The party is probably over for the time being when it comes to rate-and-term (i.e. "no cash out") refinancing. But even as rising interest rates steadily shrink the pool of candidates for that type of origination, other factors are encouraging refinancing of the cash-out variety. Freddie Mac says that 81 percent of all refinancing during the third quarter of this year involved a new mortgage that was at least 5 percent larger than the loan it replaced. This is the highest share for cash-out refinancing since the third quarter of 2008 and up from a 62 percent share in the third quarter of last year. However, it is still below the 89 percent cash-out share of refinancing in the third quarter of 2006. The recent dollar volume is lower as well, in fact it pales in comparison to the cash-out refinance

November 28, 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 Nov 28, 2018 First Noticeable Move in Mortgage Rates in More Than a Week Wed, Nov 28, 2018 2:27PM Mortgage rates began the day just like they've begun each of the past 5 business days: perfectly unchanged! As we discussed yesterday, the recent absence of movement is a good thing in the short term as rates are holding near their lowest levels in more than a month. And it's a bad thing in the bigger picture considering current levels are still very close to the highest rates in more than 7 years. Unlike the past 5 business days, however, we caught a bit of a break today . Fed Chair Powell delivered a speech at the Economic Club of New York and markets responded favorably. Both stocks and bon... (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 99.67 0.00   95.05 99.96 UMBS 30YR 5.5 101.08 -0.01   97.47 101.28 10 YR Treasury 4.035 +0.006   3.932 4.780 MBS Live Day Ahead: A Simple Framework For Approaching Rate Risk in the Coming Days Wed, Nov 28, 2018 9:27AM This morning's chart looks complicated at first glance, but it's actually very simple.  It doesn't even matter if you're familiar with candlestick charts.  All you need to know is that each candlestick contains the trading range on any give... (read more) MBS Live Recap: Good Vibes, But Not Much Progress Wed, Nov 28, 2018 4:31PM Today was interesting for bond markets in the sense that it certainly FELT like a nice day with solid gains.  This has to do with the noticeable rally in the middle of the day and the fact that it was clearly tied to a specific event.  It didn't hurt that the event happened to be a speech from Fed Chair Powell (thus drumming up plenty of press co... (read more) MBS Price Change UMBS 4.5 97.71 +0.02 UMBS 5.0 99.69 +0.02 UMBS 5.5 101.09 +0.00 GNMA 4.5 97.77 +0.07 GNMA 5.0 99.88 +0.05 GNMA 5.5 100.97 +0.08 Pricing as of: 10/15 5:32PM EST US Treasury Yield Change 2 YR Treasury 3.499 +0.017 5 YR Treasury 3.622 +0.017 7 YR Treasury 3.808 +0.010 10 YR Treasury 4.032 +0.003 30 YR Treasury 4.624 -0.007 Pricing as of: 10/15 5:32PM EST Other News Cash-Out Refi's surge, Can't Compare to Pre-Crash Activity Wed, Nov 28, 2018 3:32PM The party is probably over for the time being when it comes to rate-and-term (i.e. "no cash out") refinancing. But even as rising interest rates steadily shrink the pool of candidates for that type of origination, other factors are encouraging refinancing of the cash-out variety. Freddie Mac says that 81 percent of all refinancing during the third quarter of... (read more) Housing Forecasts: When Cooling Isn't so Cool. Wed, Nov 28, 2018 11:53AM With both interest rates and home prices rising it is nearly impossible to find a housing forecast that doesn't include the word " cooling ." The November outlook from Freddie Mac is no exception. The company's Economic and Housing Group, in fact, applies that word to the entire issue of economic growth, noting the waning effects of fiscal stimulus and ongoi... (read more) New Home Sales Defy Expectations and Retreat in October Wed, Nov 28, 2018 11:16AM New home sales were expected to make a strong showing in October; the consensus of analysts polled by Econoday was for a sharp increase from the September level of 553,000 to 575,000 units. Instead, there was a steep decline , amplified by a major upward revision to the September estimate. The U.S. Census Bureau and the Department of Housing and Urban Develo... (read more) Latest Video Data dependence still key for the Fed: Pro Home improvement looks stronger than home construction, analyst says Did we just see a 'Powell bottom?' Around the Web Bloomberg Did Powell Just Put a Floor Under Stocks? Wall Street Weighs In CNBC After Powell comments, traders only see two more interest rate hikes Reuters Instant View: Fed's gradual rate hikes balance against risks - Powell Calculated Risk Blog A few Comments on October New Home Sales CNBC BlackRock's bond king: Fed rates could already be at neutral given the pockets of economic weakness Calculated Risk Blog New Home Sales decrease to 544,000 Annual Rate in October Reuters Fed stability report: Banks, households strong, but asset values 'elevated' NAHB Eye on Housing Some Easing of AD&C Lending, According to Builders and Developers CNBC Third-quarter GDP unrevised at 3.5%, in line with estimates NAR - Realtor.com The 4 Key Trends Home Buyers and Sellers Should Watch in 2019 Bloomberg FOMC Will Stay the Course, Goldman's Wilson Says CNBC House releases last-minute tax breaks, amid uncertainty over passage Calculated Risk Blog Real House Prices and Price-to-Rent Ratio in September

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