The Urban institute's (UI's) Ellen Seidman is reporting on an UI event held last month to discuss what she terms "overly restrictive credit-scoring systems." The event featured two members of Congress, Representatives Ed Royce (R-CA) and Terri Sewell (D-AL) as well as a panel of representatives from credit scoring and credit bureaus. The event was held to explore whether new credit scoring models can help resolve the difficulties young families have "getting their first foot onto the homeownership ladder." The two congresspersons have cosponsored HR 898, the Credit Score Competition Act . The legislation, if signed into law, is designed to encourage innovation in credit scoring by setting up competition among credit scoring systems for the business of lenders selling loans to the government

April 5, 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 Apr 5, 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 5.5 101.28 +0.16   97.47 101.61 UMBS 30YR 6.0 102.54 +0.05   99.66 102.54 10 YR Treasury 4.039 -0.047   3.621 4.780 MBS Live Day Ahead: Bonds Threaten to Hit Weaker Momentum Button, but Waiting For Fed Wed, Apr 5, 2017 8:51AM Heading into the end of March, markets were generally preoccupied with the healthcare drama in congress and bond yields were generally consolidating into a range just under 2.42% in terms of 10yr yields.  When bonds move sideways after rallying ... (read more) MBS Live Recap: Bond Markets Relieved by Fed's Tame Balance Sheet Plans Wed, Apr 5, 2017 4:40PM Coming into today, we had two key options as far as potential market movers were concerned: economic data and the Fed Minutes.  On the data front, ADP Employment led the charge, coming in at 263k vs a 187k forecast.  That didn't bode well for bond markets, but some of the damage was mitigated by the downward revision to last month's 298k blast (now... (read more) MBS Live Recap: Mixed Messages as Bonds Sell-Off Tue, Apr 4, 2017 5:40PM Coming off of yesterday's excellent performance, today's bond market selling-spree felt jarring --probably more jarring than it actually was.  Right off the bat, consider that yesterday afternoon saw a very late improvement in both Treasuries a... (read more) MBS Price Change UMBS 5.0 99.78 +0.31 UMBS 5.5 101.28 +0.16 UMBS 6.0 102.54 +0.05 GNMA 5.0 100.07 +0.24 GNMA 5.5 101.19 +0.06 GNMA 6.0 102.18 +0.05 Pricing as of: 9/8 6:21PM EST US Treasury Yield Change 2 YR Treasury 3.487 -0.030 5 YR Treasury 3.562 -0.027 7 YR Treasury 3.768 -0.032 10 YR Treasury 4.039 -0.047 30 YR Treasury 4.690 -0.079 Pricing as of: 9/8 6:21PM EST Other News Panel Explores New Credit Scoring Models Wed, Apr 5, 2017 10:54AM The Urban institute's (UI's) Ellen Seidman is reporting on an UI event held last month to discuss what she terms "overly restrictive credit-scoring systems." The event featured two members of Congress, Representatives Ed Royce (R-CA) and Terri Sewell (D-AL) as well as a panel of representatives from credit scoring and credit bureaus. The event was held to ex... (read more) Purchase Mortgage Applications Continue to Inch Up Wed, Apr 5, 2017 8:25AM The volume of purchase mortgages continued to increase during the week ended March 31, but steadily shrinking refinance numbers once again pulled overall volume down. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of loan application activity, declined for the third straight week, decreasing by 1.6 percent from the previous... (read more) Training and Events (LO Comp, HMDA, Sales); Car and Student Loans Impacting Lending Wed, Apr 5, 2017 9:05AM U.S. auto loan debt hit a record $1.16 trillion in the fourth quarter of 2016. That averages out to $6,100 in car payments per licensed driver. In fact, the NY Federal Reserve reported that household debt in the U.S. is set to surpass the 2008 peak, led by a sharp increase in student loans. Total consumer debt hit US$12.6 trillion in the 4th quarter of 2016,... (read more) Latest Video Expert: Fed appears concerned about financial instability Fed: Several FOMC members see a faster pace of rate hikes Fed minutes: Most members support reducing balance sheet this year Around the Web Market Watch The rent is too damn high, to the detriment of these communities Federal Reserve Minutes of the Federal Open Market Committee, March 14-15, 2017 CNBC Fed set to unwind balance sheet this year CNBC Housing advocates set up website to track Ben Carson's every move Reuters U.S. companies hire most workers in over two years: ADP CNBC ISM non-manufacturing index grows at a slower rate in March CNBC ISM non-manufacturing index hits 55.2 in March, vs. 57 estimate Gallup US Job Creation Index Continues to Hit New Highs Reuters U.S. private sector adds 263,000 jobs in March: ADP Market Watch Bond market to the Fed: Show me the goods CNBC Strategist Ed Yardeni: Bonds have not bought into' the big rally Market Watch Balance sheet will be focus of Fed minutes CNBC Dodd-Frank hasn't slowed lending

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