In the day just past, markets continued to gyrate on trade war headlines more than anything.  The overnight session saw some bond buying on tough talk from Trump at a campaign rally while the daytime session saw bonds reverse course on news that Trump had received a "beautiful letter" from Xi.  Trump went on to say that a good alternative deal was possible. Today brings the only potentially relevant piece of economic data this week in the form of the consumer price index.  That said, any impact would be easily overshadowed by the right trade-related headline.  Volumes have been getting very big, and both stocks and bonds are ready for a big break in one direction or the other.  It continues to be the case that there's a much bigger risk of an unfriendly breakout toward higher rates.  It's not that an unfriendly scenario is more likely, just that it's likely to be bigger and nastier than the friendly version. Rates are generally flat to start the domestic session.

May 10, 2019 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.15% -0.02%   6.01% 7.13% 15 Yr. Fixed 5.72% -0.03%   5.55% 6.5% 30 Yr. Jumbo 6.33% -0.02%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for May 10, 2019 Mortgage Rates Unchanged to Slightly Lower Thu, May 9, 2019 4:07PM Mortgage rates were just slightly lower on average today with some lenders flat and others distinctly lower. The discrepancy is due to the timing of yesterday's market movements and the corresponding lender reactions. Some lenders saw enough weakness to reprice for the worse before the end of the day. Others just let it ride. Those who repriced were able to drop rates back in line with yesterday morning's rates today. Those who didn't reprice just remained in the same territory, making this the 4th straight day with very little change despite a more pronounced move lower in 10yr Treasury yield... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.15% -0.02 0.00 15 Yr. Fixed 5.72% -0.03 0.00 30 Yr. FHA 5.75% -0.05 0.00 30 Yr. Jumbo 6.33% -0.02 0.00 7/6 SOFR ARM 5.56% -0.03 0.00 30 Yr. VA 5.77% -0.04 0.00 Updates Daily - Last Update: 2/6 Freddie Mac Rate Change Points 30 Yr. Fixed 6.11% +0.01 0.00 15 Yr. Fixed 5.50% +0.01 0.00 Updates Weekly - Last Update: 2/5 Mortgage Bankers Assoc. 30 Yr. Fixed 6.24% +0.08 0.55 15 Yr. Fixed 5.64% +0.09 0.61 30 Yr. Jumbo 6.34% -0.05 0.40 Updates Weekly - Last Update: 1/28 UMBS 30YR 5.0 100.05 +0.01   95.71 100.50 UMBS 30YR 5.5 101.49 +0.04   98.11 101.64 10 YR Treasury 4.213 +0.033   3.932 4.608 MBS Live Day Ahead: Consumer Prices and Trade War Risks Fri, May 10, 2019 8:31AM In the day just past, markets continued to gyrate on trade war headlines more than anything.  The overnight session saw some bond buying on tough talk from Trump at a campaign rally while the daytime session saw bonds reverse course on news that Trump had received a "beautiful letter" from Xi.  Trump went on to say that a good alternative deal was ... (read more) MBS Price Change UMBS 4.5 98.06 +0.03 UMBS 5.0 100.05 +0.01 UMBS 5.5 101.49 +0.04 GNMA 4.5 97.84 +0.10 GNMA 5.0 100.18 +0.11 GNMA 5.5 101.22 -0.02 Pricing as of: 2/7 1:56AM EST US Treasury Yield Change 2 YR Treasury 3.496 +0.044 5 YR Treasury 3.753 +0.036 7 YR Treasury 3.965 +0.026 10 YR Treasury 4.213 +0.033 30 YR Treasury 4.851 +0.006 Pricing as of: 2/7 1:56AM EST Other News VA Subpoenas Multiple Lenders Thu, May 9, 2019 8:11AM Just days after Ginnie Mae issued a Request for Input seeking advice on ways to tighten its regulations in regard to VA loans, it appears the government is taking stronger action. Ginnie Mae was pointing to higher than acceptable prepayment rates among streamline refinancing VA loans included in one of its securitization programs, especially those with high ... (read more) Condo Mortgage Business - Poised for a Breakout Thu, May 9, 2019 12:09PM Condominium loans represent only about 8 percent of total mortgages, a share that has remain fairly stable for several years. However, CoreLogic says they are poised to play a much larger role. Jacqueline Doty, writing in the company's Insights blog, says the loans, which are overwhelmingly (80 percent) conventional, have enjoyed recent gains. The changes ha... (read more) Lower Rates Boost Jumbo Credit Access Thu, May 9, 2019 10:35AM A big jump in jumbo loan lending drove an increase in mortgage credit availability in April. The Mortgage Bankers Association's Mortgage Credit Availability Index (MCAI) rose 2.1 percent in April to 186.1. An increase in the index indicates that lending standards are loosening. The Conventional MCAI increased 4.3 percent largely because of a 6.8 percent surg... (read more) Correspondent Products; FHA, VA, Ginnie, and Lender News Fri, May 10, 2019 8:50AM The Federal Housing Administration (FHA) announced a a package of incentives to encourage multi-family property owners to invest in thousands of neighborhoods located in Opportunity Zones across the nation. Think reduced application fees paid by property owners applying for certain multifamily mortgage insurance programs for development or rehabbing apartmen... (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 Trump says China tariffs 'may or may not be removed' while trade talks continue CNBC Trump vs. the Fed: What it means for your money NAHB Eye on Housing Lending Conditions Tighten (But Less than Expected) Bloomberg Williams Says Fed Well Positioned to Keep Economy on Good Track Bloomberg Fed Seen as More Likely to Cut Rates After U.S. Tariff Boost NAR - Realtor.com Small Mortgages Are Getting Harder to Come By Reuters Top Chinese trade negotiator leaves U.S. trade representative's office Calculated Risk Blog Cleveland Fed: Key Measures Show Inflation Close to 2% in April Reuters U.S. stocks, yields down after U.S. hikes China tariffs Reuters U.S. planning to support farmers amid China trade spat: agriculture secretary CNBC US consumer prices rose in April, but underlying inflation remains tame Bloomberg China Is Armed With Powerful Market Weapons in Duel With Trump bbc.com Trade war: Trump says no need to rush on China talks

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