This month's Mortgage Monitor Report from Black Knight, Inc. is again about equity, but this time with a twist regarding the way homeowners are treating it. The company says that the tappable equity held by homeowners increased by $820 billion dollars over the 12 months that ended in March, $380 billion in the first quarter of 2018 alone. Those numbers equate to 16.5 percent growth year-over-year, and 7 percent for the quarter. Equity growth is generally highest in the first and second quarters of the year, but the first quarter growth this year was up 30 percent from the same quarter in 2017. It was the highest single-quarter increase recorded by Black Knight since it began keeping records in 2005. Tappable equity is the share of equity that a homeowner can borrow before reaching a maximum

July 11, 2018 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.37% +0.15%   6.13% 7.26% 15 Yr. Fixed 5.88% +0.13%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.11%   6.14% 7.45% Compare Mortgage Rates from Local Lenders for Jul 11, 2018 Mortgage Rates Slightly Higher So Far This Week Tue, Jul 10, 2018 3:45PM Mortgage rates didn't move for most lenders today. Remaining lenders were just slightly higher than yesterday, thus keeping this week's modest upward bias intact. In the slightly bigger picture, we had a fairly friendly consolidation in rates heading into last Friday and have been giving back the gains since then. While we're technically able to talk about rate "movement" on a day to day (and even minute by minute) basis, the average mortgage borrower isn't seeing big changes. In fact, in terms of the NOTE rate (the one at the top of a loan quote that determines the payment), there hasn't been... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.37% +0.15 0.00 15 Yr. Fixed 5.88% +0.13 0.00 30 Yr. FHA 6.05% +0.10 0.00 30 Yr. Jumbo 6.25% +0.11 0.00 7/6 SOFR ARM 5.77% +0.12 0.00 30 Yr. VA 6.07% +0.09 0.00 Updates Daily - Last Update: 9/18 Freddie Mac Rate Change Points 30 Yr. Fixed 6.26% -0.09 0.00 15 Yr. Fixed 5.41% -0.09 0.00 Updates Weekly - Last Update: 9/18 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 99.49 -0.10   95.05 100.47 UMBS 30YR 5.5 101.06 +0.03   97.47 101.61 10 YR Treasury 4.111 +0.030   3.706 4.780 MBS Live Day Ahead: New Tariff Announcement Keeps Bonds In Recent Range Wed, Jul 11, 2018 9:50AM The first two days of the week were largely spent lamenting the slow and inconsequential nature of summertime trading in the bonds market.  At least that's how I spent them. Superstitious market watchers would quickly point out that such lame... (read more) MBS Live Recap: Once More With Less Feeling Tue, Jul 10, 2018 4:37PM If we look solely at the US trading hours, yesterday and today form a nearly perfect 2-day trend just slightly higher in rate.  Fannie 4.0 MBS prices have similarly shed 3/32nds (0.09) in a well-behaved trend channel.  If we include the full trading session, however, yesterday was the bigger deal and today was an afterthought.  On the other ... (read more) MBS Price Change UMBS 4.5 97.41 -0.05 UMBS 5.0 99.50 -0.04 UMBS 5.5 101.07 +0.00 GNMA 4.5 97.51 +0.01 GNMA 5.0 99.74 -0.02 GNMA 5.5 100.91 +0.01 Pricing as of: 9/18 9:06PM EST US Treasury Yield Change 2 YR Treasury 3.563 -0.001 5 YR Treasury 3.664 -0.003 7 YR Treasury 3.855 +0.004 10 YR Treasury 4.108 +0.004 30 YR Treasury 4.726 +0.002 Pricing as of: 9/18 9:06PM EST Other News Black Knight: Tappable Equity Skyrockets, But HELOC Loans Decline Wed, Jul 11, 2018 11:05AM This month's Mortgage Monitor Report from Black Knight, Inc. is again about equity, but this time with a twist regarding the way homeowners are treating it. The company says that the tappable equity held by homeowners increased by $820 billion dollars over the 12 months that ended in March, $380 billion in the first quarter of 2018 alone. Those numbers equat... (read more) Mortgage Application Volume Ignores Holiday, Purchases Make Strong Showing Wed, Jul 11, 2018 8:02AM Despite the Independence Day holiday which both shortened and bisected the week, mortgage activity rallied significantly during the week ended July 6. The Mortgage Bankers Association said its Market Composite Index, a measure of mortgage application volume, increased 2.5 percent on a seasonally adjusted basis compared to the week ended June 30. The holiday ... (read more) TPO Products; OB/Resitrader Deals; New Tariffs Announced Wed, Jul 11, 2018 8:54AM U.S. capital markets folks have a way with words. Henry Jonas writes, “I started in this business in a Secondary Marketing in ‘86. Outside of maybe 1994 I cannot remember margins this thin. I went to Kroger and bought the jumbo economy pack of toilet paper with sheets thicker than my margins. The old saying is, ‘If watermelons cost 50 cents... 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