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: Housing News FHA Reinstates Manual Underwriting for Some Riskier Loans 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... (read more) Mortgage Rate Watch For Mortgage Rates, "High 3's" In Sight Once Again 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 th... (read more) Housing News Home prices Surging or Fading? Depends Whom You Ask 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 ye... (read more) Rob Chrisman eMortgage, Loan Trading Products; Comp Survey Findings; Lender Disaster News “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 ... (read more) Housing News Housing Starts Retreat from Outstanding January Numbers 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... (read more) MBS Commentary MBS Live Day Ahead: Separating Healthy Bounces From Scary Corrections 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) Mortgage Rates 30 Yr. Fixed Rate 6.77% -0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.77% -0.01 0.00 15 Yr. Fixed 6.03% -0.01 0.00 30 Yr. FHA 6.35% 0.00 0.00 30 Yr. Jumbo 6.90% 0.00 0.00 7/6 SOFR ARM 6.25% +0.01 0.00 30 Yr. VA 6.36% 0.00 0.00 Updates Daily - Last Update: 7/22 15 Yr. Fixed Rate 6.03% -0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.75% +0.03 0.00 15 Yr. Fixed 5.92% +0.06 0.00 Updates Weekly - Last Update: 7/17 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.82% +0.05 0.62 15 Yr. Fixed 6.11% +0.07 0.66 30 Yr. Jumbo 6.81% +0.12 0.39 Updates Weekly - Last Update: 7/16 MBS / Treasuries UMBS 30YR 5.5 99.50 -0.01 Price / Yield Change MBS UMBS 5.5 99.50 -0.01 UMBS 6.0 101.36 -0.04 GNMA 5.5 99.72 -0.06 GNMA 6.0 101.28 -0.04 Pricing as of: 7/23 8:27AM EST 10 Year US Treasury 4.3574 +0.0114 Price / Yield Change US Treasury 2 YR Treasury 3.844 +0.015 5 YR Treasury 3.898 +0.013 7 YR Treasury 4.112 +0.014 10 YR Treasury 4.359 +0.013 30 YR Treasury 4.929 +0.012 Pricing as of: 7/23 8:27AM EST 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

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