Unless one follows the Fannie Mae/Freddie Mac conservatorship drama on a regular basis, it is easy to get lost in the legal weeds. MND has dipped in and out periodically, and it is time for another update. To briefly reprise. When the two government sponsored enterprises (GSEs) were placed in government conservatorship in 2008 each were given access to multi-billion-dollar lines of credit from the U.S. Treasury. Under the terms of their Senior Preferred Stock Agreement (SPSA), Treasury would be given dollar-for-dollar shares of preferred stock and would receive a fixed quarterly dividend. Fast forward to 2012. During their four years in conservatorship the GSEs had drawn billions of dollars from the Treasury, (to date Fannie Mae has drawn $116.1 billion and Freddie Mac $71.3 billion) but had

July 25, 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 6.20% -0.02%   6.14% 7.45% Compare Mortgage Rates from Local Lenders for Jul 25, 2017 Mortgage Rates Spike, Erasing Last Week's Gains Tue, Jul 25, 2017 3:18PM Mortgage rates moved abruptly higher today, erasing the improvement seen last week. An entire week's worth of movement may or may not be worth stressing out about depending on your perspective. On one hand, we're only talking about a change of roughly 0.06% in terms of the "effective rate" on the average 30yr fixed loan. That'll cost you about $7/month on a $200k loan. On the other hand, last week was the best in more than 2 months. While erasing those gains might not be dramatic in terms of outright financial impact, it could signal a shift in the overall trend. There are 2 trends to consider... (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 6.20% -0.02 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 99.74 +0.01   95.05 99.96 UMBS 30YR 5.5 101.11 +0.02   97.47 101.28 10 YR Treasury 4.024 -0.005   3.932 4.780 MBS Live Recap: For Bonds, Worst Day Since Late June ECB Scare Tue, Jul 25, 2017 4:24PM Bonds sold off aggressively today, for a combination of reasons that are tremendously unsatisfying in a traditional market-watching sense.  For example, it would be nice if we could point to something tidy and logical like all-time high stock prices, or the stronger Consumer Confidence data, but at the very best, these were merely supporting actors in... (read more) MBS Live Day Ahead: Recent Rally Under Threat Ahead of Fed Tue, Jul 25, 2017 9:21AM After enjoying a nice rally since July 10th, bond markets are taking the 2 days leading up to tomorrow's Fed announcement to book some profits and get back to neutral territory.  Unfortunately, getting back to neutral means "selling bonds" if ... (read more) MBS Price Change UMBS 4.5 97.74 -0.02 UMBS 5.0 99.73 +0.00 UMBS 5.5 101.10 +0.01 GNMA 4.5 97.76 +0.01 GNMA 5.0 99.97 +0.03 GNMA 5.5 101.01 +0.08 Pricing as of: 10/16 2:21AM EST US Treasury Yield Change 2 YR Treasury 3.493 -0.007 5 YR Treasury 3.612 -0.008 7 YR Treasury 3.797 -0.007 10 YR Treasury 4.024 -0.005 30 YR Treasury 4.618 -0.008 Pricing as of: 10/16 2:21AM EST Other News Unsealed Court Docs Paint Fannie/Freddie as Congressional Cash Cow Tue, Jul 25, 2017 2:08PM Unless one follows the Fannie Mae/Freddie Mac conservatorship drama on a regular basis, it is easy to get lost in the legal weeds. MND has dipped in and out periodically, and it is time for another update. To briefly reprise. When the two government sponsored enterprises (GSEs) were placed in government conservatorship in 2008 each were given access to multi... (read more) 6th Straight Record High For Home Prices -Case-Shiller Tue, Jul 25, 2017 10:42AM The S&P CoreLogic Case-Shiller National Home Price Index hit another new record in May, the sixth consecutive month it did so while the Federal Housing Finance Agency reported another increase in its annual Housing Price Index (HPI) Case-Shiller's National index, which covers all nine U.S. census divisions, rose 5.6 percent on an annual basis, the same i... (read more) Credit Underwriting Changes; Exec Comments on Margins and Volume; Ally's Offer Tue, Jul 25, 2017 9:33AM Lenders cutting margins in a diminishing mortgage marketplace. You bet. Does one lender want 100% market share? Perhaps. Here’s the latest example: Ally Home announced their Price Match Guarantee to give consumers peace of mind that they’re getting the best rate possible (see here for full release). "...If a consumer finds a better price at anoth... 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