Mortgage rates dropped like a rock today . This has absolutely nothing to do with yesterday's Fed rate cut, a little to do with the market reaction to the verbiage in yesterday's Fed announcement, and a lot to do with today's new developments. Chinese officials were cited as questioning the viability of the much-touted trade deal overnight. The trade deal is important to financial markets because it's thought to be an easy way to increase global economic growth--something that is typically bad for rates. As such, the questioning of the deal was good for rates. On top of that, there was also an exceptionally weaker economic report out this morning--one that's often seen as a bit of an advance indicator of several other important reports coming out in the next 3 business days. The bond market

November 1, 2019 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 Nov 1, 2019 Mortgage Rates Dropping Like a Rock Thu, Oct 31, 2019 5:10PM Mortgage rates dropped like a rock today . This has absolutely nothing to do with yesterday's Fed rate cut, a little to do with the market reaction to the verbiage in yesterday's Fed announcement, and a lot to do with today's new developments. Chinese officials were cited as questioning the viability of the much-touted trade deal overnight. The trade deal is important to financial markets because it's thought to be an easy way to increase global economic growth--something that is typically bad for rates. As such, the questioning of the deal was good for rates. On top of that, there was also an... (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 99.54 -0.04   95.05 100.47 UMBS 30YR 5.5 101.07 +0.04   97.47 101.61 10 YR Treasury 4.104 +0.023   3.706 4.780 MBS Live Day Ahead: NFP vs ISM Fri, Nov 1, 2019 9:41AM Bonds rallied big yesterday on a combination of factors.  These included a rejection of the Trump administration's claimed timeline for the US/China trade deal with sources citing Chinese officials and a super weak reading on Chicago PMI.  The gains added on to the previous day's positive reaction to the Fed.  That left us to approach today wi... (read more) MBS Price Change UMBS 4.5 97.46 -0.16 UMBS 5.0 99.54 -0.04 UMBS 5.5 101.07 +0.04 GNMA 4.5 97.50 -0.52 GNMA 5.0 99.75 -0.07 GNMA 5.5 100.90 +0.01 Pricing as of: 9/18 6:45PM EST US Treasury Yield Change 2 YR Treasury 3.565 +0.001 5 YR Treasury 3.667 +0.011 7 YR Treasury 3.850 +0.011 10 YR Treasury 4.104 +0.023 30 YR Treasury 4.724 +0.036 Pricing as of: 9/18 6:45PM EST Other News Freddie's Forecast; Short and Sort of Sweet Fri, Nov 1, 2019 8:25AM Freddie Mac's end-of-the-month forecast for October was exceptionally brief, perhaps in recognition that it has all been said before. The economy is strong but slowing, the labor market is tight and so is the housing inventory. Instead, Freddie's Economic and Housing Research Team concentrates their commentary on areas they might see as a little less static.... (read more) Here's Why Housing Agencies' Net Worth is Surging Thu, Oct 31, 2019 11:55AM Both of the government sponsored enterprises (GSEs) posted strong earnings in the third quarter of the year. Freddie Mac announced comprehensive income of $1.8 billion while Fannie Mae's was $4.0 billion. Freddie Mac said its income was essentially unchanged from Q2 but lower than the $2.56 billion reported in the third quarter of 2018. The company had $2.79... (read more) Millennial Homeownership Inches Higher Wed, Oct 30, 2019 2:07PM The Census Bureau reports that the homeownership rate, while up fractionally in the third quarter of this year compared to Quarter 2, was essentially unchanged from one year earlier. The Bureau's Vacancies and Homeownership Report put the national rate at 64.8 percent. That rate peaked at more than 69 percent on several occasions during the 2004-2006 housing... (read more) Compliance, Construction, QC Products; 86% of Ginnie's Business is From Non-Banks? Fri, Nov 1, 2019 9:02AM Welcome to “Bring Your Kid’s Candy to Work” Day, when candy bowls at receptionist’s desks and lunchrooms are brimming with treats worth a gander. What is also worth a gander, besides the Agencies announcing the threshold for smaller loan exemption from appraisal requirements for higher-priced mortgage loans, is a report from the U.S. ... (read more) Latest Video China says a consensus on trade deal principles has been reached with the U... Fed's Clarida: Rate cut provides meaningful support to the economy ISM manufacturing misses expectations in October, 48.3 vs 49.1 expected Booth: "October 2018 there was 250,000 jobs created, we're cutting that in ... Around the Web Reuters After year-long bumpy ride, Fed appears to make soft landing NAHB Eye on Housing Private Residential Spending Rises in September CNBC China says it's reached a consensus in principle with the US during this week's trade talks Reuters Fed's Kaplan says he supported rate cut only if Fed signaled nothing further Reuters Clarida says U.S. economy, Fed policy 'in a good place' Reuters China may impose $3.58 billion in annual trade sanctions on U.S.: WTO panel Calculated Risk Blog Construction Spending Increased in October, Down 2.0% YoY Reuters Fed's Kaplan says policy is appropriate, should now be patient Reuters No talks have taken place on ousting Fed's Powell: White House adviser Reuters Fed's Clarida says the U.S. economy is in good place after rate cuts CNBC October's ISM manufacturing index is 48.3, a worse-than-expected contraction Reuters Treasury yields jump after better-than-expected jobs report Reuters Phase one trade deal with China is in good shape: U.S. Commerce chief

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