Existing home sales put an end to two straight months of gains , retreating in April on both a monthly and annual basis. The National Association of Realtors® said the sales of single-family homes, townhouses, condos, and cooperative apartments dropped by 2.5 percent from March's estimate of 5.60 million to a seasonally adjusted annual rate of 5.46 million. That put sales at a 1.4 percent deficit when compared to April 2017. It was the second straight month that sales have lagged on an annual basis. Economists polled by Econoday were not looking for greatly improved numbers but results even missed that target . Estimates ranged from 5.48 million to 5.64 million. The consensus was for no change from the March 5.60 million number. Single-family home sales were down by 3.0 percent to a seasonally

May 24, 2018 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 May 24, 2018 Another Reminder Not to Trust Mortgage Rate Headlines Thu, May 24, 2018 3:14PM Mortgage rates moved lower again today, bringing them to the best levels in at least 2 weeks. This assertion is very much at odds with the prevailing mortgage rate headlines today. News stories abound with talk of sharp increases to fresh 7-year highs (google news search if you don't believe me), yet nothing could be more of a disservice to the demographic that typically looks for mortgage rate news (people who are in the market)! If you are indeed in the market or otherwise have a vested interest in day-to-day mortgage rate fluctuations, you need to understand that all those news stories are ... (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: Green Shoots? Maybe. Opportunities? You Bet! Thu, May 24, 2018 9:35AM One short week after hitting the worst levels in nearly 7 years there's suddenly a semblance of hope again for bonds.  It was one thing to see last Friday's correction--which merely stopped the most abject bleeding--or the first 2 days of inde... (read more) MBS Live Recap: Bonds Confirm Yesterday's Strength Thu, May 24, 2018 4:29PM Yesterday was an important one for anyone hoping NOT to see the bond market completely give up hope in the fight against higher rates.  To be fair, the fundamental realities in place over the past few years have clearly pointed toward higher rates, but there's always some uncertainty regarding how quickly we move and which levels will end up being imp... (read more) MBS Price Change UMBS 5.0 99.48 +0.04 UMBS 5.5 101.09 +0.02 UMBS 6.0 102.39 +0.02 GNMA 5.0 99.76 +0.03 GNMA 5.5 101.04 0.00 GNMA 6.0 102.04 +0.06 Pricing as of: 9/10 6:10AM EST US Treasury Yield Change 2 YR Treasury 3.544 -0.024 5 YR Treasury 3.608 -0.020 7 YR Treasury 3.811 -0.022 10 YR Treasury 4.087 +0.004 30 YR Treasury 4.741 +0.007 Pricing as of: 9/10 6:10AM EST Other News Existing Home Sales Reverse Course, Down 3% Thu, May 24, 2018 11:00AM Existing home sales put an end to two straight months of gains , retreating in April on both a monthly and annual basis. The National Association of Realtors® said the sales of single-family homes, townhouses, condos, and cooperative apartments dropped by 2.5 percent from March's estimate of 5.60 million to a seasonally adjusted annual rate of 5.46 milli... (read more) Home Price Index Shows Signs of Losing Momentum Thu, May 24, 2018 10:29AM Home prices in the first quarter of 2018 were 1.7 percent higher than at the end of the fourth quarter of last year. The Federal Housing Finance Agency said its Housing Price Index (HPI) gained 6.9 percent when compared to the level at the end of March 2017. On a monthly basis prices were 0.1 percent higher than in February. The month over month rate of incr... (read more) Broker Products; Upcoming Events; Financial Services and Acquisitions Thu, May 24, 2018 9:18AM The conference this week? I attended various presentations dealing with housing finance and the economy in general. Even in the face of rising rates, the outlook on the housing market is bullish for prices – but with continued inventory problems. Labor shortages and environmental provisions/local zoning are expected to continue to contribute to extende... (read more) Latest Video IRS to issue rules for treatment of state and local taxes Trader sees a rally ahead for bonds Philadelphia Fed President reacts to Fed minutes Around the Web Calculated Risk Blog Housing Inventory Tracking consumerfinancemonitor.com President Trump signs banking bill providing Dodd-Frank relief; Ballard Spahr to hold June 19 webinar Freddie Mac Freddie Mac May Outlook: Homebuyers Showing Resiliency Amidst Limited Supply and Affordability Constraints  Calculated Risk Blog A Few Comments on April Existing Home Sales CNBC Higher gas prices could hurt already weakening home sales CNBC Trump signs the biggest rollback of bank rules since the financial crisis Bloomberg US Jobless Claims Unexpectedly Increase to Seven-Week High Brookings Institution Hutchins Roundup: Monetary policy response to house prices, Early Social Security Withdrawal, and more Calculated Risk Blog Kansas City Fed: Regional Manufacturing Activity "Continued to Expand Rapidly" in May Bloomberg ECB Confidence Holds Strong for Now Against Trade, Italy Risks Freddie Mac Mortgage Rates Maintain Steady Climb CNBC Fed's Kaplan sees another four rate hikes or so before central bank finishes its job Bloomberg Yields at 3% Fail to Entice Some of the Biggest Treasuries Fans

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