Mortgage brokers have apparently reclaimed both their reputations and their market share in recent years according to Archana Pradhan, a risk management analyst for CoreLogic. She writes in the company's blog that brokers' share of the conventional conforming mortgage market hit 16 percent earlier this year. While this is only half its share before the housing crisis when it accounted for about one-third of originations, it has doubled since 2011. Mortgage brokers' reputation for loan quality took a substantial hit during and immediately after the crisis as foreclosure rates jumped. Their market share began to slip in 2008 as some lenders stopped offering credit through this channel. It had fallen to 7 percent by 2011. Now that their business is returning, Pradhan says their loans are performing

November 20, 2019 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.34% +0.06%   6.13% 7.26% 15 Yr. Fixed 5.82% +0.01%   5.6% 6.59% 30 Yr. Jumbo 6.32% +0.02%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Nov 20, 2019 Mortgage Rates Lowest Since Halloween Wed, Nov 20, 2019 4:45PM Mortgage rates are in the midst of a winning streak of moderate size and duration. Specifically, rates have improved by at least an eighth of a percentage point for the average lender since the beginning of last week and have moved lower on all but one of the days between now and then. That brings them to the lowest levels since October 31st. As far as rate rallies go, that qualifies as just a bit longer than average and just a bit better than average. Notably, it comes at the expense of weaker rate momentum for nearly the entire month of October. In the bigger picture, however, rates are stag... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.34% +0.06 0.00 15 Yr. Fixed 5.82% +0.01 0.00 30 Yr. FHA 6.06% +0.05 0.00 30 Yr. Jumbo 6.32% +0.02 0.00 7/6 SOFR ARM 5.98% +0.09 0.00 30 Yr. VA 6.08% +0.05 0.00 Updates Daily - Last Update: 11/3 Freddie Mac Rate Change Points 30 Yr. Fixed 6.17% -0.02 0.00 15 Yr. Fixed 5.41% -0.03 0.00 Updates Weekly - Last Update: 10/30 Mortgage Bankers Assoc. 30 Yr. Fixed 6.30% -0.07 0.58 15 Yr. Fixed 5.67% -0.07 0.61 30 Yr. Jumbo 6.38% -0.01 0.34 Updates Weekly - Last Update: 10/29 UMBS 30YR 5.0 99.58 +0.12   95.05 100.11 UMBS 30YR 5.5 101.08 +0.09   97.47 101.40 10 YR Treasury 4.089 -0.020   3.932 4.780 MBS Live Day Ahead: Fed Meeting Minutes Likely a Non-Event Wed, Nov 20, 2019 9:35AM Bonds are on a roll at the moment with 5 of the last 6 trading days resulting in lower yields.  Rather than stand as some evidence of new strength in the bond market, this has more to do with technical correction as more than 60% of the trading days since early October have resulted in higher yields.  More to the point, before the 6-day rally menti... (read more) MBS Price Change UMBS 4.5 97.52 +0.11 UMBS 5.0 99.57 +0.12 UMBS 5.5 101.08 +0.08 GNMA 4.5 97.52 +0.02 GNMA 5.0 99.79 +0.15 GNMA 5.5 100.88 +0.08 Pricing as of: 11/4 7:34AM EST US Treasury Yield Change 2 YR Treasury 3.576 -0.033 5 YR Treasury 3.697 -0.027 7 YR Treasury 3.881 -0.024 10 YR Treasury 4.090 -0.020 30 YR Treasury 4.674 -0.020 Pricing as of: 11/4 7:34AM EST Other News The Death of The Mortgage Broker Has Been Greatly Exaggerated Wed, Nov 20, 2019 10:48AM Mortgage brokers have apparently reclaimed both their reputations and their market share in recent years according to Archana Pradhan, a risk management analyst for CoreLogic. She writes in the company's blog that brokers' share of the conventional conforming mortgage market hit 16 percent earlier this year. While this is only half its share before the housi... (read more) MBA Says New Home Sales are on a Roll Wed, Nov 20, 2019 9:58AM Applications for mortgages to purchase newly constructed homes surged in October and the Mortgage Bankers Association (MBA) is expecting that sales will follow suit. MBA's Builder Application Survey (BAS) shows those applications rose 9 percent from September to October and were 31.5 percent higher than in October 2018. The data is not seasonally adjusted. B... (read more) Mortgage Applications Gain Momentum Despite Holiday Slump Wed, Nov 20, 2019 8:09AM Despite the Veterans' Day holiday which shortened the work week of November 15, purchase mortgage applications gained momentum. The Mortgage Bankers Association said its Purchase Index rose 7 percent on a seasonally adjusted basis during the week although it was down 8.0 percent before adjustment. It was also up by 7 percent compared to the same week in 2018... (read more) Construction, Non-QM Products; Lots Going on at Fannie/Freddie Wed, Nov 20, 2019 8:49AM A new analysis from the real estate brokerage firm Redfin shows the typical homeowner in the United States now stays in their house for 13 years, five years more than they did in 2010. This lack of movement, especially among aging baby boomers, has helped create inventory shortages and pushed up prices. Salt Lake City, Fort Worth, Houston, San Antonio, and D... 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