Freddie Mac announced today that, going forward, not every application for a purchase mortgage will necessarily trigger an appraisal . A new automated alternative to traditional appraisals, which the company introduced for refinances in June, will soon be available for purchase mortgages. It may save borrowers in some instances as much as $500, and reduce their wait to close a loan by seven to ten days. Freddie Mac's automated collateral evaluation (ACE) uses a proprietary model to assesses the need for an appraisal by using data from multiple listing services, public records, and information on historical home values to determine collateral risks. Lenders must submit loan data through Freddie Mac's Loan Product Advisor to determine if a property is eligible for ACE. ACE will be available for

August 18, 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 18, 2017 Trump Administration Drama Pushing Rates Even Lower Thu, Aug 17, 2017 5:17PM Mortgage rates fell yesterday in response to a tweet about Trump disbanding his councils of CEOs. Twitter was in play again today . This time around it was Gary Cohn, Trump's economic advisor. Rather, it was rumors of Cohn's departure that sent financial markets into a tail-spin. Terror attacks in Spain may have played a supporting role. The net effect was heavy losses for stocks and solid gains for bonds. When bonds improve, rates fall . Mortgage lenders continue to be slow to pass along the gains in bond markets in general, but they're certainly passing them along. Multiple lenders issued po... (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: Most Traders Thinking "Don't Rock The Boat" Fri, Aug 18, 2017 7:34AM A maritime analogy for bond trading in the Summertime... In the summer months especially, there's a boat-friendly baseline weather pattern offshore.  Lest you think that's a generality that doesn't merit your full confidence, check out the fo... (read more) MBS Live Recap: Introducing The "Snow Cohn" Thu, Aug 17, 2017 6:01PM What do you get when bond markets embark on a snowball rally due to headlines concerning Trump's Economic Advisor Gary Cohn?  A delicious "Snow Cohn," of course (my team of writers assured me that was worth what I paid). In all seriousness, there were some serious tweets earlier today concerning Cohn's potential resignation and there was certainly a... (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 Freddie Mac to Automate Appraisals for Some Purchase Mortgages Fri, Aug 18, 2017 10:33AM Freddie Mac announced today that, going forward, not every application for a purchase mortgage will necessarily trigger an appraisal . A new automated alternative to traditional appraisals, which the company introduced for refinances in June, will soon be available for purchase mortgages. It may save borrowers in some instances as much as $500, and reduce th... (read more) Freddie Mac Puts Price on All-Cash Transactions Fri, Aug 18, 2017 10:24AM As investors flooded into the housing market after it collapses, they brought cash with them. At one point, 35 percent of home sale transactions were closed without a mortgage, i.e. were all-cash sales. Home prices are up, the bargains are gone, but cash sales remain significantly elevated compared to historic levels. In the August edition of Freddie Mac's O... (read more) Appraisal News; Lock Process Changes; HARP, CRT Fri, Aug 18, 2017 8:50AM Brad Pitt - a wannabe architect? In 2007, Pitt founded the Make It Right Foundation to build homes for families whose original residences had been washed away in Hurricane Katrina. Here's one - the "Tiny House" - very cool . Mr. Pitt's accountants know a thing or two about dealing with the IRS (yes, I know, a weak segue), and for anyone in lending working wi... (read more) Latest Video BMO analyst says to buy stocks over bonds Keep your eye on the yield curve: Pro Stocks turn higher on report expecting Bannon firing Around the Web Calculated Risk Blog Sacramento Housing in July: Sales up Slightly YoY, Active Inventory down 18% YoY Reuters N.Y. Fed raises U.S. third-quarter GDP growth view above two percent Brookings Institution The Hutchins Center Explains: The Fed's balance sheet Reuters Stability concerns focus at Fed ahead of Yellen speech CNBC Trump decides to remove chief strategist Steve Bannon: New York Times Calculated Risk Blog Lawler: Early Read on Existing Home Sales in July CNBC As US stocks get slammed, these markets are gaining ground Calculated Risk Blog BLS: Unemployment Rates Unchanged in 46 states in July, Two States at New Series Lows CNBC Consumer sentiment hits 97.6 in August vs. 94 estimate Bloomberg Holidays on Hold in Bond Market Defying Usual August Slowdown Freddie Mac Freddie Mac Introduces Innovative Appraisal Alternative for Home Purchases and Refinances CNBC US Treasurys rise as US politics, Barcelona attack weigh on sentiment Bloomberg Fed's Yellen to Headline Annual Jackson Hole Policy Conference - Bloomberg

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