Conventional wisdom, the lending version, holds that refinance loans are inherently less risky than purchase loans, but a recent analysis from the Urban Institute (UI) refutes this contention. In fact, Linda Goodman, Co-director of UI's Housing Finance Policy Center says rampant refinancing probably played a major role in the housing crisis. Goodman, writing in UI's Urban Wire blog says despite ample evidence that it was risky products rather than lending to riskier borrowers that majorly contributed to the crisis, many continue to blame government policies toward homeownership. However, at the height of the boom it was refinanced loans that were more likely to default. This was largely due to people treating their homes as ATMs through cash out refinances. Eighty-four percent of refinances

May 18, 2017 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.27% -0.04%   6.13% 7.26% 15 Yr. Fixed 5.82% -0.01%   5.6% 6.59% 30 Yr. Jumbo 6.20% -0.02%   6.14% 7.45% Compare Mortgage Rates from Local Lenders for May 18, 2017 Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.27% -0.04 0.00 15 Yr. Fixed 5.82% -0.01 0.00 30 Yr. FHA 6.00% -0.03 0.00 30 Yr. Jumbo 6.20% -0.02 0.00 7/6 SOFR ARM 5.71% -0.01 0.00 30 Yr. VA 6.02% -0.03 0.00 Updates Daily - Last Update: 10/15 Freddie Mac Rate Change Points 30 Yr. Fixed 6.30% -0.04 0.00 15 Yr. Fixed 5.53% -0.02 0.00 Updates Weekly - Last Update: 10/9 Mortgage Bankers Assoc. 30 Yr. Fixed 6.43% -0.03 0.60 15 Yr. Fixed 5.77% +0.01 0.79 30 Yr. Jumbo 6.60% +0.06 0.44 Updates Weekly - Last Update: 10/8 UMBS 30YR 5.0 99.74 +0.01   95.05 99.96 UMBS 30YR 5.5 101.11 +0.01   97.47 101.28 10 YR Treasury 4.022 -0.007   3.932 4.780 MBS Live Day Ahead: Rally Intact But At Risk For a Bounce Thu, May 18, 2017 9:13AM I can't emphasize this enough: when bond markets have a day like they had yesterday, it's often followed shortly thereafter by a correction.  In the case of a true rally with staying power, that will be a temporary correction, lasting one day.... (read more) MBS Live Recap: Game-Changing Rally or Massive Head-Fake Wed, May 17, 2017 5:32PM Today will either go down as a game-changing rally in the course of bond traders' decision making process for 2017, or as an epic head-fake that provided LO's a great opportunity to lock a few top tier deals at sub 4% 30yr fixed rates.  Either way, we rallied in a major way. The move began as early as yesterday afternoon , albeit after market hou... (read more) MBS Price Change UMBS 4.5 97.73 -0.02 UMBS 5.0 99.72 0.00 UMBS 5.5 101.10 +0.00 GNMA 4.5 97.75 +0.01 GNMA 5.0 99.96 +0.03 GNMA 5.5 101.00 +0.07 Pricing as of: 10/16 6:31AM EST US Treasury Yield Change 2 YR Treasury 3.495 -0.005 5 YR Treasury 3.616 -0.004 7 YR Treasury 3.801 -0.004 10 YR Treasury 4.026 -0.003 30 YR Treasury 4.617 -0.009 Pricing as of: 10/16 6:31AM EST Other News Refis Actually Did More Damage During The Housing Crisis -UI Thu, May 18, 2017 11:45AM Conventional wisdom, the lending version, holds that refinance loans are inherently less risky than purchase loans, but a recent analysis from the Urban Institute (UI) refutes this contention. In fact, Linda Goodman, Co-director of UI's Housing Finance Policy Center says rampant refinancing probably played a major role in the housing crisis. Goodman, writing... (read more) Purchases Increase, Pull-Through Declines -EllieMae Thu, May 18, 2017 11:06AM The average period necessary to close a mortgage shortened again in April, dwindling by another day from the March timeline to 42 days . This was the shortest processing period in the 17-month overview of data provided in Ellie Mae's Origination Insight Report. The longest closing time, in January of this year, was 51 days. The time to close a refinance decl... (read more) Household Debt Tops Pre-Recession Level Thu, May 18, 2017 10:57AM This may, or may not be a cause for celebration. The New York Federal Reserve Bank, using credit data from Equifax, reports that Americans are now back to owing as much money as they did before the housing crash . Aggregate household debt rose for the 11th consecutive time in the first quarter of 2017, reaching a total of $12.73 trillion at the end of March.... (read more) Fannie and Freddie News; MERS/HMDA update; Politics and Rates Thu, May 18, 2017 9:57AM Imagine being able to keep the money you earn!? Per Mr. Mel Watt, Fannie & Freddie might have to keep their profits to avoid rescue . Mr. Watt, who happens to be speaking here in North Carolina at the AMC and who happens to be the director of the Federal Housing Finance Agency, has testified before lawmakers that Fannie Mae and Freddie Mac might have to ... (read more) Latest Video Sudden dollar jump Mnuchin: We need to fix Fannie and Freddie Weekly jobless claims down 4K to 232K Around the Web NAFCU FHFA's Watt reiterates true housing finance reform depends on Congress feedproxy.google.com Tax Reform Could Deliver a Tax Hike for Homeowners: New Research Calculated Risk Blog Sacramento Housing in April: Sales down 3%, Active Inventory down 16% YoY consumerfinancemonitor.com CFPB and FTC confirm scrutiny of ancillary products CNBC House oversight panel chairman Chaffetz reportedly planning to depart Congress June 30 consumerfinancemonitor.com Senate Leader Mitch McConnell skeptical of Dodd-Frank reform feedproxy.google.com NAR Midyear Forecast: Existing-Home Sales Poised to Climb 3.5 Percent in 2017 Market Watch Mnuchin says he expects Fannie, Freddie to continue to pay dividends Market Watch Washington dysfunction' won't stop Fed from hiking interest rates in June CNBC UBS modifies Fed calls, sees next rate hike in June CNBC 7 line items that pad the costs of selling your home CNN Mnuchin: Housing finance reform a 'priority' for Trump White House Freddie Mac Mortgage Rates Edge Down

© 2025  Mortgage News Daily, LLC. | 19701 Bethel Church Rd. | Cornelius, NC 28031 Interest rates displayed are national averages and for informational purposes only. Actual rates from lenders may vary based on several factors including, but not limited to, credit worthiness, ability to replay, credit score, down payment, loan term, etc. This email was sent to: [recipientemail]. Go here to UNSUBSCRIBE from this email.