) by independent mortgage banks and mortgage subsidiaries of chartered banks cratered during the fourth quarter of 2016. The MBA said today the average gain on each loan originated during the fourth quarter period fell by two-thirds compared to the third quarter, down from 1,77... (read more) CoreLogic Notes Quality of Recent Loan Originations, Warns of Risks Ahead Tue, Mar 21, 2017 12:36PM In terms of credit risk, the loans originated in the fourth quarter of last year are among the highest quality mortgages originated since 2001 according to CoreLogic. The company's Housing Credit Index (HCI) compares those loans with those originated in previous quarters based on borrower credit scores, and debt-to-income (DTI) and loan-to-value (LTV) ratios... (read more) More on Zillow; Primer on a Flat Yield Curve: Any Change to Rating Agency Model? Tue, Mar 21, 2017 10:16AM Who can you trust? Digital Journal reports new malware targets Google Chrome users with a pop up that indicates a new font needs to be installed for websites to load properly. Those who click on it download the malware. We can’t even trust the game Monopoly to be…immune from change. Monopoly, apparently thinking that “this will really live... 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