It should come as no surprise that the rise in interest rates that occurred after the November 2016 election had a profound impact on mortgage originations, especially those for refinancing. Black Knight Financial Services, in its current Mortgage Monitor report, said first lien mortgages were originated during the first quarter of 2017 at the lowest rate since the fourth quarter of 2014 . Overall, $372 billion such loans were originated, a 9.0 percent decline from the corresponding quarter in 2016 and down 34 percent from the fourth quarter of that year. Refinancing plummeted 45 percent from the previous quarter and was off by 20 percent on an annual basis. Purchase originations, while up 3.0 percent year-over-year, fell 21 percent quarter-over-quarter. Black Knight noted that while purchase

June 5, 2017 Download our Mobile App: Download our Mobile App: Housing News Its (Almost) All About Interest Rates It should come as no surprise that the rise in interest rates that occurred after the November 2016 election had a profound impact on mortgage originations, especially those for refinancing. Black Knight Financial Services, in its current Mortgage Mo... (read more) MBS Commentary MBS Live Week Ahead: Bonds Set to Battle a Familiar Enemy There are two white lines in today's chart.  Each represents the pace of the two most recent rallies in rates (with the latter being the current rally) by connecting the trend of "lower highs."  The yellow lines denote "the gap" from 2.15-2... (read more) Rob Chrisman RESCAP Legal News; June Fed Rate Hike Odds The Federal Financial Institutions Examination Council (FFIEC) published a Press Release announcing an update to the Cybersecurity Assessment Tool . Capital Markets Despite the arguably weak payroll number, the Fed Funds futures market (a way of gaug... (read more) Mortgage Rate Watch Rates Fall to 2017 Lows After Jobs Report Mortgage rates moved convincingly lower today following weaker-than-expected employment data from the Labor Department. The big "jobs report" showed only 138k new nonfarm payrolls (the report's headline job creation metric) in May, and a negatively r... (read more) Housing News Many Dodd-Frank Provisions May Be on House Chopping Block Next Week House Majority Leader Kevin McCarthy (R-CA) has told reporters he expects a full House vote next week on H.R. 10, The Financial Choice Act which was voted out of the Financial Services Committee (FSC) on May 4. The Act, sponsored by FSC Chairman Jeb ... (read more) MBS Commentary MBS Live Recap: Rates Revisit The Gap After NFP "The gap" refers to the closing yields in 10yr Treasuries of 2.15% on 11/10/2016 followed by opening yields of 2.17% the following business day.  Granted, that was over a 3-day weekend, but such gaps are nonetheless rare events.  Rates revi... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.78% +0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.78% +0.01 0.00 15 Yr. Fixed 6.04% +0.01 0.00 30 Yr. FHA 6.36% +0.01 0.00 30 Yr. Jumbo 6.90% 0.00 0.00 7/6 SOFR ARM 6.25% 0.00 0.00 30 Yr. VA 6.38% +0.02 0.00 Updates Daily - Last Update: 7/23 15 Yr. Fixed Rate 6.04% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.75% +0.03 0.00 15 Yr. Fixed 5.92% +0.06 0.00 Updates Weekly - Last Update: 7/17 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.84% +0.02 0.62 15 Yr. Fixed 6.14% +0.03 0.69 30 Yr. Jumbo 6.75% -0.06 0.70 Updates Weekly - Last Update: 7/23 MBS / Treasuries UMBS 30YR 5.5 99.41 -0.10 Price / Yield Change MBS UMBS 5.5 99.38 -0.13 UMBS 6.0 101.30 -0.09 GNMA 5.5 99.63 -0.15 GNMA 6.0 101.25 -0.07 Pricing as of: 7/23 12:56PM EST 10 Year US Treasury 4.3758 +0.0298 Price / Yield Change US Treasury 2 YR Treasury 3.865 +0.036 5 YR Treasury 3.921 +0.036 7 YR Treasury 4.136 +0.037 10 YR Treasury 4.382 +0.036 30 YR Treasury 4.951 +0.034 Pricing as of: 7/23 12:56PM EST Latest Video Strategist: Investors willing to look past risks and focus on fundamentals May ISM non-manufacturing index at 56.9 vs. 57 (est.) Market hits new highs despite political bickering Around the Web CNBC Who's powering the housing market? Surprise! It's young people NAHB Eye on Housing Mortgage Rates Fall Market Watch U.S. stocks close marginally lower as investors turn cautious Reuters Factory orders post first drop in five months Market Watch Bond Report: Treasury yields try to rebound from November lows CNBC ISM non-manufacturing index hits 56.9 in May, vs. 57 estimate Reuters Blackstone offers to buy Finnish real estate firm Sponda for $2 billion NPR Housing Secretary Ben Carson Clarifies Comment That Poverty Is A 'State of Mind' Reuters D.R. Horton offers to buy 75 percent of Forestar builderonline.com Private Residential Construction SAAR Falls 0.7% from March to April Bloomberg Bond Traders Enter Fed Blackout Betting a Hike Won't Quash Rally CNBC US Treasurys edge lower as bond investors await fresh economic data, auctions Market Watch U.S. stocks close at record for second session in a row

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