January 11 ended the first full business week in a while and mortgage activity responded accordingly. The Mortgage Bankers Association (MBA) reported a strong rebound when, despite a government shutdown, business returned more or less to normal. MBA's Market Composite Index, a measure of mortgage loan application volume, increased 13.5 percent on a seasonally adjusted basis from the week ended January 4, reaching its highest level since last February. On an unadjusted basis, the Index was up 45 percent. Purchase mortgage applications moved higher for the sixth time in the last eight weeks, resuming the upward trajectory that was interrupted by the Christmas holidays. That index was up 9 percent on a seasonally adjusted basis to its highest level since April 2010. The unadjusted Purchase Index

January 16, 2019 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 Jan 16, 2019 Mortgage Rates Up Slightly, But Still in Great Shape Wed, Jan 16, 2019 4:13PM Mortgage rates rose modestly today after spending the past 2 days moving sideways. It was really yesterday's market weakness that caused today's move. Mortgage rates are most directly affected by the trading of mortgage-backed securities (MBS). When MBS are weaker, rates rise. MBS were weaker throughout the day yesterday, but not by quite enough for lenders to go to the trouble of revising their rate sheets for the worse. Instead, lenders simply waited until this morning to make the changes implied by the market. This delayed reaction is common when the market movement on any given day isn't q... (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: This Morning's Retail Sales Report is Emblematic of The Bond Market's Issue Wed, Jan 16, 2019 8:47AM There will be no Retail Sales report this morning due to the government shutdown.  This provides a perfect example of the issue the bond market is currently facing.   It begins with the state of flux in the economy and in monetary policy.  Now more than ever , arguably, the Fed is on the lookout for clues in economic data.  They... (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 10:28PM 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 4.703 +0.013 Pricing as of: 9/8 10:28PM EST Other News Purchase Mortgage Applications Reach 8 Year High Wed, Jan 16, 2019 8:07AM January 11 ended the first full business week in a while and mortgage activity responded accordingly. The Mortgage Bankers Association (MBA) reported a strong rebound when, despite a government shutdown, business returned more or less to normal. MBA's Market Composite Index, a measure of mortgage loan application volume, increased 13.5 percent on a seasonall... (read more) Millionaires Cash-Out Too; Big Refis for Big Homes Wed, Jan 16, 2019 8:16AM Somewhere in this country there are 230 homes with mortgage balances between $10 and $20 million dollars. According to a post written by Arthur Jobe in the CoreLogic Insights blog, 75 percent of them were originated since 2013, and 180 represent refinances. Those refinances were largely originated since 2013 as well. These homes are unlikely to be in your ne... (read more) Builder Confidence Buoyed by Lower Rates Wed, Jan 16, 2019 10:35AM After falling an aggregate of 12 points in November and December the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) appears to have stabilized. The HMI, a measure of home builders' confidence in the market for newly constructed homes, gained 2 points in January, rising to 58. This one 1-point higher than analysts polled b... (read more) Manufactured Home and Capital Markets Products; Radian Expands; Big Banks' Mortgage Volumes Wed, Jan 16, 2019 11:12AM As pricing battles rage in the wholesale channel, there has been plenty of news of layoffs in residential lending over the last six months industry-wide, due to reasons like becoming more efficient, lower volumes, or fewer delinquencies, the most recent being BB&T and Mr. Cooper (page 7). What would actually be newsworthy is if a well-known company had n... (read more) Latest Video Banks are in best condition in decades, says analyst UK government survives no-confidence vote by thin majority January housing market index beats expectations Around the Web CNBC Student loan debt is keeping young people from buying homes, Fed study finds Calculated Risk Blog Lawler; Early Read on Existing Home Sales in December: Big Drop CNBC US labor market tightens, wages grow moderately, Fed says Reuters UK PM May wins confidence vote; now to search for Brexit consensus Calculated Risk Blog Sacramento Housing in December: Sales Down 22% YoY, Active Inventory up 36% YoY CNBC Home prices make smallest gains in nearly 4 years, but rents are hot NAR - Realtor.com Why Mortgage Lending at Wells Fargo, Chase and Citi Plunged CNBC More than 46,000 IRS employees called back to work to process refunds, calls CNBC Homebuilder sentiment turns higher in January after mortgage rates drop CNBC More jobs are posted in January than any other month, but your odds of landing one of them are lower CNBC US import prices fell 1.0% in December, vs 1.3% drop expected Reuters Guggenheim's Scott Minerd says Fed will pause to start 2019 CNBC UK leader Theresa May suffers resounding defeat on her Brexit divorce deal

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