Taking out a mortgage with an origination balance higher than whatever the conventional loan limit was at the time used to be an expensive proposition. Home buyers and refinancers had an incentive to do whatever they could - higher down payments, piggy back second mortgages - to get their loan under that conventional limit in order to reap the benefits of lower borrowing costs. However, as Archana Prahan writes in the CoreLogic Insights Blog, since mid-2013 a jumbo loan has had lower borrower costs than a conforming loan, currently defined as one with a balance at or under $453,100. In the first quarter of 2018 that differential averaged 33 basis points (bps). As Figure 1 shows, conforming loans were cheaper during the period from the second quarter of 2007 to the first quarter of 2013, (blue

August 31, 2018 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 Aug 31, 2018 Mortgage Rates: If You Like Boring, You're in Luck! Thu, Aug 30, 2018 3:17PM Mortgage rates didn't move at all, again today. There really hasn't been any meaningful movement for more than 3 weeks. The same thing happened from late June through mid July. And if we broaden our definition of "sideways" just a bit, we can legitimately fit most of 2018 into the same conversation. Just about the only thing that's interesting about recent rate movement is that it continues to keep us generally closer to the highest levels in 7 years. Part of the current problem is simply the time of year. It's not uncommon to see underlying bond markets consolidate at some point in the summer... (read more) 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: Lowest Volatility Ever, or Close to It Fri, Aug 31, 2018 10:28AM There are a few different ways to measure volatility in the bond market, but one of the simplest is via the average daily trading range.  That particular metric is showing volatility in line with the lowest levels on record. The lower ... (read more) MBS Live Recap: New Tariff News Helps Bonds Dig Into Range Thu, Aug 30, 2018 4:22PM While we can't really avoid talking about "the range" recently (roughly 2.80 to 2.90 in terms of 10yr Treasury yields), we can at least talk about it in a slightly more enjoyable way today. As of yesterday afternoon, yields were essentially challenging the upper end of the range.  Any weakness today would have meant a potential confirmation of a... (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 6:24PM 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 6:24PM EST Other News Jumbo Loans Back in Style? Fri, Aug 31, 2018 11:11AM Taking out a mortgage with an origination balance higher than whatever the conventional loan limit was at the time used to be an expensive proposition. Home buyers and refinancers had an incentive to do whatever they could - higher down payments, piggy back second mortgages - to get their loan under that conventional limit in order to reap the benefits of lo... (read more) Freddie Mac Updates Selling Guide, Introduces New Product Thu, Aug 30, 2018 10:52AM Freddie Mac will be consolidating two of its mortgage products into a single offering effective October 29, 2018. The company announced this and other changes to its Selling Guide in a Bulletin on Wednesday. The affected products are Freddie Mac's Home Possible and Home Possible Advantage Mortgages. The company said it is making the change in response to sel... (read more) MI, Warehouse, and Broker Products; Mortgage Fraud Protection Trends Fri, Aug 31, 2018 9:02AM “How can you make a comeback when you haven’t been anywhere?” It seems that 3D-printing is going places. NASA awarded five teams $100,000 in a 3D-Printed habitat competition. As the next step, the winners are required to 3D print a one-third-scale model of their design for a chance to win $2 million. And a Russian firm has announced commenc... 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