Existing home sales broke their extended losing streak in October, increasing 1.4 percent from September to a seasonally adjusted annual rate of 5.22 million completed sales. It was the first positive report on sales of existing single-family homes, condos, townhouses, and co-op apartments since last March. The National Association of Realtors® (NAR) said the gain was not enough however to return existing home sales activity to 2017 levels. They lag the 5.5 million transactions last October by 5.1 percent After overshooting the mark with their last six forecasts, analysts polled by Econoday were more restrained and consequently quite accurate in their expectations for October. Their predictions were in the range of 5.10 to 5.35 million units with a consensus of 5.20 million. Single-family

November 21, 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 21, 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: Cue The Thanksgiving Consolidation Wed, Nov 21, 2018 9:22AM I used to be annoyed by the word "consolidation."  It was on a short-list of market jargon words that were overused and possibly nebulous.  But over the years we've become friends .  If it has annoyed or confused you, give it another ... (read more) MBS Live Recap: Bonds Refuse to Follow Stocks Lower Tue, Nov 20, 2018 6:24PM We've had a pretty good run recently where bond yields have been willing to at least move in the same direction at the same time during sharper stock sell-offs.  No luck on that front today however.  Stocks sold-off in moderately sharp fashion, and bond yields spent most of that time moving higher instead of lower. This can mean a couple things... (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 Existing Home Sales Break Free From Losing Streak, Posting October Gains Wed, Nov 21, 2018 11:55AM Existing home sales broke their extended losing streak in October, increasing 1.4 percent from September to a seasonally adjusted annual rate of 5.22 million completed sales. It was the first positive report on sales of existing single-family homes, condos, townhouses, and co-op apartments since last March. The National Association of Realtors® (NAR) sai... (read more) Troublesome Housing Sector Drags Down Economic Projections Wed, Nov 21, 2018 8:25AM Fannie Mae's Economic and Strategic Research Group (ESR) upped their projection for economic growth slightly, to 3.1 percent this year , but say housing will probably have little to do with it. The first estimate for the third quarter GDP came in at an annualized 3.5 percent, off a bit from 4.2 percent in the second quarter. Consumer and government spending ... (read more) Improved Rates Have Little Impact on Mortgage Volume Wed, Nov 21, 2018 8:07AM Mortgage rates pulled back slightly during the week ended November 16, but that did little to move mortgage applications higher. The Mortgage Bankers Association said its Market Composite Index, a measure of overall application volume, continued to trend down, dipping 0.1 percent on a seasonally adjusted basis compared to the week ended November 9. The weeks... (read more) Underwriting Product; New Correspondent Investor; Lender Disaster News Wed, Nov 21, 2018 8:56AM Do you think non-QM is going to “save your bacon?” After a non-exhaustive survey, it appears that non-QM, aka non-Agency, aka expanded credit, is running at about 3% of overall residential volume. If we do $1.5 trillion this year, my HP-12C tells me 3% equates to $45 billion. Let’s round up and say that’s $4 billion a month (a billion... (read more) Latest Video Fed's current path will roll over US economy, says Natixis chief economist Santelli Exchange: The Fed blinks Existing home sales rise 1.4 percent Around the Web NAR - Realtor.com Fewer Homes May Require Human Appraisals, but That May Not Be a Good Thing Reuters Atlanta Fed leaves U.S. fourth-quarter GDP growth view at 2.5 percent Calculated Risk Blog Comments on October Existing Home Sales Calculated Risk Blog NAR: Existing-Home Sales Increased to 5.22 million in October CNBC Consumer sentiment hits 97.5 in Nov., vs. 98.3 estimate Federal Reserve Agencies announce threshold for smaller loan exemption from appraisal requirements for higher-priced mortgage loans Calculated Risk Blog Weekly Initial Unemployment Claims increased to 224,000 CNBC US durable goods orders fall 4.4% in October NAHB Eye on Housing Townhouse Construction Continues Strong Performance Bloomberg Even Italy's Most Loyal Bond Buyers Are Getting Cold Feet Now Bloomberg Why Has The Rally in Treasuries Been Limited? Calculated Risk Blog Housing Inventory Tracking consumerfinancemonitor.com Banking Agencies Propose Rule to Increase Appraisal Exemption Transaction Value

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