Mortgage rates recovered even more of their recent losses today, following reports that lawmakers were considering "phasing in" a 20% corporate tax rate by 2022 as a part of the current tax reform efforts. The President's previously announced tax reform principles call for 20% out of the gate. When those principles were initially released, stock prices and interest rates rose in unison. On one hand, lower taxes are seen stimulating the economy, which traditionally puts upward pressure on stocks and rates. On another note, some analysts think the tax plan would result in more government borrowing--something that hurts interest rates specifically because it creates more supply of the bonds that drive interest rate movement (higher supply = lower prices, and lower bond prices = higher rates).

October 30, 2017 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.27% -0.04%   6.13% 7.26% 15 Yr. Fixed 5.82% -0.01%   5.6% 6.59% 30 Yr. Jumbo 6.20% -0.02%   6.14% 7.45% Compare Mortgage Rates from Local Lenders for Oct 30, 2017 Mortgage Rates Lowest in a Week Mon, Oct 30, 2017 3:50PM Mortgage rates recovered even more of their recent losses today, following reports that lawmakers were considering "phasing in" a 20% corporate tax rate by 2022 as a part of the current tax reform efforts. The President's previously announced tax reform principles call for 20% out of the gate. When those principles were initially released, stock prices and interest rates rose in unison. On one hand, lower taxes are seen stimulating the economy, which traditionally puts upward pressure on stocks and rates. On another note, some analysts think the tax plan would result in more government borrowi... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.27% -0.04 0.00 15 Yr. Fixed 5.82% -0.01 0.00 30 Yr. FHA 6.00% -0.03 0.00 30 Yr. Jumbo 6.20% -0.02 0.00 7/6 SOFR ARM 5.71% -0.01 0.00 30 Yr. VA 6.02% -0.03 0.00 Updates Daily - Last Update: 10/15 Freddie Mac Rate Change Points 30 Yr. Fixed 6.30% -0.04 0.00 15 Yr. Fixed 5.53% -0.02 0.00 Updates Weekly - Last Update: 10/9 Mortgage Bankers Assoc. 30 Yr. Fixed 6.43% -0.03 0.60 15 Yr. Fixed 5.77% +0.01 0.79 30 Yr. Jumbo 6.60% +0.06 0.44 Updates Weekly - Last Update: 10/8 UMBS 30YR 5.0 99.72 +0.04   95.05 99.96 UMBS 30YR 5.5 101.09 +0.01   97.47 101.28 10 YR Treasury 4.029 +0.001   3.932 4.780 MBS Live Recap: After Strong Start, Bonds Get Stronger on Tax Reform Ambiguities Mon, Oct 30, 2017 4:16PM Bonds began the day in stronger territory, generally riding a wave of momentum from late last week on fresh speculation that Trump would nominate Jerome Powell to Chair the Federal Reserve.  Of the two frontrunners, Powell is seen as more accommodative.  As such, stocks and bonds tend to enjoy it when Powell's chances are looking up.   ... (read more) MBS Price Change UMBS 4.5 97.76 +0.07 UMBS 5.0 99.72 +0.05 UMBS 5.5 101.09 +0.01 GNMA 4.5 97.74 +0.04 GNMA 5.0 99.94 +0.11 GNMA 5.5 100.93 +0.03 Pricing as of: 10/15 6:24PM EST US Treasury Yield Change 2 YR Treasury 3.500 +0.018 5 YR Treasury 3.620 +0.016 7 YR Treasury 3.805 +0.006 10 YR Treasury 4.029 +0.001 30 YR Treasury 4.626 -0.004 Pricing as of: 10/15 6:24PM EST Other News Affordability Sidelining First Time Buyers in a Big Way Mon, Oct 30, 2017 11:35AM The demand, steady gains in employment, low interest rates, and higher rents are all incentives to buy a home. But the National Association of Realtors® (NAR) says the fast appreciation of home prices, driven by a severe drought in available homes, has kept many first-time buyers on the sidelines. NAR's annual Profile of Home Buyers and Sellers , release... (read more) NAHB Does About-Face on GOP Tax Cuts Mon, Oct 30, 2017 9:36AM We know that politics makes strange bedfellows. Still we get confused when they rise up and switch partners in the middle of the night. A mere 25 days ago, we reported that the National Association of Home Builders (NAHB) had abandoned its 75 years of vigorously supporting the mortgage interest tax deduction (MID) as the Republican majority in Congress was b... (read more) Home Prices Peak in August, NY Leads the Charge Mon, Oct 30, 2017 9:35AM While home prices set yet another national peak in August, the change from July was the second smallest of the year, at least as measured by Black Knight Financial Services' Home Price Index (HPI). The August increase, 0.24 percent, exceeded only the January 0.1 percent gain. The national level HPI was $282,000, up 42 2 percent from the trough of $199,000 it... (read more) Conventional Conforming Changes From Agencies, Investors, and Lenders Mon, Oct 30, 2017 9:19AM I, for one, have no interest in buying shoes online without trying them on first. The same with a mattress – I want to lie on it myself. (Lay? Lie?) It seems that somewhere mattresses are always on sale, and that includes on the internet. The U.S. mattress market is about $14 billion. Two years ago, about $300 million of that was online. With an explos... (read more) Latest Video Stocks slide on tax talk CNBC breaks down the short-list for Trump's Fed chair nominee Corporate tax cut phase-in on the table Around the Web Calculated Risk Blog Are house prices a new bubble? CNBC Savings rate hits near-decade low amid rush into stocks and corporate bonds CNBC Why breakouts in the dollar, Treasurys matter for the broader market NAR - Realtor.com Know the Competition: Who's Buying Homes, Who's Sellingand Who's Not? CNBC House reportedly considering phasing in corporate tax rate reduction Reuters Trump expected to announce his choice for Fed chair on Thursday Calculated Risk Blog Dallas Fed: "Growth in Texas Manufacturing Activity Gains Momentum" in October PR Newswire Study: U.S. Firms Are Worried About the Economy, Building Reserves at a Record Pace PR Newswire Homebuyers Are Invited to Learn How to "Block and Tackle" Their Way to the House of Their Dreams with New Ally Home Mortgage Playbook CNBC A new survey shows high home prices are hitting first-time buyers harder than ever NAHB Eye on Housing Florida Accounts for Much of Nationwide Decrease in Employment Reuters U.S. consumer spending grows at fastest pace since 2009 bkfs.com Black Knight Home Price Index Report: August 2017 Transactions

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