Even as flood water continue to sit in living rooms and kitchens across a large swath of North Carolina it is clear that most of those homes are not insured against the damage. Mary Williams Walsh, writing in the New York Times, says that in North Carolina and South Carolina, which suffered less widespread damage, only about 335,000 homes in total have flood insurance. The Urban Institute (UI) reports that the number of policies homeowners purchased through the National Flood Insurance Program (NIP) has declined over the last ten years and the total is now just over 5 million nationwide. There are also some private insurance policies, but nowhere near enough to cover the affected homes. Sarah Strochak, Jun Zhu, and Laurie Goodman used data from the Census Bureau's 2017 American Housing Survey

September 21, 2018 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 Sep 21, 2018 Mortgage Rates Trying to Stop The Bleeding Thu, Sep 20, 2018 4:40PM Mortgage rates were mostly able to hold steady today, although they technically moved just a bit higher and that technically leaves them at the highest levels in 7 years. But hey! Let's focus on the positives... In terms of day-over-day changes, today was the best day of the week so far! To get an idea of where we are and why we're there, check out the last two days of commentary--always easily accessible here . As for today, it stands at least some chance to serve as the early stage of a ceiling for rates. Whether that proves to be true and how long such a ceiling lasts remains to be seen. In... (read more) Best Day of a Rotten Week For Mortgage Rates Fri, Sep 21, 2018 4:46PM Mortgage rates actually fell today, on average--something they haven't been able to say all week, or indeed at nearly any time during the past 4 weeks. Yesterday, in particular, was the worst day for rates since 2011 for most lenders, with anything less than an ideal loan scenario garnering 30yr fixed quotes of 4.875% to 5.0%. With all of the above in mind, today's token improvement isn't necessarily exciting, but at least it's better than the alternative. Much of this week's rapid rise was seen in the first half of the week. Starting on Wednesday afternoon, markets began settling into a more ... (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 Day Ahead: Pain and Belief Radiating Across The Rate Spectrum Fri, Sep 21, 2018 10:15AM More often than not, when I use the word "believe" (or belief), it's in some vague and positive context.  For instance, something like "bond buyers are starting to believe again."  That won't be the case today--at least not as far as the ... (read more) MBS Live Recap: Not a Win, But At Least It's Not a Loss Thu, Sep 20, 2018 5:28PM After a series of demoralizing losses, it feels like some small victory for bonds to simply remain sideways today.  That wasn't necessarily a given early this morning.  In fact, yields hit new intraday highs for the week--the highest levels since May.  Move down the curve just a bit and 5yr yields are at the highest levels since 2008--just a... (read more) MBS Price Change UMBS 4.5 97.75 +0.06 UMBS 5.0 99.72 +0.04 UMBS 5.5 101.09 +0.01 GNMA 4.5 97.73 +0.03 GNMA 5.0 99.94 +0.11 GNMA 5.5 100.95 +0.05 Pricing as of: 10/15 6:00PM EST US Treasury Yield Change 2 YR Treasury 3.499 +0.017 5 YR Treasury 3.620 +0.015 7 YR Treasury 3.805 +0.006 10 YR Treasury 4.029 +0.001 30 YR Treasury 4.627 -0.004 Pricing as of: 10/15 6:00PM EST Other News Many Enlist, but Flood Coverage Still Falls Short Fri, Sep 21, 2018 4:44PM Even as flood water continue to sit in living rooms and kitchens across a large swath of North Carolina it is clear that most of those homes are not insured against the damage. Mary Williams Walsh, writing in the New York Times, says that in North Carolina and South Carolina, which suffered less widespread damage, only about 335,000 homes in total have flood... (read more) Investor Products; Mortgage Fraud Paper; Wells, PUF, BMO Harris Personnel Changes Fri, Sep 21, 2018 8:40AM When I spent an hour interviewing Angelo Mozilo on stage last week for the American Pacific Mortgage Summit, one of the issues we discussed was the competitive environment for lenders, and the evolution of the mortgage loan originator. Angelo, who is very much in command of his game, is a strong believer in the strength of the relationship that originators h... (read more) Latest Video Higher wages could draw workers back to labor force, Manulife economist say... Mario Gabelli's four T's: Tariffs, taxes, ten-year treasuries and technolog... 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