The availability of mortgage credit declined slightly last month. The Mortgage Bankers Association said its Mortgage Credit Availability Index (MCAI) dipped 0.2 percent to 181.9 in January. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. The MCAI has four components, the Conventional MCAI and its two sub-components were responsible for the January decline. The Conventional MCAI decreased 0.5 percent as its Jumbo components fell 0.3 percent and the Conforming MCAI moved 0.9 percent lower. These losses were partially compensated for by the Government MCAI which gained 0.4 percent. "Mortgage credit availability was mostly unchanged to start 2020, decreasing 0.2 percent in January," said Joel Kan, MBA's Associate

February 6, 2020 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 Feb 6, 2020 Rate Volatility Levels Off Ahead of Jobs Report Thu, Feb 6, 2020 4:00PM Mortgage rates managed to hold steady , for the most part, today. Some lenders were offering slightly better or worse terms compared to yesterday, but none of the changes were very big. This is a welcome development considering the past 2 days saw a rapid increase of 0.125% for the average lender. Sadly, it's not necessarily a guarantee that we're out of the woods with respect to additional increases. While there's no way to predict the future when it comes to financial markets, it is safe to say that rates will face more upward pressure to whatever extent the coronavirus panic dies down. Inde... (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: Bonds Take a Break From Recent Drama Thu, Feb 6, 2020 4:40PM The bond market took a break from the past 3 days of weakness today.  There weren't any significant economic reports or news events (not as far as the market was concerned anyway), including any material changes to the coronavirus outlook. This offered a good opportunity to reflect on the nature of the coronavirus response.  Simply put, trad... (read more) MBS Price Change UMBS 5.0 99.45 -0.32 UMBS 5.5 101.06 -0.22 UMBS 6.0 102.38 -0.16 GNMA 5.0 99.76 -0.32 GNMA 5.5 101.03 -0.16 GNMA 6.0 102.01 -0.18 Pricing as of: 9/9 5:53PM EST US Treasury Yield Change 2 YR Treasury 3.557 +0.070 5 YR Treasury 3.615 +0.054 7 YR Treasury 3.814 +0.045 10 YR Treasury 4.085 +0.046 30 YR Treasury 4.731 +0.041 Pricing as of: 9/9 5:53PM EST Other News Lenders Continue to Shed Higher Risk Programs Thu, Feb 6, 2020 4:42PM The availability of mortgage credit declined slightly last month. The Mortgage Bankers Association said its Mortgage Credit Availability Index (MCAI) dipped 0.2 percent to 181.9 in January. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. The MCAI has four components, the ... (read more) Government Inconsistency With Student Debt Calculations is Preventing Homeownership. That Needs to Change. Wed, Feb 5, 2020 11:37AM The Urban Institute (UI) says the five government mortgage lenders and their various ways of accounting for income-driven repayment (IDR) plans are inhibiting the ability of many potential homebuyers to buy a home. IDR plans are used by many student loan programs and require special handling in mortgage underwriting. The problem with an IDR arises in the cal... (read more) Lower Rates Push Mortgage Applications to a Six-Year High Wed, Feb 5, 2020 8:13AM Mortgage application volume continues to benefit from lower interest rates. The Mortgage Bankers Association (MBA) said today that its Market Composite Index, a measure of that volume, reached its highest level since May 2013 last week. The 5.0 percent gain in the seasonally adjusted index during the week ended January 31 was solely due to strength on the re... (read more) LO Jobs; Non-QM, CRM Products; Vendor News; Capital Markets and The Fed Thu, Feb 6, 2020 9:07AM For years there has been name confusion between Fannie Mae and Fannie May . Name overlap isn’t limited to those two; MERS, familiar to mortgage bankers everywhere, is not the same as MERS (Middle East Respiratory Syndrome). And trying to find great employees isn’t limited to mortgage banking . Lawyer recruiting has come a long way from the days o... (read more) Latest Video Consumer has remained strong, but question where it will go: Steve Odland US productivity rose 1.4% in fourth quarter, weekly jobless claims declined... China announces it will halve tariffs on $75 billion worth of US goods San Francisco Fed president: Coronavirus impact on economy limited Around the Web CNBC January jobs report may have gotten an extra boost from the weather Calculated Risk Blog Goldman: January Payrolls Preview CNBC Saving for a home is no longer a top financial priority in the U.S. CNBC End of financial 'Ice Age' will take US interest rates below zero, strategist predicts NAHB Eye on Housing 63 Million Households Are Unable to Afford a $250,000 Home Calculated Risk Blog Las Vegas Real Estate in January: Sales up 25% YoY, Inventory down 29% YoY NPR China Will Cut Tariffs In Half On $75 Billion Of U.S. Products CNBC US weekly jobless claims drop to a 9-month low Redfin Luxury Housing Prices Strengthen in Fourth Quarter, But Still Have Room to Grow Reuters Fedcoin? 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