Conventional wisdom, according to the Urban Institute (UI), holds that small mortgages are riskier than large ones. That may be one reason that only one out of four homes sold for $70,000 or less in 2015 was financed with a mortgage compared to 80 percent of those sold for $70,000 to $150,000. Sarah Strochak and Alanna McCargo, writing in UI's Urban Wire blog say there are more than 600,000 homes for sale nationwide priced under $70,000, but it is hard for buyers to arrange financing because of the perception that the buyers of these homes have worse credit profiles and their loans don't perform as well. The two analysts have completed research which they say debunk this myth. Looking first at credit profiles, they found that those buyers who have been able to obtain small dollar mortgages

April 24, 2019 Download our Mobile App: Download our Mobile App: Rob Chrisman Non-QM, Document Products; News From FHA, VA, HFAs; Compass and API How often do you buy candles at retailer Pier 1? Me neither. Due to poor earnings Pier 1 Imports announced it will close another 45 stores (up to 150 if certain targets are not met). Sometimes reporters are prone to sensationalizing things (watch the... (read more) Housing News Urban Institute Debunks Myth of Risky Small-Dollar Loans Conventional wisdom, according to the Urban Institute (UI), holds that small mortgages are riskier than large ones. That may be one reason that only one out of four homes sold for $70,000 or less in 2015 was financed with a mortgage compared to 80 pe... (read more) MBS Commentary MBS Live Day Ahead: Add Australia to The List of Overseas Economies Moving Markets We can go years at a time without so much as a mention of Australia--at least not as it relates to the global economy.  But now for the 2nd time in as many weeks, we've seen a noticeable market impact from the goings on in the merry old land of ... (read more) Housing News Purchase Volume Takes a Hit, Responding to Rising Interest Rates Rising interest rates continued to take a toll on mortgage applications during the week ended April 19. Even purchase mortgage volume fell victim to the increasing rates after rising for six consecutive weeks. The Mortgage Bankers Association (MBA) s... (read more) MBS Commentary MBS Live Recap: Week's Important Events Still to Come With each passing day this week, we're reminded that the most important events are yet to come.  In fact, we may well be looking at only one significant event in the form of Friday's Q1 GDP reading.  There are a few other contenders before ... (read more) Mortgage Rate Watch Mortgage Rates Drop to Lowest Levels in More Than a Week Mortgage rates moved lower at their best pace in several weeks today, with the average lender making it back to levels not seen since April 12th. The gains were bigger than normal for two reasons. First, bond markets had improved slightly yesterday a... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.67% -0.05% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.67% -0.05 0.00 15 Yr. Fixed 5.91% -0.05 0.00 30 Yr. FHA 6.20% -0.02 0.00 30 Yr. Jumbo 6.80% -0.04 0.00 7/6 SOFR ARM 6.33% 0.00 0.00 30 Yr. VA 6.22% -0.01 0.00 Updates Daily - Last Update: 6/30 15 Yr. Fixed Rate 5.91% -0.05% Rate Change Points Freddie Mac 30 Yr. Fixed 6.77% -0.04 0.00 15 Yr. Fixed 5.89% -0.07 0.00 Updates Weekly - Last Update: 6/26 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.88% +0.04 0.63 15 Yr. Fixed 6.11% -0.03 0.74 30 Yr. Jumbo 6.88% +0.07 0.60 Updates Weekly - Last Update: 6/25 MBS / Treasuries UMBS 30YR 5.5 100.03 -0.04 Price / Yield Change MBS UMBS 5.5 100.03 -0.03 UMBS 6.0 101.68 +0.00 GNMA 5.5 100.11 -0.08 GNMA 6.0 101.51 +0.01 Pricing as of: 6/30 10:19PM EST 10 Year US Treasury 4.2168 -0.0078 Price / Yield Change US Treasury 2 YR Treasury 3.721 +0.006 5 YR Treasury 3.791 -0.013 7 YR Treasury 3.981 -0.010 10 YR Treasury 4.217 -0.008 30 YR Treasury 4.758 -0.018 Pricing as of: 6/30 10:19PM EST 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 NAHB Eye on Housing Conventional Mortgages Outpace Government Mortgages for Purchase NAR - Realtor.com Fannie and Freddie's Uncertain Future, Explained builderonline.com Short Term Rentals Spark Lawsuit in Bend Ore. CNBC Trump's Fed pick Moore in trouble again, once called Cincinnati and Cleveland 'armpits of America' Calculated Risk Blog Philly Fed: State Coincident Indexes increased in 37 states in March CNBC Uneven housing recovery persists, with some markets still behind their pre-recession peak Calculated Risk Blog New Home Prices CNBC Maybe inflation is not dead as many major companies say they are raising prices NAR - Realtor.com 2019's Housing Market Is Likely to Be Stronger Than We ThoughtHere's Why CNBC 10 of the best places to buy a home instead of renting Reuters S&P 500 closes in on record high after upbeat earnings Bloomberg Wall Street Tells Mortgage Buyers Wider Spreads Are a Point of Entry CNBC The Fed's key interest rate keeps climbing higher, and that could become a problem

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