The Urban Institute (UI) has looked at a final mortgage rule issued by the Consumer Financial Protection Bureau (CFPB) in late 2020 which would provide a 3-year pathway to safe harbor for loans that are a rebuttable presumption or nonqualified mortgage at origination. The study, by UI analysts Karan Kaul, Laurie Goodman, and Jun Zhu found that loan performance during the first three years of the mortgage term is a better predictor of subsequent loan performance than the rate spread. The rule requires that both rebuttable presumption and nonqualified conventional first-lien mortgages can be deemed safe harbor 36 months after origination if they are held on the originator's balance sheet. They may also be sold once and then held as a whole loan on the buyer's balance sheet for the entire three

February 2, 2021 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 Feb 2, 2021 Mortgage Rates Hold Steady to Start New Week Mon, Feb 1, 2021 3:40PM Mortgage Rates did well last week, with the average lender getting very close to long-term lows by Wednesday. After that, however, volatility in the bond market caused some concern about an unfriendly shift in rate momentum. Today's trading helps soothe those concerns as the bond market (which dictates rates) held inside a narrow range very close to Friday's latest levels. The average mortgage lender offered rates that were at least as good as Friday's with purchases still seeing 2.5-2.625% and no-cash-out refis in the 2.75-2.875% neighborhood (this assumes a top tier conventional 30yr fixed l... (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 Recap: Mid-Day Recovery, But Broader Risks Remain Tue, Feb 2, 2021 3:39PM Mid-Day Recovery, But Broader Risks Remain Bonds did well enough yesterday to suggest yields might not be interested in moving back to the higher end of their recent trading range.  Today's early weakness quickly reintroduced that narrative.  A decent recovery in the middle of the trading day did little to ... (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: 2/6 9:15PM 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: 2/6 9:15PM EST Other News CFPB's New Seasoning Rule is Already Showing Promise Tue, Feb 2, 2021 11:18AM The Urban Institute (UI) has looked at a final mortgage rule issued by the Consumer Financial Protection Bureau (CFPB) in late 2020 which would provide a 3-year pathway to safe harbor for loans that are a rebuttable presumption or nonqualified mortgage at origination. The study, by UI analysts Karan Kaul, Laurie Goodman, and Jun Zhu found that loan performan... (read more) Residential Construction Spending Grew by 11.8% in 2020 Tue, Feb 2, 2021 11:06AM Public and privately funded construction spending ended 2020 with a 4.7 percent increase over spending in 2019. The U.S. Census Bureau said the combined outlays for the recent year was $1.430 trillion compared to 1.365 trillion the prior year. Residential spending, which increased significantly on a percentage basis in the public sector although the dollar a... (read more) Refi Demand Staying Strong Despite Rising Rates Mon, Feb 1, 2021 1:36PM The current Mortgage Monitor from Black Knight looks at the recent small increases in mortgage rates and their potential impact on home sales. The company says that Treasury yields have been rising with the 10-year up nearly 0.25 percent just since the January 5 Georgia senatorial runoff. While the spread between it and the 30-year mortgage rates absorbed pa... (read more) Sales Jobs; Pre-Approval, Hobby Farm Products; Events and Training; Wholesale and Correspondent Updates Tue, Feb 2, 2021 10:49AM Okay boys and girls, besides it being a snow day in the Northeast, and Groundhog Day and Punxsutawney Phil's 135th prognostication, here is today’s short video math lesson: Snow+Pandas=Fun . Continuing with the four-legged theme, Chrisman LLC was dealt a blow to its morale yesterday when my cat Myrtle balked at joining the Super Bowl pool. She was nonp... 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