As home sales have slowed, attention has shifted to the subject of affordability. The combination of rising home prices and higher interest rates is blamed by many as the cause of the lagging sales. The National Association of Home Builders (NAHB) has just published a study which attempts to estimate the approximate effect of each increase in prices and each uptick in mortgage rates means in terms of how many households can afford to buy a new home. The study relies on mortgagee qualification criteria. NAHB's latest estimates show that nationally, a $1,000 increase in the price of a median-priced new home (using the national figure of $355,183) will price 127,560 U.S. households out of the market. Based on their incomes and standard underwriting criteria, each of these households would be able

January 9, 2019 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.28% -0.01%   6.11% 7.26% 15 Yr. Fixed 5.65% +0.05%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Jan 9, 2019 Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.28% -0.01 0.00 15 Yr. Fixed 5.65% +0.05 0.00 30 Yr. FHA 5.94% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.62% +0.03 0.00 30 Yr. VA 5.95% -0.02 0.00 Updates Daily - Last Update: 9/8 Freddie Mac Rate Change Points 30 Yr. Fixed 6.50% -0.06 0.00 15 Yr. Fixed 5.60% -0.09 0.00 Updates Weekly - Last Update: 9/4 Mortgage Bankers Assoc. 30 Yr. Fixed 6.64% -0.05 0.59 15 Yr. Fixed 5.84% -0.19 0.84 30 Yr. Jumbo 6.58% -0.09 0.39 Updates Weekly - Last Update: 9/3 UMBS 30YR 5.5 101.28 +0.16   97.47 101.61 UMBS 30YR 6.0 102.54 +0.05   99.66 102.54 10 YR Treasury 4.039 -0.047   3.621 4.780 MBS Live Day Ahead: Afternoon Events Could Set The Tone Wed, Jan 9, 2019 9:26AM While there are no significant scheduled events in play this morning, the afternoon hours bring the 10yr Treasury auction and the " minutes " from the most recent Fed meeting.  These will provide a more detailed account of the conversation tha... (read more) MBS Price Change UMBS 5.0 99.78 +0.31 UMBS 5.5 101.28 +0.16 UMBS 6.0 102.54 +0.05 GNMA 5.0 100.07 +0.24 GNMA 5.5 101.19 +0.06 GNMA 6.0 102.18 +0.05 Pricing as of: 9/8 6:21PM EST US Treasury Yield Change 2 YR Treasury 3.487 -0.030 5 YR Treasury 3.562 -0.027 7 YR Treasury 3.768 -0.032 10 YR Treasury 4.039 -0.047 30 YR Treasury 4.690 -0.079 Pricing as of: 9/8 6:21PM EST Other News Small Price and Rate Changes Make a Big Difference for Homebuyers Wed, Jan 9, 2019 12:08PM As home sales have slowed, attention has shifted to the subject of affordability. The combination of rising home prices and higher interest rates is blamed by many as the cause of the lagging sales. The National Association of Home Builders (NAHB) has just published a study which attempts to estimate the approximate effect of each increase in prices and each... (read more) Lower Rates and Their Effect on Purchases, Refis Wed, Jan 9, 2019 10:31AM While the report also looks at how the recent dip in interest rates may impact the demand for refinancing, the main theme of the November 2018 Mortgage Monitor is the shifting origination market. Black Knight's report notes that the first three quarters of 2018 produced the most purchase-dominated market in 18 years. Of the 4.8 million mortgages originated, ... (read more) Mortgage Apps Surge as Borrowers Return in Droves, Rates Drop Wed, Jan 9, 2019 8:16AM Even though the week ended January 4 was shortened by the New Year's holiday mortgage application volume rebounded strongly . The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, was up 23.5 percent on a seasonally adjusted basis compared to the previous week and 68 percent on an unadjusted basis. The week'... (read more) Government Shutdown has Little Effect on Real Estate Wed, Jan 9, 2019 8:10AM As the partial government shutdown continues the National Association of Realtors® contacted a sample of its members to see if the real estate market is as yet feeling any impact. At present the Department of Housing and Urban Development (HUD) and the Department of Agriculture are essentially closed, and the Internal Revenue Service is operating at a 15... (read more) Appraisal Products; Events This Week; New Buydown, Second Look Products Wed, Jan 9, 2019 9:28AM The co-founder and former CEO of Southwest Airlines, Herb Kelleher, died last week. I mention this because I read his obituary and the article noted his advice to employees in 2014 when they were upset by efforts to reduce costs and otherwise evolve. “What we’re talking about here is your future. If we don’t change, you won’t have one... (read more) Latest Video Interest rate hikes and rise in home prices led to housing sluggishness, sa... Fed debates getting rid of forward guidance Fed is ready to wait on raising rates, says Liesman Around the Web Reuters Lennar says home sales improving as mortgage rates ease CNBC Fed 'can afford to be patient' about future rate hikes, FOMC minutes show Reuters Fed may still need to hike rates twice this year: Rosengren Reuters Traders keep bets against further Fed rate hikes Reuters Lennar sales miss estimates as housing demand slows Calculated Risk Blog No Bank Failures in 2018; First Time since 2006 NPR 'I'm Scared': TSA Families Fear Bills Due, Lost Security NAR - Realtor.com Real-Estate Agents Say Government Shutdown Is Starting to Impede the Housing Market CNBC 'Danger signals' in bonds foreshadow a recession by mid-2020 CNBC 'I may go homeless,' said a worker impacted by the government shutdown CNBC Fed's Bullard takes stand against more interest rate hikes Bloomberg Weakest Treasuries Demand Since 2008 Sends Bond-Market Warning\ Reuters Bostic: Fed should let economy run for 'a while' before further rate action

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