Debt finances additional consumption. That could be the summary of a speech given on Tuesday to the National Retail Federation's annual convention by William C. Dudley, President and CEO of the Federal Reserve Bank of New York. Dudley's remarks focused on the connections between housing and retail sales and why changes in the housing and mortgage markets "Have had important consequences for the dynamics of consumption over the last decade." These connections, he said, are among the reasons the recovery and economic expansion have been weaker than desired. The good news however, is that, while the current expansion is quite old in chronological terms, it is still quite young in terms of households' financial health. Household incomes tend to increase as individuals age, but ideally households

January 17, 2017 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.29% +0.02%   6.11% 7.26% 15 Yr. Fixed 5.72% +0.02%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Jan 17, 2017 Mortgage Rates End Week at Highs Fri, Jan 13, 2017 3:44PM Mortgage rates moved higher today , even after many lenders offered mid-day improvements in the afternoon. Bond markets (which underlie rate movement) reacted negatively to this morning's economic data. The biggest report of the morning--Retail Sales--was slightly weaker than the median forecast. Typically, this would HELP rates. But some traders were expecting the number to be even weaker compared to the forecast (yes, this is like a forecast of a a forecast). In separate data, several inflation metrics came in stronger than expected. Given the fact that markets are fairly worried that inflat... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.29% +0.02 0.00 15 Yr. Fixed 5.72% +0.02 0.00 30 Yr. FHA 6.00% +0.03 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.65% +0.02 0.00 30 Yr. VA 6.01% +0.02 0.00 Updates Daily - Last Update: 9/12 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 5.5 101.13 +0.02   97.47 101.61 UMBS 30YR 6.0 102.40 0.00   99.66 102.50 10 YR Treasury 4.066 +0.040   3.621 4.780 MBS Live Week Ahead: For Bonds, Still About Stocks and "The Range" Tue, Jan 17, 2017 8:46AM January continues playing host to the same level of stock/bond correlation that we typically see at the end and beginning of any given year.  Beyond calendar considerations, we also see this behavior during times of uncertainty where investors ... (read more) MBS Live Recap: Much Weaker After Data, but Still in Same Old Range Fri, Jan 13, 2017 4:54PM Granted, we might wake up next Tuesday (markets are closed Monday) to find that bonds are quickly breaking out of the recent range.  But as for this week, the 2.34%-2.42% range in 10yr yields remained intact.   There were several solid attempts made to break below 2.34%, but none of them stuck.  Technicians are most interested in the 3p... (read more) MBS Price Change UMBS 5.0 99.63 +0.06 UMBS 5.5 101.13 +0.02 UMBS 6.0 102.40 0.00 GNMA 5.0 100.00 -0.08 GNMA 5.5 101.13 -0.08 GNMA 6.0 102.01 -0.04 Pricing as of: 9/13 5:19AM EST US Treasury Yield Change 2 YR Treasury 3.553 +0.009 5 YR Treasury 3.630 +0.027 7 YR Treasury 3.816 +0.038 10 YR Treasury 4.066 +0.040 30 YR Treasury 4.681 +0.023 Pricing as of: 9/13 5:19AM EST Other News Fed's Dudley Wants You to Refi (Safely, of Course) Tue, Jan 17, 2017 12:51PM Debt finances additional consumption. That could be the summary of a speech given on Tuesday to the National Retail Federation's annual convention by William C. Dudley, President and CEO of the Federal Reserve Bank of New York. Dudley's remarks focused on the connections between housing and retail sales and why changes in the housing and mortgage markets "Ha... (read more) Carson will "Examine" FHA Premium Cut Fri, Jan 13, 2017 11:33AM The surprise reduction in FHA annual premiums announced last week by the current Secretary of Housing and Urban Development (HUD) may not survive long into the new administration. Ben Carson, M.D. President-elect Donald Trump's pick to head HUD, said at his confirmation hearing on Thursday that he would consider reversing the cut, which current Secretary Jul... (read more) Legal and Regulatory Update; Credit Risk Transfers; 2016 Non-Agency Issuance Stats Tue, Jan 17, 2017 9:17AM Well, we have 24 business days until our next Federal holiday (President’s Day on February 20). Sigh. Much worse is this very, very sad, troubling statistic: News came out that drug overdoses are involved in more deaths than car crashes and guns. U.S. deaths from drug overdoses (driven by heroin and prescription painkillers) were up 11 percent in 2015,... (read more) Latest Video Deutsche Bank to pay $7.2B in mortgage settlement Cashin: Post-election zoom is flagging a bit BAC CEO: Rates should rise for the right reason Around the Web Reuters Deutsche Bank signs $7.2 billion deal with U.S. over risky mortgages builderonline.com This Forecast Isn't Pretty for Southern California Home Prices Redfin 6 Surprising Things That Can Stall Your Mortgage Approval Market Watch Fed would respond with higher rates if Trump fiscal policy not done right, Brainard says CNBC Rising home values not enough to shake consumers' memories of the financial crisis, Fed's Dudley says NAHB Eye on Housing Consumer Credit Grows but Some Risks Lurk Market Watch The Fed: New York Fed chief Dudley has an idea homeowners should tap into equity CNBC Fed's Dudley sees low chance of Fed snuffing out expansion soon Gallup As Trump Takes Office, Confidence in Economy Remains Upbeat Freddie Mac Preparing for the UCD Deadline: Tools and Tips Reuters Futures fall on Brexit worries, Trump's dollar comments Bloomberg Why Republican Tax Reform Could Be a U.S. Corporate Bond Bonanza Bloomberg Draghi Seen Staying Strong on QE With Faster Inflation No Bar

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