Daily Newsletter: Wednesday June 19, 2019

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June 19, 2019

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Compare Mortgage Rates from Local Lenders for Jun 19, 2019

Mortgage Rates Enjoy Surprise Drop Ahead of Fed Day

Tue, Jun 18, 2019 2:38PM

Mortgage rates have generally been moving sideways for the past 2 weeks. This has accomplished a twofold goal of coming to terms with the strong gains seen in May as well as preparing for tomorrow's hotly-anticipated announcement from the Fed. It has been and continues to be the case that any major surprises (or even minor surprises) from the Fed could have big, immediate effects on rates for better or worse. But just as the sideways momentum was about to lull us to sleep this week, central bank news from across the Atlantic stepped up to change the field of play today. European Central Bank (... (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

MBS Live Day Ahead: 6 Years Later, Today's Fed Day Should Be a Bit Different

Wed, Jun 19, 2019 9:35AM

In the day just past, bonds surged to the best levels since 2017, with 10yr yields coming within 0.002% of the lowest yields since Nov 2016. The key market mover was a speech from European Central Bank President Mario Draghi in which he essenti... (read more)

MBS	Price	Change
UMBS 5.0	99.78	+0.31
UMBS 5.5	101.28	+0.16
UMBS 6.0	102.54	+0.05
GNMA 5.0	100.07	+0.24
GNMA 5.5	101.19	+0.06
GNMA 6.0	102.18	+0.05
Pricing as of: 9/8 7:06PM EST

US Treasury	Yield	Change
2 YR Treasury	3.487	-0.030
5 YR Treasury	3.562	-0.027
7 YR Treasury	3.768	-0.032
10 YR Treasury	4.039	-0.047
30 YR Treasury	4.690	-0.079
Pricing as of: 9/8 7:06PM EST

Other News

Moderating Home Prices Stoke 'Time to Sell' Sentiment

Wed, Jun 19, 2019 11:12AM

The second quarter HOME (Housing Opportunities and Market Experience) survey from the National Association of Realtors® (NAR) appears to indicate that a period of softening price increases and lower interest rates have only slightly improved the sentiment of potential homebuyers. Survey respondents who say it is a good time to buy a home remained at 65 p... (read more)

Mortgage Apps Give a Little Back From Last Week's Rally

Wed, Jun 19, 2019 8:13AM

Despite appearances, the low-rate spurred rally in mortgage applications reported last week didn't really go "poof" this week. Activity was still strong even as the Mortgage Bankers Association's (MBA's) Market Composite Index gave back some of its previous outsized gains. The Index, a measure of mortgage loan application volume, decreased 3.4 percent on a s... (read more)

Construction Numbers Better Than Percentages Indicate

Tue, Jun 18, 2019 10:24AM

Residential construction figures had been expected to, at a minimum, hold the fort in May after a mixed report in April. While revisions to the April report somewhat skewed the numbers changes to both permits and starts were only fractional. The Census Bureau and the Department of Housing and Urban Development said permits for privately owned housing units w... (read more)

MLO Resources; Credit Product; Intro to the Prime Jumbo Securitization Market

Wed, Jun 19, 2019 8:51AM

Good loan officers pay attention to demographics. For example, according to a new report from the United Nations, the population of the planet could rise from its current 7.7 billion to 10.9 billion by the year 2100. This is a downward adjustment from the last U.N. prediction due to a decrease in the global fertility rate. In the U.S., where are the less-pop... (read more)

Latest Video

January new home sales drop nearly 7%

Bank of America CEO: Loan demand showing consistent growth

UK parliament votes on options to delay Brexit

January new home sales fall short of expectations, down 6.9 percent

Around the Web

CNBC

The Fed is 'carefully' laying the groundwork for a rate cut this year, analysts say

consumerfinancemonitor.com

California Senate to hold June 26 hearing on bill capping consumer loan interest rates

CNBC

Fed Chair Powell says there was 'not much support' for cutting rates on Wednesday

Reuters

Traders bet heavy on Fed rate cuts ahead

Reuters

Fed holds rates steady, signals cuts possible later this year

Federal Reserve

Federal Reserve Board and Federal Open Market Committee release economic projections from the June 18-19 FOMC meeting

Federal Reserve

Federal Reserve issues FOMC statement

CNBC

Trump's potential Fed nominee reportedly wants rates at zero

Calculated Risk Blog

Lawler: Early Read on Existing Home Sales in May

Bloomberg

Juncker Defends Draghi & Co. After Trump Central-Bank Attacks

Calculated Risk Blog

AIA: "Architecture billings remain flat" in May

CNBC

The Federal Reserve is likely to say rate cuts are coming, satisfying markets

builderonline.com

Median House Price in Wisconsin Tops $200K For The First Time

Interest rates displayed are national averages and for informational purposes only. Actual rates from lenders may vary based on several factors including, but not limited to, credit worthiness, ability to replay, credit score, down payment, loan term, etc.

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