Within hours of each other Laurie Goodman, co-director of the Urban Institute's Housing Finance Policy Center, and Melvin Watt, Director of the Federal Housing Finance Agency, expressed quite different views on the need for an immediate change in the credit scoring models used in most mortgage underwriting. Goodman, writing in the Policy Center's blog, talks once again about the tight credit box for mortgage financing. The mortgage market, she says, is taking less than half the risk it took in 2001, a period of reasonable credit standards, and less than a third of what it took in 2006, when standards were what proved to be disastrously loose. The tightness is greatest regarding credit scores. UI attempted to quantif y this a while back and updates that exercise it in this article. Had the credit

August 3, 2017 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.34% +0.06%   6.13% 7.26% 15 Yr. Fixed 5.82% +0.01%   5.6% 6.59% 30 Yr. Jumbo 6.32% +0.02%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Aug 3, 2017 Mortgage Rates Lowest in Just Over a Month Thu, Aug 3, 2017 3:28PM Mortgage rates moved just slightly lower today, bringing them to the best levels in over a month for the 2nd time this week. While that sounds somewhat impressive, day-over-day movement has been very small and the overall range has been very narrow during that time. For most prospective borrowers, a scenario quoted last week would be at the same rate this week, but with lower upfront costs. Indeed, it's possible that a few quotes have moved .125% lower over that time, but upfront costs would likely be somewhat higher. Here's how the info above would break down specifically. Borrowers being quo... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.34% +0.06 0.00 15 Yr. Fixed 5.82% +0.01 0.00 30 Yr. FHA 6.06% +0.05 0.00 30 Yr. Jumbo 6.32% +0.02 0.00 7/6 SOFR ARM 5.98% +0.09 0.00 30 Yr. VA 6.08% +0.05 0.00 Updates Daily - Last Update: 11/3 Freddie Mac Rate Change Points 30 Yr. Fixed 6.17% -0.02 0.00 15 Yr. Fixed 5.41% -0.03 0.00 Updates Weekly - Last Update: 10/30 Mortgage Bankers Assoc. 30 Yr. Fixed 6.30% -0.07 0.58 15 Yr. Fixed 5.67% -0.07 0.61 30 Yr. Jumbo 6.38% -0.01 0.34 Updates Weekly - Last Update: 10/29 UMBS 30YR 5.0 99.47 +0.02   95.05 100.11 UMBS 30YR 5.5 101.00 +0.00   97.47 101.40 10 YR Treasury 4.107 -0.003   3.932 4.780 MBS Live Day Ahead: Another Day, Another Big Trade--All Inside The Broader Range Thu, Aug 3, 2017 9:05AM The longer the post-election trade plays out (in 3 months, it will have been a year!), the flatter it looks.  There have essentially been two similar sideways ranges in 10yr yields, punctuated by an "adjustment" that accounted for a slightly m... (read more) MBS Live Recap: Bonds Still Struggling to Break Recent Floors Wed, Aug 2, 2017 5:14PM The chart in this morning's Day Ahead showed consolidation patterns  (lower highs and higher lows) in both German Bunds and US Treasuries.  For the latter, the consolidation pattern remains intact after an attempted breakout today.  In other words, yields tried to move below the lower line but were unable to do so. The setup for this attemp... (read more) MBS Price Change UMBS 4.5 97.42 +0.00 UMBS 5.0 99.47 +0.02 UMBS 5.5 101.00 +0.00 GNMA 4.5 97.43 -0.07 GNMA 5.0 99.70 +0.06 GNMA 5.5 100.80 +0.01 Pricing as of: 11/3 8:49PM EST US Treasury Yield Change 2 YR Treasury 3.604 -0.005 5 YR Treasury 3.719 -0.005 7 YR Treasury 3.901 -0.004 10 YR Treasury 4.108 -0.002 30 YR Treasury 4.686 -0.007 Pricing as of: 11/3 8:49PM EST Other News Conflicting Views on Need for New Credit Scoring Models Thu, Aug 3, 2017 4:29PM Within hours of each other Laurie Goodman, co-director of the Urban Institute's Housing Finance Policy Center, and Melvin Watt, Director of the Federal Housing Finance Agency, expressed quite different views on the need for an immediate change in the credit scoring models used in most mortgage underwriting. Goodman, writing in the Policy Center's blog, talks... (read more) ARMs Drive Slight Improvement in Underwriting Standards -MBA Thu, Aug 3, 2017 11:07AM While adjustable rate mortgages (ARMs) make up only a fraction of mortgage originations (just over 6 percent in the most recent Mortgage Bankers Association's (MBA's) volume summary), changes to some of their underwriting parameters were reflected in mortgage access numbers. MBA's Mortgage Credit Availability Index (MCAI) increased by 0.3 percent in July to ... (read more) New Chief at Flagstar; LO Survey Results; Down Payment News Thu, Aug 3, 2017 9:13AM “You never realize how many people you hate until you have to name a baby.” Plenty of folks in their 20s and 30s are, of course, having babies and buying homes – why rush either? Most in that age group are weary of being studied by marketing firms or surveyed by pollsters. But in one example, Qualtrics research finds 53% of millennials now ... 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