This one might smart a bit. There were big hopes for home sales in April, with interest rates continuing at unexpectedly low levels, unemployment at a 50-year low, and the spring market supposedly in full swing. Analysts polled by Econoday expected that the existing home sales number would jump from the annual rate of 5.210 million sales in March to a consensus of 5.350 million, with some forecasting as high as a 5.400 million rate. Instead, the National Association of Realtors® said existing home sales ticked down even further, adding to the 4.9 percent month-over-month decline in March. Pre-owned single-family homes, townhomes, condominiums, and cooperative apartments sold at a seasonally adjusted annual rate of 5.19 million in April, down 0.4 percent from March. The year-over-year gap

May 21, 2019 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.15% +0.02%   6.11% 7.26% 15 Yr. Fixed 5.71% +0.00%   5.54% 6.59% 30 Yr. Jumbo 6.12% -0.03%   6.12% 7.45% Compare Mortgage Rates from Local Lenders for May 21, 2019 Mortgage Rates Bounce Back Tue, May 21, 2019 4:50PM Mortgage rates had a fairly decent day yesterday as far as most lenders are concerned. A few lenders saw fit to bump rates up in the afternoon following a day of weakness in the bond market (which directly affects the rates lenders can offer). Because a majority of lenders did NOT make that mid-day adjustment, they were always likely to do so with today's first rate sheets--especially if bonds didn't improve overnight. Not only did bonds not improve today, but they weakened a bit more. This made lenders' decisions easy. With that, the average conventional 30yr fixed quote moved back up to leve... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.15% +0.02 0.00 15 Yr. Fixed 5.71% 0.00 0.00 30 Yr. FHA 5.90% -0.01 0.00 30 Yr. Jumbo 6.12% -0.03 0.00 7/6 SOFR ARM 5.63% -0.02 0.00 30 Yr. VA 5.91% -0.01 0.00 Updates Daily - Last Update: 9/17 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 5.0 99.88 -0.08   95.05 100.50 UMBS 30YR 5.5 101.31 +0.08   97.47 101.61 10 YR Treasury 4.069 +0.039   3.643 4.780 MBS Live Day Ahead: Without Help, Bonds Face Uphill Battle Tue, May 21, 2019 9:31AM In the day just past, bonds weakened moderately amid the lightest volume in more than 3 weeks and a relative absence of market moving data/events.  The losses are somewhat logical in the sense that momentum measurements have increasingly sugge... (read more) MBS Price Change UMBS 4.5 97.73 -0.30 UMBS 5.0 99.75 -0.21 UMBS 5.5 101.15 -0.08 GNMA 4.5 98.08 -0.08 GNMA 5.0 100.11 -0.09 GNMA 5.5 101.10 -0.10 Pricing as of: 9/17 4:14PM EST US Treasury Yield Change 2 YR Treasury 3.539 +0.035 5 YR Treasury 3.640 +0.053 7 YR Treasury 3.824 +0.053 10 YR Treasury 4.070 +0.039 30 YR Treasury 4.671 +0.020 Pricing as of: 9/17 4:14PM EST Other News Home Sales Stall; Sellers Need to be Realistic Tue, May 21, 2019 4:48PM This one might smart a bit. There were big hopes for home sales in April, with interest rates continuing at unexpectedly low levels, unemployment at a 50-year low, and the spring market supposedly in full swing. Analysts polled by Econoday expected that the existing home sales number would jump from the annual rate of 5.210 million sales in March to a consen... (read more) Fueled by Low Rates, Prepayment Rate Continues to Rise Tue, May 21, 2019 10:46AM With interest rates remaining at 2019 lows and spring market home sales kicking in, the rate of prepayments continues to rise. Black Knight, in its "first look" at April mortgage performance data, says the rate is up 17.54 percent from March and 17.65 percent year over year. Over the last three months the prepayment rate has increased by an aggregate of 67 p... (read more) New Data Prompts Freddie Mac to Upgrade Their Forecast Mon, May 20, 2019 10:06AM Freddie Mac's May Forecast continues to look for a downward trending interest on the 30-year fixed-rate mortgage. The company's economists are project an average rate of 4.3 percent this year with a small increase to 4.5 percent in 2020. Coupled with a strong labor market, low unemployment, and "modest" wage growth, this should mean a steadily growing housin... (read more) Budgeting, Comp Products; Sales, Government Investigation Webinars Tue, May 21, 2019 9:33AM What’s the banter, and in the unverified rumor mill, at the MBA’s Secondary Conference? Fannie, Freddie, and FHA are all concerned about being adversely selected against by lenders, and F&F are rumored to be ending pilot programs under FHFA direction. Regarding the QM Patch (expiring 1/10/21), industry insiders are working toward fixing the A... 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