Earlier this month the Urban Institute pointed out that the unprecedented low interest rates of the pandemic era have not benefitted everyone. Their research showed that tightening credit access has meant that low income homeowners, and those with high loan to value (LTV) ratios or low credit scores have largely been left out of the rush to refinance. The Federal Housing Finance Agency (FHFA) has now announced a new refinancing option to address that situation. FHFA says it has directed the GSEs Fannie Mae and Freddie Mac to implement an initiative to encourage eligible low-income borrowers to refinance and lower both their interest rates and their monthly mortgage payments. It estimates that borrowers who take advantage of this opportunity could save between $100 and $250 a month. To qualify

April 28, 2021 Download our Mobile App: Download our Mobile App: Housing News Fannie/Freddie Creates Opportunity for Higher Risk Borrowers Who Missed Refi Boom Earlier this month the Urban Institute pointed out that the unprecedented low interest rates of the pandemic era have not benefitted everyone. Their research showed that tightening credit access has meant that low income homeowners, and those with hi... (read more) Housing News CFPB Delays QM Rule Compliance and Patch Demise Lenders will have more than an additional year to comply with the General Qualified Mortgage (QM) Rule . The Consumer Financial Protection Bureau (CFPB) says it is formally delaying the mandatory compliance date for the new rule from July 1, 2021 to ... (read more) Rob Chrisman LO Jobs; Lead Gen, Servicing Risk, Presentation, DPA, Valuation Tools; M&A Firestorm; Housing Remains Resilient There sure is a lot going on out there! From California comes news that Finance of America is buying “certain assets” from California’s Parkside Lending, and Thrive Mortgage LLC . In-person conference news continues to increase. MBA... (read more) Mortgage Rate Watch Mortgage Rates Continue Edging Slightly Higher From Recent Lows Mortgage rates have fallen almost every single day in April. By the end of last week, that meant the average lender was offering the lowest conventional 30yr fixed rates in more than a month. The first two days of the current week have taken rates in... (read more) Housing News Homeownership Rate Pulls Back from 11 Year High The national homeownership rate moved fractionally higher in the first quarter of 2021 when compared to the same quarter in 2020 but was lower than in each of the prior three quarters. The U.S. Census Bureau put the rate at 65.6 percent compared to 6... (read more) MBS Commentary MBS Live Recap: Bonds Find Footing After Digesting Friendly Fed Message Bonds Find Footing After Digesting Friendly Fed Message Bonds were slightly cautious ahead of the Fed announcement today, with a few traders possibly wondering if recent economic/pandemic-related traction wou... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.75% +0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.75% +0.02 0.00 15 Yr. Fixed 5.98% +0.01 0.00 30 Yr. FHA 6.27% +0.02 0.00 30 Yr. Jumbo 6.85% +0.01 0.00 7/6 SOFR ARM 6.32% -0.01 0.00 30 Yr. VA 6.29% +0.03 0.00 Updates Daily - Last Update: 7/3 15 Yr. Fixed Rate 5.98% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.67% -0.10 0.00 15 Yr. Fixed 5.80% -0.09 0.00 Updates Weekly - Last Update: 7/3 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.79% -0.09 0.62 15 Yr. Fixed 6.06% -0.05 0.67 30 Yr. Jumbo 6.78% -0.10 0.40 Updates Weekly - Last Update: 6/26 MBS / Treasuries UMBS 30YR 5.5 99.64 -0.20 Price / Yield Change MBS UMBS 5.5 99.64 -0.20 UMBS 6.0 101.43 -0.13 GNMA 5.5 99.86 -0.11 GNMA 6.0 101.34 -0.06 Pricing as of: 7/6 2:26PM EST 10 Year US Treasury 4.3467 +0.0669 Price / Yield Change US Treasury 2 YR Treasury 3.883 +0.095 5 YR Treasury 3.937 +0.070 7 YR Treasury 4.125 +0.068 10 YR Treasury 4.347 +0.067 30 YR Treasury 4.863 +0.055 Pricing as of: 7/6 2:26PM EST Latest Video We don't see bad loans and unsustainable prices: Powell on housing Powell: Will 'take some time' before Fed is satisfied with progress Fed leaves interest rates unchanged, notes vaccination progress Experts don't expect the Fed to move interest rates — Here's what they're w... Around the Web CFPB CFPB Consumer Complaint Bulletin Examines County-Level Demographic Data CNBC Fed holds interest rates near zero, sees faster growth and higher inflation CNBC Fed rate decision and Chairman Jerome Powell's press conference live updates & analysis Reuters In first speech to Congress, Biden to push $4 trillion spending plans Reuters U.S. goods trade deficit vaults to record high in March Calculated Risk Blog House Prices and Inventory CNBC Hotel rates on the rise as travel demand ticks up CNBC 10-year Treasury yield tops 1.65% as investors gear up for Fed decision CFPB Statement by CFPB Acting Director Dave Uejio on Mr. Cooper Unauthorized Withdrawals CFPB CFPB Delays Mandatory Compliance Date for General Qualified Mortgage Final Rule Reuters Citing 'stunning progress' on coronavirus, Biden eases outdoor mask guidelines CNBC Jerome Powell is a heavy favorite on Wall Street to be renominated as Fed chair Calculated Risk Blog Real House Prices and Price-to-Rent Ratio in February

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