Pending home sales failed to rise as expected in May, the third straight month that measure has declined. The National Association of Realtors'® (NAR's) Pending Home Sale Index (PHSI) dipped 0.8 percent compared to April, on top of a 1.3 percent downturn that month. The index is now 1.7 percent below its level in May 2016, the second consecutive month annual sales have been down. The PHSI is a leading indicator of existing home sales based on signed home purchase contracts. The Index lever was 108.5 in May, and the April index was revised down from the 109.8 originally reported to 109.4. Analysts polled by Econoday had expected the PHSI to increase from 0.4 to 0.8 percent. The consensus was for a one-half point gain. NAR said the decline was the result of ongoing supply shortages and resulting

June 28, 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 Jun 28, 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 99.72 +0.04   95.05 99.96 UMBS 30YR 5.5 101.09 +0.01   97.47 101.28 10 YR Treasury 4.029 +0.001   3.932 4.780 MBS Live Day Ahead: Bond Markets Debating Seriousness of ECB Tapering Risk Wed, Jun 28, 2017 9:19AM Seemingly overnight (in fact, it WAS overnight yesterday), the notion of a European taper tantrum burst on the scene following comments from ECB President Draghi.  Those were as follows: All signs now point to strengthening recovery in t... (read more) MBS Live Recap: On Guard For One Central Banker, Bonds Get Rocked By Another Tue, Jun 27, 2017 4:59PM Bond markets got sucker-punched today.  Traders were on the lookout for Yellen's comments at a conference in London in the afternoon.  Instead it was overnight comments at a conference in Portugal from ECB President Mario Draghi that did the damage.  In not so many words, Draghi said Things are good  in the EU.  Recovery is str... (read more) MBS Price Change UMBS 4.5 97.76 +0.07 UMBS 5.0 99.72 +0.05 UMBS 5.5 101.09 +0.01 GNMA 4.5 97.74 +0.04 GNMA 5.0 99.94 +0.11 GNMA 5.5 100.93 +0.03 Pricing as of: 10/15 6:16PM EST US Treasury Yield Change 2 YR Treasury 3.500 +0.018 5 YR Treasury 3.620 +0.016 7 YR Treasury 3.805 +0.006 10 YR Treasury 4.029 +0.001 30 YR Treasury 4.626 -0.004 Pricing as of: 10/15 6:16PM EST Other News "Lopsided Conditions" Dragging Down Pending Home Sales Wed, Jun 28, 2017 10:39AM Pending home sales failed to rise as expected in May, the third straight month that measure has declined. The National Association of Realtors'® (NAR's) Pending Home Sale Index (PHSI) dipped 0.8 percent compared to April, on top of a 1.3 percent downturn that month. The index is now 1.7 percent below its level in May 2016, the second consecutive month an... (read more) Waivers Granted for Early Compliance with Servicing Rules Wed, Jun 28, 2017 10:01AM The Consumer Financial Protection Bureau (CFPB) says it has learned that some servicers anticipate some calendar-related problems in complying with the final rule amending mortgage servicing regulations that were issued by the Bureau last August. Some of the changes to Regulations X and Z are schedule to go into effect on October 19, 2017 and the remainder o... (read more) Mortgage Application Activity Slows Significantly Wed, Jun 28, 2017 8:47AM Applications for mortgages plunged during the week ended June 23, even as interest rates remained relatively stable. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, fell 6.2 percent, on a seasonally adjusted basis, from the week ended June 16 and was down 7 percent without an adjustment. The decrease a... (read more) The Economy and Rates; Originator Training; Freedom Takes a Bite Out of the Big Apple Wed, Jun 28, 2017 9:31AM Transitional licensing, where a bank LO can move to being a non-depository LO and still can originate? Yup.Contact your rep in Congress to support it . I imagine non-depository lenders are keenly interested in this, although with summer vacations coming up, and plenty already on its plate, the bill may not sail through Congress. Speaking of originators, if y... (read more) Latest Video Warren Buffet slams Senate GOP health-care bill as a 'relief for the rich a... Pending home sales drop 0.8 percent in May Boockvar: The markets are going to learn central banks are not their frien... Around the Web Calculated Risk Blog Zillow Forecast: "May Case-Shiller Forecast: Expect the Cooldown to Continue" NAR - Realtor.com Labor Shortage Squeezes Real-Estate Developers Bloomberg Kumar: Don't Ignore Yellen's Valuation Warning Calculated Risk Blog Reis: Mall Vacancy Rate increased in Q2 2017 Bloomberg Draghi Tried to Be Cautious But Spooked the Market Anyway - Bloomberg CNBC Pending home sales tumble as supply crisis hits sales CNBC 'What's the rush' on interest rate hikes, asks Fed's Kashkari Redfin One in Three Recent Homebuyers Made an Offer Sight-UnseenUp from Nearly One in Five a Year Ago Trulia Trulia: Falling Inventory Has Led To Hurried Homebuying Market Watch The Wall Street Journal: Now it's easier to buy a home even if you have student loans Calculated Risk Blog Real House Prices and Price-to-Rent Ratio in April CNBC Yellen: Banks 'very much stronger'; another financial crisis not likely 'in our lifetime' CNBC Watch Fed Chair Janet Yellen and Lord Nicholas Stern discuss world economic issues

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