Don't believe anything you read about mortgage rates today... well, except this . In fact, you're welcome to believe anything you read as long as it acknowledges the fact that rates have risen nearly a quarter of a point from last week, pushing them well into the highest levels in more than 2 years . The average top tier conventional 30yr fixed rate is quickly approaching 4.5%. Nearly every lender that was at 4.125% last week is now at 4.375%. Lenders who were at 4.25% last week are mostly up to 4.5%. The overall spike in rates since the election is now on par with the 2013 taper tantrum. You'll hear time and again "don't worry... rates are historically low..." and my personal favorite "for every .125% in rate, the payment only rises $7 per $100k borrowed." All of that is true, except perhaps

December 15, 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 Dec 15, 2016 Mortgage Rates Quickly Approaching 4.5% Thu, Dec 15, 2016 3:32PM Don't believe anything you read about mortgage rates today... well, except this . In fact, you're welcome to believe anything you read as long as it acknowledges the fact that rates have risen nearly a quarter of a point from last week, pushing them well into the highest levels in more than 2 years . The average top tier conventional 30yr fixed rate is quickly approaching 4.5%. Nearly every lender that was at 4.125% last week is now at 4.375%. Lenders who were at 4.25% last week are mostly up to 4.5%. The overall spike in rates since the election is now on par with the 2013 taper tantrum. You'... (read more) 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 6.0 102.51 -0.03   99.66 102.51 10 YR Treasury 4.046 +0.007   3.621 4.780 MBS Live Day Ahead: The Death Of The Long Term Trend: A Definitive, Chart-Based Assessment Thu, Dec 15, 2016 11:02AM Sorry for the delay on the morning commentary.  As you can see, I had a lot on my mind.  I also decided to go a different direction after reading the following article this morning: R.I.P. Bond Bull Market as Charts Say Last Gasps Have Bee... (read more) MBS Live Recap: Bloodshed For Bonds as Fed Dots Paint Grim Picture Wed, Dec 14, 2016 7:14PM It's either the best thing or the worst thing in the world, depending on what kind of originator you are.  On one hand , the outlook for the economy could be strong enough to drive the growth and inflation needed to support a more urgent rate h... (read more) MBS Price Change UMBS 5.0 99.74 -0.04 UMBS 5.5 101.26 -0.02 UMBS 6.0 102.50 -0.04 GNMA 5.0 100.05 -0.03 GNMA 5.5 101.21 +0.02 GNMA 6.0 102.15 -0.03 Pricing as of: 9/8 10:19PM EST US Treasury Yield Change 2 YR Treasury 3.496 +0.009 5 YR Treasury 3.570 +0.008 7 YR Treasury 3.775 +0.006 10 YR Treasury 4.046 +0.007 30 YR Treasury 4.699 +0.009 Pricing as of: 9/8 10:19PM EST Other News Builder Confidence Soars Post-Election Thu, Dec 15, 2016 11:56AM The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) soared by 7 points in December, reaching a level of 70, the highest reading since July 2005. An NAHB spokesman credited the increase to a "post-election bounce." The Index is based on a monthly survey NAHB conducts among its new homebuilder members in which they are asked to pro... (read more) "Flex Modification" Designed as New HAMP Thu, Dec 15, 2016 9:24AM Both Freddie Mac and Fannie Mae will be rolling out a new foreclosure prevention programs next year to replace the expiring Home Affordable Mortgage Program (HAMP). The program, which both GSEs are calling Flex Modification , was developed at the direction of the Federal Housing Finance Agency (FHFA). Flex is expected to provide a 20 percent reduction in mor... (read more) Disaster, Flood, and Water News; The Fed Raised Rates - The Sun Still Rose Thu, Dec 15, 2016 9:17AM As more people under the age of 30 enter residential lending, what is happening on the other end? Well, congrats to SunTrust's Elaine Lee who is retiring after 35 years at the Bank. 35 years is an eye-opener! And retiring after 38 years in the biz is Paul Miller with Academy Mortgage. Think of how many tens of thousands of borrowers these two directly or ind... (read more) Latest Video Fed hikes, bonds tank. What to do now Richardson: These are red flags for housing Buy the housing rally? Around the Web CNBC Here's what you need to do to buy a home Bloomberg All Types of Loans Cost More Just One Day After Fed's Rate Hike - Bloomberg freddiemac.mwnewsroom.com Mortgage Rates Move Higher Redfin No Holiday for the November Housing Market as Home Prices Climbed Nearly 8 Percent Reuters U.S. jobless claims fall for second straight week CNBC Higher rents push up US consumer inflation CNBC Despite campaign attacks, Trump could turn out to be Yellen's 'best friend,' strategist argues builderonline.com 10 Rising U.S. cities Where Homeownership is Affordable Bloomberg Fannie-Freddie Regulator Said to Plan to Stay On Under Trump - Bloomberg Bloomberg R.I.P. Bond Bull Market as Charts Say Last Gasps Have Been Taken - Bloomberg Reuters Exclusive: Inside the BOJ, rate hikes are back on the radar. Really freddiemac.mwnewsroom.com Freddie Mac Announces New Foreclosure Prevention Program Bloomberg Bond Traders Signal Two Rate Hikes in 2017, While Fed Sees Three

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