Mortgage rates walked back a decent chunk of their recent improvements today. This claim runs counter to almost any other coverage you'll see, but I'm right and they're wrong. Actually to be fair, I'm right in a timely way and they're right in a not-so-timely way. At issue is the weekly release of Freddie Mac's mortgage rate survey, which only captures responses from the first half of any given week. Big market movement from Wednesday afternoon through Thursday morning is never represented in the Thursday release. Despite that, media outlets rely heavily on Freddie's data to craft their customary once-a-week mortgage rate pieces. Today's examples include multiple iterations of "the lowest rates in 3 years," etc. It's true that rates were at their lowest levels in 3 years, but it was only true

September 5, 2019 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.29% +0.01%   6.11% 7.26% 15 Yr. Fixed 5.69% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Sep 5, 2019 Mortgage Rates Are Higher (Not Lower) Versus Last Week Thu, Sep 5, 2019 3:50PM Mortgage rates walked back a decent chunk of their recent improvements today. This claim runs counter to almost any other coverage you'll see, but I'm right and they're wrong. Actually to be fair, I'm right in a timely way and they're right in a not-so-timely way. At issue is the weekly release of Freddie Mac's mortgage rate survey, which only captures responses from the first half of any given week. Big market movement from Wednesday afternoon through Thursday morning is never represented in the Thursday release. Despite that, media outlets rely heavily on Freddie's data to craft their custom... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.29% +0.01 0.00 15 Yr. Fixed 5.69% +0.04 0.00 30 Yr. FHA 5.98% +0.04 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.68% +0.06 0.00 30 Yr. VA 6.00% +0.05 0.00 Updates Daily - Last Update: 9/9 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 5.5 101.06 -0.22   97.47 101.61 UMBS 30YR 6.0 102.36 -0.18   99.66 102.50 10 YR Treasury 4.082 +0.043   3.621 4.780 MBS Live Recap: Bond Market Threatens to Turn The Car Around Thu, Sep 5, 2019 4:36PM It's only fitting to throw in a vacation-themed reference on Labor Day week.  Unfortunately, only the metaphor is lighthearted.  It's underlying message is a bit more troubling--potentially, anyway.   As far as we could see this week, the summertime fun was still in full effect as of yesterday.  It would be an overstatement to sa... (read more) MBS Price Change UMBS 5.0 99.45 -0.32 UMBS 5.5 101.06 -0.23 UMBS 6.0 102.38 -0.16 GNMA 5.0 99.73 -0.34 GNMA 5.5 101.04 -0.15 GNMA 6.0 102.01 -0.18 Pricing as of: 9/9 5:51PM EST US Treasury Yield Change 2 YR Treasury 3.558 +0.071 5 YR Treasury 3.617 +0.055 7 YR Treasury 3.816 +0.048 10 YR Treasury 4.087 +0.048 30 YR Treasury 4.732 +0.042 Pricing as of: 9/9 5:51PM EST Other News Fewer Prospective Home Buyers Are Actively in the Market Thu, Sep 5, 2019 11:24AM Fewer prospective homeowners are making the move from thinking about buying to actively shopping than a year ago, according to a new study by the National Association of Home Builders (NAHB). Rose Quint, writing in NAHB's Eye on Housing blog says the association's most recent Housing Trends Report , covering the second quarter, found 12 percent of adults are... (read more) Equity Lending Faces Mixed Future Thu, Sep 5, 2019 10:58AM A new study by the Mortgage Bankers Association (MBA) looks at lending and servicing of home equity lines of credit (HELOCs) and closed-end home equity loans (HE Loans.) The study finds that lenders see the current demand for equity lending to be mixed between loan types and doesn't anticipate a lot of improvement in HELOC lending in the mid-term. Both home ... (read more) Residential Construction Spending Drops Further Off 2018 Pace Thu, Sep 5, 2019 9:16AM Construction spending inched up by 0.1 percent in July, to a seasonally adjusted annual rate of $1.289 trillion compared to $1.288 trillion in June. The July figure is 2.7 percent lower than the rate of spending in July 2018. On an unadjusted basis, spending for the month was $119.214 billion and for the year-to-date (YTD) stands at $733.782 billion,, down 2... (read more) CRA, MI, HMDA Dashboard Products; Freddie and Fannie Changes Thu, Sep 5, 2019 9:05AM Do you know what is picking up steam out there? Credit unions are on a “bank buying spree.” The numbers aren’t huge, but these not-for-profit financial firms have acquired a record number of banks since last year, acquiring 21 U.S. banks since 2018, according to S&P Global Market Intelligence, compared with 12 purchases in the prior fiv... (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 Bloomberg Trump's Fannie-Freddie Redo Faces Reality' Limits, Beacon Says CNBC The Fed is expected to cut rates only a quarter point, and that may not satisfy markets Bloomberg Bond Bulls Get Big Reminder That Treasuries Aren't One-Way Trade - Bloomberg CNBC Opendoor, online house-flipper, buys title company OS National in bid to own more of residential real estate market Bloomberg Shiller Says U.S. Home Prices Could Start Falling - Bloomberg Calculated Risk Blog ISM Non-Manufacturing Index increased to 56.4% in August consumerfinancemonitor.com The Fed's entry into real-time payments: commercial and contractual implications CNBC US second-quarter productivity unrevised at 2.3% CNBC China and US agree to meet in October for trade negotiations CNBC Private payroll growth jumps by 195,000 in August vs. 140,000 estimate: ADP/Moody's CNBC The Fed will cut rates by a quarter point this month, not a half point, WSJ says Reuters Apple places $7 billion in return to bond market Reuters Fed's rate-cut debate focuses on 'robust' U.S. consumer

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