Federal Housing Finance Agency Director Melvin L. Watt focused much of his speech to the National Association of Real Estate Brokers (NAREB) on its five-year goal of creating two million new Black homeowners. The numbers don't lie, Watt said. In 2004 African Americans had a homeownership rate of almost 50 percent. This year the rate is down to 42 percent, a lmost back to 1994 levels . "Because equity in homes has always represented a major part of African American assets, the impact of the economic and foreclosure crisis on African American wealth has been substantial." There are the well-known historical reasons for low homeownership rates among African American households, he said, including disproportionate unemployment and under-employment, low and stagnant wages, non-existent and depleted

August 2, 2017 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.29% +0.01%   6.11% 7.26% 15 Yr. Fixed 5.69% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Aug 2, 2017 Mortgage Rates Steady at Recent Lows Wed, Aug 2, 2017 4:27PM Mortgage rates held steady today, keeping them in line with the best levels in just over a month. That means the best-qualified borrowers putting more than 20% down are seeing conventional 30yr fixed rates of roughly 4%, depending on the lender. Some are quoting rates in the 3.75-3.875% range, but points and fees may vary. As always, it's a good idea make sure you're looking at all lender-related fees when comparing any two rate quotes. These can include things like origination, discount points, processing, and admin fees. Today brought the release of economic data that has a track record of i... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.29% +0.01 0.00 15 Yr. Fixed 5.69% +0.04 0.00 30 Yr. FHA 5.98% +0.04 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.68% +0.06 0.00 30 Yr. VA 6.00% +0.05 0.00 Updates Daily - Last Update: 9/9 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 5.5 101.10 +0.03   97.47 101.61 UMBS 30YR 6.0 102.40 +0.03   99.66 102.50 10 YR Treasury 4.081 -0.002   3.621 4.780 MBS Live Day Ahead: Bond Consolidation in Full Effect. The Next Break is Important Wed, Aug 2, 2017 9:25AM With this morning's ADP data and Treasury Refunding Announcement (lays out the slate of auction sizes for the upcoming fiscal quarter ending on October 30th) failing to motivate any sharp movement in bond markets this morning, we begin the day w... (read more) MBS Price Change UMBS 5.0 99.48 +0.04 UMBS 5.5 101.09 +0.02 UMBS 6.0 102.40 +0.02 GNMA 5.0 99.77 +0.04 GNMA 5.5 101.04 0.00 GNMA 6.0 102.04 +0.06 Pricing as of: 9/10 6:08AM EST US Treasury Yield Change 2 YR Treasury 3.544 -0.024 5 YR Treasury 3.607 -0.020 7 YR Treasury 3.809 -0.023 10 YR Treasury 4.086 +0.002 30 YR Treasury 4.740 +0.005 Pricing as of: 9/10 6:08AM EST Other News FHFA Director on Racial Divide in Homeownership and Reality of G-Fees Wed, Aug 2, 2017 12:34PM Federal Housing Finance Agency Director Melvin L. Watt focused much of his speech to the National Association of Real Estate Brokers (NAREB) on its five-year goal of creating two million new Black homeowners. The numbers don't lie, Watt said. In 2004 African Americans had a homeownership rate of almost 50 percent. This year the rate is down to 42 percent, a ... (read more) MBA Reform Proposal Will Have Little Impact on Consumer Costs Wed, Aug 2, 2017 10:13AM In April, the Mortgage Bankers Association (MBA) published its proposal for reform of the housing finance system. This week Mike Fratantoni, MBA's Chief Economist and Senior Vice President of Research and Economics, weighed in on the potential implications of that plan on the cost of mortgage credit. Fratantoni says evaluating any such proposal must balance ... (read more) NAHB Urges Passage of Bi-Partisan Affordable Housing Bill Wed, Aug 2, 2017 9:41AM The National Association of Home Builders (NAHB) has strongly endorsed passage of a bill, recently introduced into the U.S. Senate which the trade group says would promote the construction of sorely needed rental apartments and help alleviate the nation's affordable housing crisis . The proposed legislation, S.548 tagged as the Affordable Housing Credit Impr... (read more) Fiserv Buys PCLender; Projections, Oil, and Inflation Wed, Aug 2, 2017 9:33AM Recently an older gal pal exclaimed, “It’s all fun and games until your metabolism changes.” Are builders changing their business models to assist home buyers? Here's why new construction at lower price points can make the biggest difference in for-sale inventory levels, and pressure on prices. Capital Markets What are capital markets perso... (read more) Latest Video Housing demand strengthens through summer, but here's why some buyers are g... Third quarter GDP tracking at 2.5% Looks like 'solid economy' but low inflation remains a 'mystery': NYU's Law... Around the Web Calculated Risk Blog Selected Operating Statistics, Large Publicly-Traded Home Builders HUD HUD Makes $38 Million Available to Fight Housing Discrimination blog.stewart.com Housing Sales Forecast July 2017 Fannie-Freddie-MBA Calculated Risk Blog A few comments on the Seasonal Pattern for House Prices Market Watch Fed should remain on 'pause' for now, Bullard says CNBC Housing demand strengthens through summer, but here's why some buyers are giving up Market Watch The Fed: Fed should keep to its slow tightening pace, even with tepid inflation, Mester says CNBC Housing demand strengthens through summer, but here's why some buyers are giving up CNBC Goldman CEO Blankfein: Economic conditions 'are really not as bad as politics would suggest' Bloomberg Treasury to Maintain Borrowing at $62 Billion for Sixth Quarter builderonline.com Some Buyers are Bidding on Homes Without Setting Foot in Them CNBC 'High-gear' US 'job machine' adds 178,000 jobs in July: ADP Reuters Goldman CFO: market for bond trading has not improved since second quarter

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