August was yet another disappointing month for existing home sales. The National Association of Realtors® (NAR) says those sales were down for the fourth time in five months, retreating 1.7 percent from July's estimate of 5.44 million to a seasonally adjusted annual rate of 5.35 million units. The August number still eked out a tiny 0.2 percent increase from the August 2016 estimate, but is the lowest rate of sales since then. Analysts had been expecting a slight increase from July, probably based on a 1.5 percent increase in pending sales in July. Econoday reported estimates ranging from 5.350 to 5.550 with a consensus of 5.480 million. Total existing home sales are completed transactions that include single-family homes, townhomes, condominiums and co-ops. Single family home sales were

September 20, 2017 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.22% +0.09%   6.11% 7.26% 15 Yr. Fixed 5.75% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.14% -0.01%   6.14% 7.45% Compare Mortgage Rates from Local Lenders for Sep 20, 2017 Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.22% +0.09 0.00 15 Yr. Fixed 5.75% +0.04 0.00 30 Yr. FHA 5.95% +0.04 0.00 30 Yr. Jumbo 6.14% -0.01 0.00 7/6 SOFR ARM 5.65% 0.00 0.00 30 Yr. VA 5.98% +0.06 0.00 Updates Daily - Last Update: 9/17 Freddie Mac Rate Change Points 30 Yr. Fixed 6.35% -0.15 0.00 15 Yr. Fixed 5.50% -0.10 0.00 Updates Weekly - Last Update: 9/11 Mortgage Bankers Assoc. 30 Yr. Fixed 6.49% -0.15 0.56 15 Yr. Fixed 5.70% -0.14 0.55 30 Yr. Jumbo 6.44% -0.14 0.48 Updates Weekly - Last Update: 9/10 UMBS 30YR 5.0 99.59 -0.37   95.05 100.50 UMBS 30YR 5.5 101.03 -0.20   97.47 101.61 10 YR Treasury 4.081 +0.050   3.643 4.780 MBS Live Day Ahead: Bonds Ready to Move Either Direction After The Fed Wed, Sep 20, 2017 8:33AM Much like an actor can get lost in a role and take things a bit too far, bond markets played the part of "a market undergoing a correction" a little too well.  As of yesterday afternoon, 8 out of the last 8 business days saw 10yr yields c... (read more) MBS Live Recap: Bonds Reaffirm The September Correction Tue, Sep 19, 2017 5:33PM While MBS managed to remain 1 tick in positive territory today, Treasury yields were higher on the day and the overall mood in bond markets managed to remain downbeat for yet another day.  For all intents and purposes, the driving force was simply ongoing "corrective" momentum from the same old correction that's been underway for a week and a half. ... (read more) MBS Live Commentary: Differences Between Current and Previous FOMC Statements Wed, Sep 20, 2017 2:04PM (Additions underlined, deletions struck through) Information received since the Federal Open Market Committee met in June July indicates that the labor market has continued to strengthen and that economic activity has been rising moderately so far this year. Job gains have been solid, on average, since the beginning of the year, remained solid in rece... (read more) MBS Price Change UMBS 4.5 97.63 -0.41 UMBS 5.0 99.59 -0.37 UMBS 5.5 101.03 -0.20 GNMA 4.5 98.02 -0.14 GNMA 5.0 99.82 -0.38 GNMA 5.5 100.89 -0.32 Pricing as of: 9/17 7:21PM EST US Treasury Yield Change 2 YR Treasury 3.564 +0.060 5 YR Treasury 3.656 +0.070 7 YR Treasury 3.839 +0.068 10 YR Treasury 4.081 +0.050 30 YR Treasury 4.688 +0.036 Pricing as of: 9/17 7:21PM EST Other News Existing Home Sales Distorted by Harvey Wed, Sep 20, 2017 10:53AM August was yet another disappointing month for existing home sales. The National Association of Realtors® (NAR) says those sales were down for the fourth time in five months, retreating 1.7 percent from July's estimate of 5.44 million to a seasonally adjusted annual rate of 5.35 million units. The August number still eked out a tiny 0.2 percent increase ... (read more) Mortgage Apps Tanked Last Week. Was it Rates' Fault? Wed, Sep 20, 2017 8:52AM Overall mortgage application activity diminished significantly during the week ended September 15, but refinancing continued to hold its own, representing more than half of the mortgage applications received. The Mortgage Bankers Association says its Market Composite Index, a measure of that volume was down 9.7 percent on a seasonally adjusted basis compared... (read more) Uniform Closing Dataset (UCD) Info; FINRA; Fed Announcement Wed, Sep 20, 2017 10:27AM UCD Information As announced in September 2016,the Uniform Closing Dataset (UCD) mandate remains September 25, 2017Lenders who can deliver the UCD are expected to adhere to the mandate and submit a successful UCD XML file for all loans being delivered on or after September 25 , 2017 (based on Note Date). However,Freddie Mac and Fannie Mae(the GSEs) are revis... (read more) Latest Video Yellen: Decisions reflect our view that US economy is performing well Yellen: Expect that ongoing strength of economy will warrant gradual rate r... Economist: Fed's market impact could come on interest rate expectations Around the Web Market Watch Wells Fargo may be facing Fed penalty, Yellen says CNBC Janet Yellen dodges question about her future as Fed chair CNBC The Fed won't stop cutting back on stimulus unless economy hits another big downturn, Yellen says CNBC Fed approves October reversal of historic stimulus, leaves rates unchanged NAR - Realtor.com Why It's a Better Time for Buyers on a Budget to Purchase a Home consumerfinancemonitor.com CFPB Provides Some Clarity on Alternative-Data Models Through No-Action Letter CNBC Here's what BlackRock says will happen after the Fed announcement Reuters Fed conflicted by weak U.S. inflation, global economic rebound Calculated Risk Blog NAR: "Existing-Home Sales Subside 1.7 Percent in August " Calculated Risk Blog AIA: Architecture Billings Index "growth streak" continues in August PR Newswire FAU Buy vs. Rent Index Shows U.S. Homeowners Still Coming Out Ahead of Renters, But Just Barely Trulia TRULIA: Starter Homebuyers Should Start House Hunting Now Bloomberg Seasonal Trends May Favor Bonds Over Stocks for the Rest of September

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