House Majority Leader Kevin McCarthy (R-CA) has told reporters he expects a full House vote next week on H.R. 10, The Financial Choice Act which was voted out of the Financial Services Committee (FSC) on May 4. The Act, sponsored by FSC Chairman Jeb Hensarling (R-TX) would repeal or modify many of the changes made by the Dodd-Frank Wall Street Reform and Consumer Protection Act, including broad changes in financial regulations , revising the structure of the Consumer Financial Protection Bureau, and limiting much of its authority . It also includes provisions that will affect the home mortgage industry. In the latter area, the bill would incorporate more than two dozen proposed regulatory relief bills for community financial institutions, which we include for reader's reference; H.R. 2896,

June 2, 2017 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 Jun 2, 2017 Rates Edge Higher Ahead of Jobs Report Thu, Jun 1, 2017 2:54PM Mortgage rates gave back yesterday's gains this morning following a stronger-than-expected employment report from ADP. While this is not the week's biggest jobs report, investors view it as one of several early indicators of the official Employment Situation (the big jobs report that comes out tomorrow morning). In general, stronger economic data (i.e. more job growth) tends to push rates higher and vice versa. In the bigger picture, today's move higher in rates will scarcely be detectable for most borrowers. In nearly every case , today's rate quote would be the same as yesterday's with the p... (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 5.5 101.22 -0.06   97.47 101.61 UMBS 30YR 6.0 102.47 -0.07   99.66 102.50 10 YR Treasury 4.065 +0.026   3.621 4.780 MBS Live Day Ahead: All About NFP, But a Meaningful Reaction Might be Tough Fri, Jun 2, 2017 8:32AM Today's only significant data point will be NFP, which is the most significant piece of scheduled economic data every month!  When the economy is in a state of change, NFP becomes an utterly dominant force in guiding big-picture trading themes... (read more) MBS Live Recap: All Things Considered, Better Than it Might Have Been Thu, Jun 1, 2017 4:48PM Bond markets lost ground today, but less than you might expect given several of the typical inputs.  In terms of economic data, this morning's ADP Employment Report made a fairly strong case for weakness in bonds , coming in at 253k vs a median forecast of 185k.  While rates did indeed move higher following the data, half of the losses were alread... (read more) MBS Price Change UMBS 5.0 99.70 -0.08 UMBS 5.5 101.24 -0.04 UMBS 6.0 102.48 -0.06 GNMA 5.0 100.02 -0.05 GNMA 5.5 101.19 +0.00 GNMA 6.0 102.13 -0.05 Pricing as of: 9/9 6:59AM EST US Treasury Yield Change 2 YR Treasury 3.499 +0.011 5 YR Treasury 3.576 +0.014 7 YR Treasury 3.784 +0.016 10 YR Treasury 4.060 +0.021 30 YR Treasury 4.718 +0.028 Pricing as of: 9/9 6:59AM EST Other News Many Dodd-Frank Provisions May Be on House Chopping Block Next Week Fri, Jun 2, 2017 2:22PM House Majority Leader Kevin McCarthy (R-CA) has told reporters he expects a full House vote next week on H.R. 10, The Financial Choice Act which was voted out of the Financial Services Committee (FSC) on May 4. The Act, sponsored by FSC Chairman Jeb Hensarling (R-TX) would repeal or modify many of the changes made by the Dodd-Frank Wall Street Reform and Con... (read more) Fannie Mae's Portfolio Rises 2% YTD Thu, Jun 1, 2017 11:41AM Fannie Mae said on Wednesday that its Book of Business increased at a compounded annual rate of 1.3 percent in April to a value of $3.164 trillion. The Book has increased by 1.9 percent year-to-date in 2017 and gained 1.4 percent for all of 2016. The company's mortgage portfolio had a balance of $278.46 billion at the end of April. This was composed of $201.... (read more) Credit Guideline Changes; Jumbo Secondary Market News Fri, Jun 2, 2017 8:50AM In celebration of National Doughnut, or Donut, Day, let’s talk about a subset of real estate agents. The typical Realtor , and there are 1.2 million of them in NAR, is a 53-year-old female who attended college and is a homeowner - not surprising. On average, they had 12 transactions in 2016. Median income (half above, half below) increased from $39,200... (read more) Latest Video Fed hike probability 91% Near full employment? We do expect a hike at the June meeting: Economist Around the Web Market Watch U.S. stocks close at record for second session in a row Calculated Risk Blog Public and Private Sector Payroll Jobs: Carter, Reagan, Bush, Clinton, Bush, Obama, Trump Market Watch Bonds and the stock market are rallying at the same time, and it's befuddling investors Bloomberg El-Erian Says Liquidity Trade Replaced Trump as Market Catalyst - Bloomberg CNBC Fed's Harker still sees three rate hikes this year, calls May payrolls number 'good' CNBC Weak May jobs growth raises doubts about how much Fed can raise interest rates this year CNBC We just found out the Fed's rate path may be too aggressive, ex-Obama advisor Goolsbee says Reuters Traders keep bets on June rate hike after jobs report CNBC The government says unemployment fell to 4.3% in May, but here's a more realistic rate NPR May Jobs Report: 138,000 More On Payrolls; Unemployment Dips Slightly CNBC Trump allies push new Fannie and Freddie reform plan Calculated Risk Blog May Employment Preview consumerfinancemonitor.com CFPB May 2017 complaint report highlights complaints from older consumers

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