When bonds make "gains," it means that bond prices are moving up. The price of a bond is like the amount that a lender is willing to pay for the right to collect a certain amount of interest. The more the lender is willing to pay, the lower that lender's "yield" will be. Looked at another way, the lower your interest rate would be in the case of a lender making you a mortgage loan. For that reason, we expect to see mortgage rates fall when bonds are making gains (mortgages are based primarily on bond prices/yields). But in today's case, rates went a bit higher even though bonds improved. As is often the case, the discrepancy results from the timing of bond market movement over the past few days. Bonds weakened yesterday and rates logically moved higher. The catch is that bonds continued to

April 23, 2019 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.25% -0.04%   6.11% 7.26% 15 Yr. Fixed 5.71% -0.01%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Apr 23, 2019 Mortgage Rates Move Up Despite Market Gains Tue, Apr 23, 2019 3:42PM When bonds make "gains," it means that bond prices are moving up. The price of a bond is like the amount that a lender is willing to pay for the right to collect a certain amount of interest. The more the lender is willing to pay, the lower that lender's "yield" will be. Looked at another way, the lower your interest rate would be in the case of a lender making you a mortgage loan. For that reason, we expect to see mortgage rates fall when bonds are making gains (mortgages are based primarily on bond prices/yields). But in today's case, rates went a bit higher even though bonds improved. As is... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.25% -0.04 0.00 15 Yr. Fixed 5.71% -0.01 0.00 30 Yr. FHA 5.99% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.64% -0.01 0.00 30 Yr. VA 6.01% 0.00 0.00 Updates Daily - Last Update: 9/15 Freddie Mac Rate Change Points 30 Yr. Fixed 6.35% -0.15 0.00 15 Yr. Fixed 5.50% -0.10 0.00 Updates Weekly - Last Update: 9/11 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 5.5 101.28 -0.01   97.47 101.61 UMBS 30YR 6.0 102.45 0.00   99.66 102.50 10 YR Treasury 4.039 -0.001   3.621 4.780 MBS Live Recap: Week's Important Events Still to Come Tue, Apr 23, 2019 4:13PM With each passing day this week, we're reminded that the most important events are yet to come.  In fact, we may well be looking at only one significant event in the form of Friday's Q1 GDP reading.  There are a few other contenders before that but none with nearly as much street cred as the 1st GDP report for the quarter. Incidentally, next we... (read more) MBS Live Day Ahead: Should we Care About Rising Oil Prices Tue, Apr 23, 2019 9:41AM Oil is one of the most fundamental economic inputs when it comes to determining costs and thus inflation.  Inflation is one of the most fundamental inputs when it comes to determining the price of bonds.  It certainly stands to reason that ... (read more) MBS Price Change UMBS 5.0 99.91 0.00 UMBS 5.5 101.29 0.00 UMBS 6.0 102.45 +0.00 GNMA 5.0 100.22 -0.03 GNMA 5.5 101.25 +0.03 GNMA 6.0 102.01 +0.03 Pricing as of: 9/16 12:40AM EST US Treasury Yield Change 2 YR Treasury 3.536 -0.001 5 YR Treasury 3.605 +0.005 7 YR Treasury 3.788 -0.004 10 YR Treasury 4.037 -0.003 30 YR Treasury 4.657 -0.004 Pricing as of: 9/16 12:40AM EST Other News New Home Sales Best Estimates, Inventories Decline Tue, Apr 23, 2019 11:37AM New home sales continued on a winning streak in March , increasing for the third straight month. The U.S. Census Bureau and the Department of Housing and Urban Development said sales of newly constructed homes were at a seasonally adjusted annual rate of 692,000 units during the month. This is a 4.5 percent increase over the revised (from 667,000) rate of 66... (read more) Home Price Appreciation Hit the Brakes in February per FHFA Tue, Apr 23, 2019 11:02AM The pace of home price appreciation slowed notably in February , at least as reflected in the Federal Housing Finance Agency's (FHFA's) House Price Index (HPI). The index, which is calculated using home sales information from mortgages sold to or guaranteed by the GSEs Fannie Mae and Freddie Mac, rose 0.3 percent from January to February and was up 4.9 perce... (read more) Subservicer Products; Vendor Updates - Raising Money, Buying Lenders, and Using Blockchain Tue, Apr 23, 2019 8:57AM Should small, non-depository mortgage bankers be concerned about big banks renewing their interest in FHA loans? Probably. Bank of America is promoting its $0 origination fee FHA & VA programs. Speaking of low down payments, we have last week’s Mortgagee Letter 19-06 . Bloomberg ran a story about “ cracking down on no money down home loans ,&... (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 NAR - Realtor.com 2019's Housing Market Is Likely to Be Stronger Than We ThoughtHere's Why CNBC 10 of the best places to buy a home instead of renting Reuters S&P 500 closes in on record high after upbeat earnings Bloomberg Wall Street Tells Mortgage Buyers Wider Spreads Are a Point of Entry CNBC The Fed's key interest rate keeps climbing higher, and that could become a problem CNBC Brexit talks resume as May's leadership comes under renewed pressure Reuters U.S. new home sales rise to near one-and-a-half-year high CNBC Even 30% of older, wealthier millennials had help paying for their first home Bloomberg Next FOMC Policy Move Will Likely Be a Cut, Says Credit Agricole's Marinov Bloomberg Fed Seems Resigned to Bubble Risk in Effort to Extend Expansion Reuters Wall Street near flat in quiet session ahead of earnings wave Calculated Risk Blog Comments on March Existing Home Sales Reuters Trump says Herman Cain has withdrawn from consideration for Fed seat

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