Sean Becketti, Freddie Mac's Chief Economist said that there is a tendency for housing and mortgage markets to focus on high profile but transitory events - for example the weekly reports on interest rates - while the factors that will actually determine the future of housing evolve so slowly we tend to overlook them. He points to three long-standing trends: increasing income inequality, the increasing role of land costs in housing prices, and increasing land use restrictions. These, he writes in Freddie Mac's monthly Insights, will shape the future of housing by permanently shifting both the demand for and supply of housing. Increasing income inequality is the first and possibly most important trend, but not the growing gap between the richest and the rest. The high pay and lavish lifestyles

November 16, 2016 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.28% -0.01%   6.11% 7.26% 15 Yr. Fixed 5.65% +0.05%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Nov 16, 2016 Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.28% -0.01 0.00 15 Yr. Fixed 5.65% +0.05 0.00 30 Yr. FHA 5.94% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.62% +0.03 0.00 30 Yr. VA 5.95% -0.02 0.00 Updates Daily - Last Update: 9/8 Freddie Mac Rate Change Points 30 Yr. Fixed 6.50% -0.06 0.00 15 Yr. Fixed 5.60% -0.09 0.00 Updates Weekly - Last Update: 9/4 Mortgage Bankers Assoc. 30 Yr. Fixed 6.64% -0.05 0.59 15 Yr. Fixed 5.84% -0.19 0.84 30 Yr. Jumbo 6.58% -0.09 0.39 Updates Weekly - Last Update: 9/3 UMBS 30YR 5.5 101.26 -0.02   97.47 101.61 UMBS 30YR 6.0 102.50 -0.04   99.66 102.50 10 YR Treasury 4.048 +0.009   3.621 4.780 MBS Live Day Ahead: Quest Begins For Treasuries to Fill The Gap Wed, Nov 16, 2016 10:09AM We started to talk about "the gap" in yesterday's closing commentary and unless bond market momentum manages to stay far weaker than anyone expects, we'll be talking about "the gap" again very soon.  Well, technically, we'll be talking about i... (read more) MBS Price Change UMBS 5.0 99.73 -0.05 UMBS 5.5 101.25 -0.03 UMBS 6.0 102.50 -0.04 GNMA 5.0 100.04 -0.03 GNMA 5.5 101.20 +0.02 GNMA 6.0 102.14 -0.04 Pricing as of: 9/8 10:38PM EST US Treasury Yield Change 2 YR Treasury 3.496 +0.009 5 YR Treasury 3.570 +0.008 7 YR Treasury 3.776 +0.008 10 YR Treasury 4.049 +0.010 30 YR Treasury 4.700 +0.010 Pricing as of: 9/8 10:38PM EST Other News Three Overlooked Trends Will Have Major Impacts on Housing Wed, Nov 16, 2016 3:21PM Sean Becketti, Freddie Mac's Chief Economist said that there is a tendency for housing and mortgage markets to focus on high profile but transitory events - for example the weekly reports on interest rates - while the factors that will actually determine the future of housing evolve so slowly we tend to overlook them. He points to three long-standing trends:... (read more) Oklahoma Leads California in Quake Count, but Risks Vary Wed, Nov 16, 2016 3:44PM Two recent data releases from CoreLogic's Insurance and Spatial Solutions division assess earthquake risk in California and Oklahoma. Yes, Oklahoma, a place normally thought of in terms of tornados risk, now outstrips California in the frequency of earthquakes. And it has achieved that dubious distinction from almost a standing start in less than a decade. T... (read more) Builder Confidence Was Steady Heading Into Election Wed, Nov 16, 2016 3:11PM Builder confidence in the market for newly-built single-family homes was unchanged in November, based on data gathered before the election. The National Association of Home Builders said its Housing Market Index (HMI), which it sponsors jointly with Wells Fargo, remained at the October level of 63. The index had surged six points in September, tying with Oct... (read more) Mortgage Apps Mirror Rates, Hitting Worst Levels Since Early 2016 Wed, Nov 16, 2016 9:18AM Mortgage application activity fell decisively in the wake of the presidential elections. While the week ending November 11 culminated with the Veterans Day holiday, the downturn appeared more related to the sharp increase in mortgage rates that followed the election than to the shortened work week. The Mortgage Bankers Association's Market Composite Index, a... (read more) Down Payment Report; Good News From HUD & FHA; Regulatory Backlash Ahead Wed, Nov 16, 2016 10:55AM Baby Boomers like lists and rankings. Here is one that I ran across: the 50 highest paying professions not needing a college degree. There are a couple mortgage-related jobs on the list, arguably including #1 which is "Financial Service Sales Agents." That may be small comfort as loan officers spend the next several weeks making sure their locked loans fund,... (read more) Latest Video Betting on Miami real estate Futures Now: Buy the bond breakdown? Home builder sentiment unchanged in November Around the Web CNBC War of the asset classes: Bond market freaks out while stocks see smooth sailing ahead CNBC Obscure part of law could let Yellen, Fischer thwart Trump on reshaping the Fed Market Watch Don't believe the great bond fake-out Reuters Euro crisis over? 2017 politics could be markets' biggest test yet freddiemac.mwnewsroom.com Freddie Mac November 2016 Insight CNBC US producer prices unchanged in October on weak services Reuters Fed's Kashkari unveils plan to tackle 'too big to fail' banks and funds Reuters Only a surprise will halt December Fed rate hike: Bullard Reuters Dollar index surges to 14-year high HUD FHA's 2016 Annual Report Shows Continued Growth of Capital Reserves CNBC Bond prices lower as traders eye data; Fed in focus Calculated Risk Blog FNC: Residential Property Values increased 6.0% year-over-year in September Market Watch Dow closes at record high for fourth straight session

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