In 2011, when Congress and the Obama Administration wanted to give taxpayers a temporary 2.0 percentage point reduction in payroll (FICA and Medicare) taxes, it funded the cut in part by increasing the g-fees charged by Freddie Mac and Fannie Mae (the GSEs) for their mortgage guarantees by 0.1 percentage point. The payroll tax break is long over, but the g-fee increase doesn't expire until 2021 . The proposed budget released by the Trump Administration today wants to extend and add to it. Little of the proposed $4.4 trillion budget is expected to survive Congress , which already adopted a two-year budget plan last week under threat of the second shutdown so far in 2018. However, the proposal to extend the earlier increase through 2023 and add another 0.1 percent to it is projected to bring

February 12, 2018 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 Feb 12, 2018 Mortgage Rates Steady at 4-Year Highs Despite Warning Shots Mon, Feb 12, 2018 3:49PM Mortgage rates were generally in line with Friday's latest levels today. Unfortunately, those happened to be the highest in more than 4 years . Rates are primarily determined by the prices and yields of bonds. The bond market has increasingly been under pressure over the past four months for a few key reasons. One of those reasons has to do with simple supply and demand. The government issues bonds to supplement revenue or to pay for new spending (i.e. 2018's expected drop in tax revenue created the need to issue more debt). More issuance (i.e. more "supply") creates lower bond prices and high... (read more) 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 5.5 101.26 -0.02   97.47 101.61 UMBS 30YR 6.0 102.50 -0.04   99.66 102.50 10 YR Treasury 4.046 +0.007   3.621 4.780 MBS Live Day Ahead: For Bonds, It's Still "Duck and Cover" Mon, Feb 12, 2018 9:41AM 2018 has seen the most unpleasant start to a new year since 2009 as far as bond markets are concerned.  The big sell-off in 2009 is easier to reconcile as a correction to an even sharper move to lower yields as the financial crisis officially ... (read more) MBS Live Recap: Relatively Calm Day With 2 Caveats Mon, Feb 12, 2018 4:52PM Caveat 1: bond yields hit the highest intraday levels in more than 4 years before the open. Caveat 2: bond yields hit the highest intraday levels in more than 4 years twice last week. Those two caveats aside, today wasn't too bad!  Bonds ended up in roughly unchanged territory and managed to avoid taking cues from equities markets.  Stocks... (read more) MBS Price Change UMBS 5.0 99.75 -0.03 UMBS 5.5 101.26 -0.02 UMBS 6.0 102.51 -0.03 GNMA 5.0 100.06 -0.02 GNMA 5.5 101.21 +0.02 GNMA 6.0 102.15 -0.03 Pricing as of: 9/9 12:39AM EST US Treasury Yield Change 2 YR Treasury 3.494 +0.007 5 YR Treasury 3.567 +0.006 7 YR Treasury 3.772 +0.004 10 YR Treasury 4.046 +0.006 30 YR Treasury 4.692 +0.002 Pricing as of: 9/9 12:39AM EST Other News Stealth Tax on Homeowners in Trump Budget Mon, Feb 12, 2018 4:33PM In 2011, when Congress and the Obama Administration wanted to give taxpayers a temporary 2.0 percentage point reduction in payroll (FICA and Medicare) taxes, it funded the cut in part by increasing the g-fees charged by Freddie Mac and Fannie Mae (the GSEs) for their mortgage guarantees by 0.1 percentage point. The payroll tax break is long over, but the g-f... (read more) Dismantling Dodd-Frank, High Cost Loan Test Changes Mon, Feb 12, 2018 9:18AM Last year Congress failed to pass a sweeping bill repealing much of the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act. It appears they have now adopted a strategy to take smaller bites from the 2009 law enacted in response to the financial crisis. Last week, the Republican majority succeeded in getting a much less ambitious bill through... (read more) Layoffs and Signing Bonuses, Productivity and Margins - Grim Times Ahead? Mon, Feb 12, 2018 9:11AM People are usually surprised to learn there are more boating licenses issued in Wyoming then in Hawai’i. Arizona and flooding? CoreLogic research finds 23% of residential and commercial properties in the US are at a “High” or “Moderate” risk of flooding, but are outside of designated special flood hazard areas, based on its prop... (read more) Latest Video Mortgage rates reach highest levels in four years Markets trying to figure out new Fed chair, says Jefferies strategist The market is entering a new phase, says BlackRock’s Jim Keenan Around the Web Reuters U.S. Consumer Financial Protection Bureau aims for more restraint: memo CNBC Trump's budget plan may delay future tax refunds CNBC Morgan Stanley: 'One last surge of euphoria' will take market up more than 10% from here Calculated Risk Blog Port of Long Beach: Record Port Traffic in January 2018 CNBC BlackRock's fixed income chief is not ready to say the 30-year bull market in bonds is over Reuters Trump unveils plan to stimulate infrastructure improvements CNBC Ray Dalio: 'Risks of a recession' are rising CNBC Here's what a 5 percent mortgage rate would mean to buyers Calculated Risk Blog Lawler: Will Average Hourly Earnings Growth Decelerate Over the Next Two Months? NAHB Eye on Housing Employment Rose in Most States in December 2017 Calculated Risk Blog Lawler: Selected Operating Statistics, Large Publicly-Traded Home Builders Reuters Futures up more than 1 percent after worst week in two years NAR - Realtor.com Who Ordered All the McMansions? 10 Cities Where They're Piled Highest

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