Fannie Mae and Freddie Mac (the GSEs, or "government-sponsored enterprises") were already well past having paid back taxpayer bailouts before this week's earnings releases. Freddie Mac has paid back $36.9 billion more than it drew from taxpayers and the number is $46.6 billion for Fannie Mae. Both have capital buffers at the moment, but those are slated to be drawn down to $0 by the beginning of 2018. Neither the GSEs nor their overseer the FHFA are too thrilled about that. FHFA Director Mel Watt expressed concern earlier this year. Before authorizing a full sweep of profits in the first quarter, he told congress he was concerned about the planned drawdown and not to be surprised if he took steps to protect some of the GSE's capital buffers. The GSEs clearly had this in mind when Freddie and

August 4, 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 Aug 4, 2017 Mortgage Rates Lowest in Just Over a Month Thu, Aug 3, 2017 3:28PM Mortgage rates moved just slightly lower today, bringing them to the best levels in over a month for the 2nd time this week. While that sounds somewhat impressive, day-over-day movement has been very small and the overall range has been very narrow during that time. For most prospective borrowers, a scenario quoted last week would be at the same rate this week, but with lower upfront costs. Indeed, it's possible that a few quotes have moved .125% lower over that time, but upfront costs would likely be somewhat higher. Here's how the info above would break down specifically. Borrowers being quo... (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 5.5 101.28 +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: Medium Strong Jobs Having Expected Effect Fri, Aug 4, 2017 9:13AM My commentary took a bearish turn , essentially saying that bond markets had done what they could to price-in a poor NFP number and that anything outside a big miss would likely result in a push back into the recent range.  I attached yest... (read more) MBS Live Recap: Nice Rally At First Glance, But... Thu, Aug 3, 2017 7:20PM I hate to say anything bad about bond market gains.  Bond market gains are among a few of my favorite things, after all!  I also hope I'm wrong in thinking today's rally was "nice" enough to be questioned.  I spelled out the reasons for this in detail in today's MBS Live updates and the Huddle (MBS Live members be sure you're signed up to re... (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 6:52PM 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 6:52PM EST Other News Fannie and Freddie Echo FHFA's Conservatorship Concerns Fri, Aug 4, 2017 11:23AM Fannie Mae and Freddie Mac (the GSEs, or "government-sponsored enterprises") were already well past having paid back taxpayer bailouts before this week's earnings releases. Freddie Mac has paid back $36.9 billion more than it drew from taxpayers and the number is $46.6 billion for Fannie Mae. Both have capital buffers at the moment, but those are slated to b... (read more) Conflicting Views on Need for New Credit Scoring Models Thu, Aug 3, 2017 4:29PM Within hours of each other Laurie Goodman, co-director of the Urban Institute's Housing Finance Policy Center, and Melvin Watt, Director of the Federal Housing Finance Agency, expressed quite different views on the need for an immediate change in the credit scoring models used in most mortgage underwriting. Goodman, writing in the Policy Center's blog, talks... (read more) DPA and Accounting Services; Documentation Changes; New Jumbo Deal Fri, Aug 4, 2017 9:18AM Harvard research finds that Americans will spend $316B remodeling their homes in 2017 vs. $296B in 2016. This also compares to a low of $222B (in 2009) and a high of $334B in 2006 (and adjusted for inflation). And many lenders have products to help! Documentation and Policy Changes Before I forget, and to clear up any confusion regarding yesterday's note abo... (read more) Latest Video Santelli Exchange: Fmr. IMF Chief Economist on the jobs report & global inf... Jobs report still doesn’t show signs of inflation: OppenheimerFunds CIO Goldman’s chief economist: Strong jobs numbers don’t look sustainable Around the Web Bloomberg El-Erian 'More and More Worried' About Wages, Even as Jobs Gain Bloomberg Gary Cohn Says to Expect More Deregulation consumerfinancemonitor.com CFPB Provides First Look at the HMDA Portal CNBC Private equity coffers boom as pension funds look for somewhere else to put money beyond stocks Calculated Risk Blog Trade Deficit at $43.6 Billion in June CNBC 'Mystery' of slow wage growth keeps market doubting Fed can hike interest rates Calculated Risk Blog July Employment Report: 209,000 Jobs, 4.3% Unemployment Rate Reuters Strong U.S. jobs report seen in July; wages likely rose CNBC Greenspan: Bond bubble about to break because of 'abnormally low' interest rates Market Watch Treasury yields steady as Wall Street braces for inflation cues from jobs report Market Watch All of a sudden, Gary Cohn is seen as shoe-in to be next Fed chairman Gallup U.S. Small-Business Owners' Optimism Highest in 10 Years NAR - Realtor.com The Secret to Making Money in Real Estate May Be Buying a Home Near This Grocery Store Chain

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