Fannie Mae is predicting a notable slowdown in the growth of the U.S. economy in the first quarter of 2019. They have downgraded their earlier forecast by 0.1 percent to an annualized rate of 1.7 percent, compared to 2.8 percent in the fourth quarter of 2018. For the full year they are looking for growth of 2.2 percent, down from what is expected to be a final rate of 3.1 percent last year. The first quarter forecast from the company's economists reflects expectations that consumer spending has slowed as their confidence in future economic conditions has deteriorated. The economists do think that most of the impact of the partial government shutdown will dissipate by the end of the quarter and the government debt ceiling will be raised in a way that doesn't unduly undermine investor, business

February 22, 2019 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.29% +0.01%   6.11% 7.26% 15 Yr. Fixed 5.69% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Feb 22, 2019 Mortgage Rates Slightly Higher Today Thu, Feb 21, 2019 4:03PM Mortgage rates may be close to their lowest levels in more than a year, but they were slightly higher versus yesterday. Yesterday's rates were close enough to 1-year lows that no one would take exception with the claim. That said, rates on January 31st were slightly lower for most lenders. Why all the fuss? No fuss , per se. It's just that many mainstream news outlets are running stories today about the "lowest rates in more than a year" due to Freddie Mac's weekly mortgage rates survey. Indeed, if we're just comparing the Monday/Tuesday 30yr fixed rate averages (which is essentially what Fred... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.29% +0.01 0.00 15 Yr. Fixed 5.69% +0.04 0.00 30 Yr. FHA 5.98% +0.04 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.68% +0.06 0.00 30 Yr. VA 6.00% +0.05 0.00 Updates Daily - Last Update: 9/9 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 5.5 101.08 +0.00   97.47 101.61 UMBS 30YR 6.0 102.38 +0.00   99.66 102.50 10 YR Treasury 4.083 -0.001   3.621 4.780 MBS Live Day Ahead: Fed Hard at Work Dialing in Porridge Temp Fri, Feb 22, 2019 9:56AM If you're not familiar with these terms, you'll need the following definitions for today's commentary: hawkish/dovish. The Fed is a key ingredient in the market movement outlook going forward.  This isn't to say that they will decide which way the market is going to move in the long run (that's the job of economic data, trade war developments, etc), b... (read more) MBS Live Recap: Delayed Reaction to Fed Hurts Stocks and Bonds Thu, Feb 21, 2019 4:48PM Although today brought the week's most anticipated line-up of economic data as well as overnight headlines on US/China trade agreements, the biggest market mover was yesterday's Fed Minutes.  At the time, I expressed confusion as to why financial markets weren't doing more to react to the Fed's most surprising update where it basically said January wa... (read more) MBS Price Change UMBS 5.0 99.46 +0.02 UMBS 5.5 101.07 0.00 UMBS 6.0 102.37 -0.01 GNMA 5.0 99.74 +0.01 GNMA 5.5 101.02 -0.03 GNMA 6.0 102.01 +0.04 Pricing as of: 9/9 11:07PM EST US Treasury Yield Change 2 YR Treasury 3.551 -0.017 5 YR Treasury 3.611 -0.016 7 YR Treasury 3.811 -0.022 10 YR Treasury 4.083 -0.001 30 YR Treasury 4.728 -0.007 Pricing as of: 9/9 11:07PM EST Other News Fannie Mae Lowers Several Forecasts Fri, Feb 22, 2019 8:20AM Fannie Mae is predicting a notable slowdown in the growth of the U.S. economy in the first quarter of 2019. They have downgraded their earlier forecast by 0.1 percent to an annualized rate of 1.7 percent, compared to 2.8 percent in the fourth quarter of 2018. For the full year they are looking for growth of 2.2 percent, down from what is expected to be a fin... (read more) NAR: Home Sales "Likely to Have Reached a Cyclical Low" Thu, Feb 21, 2019 11:29AM Existing home sales fell again in January although the decline was a minor one compared to the 6.4 percent drop in December. The National Association of Realtors® (NAR) said sales of single-family homes, townhomes, condominiums and co-ops ticked down 1.2 percent from December's annual rate of 4.99 million to a seasonally adjusted annual rate of 4.94 mill... (read more) Broker, Non-QM Products; Lenders and Investors React to VA and FHA Changes Fri, Feb 22, 2019 8:53AM In the good news category, we can all knock “lumber prices” off the list as a hindrance to builders. Prices are down 25% in the last year. Is it “easier” to be a builder, or home buyer data source, than a lender? Zillow has found that being a mortgage lender isn’t a cakewalk in recent months and has replaced CEO Spencer Rascoff ... (read more) Latest Video Tariff impact on home improvement products Fed: FOMC will be patient on rate moves Trade talk is going to take a long time to come to conclusion, says expert Around the Web Calculated Risk Blog Q4 GDP Forecasts: High-1s, Low-2s, 2018 Annual GDP around 2.8% Calculated Risk Blog Fannie and Freddie: Combined REO inventory declined in Q4, Down 21% Year-over-year CNBC Fed's Quarles: We'd 'quickly reassess' balance sheet plan if problems came up Bloomberg Mortgage Sector Boosted Thanks to Low Volatility and Dovish Fed Reuters Fed to keep open mind in review of strategy, tools, Clarida says CNBC The Fed is about to start public sessions on how it can improve policy Reuters Fed says U.S. economy ended 2018 with solid but weakening growth Redfin How to Buy Your First Home Like an Economist NAHB Eye on Housing Reasons Why Home Buyers Move Calculated Risk Blog MBA: The Unemployment Rate and Mortgage Delinquency Rate Reuters A Fed pivot, born of volatility, missteps, and new economic reality CNBC Closely watched Atlanta Fed GDP model now sees growth at just 1.4 percent for fourth quarter NAR - Realtor.com Will Another Downturn Rock the Housing Market?

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