Like all large financial institutions, the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are required by the Dodd-Frank Act to submit to periodic stress tests. These tests, known as DFASTs, are designed to determine whether companies have the capital necessary to absorb losses when they encounter adverse economic conditions. The GSEs are subject to the tests because they meet the criteria of being regulated by a primary federal financial regulator, in this case the Federal Housing Finance Agency (FHFA) and have consolidated assets exceeding more than $10 million. FHFA has just released results of the fourth implementation of DFASTs for the GSEs. The Severely Adverse scenario was identical for both GSEs. It sets forth a situation where there is a severe global recession

August 8, 2017 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.15% -0.02%   6.01% 7.13% 15 Yr. Fixed 5.72% -0.03%   5.55% 6.5% 30 Yr. Jumbo 6.33% -0.02%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Aug 8, 2017 Mortgage Rates Unchanged vs Last Week Mon, Aug 7, 2017 5:30PM Mortgage rates were generally unchanged today, compared to Friday afternoon's latest levels. Only a handful of lenders responded to strength in bond markets this afternoon by offering rate sheet improvements. That's a mixed blessing as it leaves other lenders with more to work with tomorrow. In other words, we'll be heading into the day with a small comparative advantage. That means if bond markets (which dictate rates) haven't moved much by tomorrow morning, most lenders should be able to offer improved rates. A caveat for all of the above is that we're talking about extremely small movement ... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.15% -0.02 0.00 15 Yr. Fixed 5.72% -0.03 0.00 30 Yr. FHA 5.75% -0.05 0.00 30 Yr. Jumbo 6.33% -0.02 0.00 7/6 SOFR ARM 5.56% -0.03 0.00 30 Yr. VA 5.77% -0.04 0.00 Updates Daily - Last Update: 2/6 Freddie Mac Rate Change Points 30 Yr. Fixed 6.11% +0.01 0.00 15 Yr. Fixed 5.50% +0.01 0.00 Updates Weekly - Last Update: 2/5 Mortgage Bankers Assoc. 30 Yr. Fixed 6.24% +0.08 0.55 15 Yr. Fixed 5.64% +0.09 0.61 30 Yr. Jumbo 6.34% -0.05 0.40 Updates Weekly - Last Update: 1/28 UMBS 30YR 5.0 100.05 +0.01   95.71 100.50 UMBS 30YR 5.5 101.49 +0.04   98.11 101.64 10 YR Treasury 4.213 +0.033   3.932 4.608 MBS Live Day Ahead: Bonds Locked in Tight Technical Range, Waiting For Inflation Data Tue, Aug 8, 2017 10:05AM The extent to which inflation-related metrics have come into focus is uncanny relative to just how unimportant they'd been to markets for most of the past 7 years.  After late 2010 failed to materialize as the scary hyperinflation monster fear... (read more) MBS Live Recap: Calm Start and Modest Gains Mon, Aug 7, 2017 5:55PM Bond markets began the week in underwhelming fashion, with both MBS and Treasuries ending the day very close to unchanged compared to Friday's latest levels.  Movement was in the right direction (both were slightly stronger ), but not at first.   Bonds began the day in weaker territory but then followed European yields to stronger levels by th... (read more) MBS Price Change UMBS 4.5 98.06 +0.03 UMBS 5.0 100.05 +0.01 UMBS 5.5 101.49 +0.04 GNMA 4.5 97.84 +0.10 GNMA 5.0 100.18 +0.11 GNMA 5.5 101.22 -0.02 Pricing as of: 2/7 12:42AM EST US Treasury Yield Change 2 YR Treasury 3.496 +0.044 5 YR Treasury 3.753 +0.036 7 YR Treasury 3.965 +0.026 10 YR Treasury 4.213 +0.033 30 YR Treasury 4.851 +0.006 Pricing as of: 2/7 12:42AM EST Other News In Stress Test Case, GSEs Would Need Another $100 Billion Tue, Aug 8, 2017 11:27AM Like all large financial institutions, the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are required by the Dodd-Frank Act to submit to periodic stress tests. These tests, known as DFASTs, are designed to determine whether companies have the capital necessary to absorb losses when they encounter adverse economic conditions. The GSEs are... (read more) Fannie Mae Notes Downturn in Buying/Selling Attitudes Tue, Aug 8, 2017 9:08AM Consumer attitudes toward buying and selling a home turned negative in July. Fannie Mae's National Housing Survey conducted during the month found fewer overall consumers thinking it was a good time to complete either type of transaction. In June, when Freddie Mac asked for opinions about whether it was a good time to buy a home, net positive responses rose ... (read more) New Bank; Wholesale Products; LIBOR and ARM Investor News Tue, Aug 8, 2017 9:38AM Production folks should know that Senators announced the introduction of S. 1753 , the SAFE Transitional Licensing Act, which would amend the SAFE Mortgage Licensing Act of 2008 to provide a temporary license for loan originators transitioning between federally-insured depositories and non-depositories, as well as across state lines. The MBA and others are e... (read more) Latest Video Jamie Dimon: I wouldn't buy a 10-year bond from any country in the world ri... Jeff Gundlach: Yields are going to break out to the upside Job openings hit record high -Labor Departmenr Around the Web CNBC While stocks rally, the Treasury market shows signs of unease over U.S. debt limit Washington Post There are 7 million unemployed and 6.2 million job openings. What's the problem? Reuters Trump says North Korea will be met with 'fire and fury' if it threatens U.S. Gallup In U.S., Young Adults Report Spending Less Than in the Past phx.corporate-ir.net PHH Corporation Announces Second Quarter 2017 Results builderonline.com Appraisal, Expectation Gap Closes a Bit CNBC Jamie Dimon: Won't call it a bubble, but I wouldn't buy bonds here CNBC Job openings hit record high in June at 6.2 million NAHB Eye on Housing Number of Open Construction Jobs Climbs in June Calculated Risk Blog BLS: Job Openings Increased in June Calculated Risk Blog NFIB: Small Business Optimism Index increased in July consumerfinancemonitor.com Fed study finds expanded credit access resulting from fintech lending CoreLogic CoreLogic Reports May 2017 Delinquency Rate Lowest in Nearly a Decade

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