The single agency security toward which the GSEs, Fannie Mae and Freddie Mac and their regulator, the Federal Housing Finance Agency (FHFA), have been working for several years, is not yet operative, but it just got a round of applause. Linda Goodman, Codirector of the Urban Institute's (UI's) Housing Finance Policy Center, and associates Bing Bai and Jim Parrot, writing in UI's Housing Wire blog say the new security will save taxpayers millions of dollars while making the market more responsive to borrowers and lenders. The GSE's have each issued their own mortgage-backed security for more than four decades but the securities issued by Freddie Mac have historically traded at a lower price than those issued by Fannie Mae. A subsidy was often required to equalize pricing so originators would

July 20, 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 Jul 20, 2017 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 5.5 101.28 +0.16   97.47 101.61 UMBS 30YR 6.0 102.54 +0.05   99.66 102.54 10 YR Treasury 4.039 -0.047   3.621 4.780 MBS Live Day Ahead: Bonds Hoping Draghi Keeps Things Green Thu, Jul 20, 2017 8:33AM Mario Draghi is the President of the European Central Bank (ECB).  That's the EU's version of the Fed.  Like the Fed in the past, the ECB is still adding new bond purchases to its balance sheet (the Fed tapered those new purchases beginning in Dec 2013 and markets went through the "taper tantrum" in the 6 months leading up to that).   The ... (read more) MBS Live Recap: Eerily Quiet Ahead of Central Bank Announcements Wed, Jul 19, 2017 5:56PM Much has been made of tomorrow's European Central Bank (ECB) Announcement, mainly because of its proximity to ECB President Draghi's comments on June 27th.  That's when Draghi said deflation was being replaced by reflation and that economic growth in the Eurozone has more upside risk than downside.  Those are the words of a central banker who is s... (read more) MBS Price Change UMBS 5.0 99.78 +0.31 UMBS 5.5 101.28 +0.16 UMBS 6.0 102.54 +0.05 GNMA 5.0 100.07 +0.24 GNMA 5.5 101.19 +0.06 GNMA 6.0 102.18 +0.05 Pricing as of: 9/8 7:43PM EST US Treasury Yield Change 2 YR Treasury 3.487 -0.030 5 YR Treasury 3.562 -0.027 7 YR Treasury 3.768 -0.032 10 YR Treasury 4.039 -0.047 30 YR Treasury 4.690 -0.079 Pricing as of: 9/8 7:43PM EST Other News Single Security Praised by Urban Institute Thu, Jul 20, 2017 3:39PM The single agency security toward which the GSEs, Fannie Mae and Freddie Mac and their regulator, the Federal Housing Finance Agency (FHFA), have been working for several years, is not yet operative, but it just got a round of applause. Linda Goodman, Codirector of the Urban Institute's (UI's) Housing Finance Policy Center, and associates Bing Bai and Jim Pa... (read more) Ellie Mae Reports Few Changes in Loan Characteristics Thu, Jul 20, 2017 9:28AM Refinancing held its ground in June, with that share of the mortgage market remaining at 32 percent. While that is a significant decline from the 47 percent share the first month of the year, it is little changed from the June 2016 share of 34 percent. Logically, purchase loans remained at prior levels as well, a 68 percent share. The June Origination Insigh... (read more) Low Rates Stoke Second Month of Prepayment Gains Thu, Jul 20, 2017 9:15AM Black Knight Financial Services said on Thursday that continued low interest rates fostered another increase in prepayments . The national prepayment rate, considered a sign of refinance activity , rose 5.3 percent in June on top of a 23 percent jump in May. It now stands at 1.12 percent. Despite these gains, it still lags the rate last year by more than 22 ... (read more) Vendor and Lender News/Updates; Academy Buys First Mortgage and Cunningham Thu, Jul 20, 2017 9:34AM This morning we’ve had the usual Thursday initial jobless claims economic release. At the other end of the teeter totter, here’s an amazing stat to talk about at Happy Hour tonight. It is estimated that 50% of net business formation in the United States since the recession has happened in about half of 1% of U.S. counties. That’s 20 of the ... (read more) Latest Video We've made a mess of the mortgage market: BB&T CEO Why one trader's buying bonds after the ECB meeting ECB leaves rates unchanged Around the Web Calculated Risk Blog NMHC: Apartment Market Tightness Index remained negative in July Survey NAR - Realtor.com 10 States Facing the Most Foreclosures Right Now Freddie Mac Freddie Mac Prices Second Whole Loan Securities Deal of 2017 Bloomberg What Will Slake the Market's Thirst for High-Grade US Bonds? consumerfinancemonitor.com Republican lawmakers move forward on CRA resolutions to override CFPB arbitration rule CNBC Are investors losing their faith in the central banks? CNBC There are more renters than any time since 1965 Calculated Risk Blog Earlier: Philly Fed Manufacturing Survey "Region continues to grow but at a slower pace" in July NAHB Eye on Housing Remodeling Market Indicator Remains in Positive Territory CNBC BlackRock bond guru sees low rates for longer no matter who becomes the next Fed chair Bloomberg Fannie-Freddie Reform Might Hinge on Keeping Small Lenders Happy ecb.europa.eu Mario Draghi, Vtor Constncio: Introductory statement to the press conference Reuters U.S. jobless claims fall to near five-month low

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