Congress has once again snatched the National Flood Insurance Program (NFIP) away from its scheduled demise while setting the stage for needing to do it again. The program, which was due to expire at midnight on Tuesday, was extended for another four months. It was merely the latest is a series of delaying actions while someone, somewhere, figures out how to make the program actually work. Had the program expired, the Federal Emergency Management Agency (FEMA) which administers it would have been unable to issue new policies. This would have prevented on the sale of houses in specified flood zones that were to be financed by any federally guaranteed mortgages. The National Association of Realtors earlier estimated that some 40,000 home sales would be disrupted if the program were allowed to

July 31, 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 6.00% -0.22%   6% 7.45% Compare Mortgage Rates from Local Lenders for Jul 31, 2018 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 6.00% -0.22 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 99.65 -0.02   95.05 99.96 UMBS 30YR 5.5 101.07 -0.01   97.47 101.28 10 YR Treasury 4.043 +0.014   3.932 4.780 MBS Live Day Ahead: "Japan Effect" Tested; Torch Passed to Month-End Tue, Jul 31, 2018 9:48AM Over the past 2 weeks, there has been quite a lot of speculation on the effects of Japanese monetary policy communications on US Treasuries.  I've mentioned these in passing, but haven't really spent too much time on it because I didn't happen... (read more) MBS Live Recap: Fairly Slow: Risks and Opportunities Remain Mon, Jul 30, 2018 6:03PM For a week with so much on the calendar and so much at stake, today got things off to a fairly slow start.  That's not entirely surprising, given that it had the least going for it in terms of scheduled events.  It also happened to be a Monday in the summertime.   The overnight trading session made things look even more uneventful, wi... (read more) MBS Price Change UMBS 4.5 97.67 -0.02 UMBS 5.0 99.66 -0.01 UMBS 5.5 101.08 -0.01 GNMA 4.5 97.75 +0.05 GNMA 5.0 99.91 +0.08 GNMA 5.5 100.91 +0.01 Pricing as of: 10/15 3:29PM EST US Treasury Yield Change 2 YR Treasury 3.500 +0.018 5 YR Treasury 3.624 +0.020 7 YR Treasury 3.811 +0.013 10 YR Treasury 4.040 +0.011 30 YR Treasury 4.637 +0.007 Pricing as of: 10/15 3:29PM EST Other News Congress Votes to Keep Flood Insurance on Life Support for 4 More Months Tue, Jul 31, 2018 4:35PM Congress has once again snatched the National Flood Insurance Program (NFIP) away from its scheduled demise while setting the stage for needing to do it again. The program, which was due to expire at midnight on Tuesday, was extended for another four months. It was merely the latest is a series of delaying actions while someone, somewhere, figures out how to... (read more) Will We Be Ready When Boomers Exit Homeownership? Tue, Jul 31, 2018 4:31PM Baby Boomers, the largest generation of Americans in history until the Millennials came along, have influenced the country since their birth and have created what could be described as a pig in a python in homeownership rates . They are ageing, the leading edge of the group is now in their 70s, but still, according to Fannie Mae, inhabit 46 million owner-occ... (read more) Home Price Gains are Beginning to Hurt Sales Tue, Jul 31, 2018 10:13AM The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index put on a repeat performance for May. The index, which covers all nine U.S. census divisions, was up 6.4 percent, the same annual increase as was reported in April. There was a slight escalation in the monthly numbers, which estimated an increase of 1.1 percent before seasonal adjustment, a... (read more) Digital Products; Legal News and Lawsuits; Layoffs and Promotions Tue, Jul 31, 2018 8:56AM When I was in my 20s and into my 30s, I think I had about $3,000 in my retirement account - hardly enough now to even pay for the line-caught salmon for my cat Myrtle for a year. But in down payment news CNBC is telling us that people in that age group are tapping into their retirement money to buy homes. The survey size is only 600, which by my capital mark... (read more) Latest Video CNBC Fed Survey: 83% say Trump's comments on Fed policy are inappropriate Santelli Exchange: Central bank balance sheets Chicago PMI at 65.5 in July Around the Web NAR - Realtor.com Young People Don't Want Construction Jobs. That's a Problem for the Housing Market. Calculated Risk Blog Real House Prices and Price-to-Rent Ratio in May Calculated Risk Blog Update: A few comments on the Seasonal Pattern for House Prices CNBC Rising Risks: More intense flash floods hit overdeveloped real estate, destroying small-town America Bloomberg US, China Said to Aim to Restart Talks to Defuse Trade War CNBC Consumer confidence hits 127.4 in July, vs. 126.5 estimate Bloomberg US Employment Costs Increase From Year Ago by Most Since 2008 Calculated Risk Blog Personal Income increased 0.4% in June, Spending increased 0.4% Reuters Fed set to hold interest rates steady, remains on track for more hikes Reuters Bonds gain, yen falters as BOJ pledges to keep rates low Reuters China's July manufacturing growth slows on trade dispute, softer domestic demand Bloomberg Treasury Raises Borrowing Outlook With Second-Half Projection Hitting $769 Billion CNBC Insane things people will or won't do for a free home

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