Persons who buy or refinance a condominium using a Freddie Mac mortgage may soon be able to skip having a traditional on-the-ground appraisal. The company announced on Thursday that condos will soon be eligible for its automated collateral evaluation (ACE) appraisal waiver. The program, which has been available for single-family purchases and refinances since 2017, gives eligible borrowers the ability to realize savings in cases where the system determines a traditional appraisal isn't needed. ACE uses data from multiple listing services and public records as well as a data base of historical home values to determine collateral values, analyzing the information with its proprietary models. Freddie Mac says some borrowers can save as much as $500 on appraisal fees and close 7 to 10 days faster

June 28, 2018 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 Jun 28, 2018 Mortgage Rates Finally Make a (Small) Move Wed, Jun 27, 2018 4:01PM Mortgage rates finally fell today after remaining flat for the last 3 business days. There are a few possible explanations for the friendly move, but the easiest to see and discuss is the weakness in the stock market. If you read my commentary somewhat regularly, you'll know that I'm no great fan of using the "stocks vs bonds" explanation for rate movement (bonds = rates), but in today's case, weakness in stocks was clearly correlated with strength in bonds (stronger bonds = lower rates). Much of this weakness surrounded trade-related headlines, however, so it's just as fair to say that bonds ... (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 99.71 +0.04   95.05 99.96 UMBS 30YR 5.5 101.09 +0.01   97.47 101.28 10 YR Treasury 4.031 +0.002   3.932 4.780 MBS Live Recap: 2nd Best Day in More Than 2 Months Wed, Jun 27, 2018 4:49PM The last time trading levels in bond markets were this strong at the close of business, it was on the most dire day of the Italian political drama--the one that caused 10yr yields to drop all the way into the 2.7's .  The last time before that was in the middle of April.  In some ways, even though this is only the "2nd best" day since then, it's... (read more) MBS Price Change UMBS 4.5 97.72 -0.03 UMBS 5.0 99.71 -0.01 UMBS 5.5 101.09 0.00 GNMA 4.5 97.74 +0.00 GNMA 5.0 99.96 +0.02 GNMA 5.5 101.00 +0.07 Pricing as of: 10/15 9:12PM EST US Treasury Yield Change 2 YR Treasury 3.496 -0.004 5 YR Treasury 3.616 -0.004 7 YR Treasury 3.801 -0.003 10 YR Treasury 4.028 -0.001 30 YR Treasury 4.625 -0.001 Pricing as of: 10/15 9:12PM EST Other News Freddie Mac Extends Appraisal Waivers to Condo Loans Thu, Jun 28, 2018 10:40AM Persons who buy or refinance a condominium using a Freddie Mac mortgage may soon be able to skip having a traditional on-the-ground appraisal. The company announced on Thursday that condos will soon be eligible for its automated collateral evaluation (ACE) appraisal waiver. The program, which has been available for single-family purchases and refinances sinc... (read more) HUD Head Ben Carson Touts Agency's Improvements Thu, Jun 28, 2018 8:09AM Ben Carson, MD, Secretary of the Department of Housing and Urban Development (HUD) told the House Financial Services Committee on Wednesday that his department has made "tremendous progress" since he last testified before them in October. Citing his background as a physician he said HUD has taken a leadership role in helping Americans recognize the connectio... (read more) Pending Home Sales Fall Behind 2017 Levels for Fifth Month Wed, Jun 27, 2018 10:21AM The number of new contracts for existing home sales barely made it onto the bottom rung of analysts' expectations in May. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) was down from the April reading of 106.4 to 105.9, an 0.5 percent decline. It is the second month in a row the forward-looking indicator has fallen a... (read more) Warehouse and Marketing Products; Lender Legal Changes out West Thu, Jun 28, 2018 8:57AM Ever wonder where manufactured houses are centered? Here’s a nifty map . They are being touted as a possible solution to the nation’s housing shortage. Just remove the trailer hitch prior to the appraisal! State Lending Law Changes out West The state of Arizona amended its provisions relating to breach of security through House Bill 2154, effecti... (read more) Latest Video We're expecting 1.5% GDP in 2019, says economist. Here's why Existing home sales slip due to affordability crisis White House softens tone on trade with China Around the Web Bloomberg In Flip-Flop, Money Managers Now Say S&P 500 Has Seen 2018 Lows consumerfinancemonitor.com CFPB ends investigation of Zillow CNBC Global stocks see biggest loss of investor cash since the financial crisis NAR - Realtor.com Quieting the High-Tech Luxury Home Calculated Risk Blog Kansas City Fed: Regional Manufacturing Activity "Continued to Expand at a Rapid Pace" in June, Concern about Tariffs Brookings Institution Hutchins Roundup: Slack and inflation, the gender pay gap in the gig economy, and more Reuters Ex-Fed's Yellen sees meager pick-up from Trump tax cuts Redfin Redfin Survey: 36% of Millennial Homebuyers Took a Second Job to Save for Down Payment; 10% Sold Cryptocurrency Freddie Mac Mortgage Rates Fall Again Bloomberg Central Bank Outlook, European Worries, World Cup Boost: Eco Day Freddie Mac Freddie Mac Expands ACE Eligibility for Condominium Purchases and Refinances Calculated Risk Blog Weekly Initial Unemployment Claims increased to 227,000 CNBC US economic growth revised down to lackluster 2 percent rate in Q1, though economists expect big rebound in Q2

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