FHA is reversing an earlier decision to remove the rule requiring manual underwriting for mortgages with credit scores below 620 and a ratio of debt to income above 43 percent. The decision, conveyed to lenders earlier this month, was presaged in the Fourth Quarter 2018 report to Congress regarding FHA Mutual Mortgage Insurance Fund Programs which expressed concern about the risk posed by recent originations. The report, submitted in February by Keith N. Becker, Deputy Assistant Secretary, Office of Risk Management and Regulatory Affairs pointed to a gradual change in the distribution of borrower credit scores. In the 2018 fiscal year the share of 680 to 850 credit scores continued to decline. The average credit score for borrowers fell to 670, the lowest level in a decade. "FHA's credit risk

March 26, 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 Mar 26, 2019 For Mortgage Rates, "High 3's" In Sight Once Again Tue, Mar 26, 2019 4:26PM Mortgage rates took the day to do just a little bit more of what they've been doing in fairly grand fashion for the past week: MOVE LOWER! When the good times started in earnest (after last week's Fed Announcement), rates were already in line with their lowest levels in more than a year. As of today, they're another quarter or a percentage point (0.25%) lower. In other words, if you'd been looking at a quote of 4.375% last Tuesday, you'd likely be seeing 4.125% today. Whether or not that's the conventional 30yr fixed quote you're seeing depends on a variety of factors. But certainly, for anyon... (read more) 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: Separating Healthy Bounces From Scary Corrections Tue, Mar 26, 2019 10:09AM Quite a few talking heads and analysts referred to last Wednesday's post-Fed rally as 'overdone.'  They pointed to Thursday's moderate weakness as evidence that bonds would have a hard time making further progress at the new long-term lows. ... (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 6:22PM 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 6:22PM EST Other News FHA Reinstates Manual Underwriting for Some Riskier Loans Tue, Mar 26, 2019 2:43PM FHA is reversing an earlier decision to remove the rule requiring manual underwriting for mortgages with credit scores below 620 and a ratio of debt to income above 43 percent. The decision, conveyed to lenders earlier this month, was presaged in the Fourth Quarter 2018 report to Congress regarding FHA Mutual Mortgage Insurance Fund Programs which expressed ... (read more) Home prices Surging or Fading? Depends Whom You Ask Tue, Mar 26, 2019 11:12AM The S&P CoreLogic Case-Shiller indices and the Federal Housing Finance Agency's (FHFA's) Housing Price Index paints two different pictures of the housing market in January . The former calls the appreciation in that month "the smallest in four years," while FHFA's index posted a January price surge. Case-Shiller's U.S. National Home Price Index, covering... (read more) Housing Starts Retreat from Outstanding January Numbers Tue, Mar 26, 2019 10:10AM Residential construction numbers continued to see-saw in February. Housing starts were particularly disappointing after their stellar performance in January. Completions is the only indicator that is running ahead of its 2018 counterpart. Permits for construction of residential units were issued at a seasonally adjusted annual rate of 1,296,000 units, a 1.6 ... (read more) eMortgage, Loan Trading Products; Comp Survey Findings; Lender Disaster News Tue, Mar 26, 2019 8:59AM “Rob, are you hearing that the sudden increase in lock volume is from borrowers who had a lock with one lender moving to another lender?” Not yet, and let’s hope not, loans are “stickier” now, and that this practice was just something unscrupulous parties did in the past. But speaking of past events, Baby Boomers now own about 3... (read more) Latest Video January new home sales drop nearly 7% Bank of America CEO: Loan demand showing consistent growth UK parliament votes on options to delay Brexit January new home sales fall short of expectations, down 6.9 percent Around the Web CNBC 'There's no way' we're headed for recessionfive experts on the bond market's warning sign Calculated Risk Blog Real House Prices and Price-to-Rent Ratio in January Calculated Risk Blog Update: A few comments on the Seasonal Pattern for House Prices CNBC Want to sell your home? Hurry up and list it next week CNBC Goldman says investors are looking at the wrong bond market indicator and recession is less likely Calculated Risk Blog Comments on February Housing Starts Reuters Fears of recession keep risk rebound in check Bloomberg Fed's Rosengren Hangs On to Hiking Bias Despite Rising Risks CNBC For millennials, this is the greatest hurdle to homeownership CNBC Mohamed El-Erian: Absent a 'policy mistake,' there's no way US will have a recession this year or in 2020 CNBC US housing starts fall in February on weak single-family homebuilding Reuters Britons backing away from Brexit, but no safe bets: pollster Bloomberg Many Rich Fretting About SALT Didn't Get That Tax Break Anyway

© 2025  Mortgage News Daily, LLC. | 19701 Bethel Church Rd. | Cornelius, NC 28031 Interest rates displayed are national averages and for informational purposes only. Actual rates from lenders may vary based on several factors including, but not limited to, credit worthiness, ability to replay, credit score, down payment, loan term, etc. This email was sent to: [recipientemail]. Go here to UNSUBSCRIBE from this email.