On Monday the government slightly loosened the leash on which it has held the two government sponsored enterprises (GSEs) for more than 11 years . In a letter signed by Treasury Secretary Steven Mnuchin and Federal Housing Finance Agency (FHFA) Director Mark Calabria, Fannie Mae and Freddie Mac will be allowed to retain a larger share of their profits to protect against any future financial downturns. The two corporations, which continue to provide most of the mortgage market for the U.S., were placed in government conservatorship in August 2008 at the start of the Great Recession. At that time, under the terms of a Senior Preferred Stock Purchase Agreement (SPPA), they were permitted to borrow up to $100 billion (later increased to $200 billion) in order to withstand potentially billions of

September 30, 2019 Download our Mobile App: Download our Mobile App: Housing News Fannie and Freddie Allowed to Make Money Again On Monday the government slightly loosened the leash on which it has held the two government sponsored enterprises (GSEs) for more than 11 years . In a letter signed by Treasury Secretary Steven Mnuchin and Federal Housing Finance Agency (FHFA) Direc... (read more) MBS Commentary MBS Live Week Ahead: Range Breakout Guaranteed as Data and Calendar Collide In the week just passed, the bond market committed to a perfectly sideways consolidation pattern after having moved down from the highest yields in more than a month.  There were a few moderately relevant economic reports throughout the week and... (read more) Housing News Freddie's Refi Volume Jumped 57% in August Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 12.9 percent in August , increasing from 6.3 percent the previous month. The portfolio balance at the end of the period was $2.275 trillion compared t... (read more) Rob Chrisman Education, Broker, CRM Products; Econ. News Continues; Mortgage Robots? Let’s end the week with some non-mortgage ramblings. Last night in Dallas I had dinner at The Mercury, a fish restaurant. (Who was in charge of naming that one? Try the tuna!) It wasn’t a date, but it reminded me that dinner in Dallas is ... (read more) Housing News Summer Housing Boom Not Quite Done Yet According to Pending Sales Pending home sales resumed their upward trajectory in August after declining 2.5 percent in July, making for positive results in three of the last four months. It was also the third winning sales report this month after solid existing and new home sa... (read more) Mortgage Rate Watch Mortgage Rates Lowest in Weeks Mortgage rate movement was fairly uneventful last week. The bond market (which is most directly responsible for driving day-to-day changes in mortgages rates) was focused on consolidating, meaning the gaps between lows and highs were getting smaller ... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.73% +0.06% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.73% +0.06 0.00 15 Yr. Fixed 5.97% +0.06 0.00 30 Yr. FHA 6.25% +0.06 0.00 30 Yr. Jumbo 6.84% +0.04 0.00 7/6 SOFR ARM 6.33% +0.04 0.00 30 Yr. VA 6.26% +0.06 0.00 Updates Daily - Last Update: 7/2 15 Yr. Fixed Rate 5.97% +0.06% 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 99.93 +0.09 Price / Yield Change MBS UMBS 5.5 99.92 +0.08 UMBS 6.0 101.62 +0.06 GNMA 5.5 100.07 +0.10 GNMA 6.0 101.48 +0.07 Pricing as of: 7/2 11:29PM EST 10 Year US Treasury 4.2602 -0.0196 Price / Yield Change US Treasury 2 YR Treasury 3.766 -0.022 5 YR Treasury 3.846 -0.021 7 YR Treasury 4.036 -0.021 10 YR Treasury 4.263 -0.017 30 YR Treasury 4.791 -0.018 Pricing as of: 7/2 11:29PM 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 CNBC New York judge dismisses blue state suit over SALT tax deductions Calculated Risk Blog Chicago PMI "Drifts to 47.1 in September", Lowest Quarter since 2009 CNBC Fed has quieted bank funding market but still faces pressure to fix it Calculated Risk Blog Dallas Fed: "Texas Manufacturing Expansion Continues" Bloomberg US Economy Slowing, Economist Shepherdson Says - Bloomberg builderonline.com D.C. Millennials Have the Highest Mortgage Debt in the U.S. Reuters Explainer: What delisting Chinese firms from U.S. stock markets could mean CNBC Fed's Charles Evans says 'open-minded' about right level for interest rates Reuters U.S. allows Fannie Mae, Freddie Mac to start keeping profits Reuters Snapback to higher bond yields? At least five years, strategists say CNBC Former Fed Chair Yellen says central bank is being too 'optimistic' about US economy Reuters Half of California voters have considered leaving over housing costs, politics: poll Calculated Risk Blog Reis: Apartment Vacancy Rate unchanged in Q3 at 4.7%

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