Pending home sales posted a solid increase for the second straight month in September, more than doubling analysts' expectations. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) rose to 108.7 from 107.3 the previous month, a gain of 1.5 percent. The results were 3.9 percent higher than in August 2018 and marked the fourth time the index increased in the last five months. The PHSI, a measure of contracts signed for the purchase of existing homes, is a leading indicator of future sales. Contracts are generally expected to become final within one to two months. The PHSI increased by 1.6 percent in August and analysts, while primarily expecting sales to increase, had forecast in a range of -0.8 percent to a 1.0 percent gain. The consensus of those polled

October 29, 2019 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.13% -0.12%   6.11% 7.26% 15 Yr. Fixed 5.71% +0.00%   5.54% 6.59% 30 Yr. Jumbo 6.15% -0.10%   6.15% 7.45% Compare Mortgage Rates from Local Lenders for Oct 29, 2019 Yes, The Fed Will Cut Rates, But Not Mortgage Rates Tue, Oct 29, 2019 4:36PM You may have heard that the Federal Reserve is highly likely to cut rates this week. That is true. It's happening tomorrow . It would be a big surprise for financial markets if the Fed did NOT cut rates at this point. You may be wondering if this means anything for mortgage rates or worse, you may actually be convinced that a Fed rate cut means lower mortgage rates. The only mortgage rates that have anything to do with the Fed Funds Rate (the thing the Fed cuts or hikes) are those associated with some home equity lines of credit (HELOCs). But when it comes to 1st mortgages, and most 2nd mortga... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.13% -0.12 0.00 15 Yr. Fixed 5.71% 0.00 0.00 30 Yr. FHA 5.91% -0.08 0.00 30 Yr. Jumbo 6.15% -0.10 0.00 7/6 SOFR ARM 5.65% +0.01 0.00 30 Yr. VA 5.92% -0.09 0.00 Updates Daily - Last Update: 9/16 Freddie Mac Rate Change Points 30 Yr. Fixed 6.35% -0.15 0.00 15 Yr. Fixed 5.50% -0.10 0.00 Updates Weekly - Last Update: 9/11 Mortgage Bankers Assoc. 30 Yr. Fixed 6.49% -0.15 0.56 15 Yr. Fixed 5.70% -0.14 0.55 30 Yr. Jumbo 6.44% -0.14 0.48 Updates Weekly - Last Update: 9/10 UMBS 30YR 5.0 99.98 +0.03   95.05 100.50 UMBS 30YR 5.5 101.27 +0.04   97.47 101.61 10 YR Treasury 4.017 -0.013   3.643 4.780 MBS Live Day Ahead: Don't Let The Green Fool You Tue, Oct 29, 2019 9:28AM Yesterday saw the bond market sell off in a fairly frustrating way.  Granted, there was some justification for the initial overnight weakness courtesy of an approved Brexit extension, but it was actually the DOMESTIC bond market that sold off more aggressively than Europe.  But don't take my word for it: What's up with the October 25th spike i... (read more) MBS Price Change UMBS 4.5 98.09 +0.05 UMBS 5.0 100.02 +0.07 UMBS 5.5 101.30 +0.06 GNMA 4.5 98.20 +0.05 GNMA 5.0 100.29 +0.09 GNMA 5.5 101.19 -0.01 Pricing as of: 9/17 5:52AM EST US Treasury Yield Change 2 YR Treasury 3.501 -0.002 5 YR Treasury 3.574 -0.012 7 YR Treasury 3.759 -0.012 10 YR Treasury 4.011 -0.020 30 YR Treasury 4.627 -0.025 Pricing as of: 9/17 5:52AM EST Other News Pending Sales Hit Highest Levels Since 2017 Tue, Oct 29, 2019 10:30AM Pending home sales posted a solid increase for the second straight month in September, more than doubling analysts' expectations. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) rose to 108.7 from 107.3 the previous month, a gain of 1.5 percent. The results were 3.9 percent higher than in August 2018 and marked the fo... (read more) Gains in the Southeast Bring Home Prices up 3.2% Nationally Tue, Oct 29, 2019 9:48AM Rapid price gains, long dominated by cities in the West, appear to be shifting to the Southeast, at least those reflected in the S&P CoreLogic Case-Shiller indices. The report for August notes that Las Vegas is no longer among the top three metro areas for annual price gains. After occupying the top spot for several years, it recently slipped down to sec... (read more) DOJ, HUD Clarify Use of False Claims Act Tue, Oct 29, 2019 8:10AM The U.S. Departments of Justice (DOJ) and Housing and Urban Development (HUD) issued a joint Memorandum of Understanding (MOU) on Monday setting out the appropriate use of the False Claims Act (FCA). The FCA, also known as the Lincoln Law, was enacted in 1863 by a Congress concerned that companies supplying goods during the Civil War were defrauding the Army... (read more) Broker, Compliance Products; Ellie/Capsilon Deal; Big Banks Back Into FHA Lending? Tue, Oct 29, 2019 8:19AM As noted in the commentary very early yesterday, a shade ahead of the actual details, the big news was the HUD/DOJ/False Claims Act announcement. Cutting “to the chase,” it prompted one CEO of a small non-bank lender to write me saying, “Well, with the big banks expected back into the FHA pool, there go the profit margins!” PennyMac, ... 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