Cash-out refinancing is currently a larger share of the refinance market than at any time since the financial crisis . However, the Urban Institute (UI) says even though those refinances were one of the main contributors to the crash, the present trend doesn't worry them. Cash out loans, defined as those where the new loan is at least 5 percent larger than the loan it replaces, made up 77 percent of total refinances in the second quarter of 2018. According to Freddie Mac, which tracks its loans that are refinanced into another Freddie Mac product, this is the largest share since 2008. Despite the high percentage of loans, the dollar volume of equity that is being withdrawn is still well below the crisis peaks. Homeowners cashed out $15.8 billion in equity during the second quarter of this year

November 6, 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 Nov 6, 2018 Mortgage Rates Higher Still, Despite Calmer Market Mon, Nov 5, 2018 4:02PM Mortgage rates continued pushing up to new 7-year highs today, even if only by a small margin. This is notable because the underlying bond market (the primary factor in mortgage rate movement) suggested that rates should have fallen today. The issue is that bond markets were so weak on Friday that mortgage lenders didn't have a chance to fully adjust their rate sheets to reflect the losses. As such, there were still some losses to deal with this morning, and today's modest bond market improvement wasn't quite enough to offset them. In other words, we began the day with enough of a disadvantage... (read more) 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: Probably One More Day of Waiting For Any Election Impact Tue, Nov 6, 2018 8:52AM Justified or not, midterm elections are the market mover du jour.  Midterm elections happen today, so it's fair to wonder if they will be a market mover today.  They probably won't be! First, let me say that I've been wrong before when i... (read more) MBS Live Recap: Markets Consolidate Ahead of Elections Mon, Nov 5, 2018 5:19PM Today had the look and feel of a summertime Monday--the first we've seen since--well...summertime!  Volume was much lighter than it has been in weeks, and volatility was fairly nonexistent.  If we consider that Friday's sell-off may have had a bit of extra urgency behind it due to the impending weekend, then today was essentially a 3rd day of the... (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 Surge in Cash-Out Refis Doesn't Concern UI Researchers Tue, Nov 6, 2018 8:16AM Cash-out refinancing is currently a larger share of the refinance market than at any time since the financial crisis . However, the Urban Institute (UI) says even though those refinances were one of the main contributors to the crash, the present trend doesn't worry them. Cash out loans, defined as those where the new loan is at least 5 percent larger than t... (read more) Jumbo Credit Access Surged in October Tue, Nov 6, 2018 11:32AM The ease of access to mortgage credit rose in October according to the Mortgage Credit Availability Index. An increase in the Index, a product of the Mortgage Bankers Association (MBA), indicates that credit standards are loosening while a decline is a sign that standards are tightening. The 2.5 percent change in October took the composite index to 186.7. Am... (read more) Election Day: Recruiting, HELOC Products; New Conduit Offering Proprietary Loans Tue, Nov 6, 2018 9:02AM “I can’t believe my grandpa is voting Democrat this year…he would have never done that when he was alive.” (Or Republican – your choice.) Things aren’t always what they appear. How about how non-conforming rates for fixed terms and ARMS are currently .125%-.25%+ lower than Agency? Crafty MLOs are looking for ways to be mo... (read more) Latest Video The market will rally as long as it's an uncontested result, says Deutsche ... September JOLTS report 7 million job openings Interactive Brokers CEO: Market will drop 2-3% if Dems regain the House, 10... Around the Web builderonline.com Zillow Getting Set to Buy Houses in Houston Calculated Risk Blog "Builders shrink home sizes" Calculated Risk Blog CoreLogic: House Prices up 5.6% Year-over-year in September CNBC Buying a house can send your credit score down. Here's how long it takes to recover Reuters Wells Fargo says internal error caused more home foreclosures than expected NAHB Eye on Housing Open Construction Jobs Decline Off Cycle High CNBC Job openings slip to 7 million in September, still near record high CNBC Shiller: 'This is a very different midterm election,' and markets may act differently Reuters Frost thaws in U.S.-China ties ahead of G20 meeting Reuters Control of Congress, and verdict on Trump, at stake in U.S. elections Reuters U.S. stocks edge higher ahead of midterms, Fed; dollar falls NAR - Realtor.com Renters Could Be an Emerging Swing Vote This Election Bloomberg For the Corporate Bond Market, It's Business as Usual on Election Day

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