Mortgage rates fell modestly again today. Over the past 2 days, we've managed to undo more than a week of damage, with rates back at their best levels since September 17th. That may sound a bit more exciting than it actually is, however. Many prospective borrowers would still be quoted the same rate over the past 3 days with the improvements limited to the 'upfront cost' side of the mortgage cost equation. All of the above runs counter to many of the mortgage rate headlines floating around the web and airwaves today. The average headline suggests rates are as high as they've been in 7.5 years, followed by some iteration of 'all hope is lost.' OK, so perhaps not every headline put it so dramatically, but you get the idea. Why are the majority of headlines telling you one thing while I'm telling

September 27, 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 Sep 27, 2018 Mortgage Rates Lowest in More Than a Week Thu, Sep 27, 2018 4:13PM Mortgage rates fell modestly again today. Over the past 2 days, we've managed to undo more than a week of damage, with rates back at their best levels since September 17th. That may sound a bit more exciting than it actually is, however. Many prospective borrowers would still be quoted the same rate over the past 3 days with the improvements limited to the 'upfront cost' side of the mortgage cost equation. All of the above runs counter to many of the mortgage rate headlines floating around the web and airwaves today. The average headline suggests rates are as high as they've been in 7.5 years,... (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 6.00% -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: Bonds Have a Chance, But Victory Far From Guaranteed Thu, Sep 27, 2018 9:09AM Yesterday's Fed announcement--specifically, Fed Chair Powell's press conference remarks--set bonds up for a potential bounce.  This would come at a critical time considering the prevailing trend for September has/had 10yr yields on a collision... (read more) MBS Live Recap: We've Been Here Before But This Time's Different Thu, Sep 27, 2018 4:43PM In the past week, we've seen 10yr yields rise up and over 3.06%, flirt with 3.10%+ and come back down.  This has happened only one other time since rates set all-time lows in 2012 and 2016, and that was in May of this year.  Granted, rates drifted just a bit higher in May, but the patterns are similar. If we line up today with the corresponding... (read more) MBS Price Change UMBS 4.5 97.67 -0.02 UMBS 5.0 99.67 -0.01 UMBS 5.5 101.07 -0.02 GNMA 4.5 97.75 +0.05 GNMA 5.0 99.94 +0.11 GNMA 5.5 100.82 -0.08 Pricing as of: 10/15 3:26PM EST US Treasury Yield Change 2 YR Treasury 3.501 +0.019 5 YR Treasury 3.625 +0.021 7 YR Treasury 3.812 +0.014 10 YR Treasury 4.041 +0.012 30 YR Treasury 4.638 +0.008 Pricing as of: 10/15 3:26PM EST Other News Housing Sentiment Lukewarm, Leads to Dismal Sales - Again Thu, Sep 27, 2018 10:37AM The leading indicator for existing home sales continued to struggle in August and for the fourth time in the last five months purchase contract executions fell back from those in the previous month. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI), which is based on contract signings, dropped 1.8 percent to 104.2 from ... (read more) IRS Slams Door on Property Tax Workarounds Wed, Sep 26, 2018 4:59PM One of the more contentious provisions of the 2017 Tax Cuts and Jobs Act (TCJA) was a new ceiling on the SALT deduction. This is the amount taxpayers can deduct on federal tax returns for what is paid in state and local taxes including income, sales, and property taxes. The new limit is $10,000 where previously there was none. The increase in the standard de... (read more) Insurance, Non-QM, Underwriting Products; Bank M&A Takes Off Thu, Sep 27, 2018 9:03AM Goldman Sachs telling us it expects four more short-term rate increases by the Fed in 2019, and it doesn’t make money by being wrong. Is your company ready for that? STRATMOR discusses “operational reviews” below – worth a gander. Company Tune-ups Are you building a process review into your strategic plans for 2019? Be sure to read &l... (read more) Latest Video Santelli Exchange: Rate hikes and recessions Santelli Exchange: Double top or pause? Pending home sales index down 1.8 percent in August Around the Web CNBC Bay Area home sales tank 10 percent in August to the slowest pace in 7 years Reuters Fed chief Powell signals central bank is done with signaling Freddie Mac Testimony Before the House Financial Services Committee Brookings Institution The Renters Strike Back Bloomberg Whetton: More US Rate Hikes Are Coming Brookings Institution Hutchins Roundup: Local Market Concentration, Consumer Responses to Tax Refunds, and More Calculated Risk Blog December 2006: Tanta joined CR! CNBC Final reading on Q2 GDP confirms 4.2% gain, the fastest rise in nearly four years CNBC New orders for key US-made capital goods unexpectedly dropped in August blog.stewart.com Forecasts: Residential Refinance & Purchase Lending, 30-Year Conventional Mortgage Rates, Home Sales September 2018 Reuters World shares lack momentum, U.S. bond yields fall as Fed sticks to script Bloomberg Curve Flattening Returns With Gusto as Fed Pledges More Hikes CNBC Fed sounds less aggressive than expected and less confident in long-term growth

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