Last week the Mortgage Bankers Association said that independent mortgage bankers had reported negative production revenue in the first quarter of this year. This week Fannie Mae reminded us that lenders have long expected it to happen. The company's Mortgage Lender Sentiment Survey for the second quarter, which gathered responses from 87 senior executives representing 170 lending institutions, found more than a third (35 percent) expect their net profit margin to decline over the next quarter while 47 percent expect it will stay the same. Over the last four quarters less than 20 percent of respondents have expected profits to improve. Fannie Mae said it was the seventh consecutive quarter that the lender profit outlook has been negative, although responses to the second quarter survey were

June 13, 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 Jun 13, 2018 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 5.5 101.15 -0.13   97.47 101.61 UMBS 30YR 6.0 102.46 -0.08   99.66 102.50 10 YR Treasury 4.081 +0.042   3.621 4.780 MBS Live Day Ahead: All About The Dots, Bout The Dots, No Rate Hike Wed, Jun 13, 2018 9:09AM "The dots" refer to the Fed's periodically updated economic projections.  "Periodically, " in this case, means 4 times a year out of the 8 annual Fed meetings.   "Economic projections" is a misleading term, not because the Fed isn't actually publishing such a thing, but rather, because no one really cares what the Fed thinks GDP and jo... (read more) MBS Live Recap: No Drama From CPI; Bring On The Fed Tue, Jun 12, 2018 5:11PM Today turned out to be a dud, thanks to a completely uneventful CPI reading as well as a right-down-the-middle 30yr bond auction.  Neither of these events were necessarily destined to shake things up, but CPI certain COULD have (if it fell far from forecast).   When it comes to tomorrow's Fed events (which include updated forecasts and a P... (read more) MBS Live Commentary: Differences Between Previous and Current FOMC Statements Wed, Jun 13, 2018 2:05PM Information received since the Federal Open Market Committee met in March May indicates that the labor market has continued to strengthen and that economic activity has been rising at a moderate solid rate. Job gains have been strong, on average, in recent months, and the unemployment rate has stayed low. declined. Recent data suggest that growth of... (read more) MBS Price Change UMBS 5.0 99.55 -0.23 UMBS 5.5 101.13 -0.15 UMBS 6.0 102.45 -0.09 GNMA 5.0 99.86 -0.21 GNMA 5.5 101.12 -0.06 GNMA 6.0 102.08 -0.11 Pricing as of: 9/9 12:10PM EST US Treasury Yield Change 2 YR Treasury 3.541 +0.053 5 YR Treasury 3.609 +0.047 7 YR Treasury 3.815 +0.047 10 YR Treasury 4.088 +0.048 30 YR Treasury 4.738 +0.048 Pricing as of: 9/9 12:10PM EST Other News Lenders Remain Pessimistic about Demand, Profits Wed, Jun 13, 2018 10:39AM Last week the Mortgage Bankers Association said that independent mortgage bankers had reported negative production revenue in the first quarter of this year. This week Fannie Mae reminded us that lenders have long expected it to happen. The company's Mortgage Lender Sentiment Survey for the second quarter, which gathered responses from 87 senior executives r... (read more) Mortgage Application Volume Falls Back as Rates Rise Wed, Jun 13, 2018 8:06AM The flurry of mortgage activity during the week ended June 1st didn't last long. Application volume resumed its months-long retreat last week as interest rates rose. The Mortgage Bankers Association said its Market Composite Index, a measure of volume, fell back by 1.5 percent on a seasonally adjusted basis during the week ended June 8. Because the previous ... (read more) Lender Events; Inflation, Interest Rates, and the Fed Wed, Jun 13, 2018 8:56AM Lenders aren’t likely to eliminate their owners or senior management, nor do they want to eliminate producers (who are meeting minimum thresholds) or slash their compensation. And good Ops staff is worth its weight in gold. In this time of margins being squeezed, what’s left? There is this note: “Given lender profits and LO commissions, I t... 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