The House Financial Services Committee (FSC) passed a clutch of bills this week, several of which will assist homebuyers and homeowners. Two directly affect the cost of an FHA loan. The FHA Loan Affordability Act (H.R. 3141), introduced by Dean Phillips (D-MN) would repeal the requirement that borrowers with FHA loans pay premiums on FHA mortgage insurance for the life of their loan. The bill would reinstate the previous policy which allowed borrowers to drop the insurance when the outstanding balance of their loan is reduced to 78 percent of the original value of the home. The wording of the bill appears to specifically disallow consideration of equity accrued through home price appreciation. The bill passed the committee 34 to 25. Another FHA related bill, The Housing Financial Literacy Act

June 14, 2019 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.28% -0.05%   6.13% 7.26% 15 Yr. Fixed 5.81% -0.04%   5.6% 6.59% 30 Yr. Jumbo 6.30% +0.00%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Jun 14, 2019 Mortgage Rates Continue Easing Back Toward Long-Term Lows Thu, Jun 13, 2019 4:30PM Mortgage rates moved lower for the 2nd straight day, which brings them back in line with Monday's levels. While these aren't quite the lowest rates of the past 2 weeks, they're much closer than they were on Tuesday morning. That means the average lender is nearly able to offer the lowest rates since September 2017! In the slightly bigger picture, underlying bond markets seem to be consolidating after the aggressive move to lower rates 2 weeks ago. In other words, if we can look past some of the recent volatility, the general trend has been sideways for nearly 2 weeks now. This is a good thing ... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.28% -0.05 0.00 15 Yr. Fixed 5.81% -0.04 0.00 30 Yr. FHA 6.01% -0.04 0.00 30 Yr. Jumbo 6.30% 0.00 0.00 7/6 SOFR ARM 5.89% -0.06 0.00 30 Yr. VA 6.03% -0.04 0.00 Updates Daily - Last Update: 10/31 Freddie Mac Rate Change Points 30 Yr. Fixed 6.17% -0.02 0.00 15 Yr. Fixed 5.41% -0.03 0.00 Updates Weekly - Last Update: 10/30 Mortgage Bankers Assoc. 30 Yr. Fixed 6.30% -0.07 0.58 15 Yr. Fixed 5.67% -0.07 0.61 30 Yr. Jumbo 6.38% -0.01 0.34 Updates Weekly - Last Update: 10/29 UMBS 30YR 5.0 99.50 -0.06   95.05 100.11 UMBS 30YR 5.5 101.01 -0.04   97.47 101.40 10 YR Treasury 4.094 +0.018   3.932 4.780 MBS Live Day Ahead: Retail Sales Takes a Swing Before Next Week's Fed Fri, Jun 14, 2019 8:31AM In the day just past, bonds managed to add modestly but meaningfully to a 2.5-day rally that's acted to keep them in a consolidation pattern. After I write the words "consolidation pattern," they're typically followed by the words "ahead of."  I... (read more) MBS Price Change UMBS 4.5 97.47 -0.10 UMBS 5.0 99.50 -0.06 UMBS 5.5 101.02 -0.04 GNMA 4.5 97.59 -0.06 GNMA 5.0 99.65 -0.08 GNMA 5.5 100.79 -0.03 Pricing as of: 11/3 8:41AM EST US Treasury Yield Change 2 YR Treasury 3.586 +0.012 5 YR Treasury 3.701 +0.018 7 YR Treasury 3.888 +0.015 10 YR Treasury 4.095 +0.019 30 YR Treasury 4.673 +0.020 Pricing as of: 11/3 8:41AM EST Other News Two FHA Premium Changes, An End to MI Requirement? Fri, Jun 14, 2019 9:08AM The House Financial Services Committee (FSC) passed a clutch of bills this week, several of which will assist homebuyers and homeowners. Two directly affect the cost of an FHA loan. The FHA Loan Affordability Act (H.R. 3141), introduced by Dean Phillips (D-MN) would repeal the requirement that borrowers with FHA loans pay premiums on FHA mortgage insurance f... (read more) Calabria and Carson: Housing Leaders Talk Reform, Accomplishments Fri, Jun 14, 2019 12:59PM Attendees at the Ginnie Mae Summit commemorating the agencies 50 th anniversary on Thursday heard from both Dr. Ben Carson, Secretary of the Department of Housing and Urban Development (HUD) and Dr. Mark A. Calabria, newly confirmed director of the Federal Housing Finance Agency (FHFA). Each addressed their plans for updating their respective housing finance... (read more) MBA Announces Affordable Housing Initiative, Sees New Home Sales Rising Thu, Jun 13, 2019 11:30AM The Mortgage Bankers Association (MBA) released its regular monthly estimates for new home sales on Thursday and also announced a new initiative to promote affordable housing. The initiative, to be headed by Steven O'Connor, MBA's Senior Vice President for Public Policy and Industry Relations, is intended "to help develop stronger and more effective affordab... (read more) eClose, Non-QM, Broker Products; VA and FHA Investor Shifts Fri, Jun 14, 2019 9:05AM “The City of Baltimore, Maryland suffered a ransomware attack on May 7, 2019. Due to the attack, the City is currently unable to record documents until further notice. In the interim they are issuing ‘Lien Certificates’. Mr. Cooper is offering the following guidance related to loans closed within the city of Baltimore: ‘ Any loans wit... 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