Mortgage denial rates ebb and flow with the economy, with lenders appetite for risk, and sometimes with the pressure lenders feel to make loans. Denial rates in 2017 continued to diminish as they have done since the economy began to improve in 2013 and were the lowest in any year since at least 2004. Using data collected from lenders under the Home Mortgage Disclosure Act (HMDA), CoreLogic estimates only about one in ten mortgage applications were denied last year. Poor credit used to be the primary reason that lenders turned borrowers away, but Yanling Mayer, writing in the CoreLogic Insights blog, says that, in the current credit cycle that has changed. The tight inventory of starter and lower-priced homes has pushed the prices of those homes up faster, impacting affordability more on that

October 12, 2018 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 Oct 12, 2018 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 5.5 101.26 -0.02   97.47 101.61 UMBS 30YR 6.0 102.50 -0.04   99.66 102.50 10 YR Treasury 4.048 +0.009   3.621 4.780 MBS Live Day Ahead: Another Day of Stock Watching; Don't Expect Miracles Fri, Oct 12, 2018 9:59AM Is there potential for today to turn into a "black Friday" with catastrophic stock losses that usher in the most amazing bond rally we've seen in years?  Sure...  that could happen any time, really, depending on the underlying events drivin... (read more) MBS Live Recap: Once More With (Slightly Less) Feeling Thu, Oct 11, 2018 6:16PM Bonds rallied today, eventually.  Most of the session was fairly flat with the afternoon bringing most of the rally thanks to another sell-off in stocks.  This time, the stock losses were more measured, but only relative to days like yesterday.  On a normal week, today's stock losses would have been huge.  The fact that bonds only gaine... (read more) MBS Price Change UMBS 5.0 99.73 -0.04 UMBS 5.5 101.26 -0.02 UMBS 6.0 102.50 -0.04 GNMA 5.0 100.05 -0.03 GNMA 5.5 101.21 +0.02 GNMA 6.0 102.15 -0.04 Pricing as of: 9/8 10:59PM EST US Treasury Yield Change 2 YR Treasury 3.495 +0.008 5 YR Treasury 3.570 +0.008 7 YR Treasury 3.775 +0.006 10 YR Treasury 4.048 +0.009 30 YR Treasury 4.700 +0.010 Pricing as of: 9/8 10:59PM EST Other News "Debt-to-Income" Now Biggest Player in Mortgage Denials Fri, Oct 12, 2018 11:35AM Mortgage denial rates ebb and flow with the economy, with lenders appetite for risk, and sometimes with the pressure lenders feel to make loans. Denial rates in 2017 continued to diminish as they have done since the economy began to improve in 2013 and were the lowest in any year since at least 2004. Using data collected from lenders under the Home Mortgage ... (read more) Furry, Fuzzy, Scaly, Motivation Fri, Oct 12, 2018 8:48AM Want to get that reluctant customer who has been "about to" buy a home for months a little push? If an analysis by the Urban Institute (UI) as reported in Freddie Mac's Homeownership blog is on target, your best marketing tool might be available at the local animal shelter. Admittedly that is a bit of a stretch, but here's the rationale. Both the 2013 and th... (read more) New Home Sales Dip, Still Stronger than Last Year Fri, Oct 12, 2018 8:26AM The Mortgage Bankers Association (MBA) reports a drop in applications for the purchase of newly constructed homes last month. Those applications fell by 3.9 percent compared to August although they remained 8.2 percent higher than they were the previous September. The change does not reflect any seasonal adjustment. The information comes from MBA's Builder A... (read more) Acquisition/lease Program; Slicing and Dicing Wells' Deal Fri, Oct 12, 2018 9:10AM “Rob, are you hearing about investors taking more of a hard line on every issue right now? In recent years they would give an extra day, or waive something, but they are not doing this right now.” Yes, I am hearing that, and that “hard line” approach impacts the primary markets as well, and LOs should set borrower expectations. The &l... (read more) Latest Video Five or six percent rates not going to kill housing market, Prosperity Bank... Chicago Fed President says he thinks the Fed has a large amount of autonomy Fed will not take the bait and will ignore Trump comments, says former Fed ... Around the Web Calculated Risk Blog Q3 GDP Forecasts Freddie Mac A New Solution to an Old Problem: Making it Easier for the Self-Employed to Get a Mortgage CNBC Thousands line up for zero-down-payment, subprime mortgages Bloomberg Japan's Kuroda Says Treasury Yields Triggered Market Sell Off CNBC Yellen says Fed is being 'thoroughly sensible' and not crazy like Trump says Calculated Risk Blog Hotels: Occupancy Rate Declined Slightly Year-over-year Calculated Risk Blog Housing Inventory Tracking CNBC Preliminary October consumer sentiment at 99, vs 100 reading expected CNBC Cramer: The Fed is 'vastly out of touch' I favor one more hike, then 'Yellen-ize' and hold CNBC Fed's Evans says it's time to 'readjust the policy stance' and keep raising rates NAHB Eye on Housing Garages in New Homes: 2017 Data CNBC Treasury Secretary Mnuchin: China selling US Treasuries in retaliation over trade would be costly CNBC This is not the time to hike spending, the IMF tells Italy

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