Increasing home prices are at the heart of a decision by the major federal regulatory agencies to raise the threshold for requiring a residential real estate appraisal for mortgages originated by their regulated institutions. When the rule become effective, mortgages on 1 to 4 family homes sold for $400,000 or less may be exempt from an appraisal; the current level is $250,000. It will be the first change in the threshold in a quarter century. The new rule, declared by the Federal Deposit Insurance Corporation (FDIC), Office of Comptroller of the Currency (OCC), and the Federal Reserve (Fed), has been published in final form but apparently has not yet received the requisite signatures from the Fed. The agencies say the Consumer Financial Protection Bureau was involved in developing the proposal

August 26, 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 Aug 26, 2019 Mortgage Rates Mixed Versus Friday, Depending on Lender Mon, Aug 26, 2019 4:06PM Mortgage rates are sort of all over the place at the moment, and almost never where you'd expect. Those who haven't been following the bond market too closely generally expect higher rates than what we've been seeing recently. Those who are well-versed in the longstanding relationship between mortgages and Treasury yields generally expect rates to have fallen MUCH faster than they actually have. Even on shorter time horizons, the mortgage market is a tale of misdirection . For example, 10yr Treasury yields are basically unchanged today, but mortgage rates are either higher or lower depending o... (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 5.5 101.28 +0.16   97.47 101.61 UMBS 30YR 6.0 102.54 +0.05   99.66 102.54 10 YR Treasury 4.039 -0.047   3.621 4.780 MBS Live Day Ahead: From Consolidation to "Something Else" Mon, Aug 26, 2019 9:06AM In the week just passed, the bond market set out to digest and react to the Federal Reserve only to end up finding much bigger inspiration.  Wednesday's FOMC Minutes were never too incredibly likely to inspire much volatility, and they stayed true to those expectations.  Friday's Jackson Hole symposium offered a bit more guidance.  Powell had ... (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 7:53PM 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 7:53PM EST Other News Appraisal Threshold to be Raised for First Time in 25 Years Mon, Aug 26, 2019 8:45AM Increasing home prices are at the heart of a decision by the major federal regulatory agencies to raise the threshold for requiring a residential real estate appraisal for mortgages originated by their regulated institutions. When the rule become effective, mortgages on 1 to 4 family homes sold for $400,000 or less may be exempt from an appraisal; the curren... (read more) Junes New Home Sales Revision Was a Post-Crisis Record Fri, Aug 23, 2019 10:56AM The U.S. Census Bureau and the Department of Housing and Urban Development said sales of newly constructed homes fell 12.8 percent in July to a seasonally adjusted annual rate of 635,000 units. Forecasts pinned that number at 645k. While missing the mark by 10,000 units and a 12.8 percent drop sound fairly significant, context is hugely important in this cas... (read more) Millennials Differ in Housing Preferences, But Not by Much Fri, Aug 23, 2019 1:16PM With the huge Millennial generation finally buying houses, the National Association of Home Builders has taken a deep dive into their various preferences for where and how they are going to live. Last year it conducted the fourth in a series of buyer preference surveys, adding to data collected in 2007, 2012, and 2015. A report by Paul Emrath analyzes those ... (read more) Processing, HELOC Products; Borrower/Customer and Technology Trends Mon, Aug 26, 2019 9:15AM “My credit score is low but its low because I want to protect myself from identity theft. No one can take out a mortgage in my name if I can’t even take out a mortgage in my own name.” Would you give the United States a mortgage? Or, put another way, loan it money? Millions of people institutions do, every day, in the form of buying debt ba... 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