In what can only be described as a cash grab, Fannie and Freddie's regulator just announced a new tax on refinances. Granted, it's not technically a tax, and it wasn't probably even intended to hit the pocketbooks of the American homeowner, but that's unfortunately exactly what it will do. Let's break it down... What was announced? The FHFA, Fannie and Freddie's regulator, is implementing a new price adjustment for all refinance transactions of 0.5% of the loan amount (i.e. $1500 on a $300k loan). This applies to loans delivered to Fannie/Freddie in September and thereafter, which is almost all of them that aren't already well underway. Why?! They are saying it is due to economic and market uncertainty. Some might consider that to be a load of horse *** because this fee didn't exist last week

August 13, 2020 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch FHFA Drops a Bomb; Your Refi Just Got Much More Expensive! In what can only be described as a cash grab, Fannie and Freddie's regulator just announced a new tax on refinances. Granted, it's not technically a tax, and it wasn't probably even intended to hit the pocketbooks of the American homeowner, but that'... (read more) MBS Commentary MBS Live Day Ahead: Mega Recap of New Refi Fee and a Call to Action This began as my normal daily "day ahead" article, but as you can see based on the time of day and the following content, it turned into something else.  Apologies for the break from the norm, but we have bigger fish to fry at the moment.&n... (read more) Rob Chrisman Appraisal, Valuation, Sales Tools; Training; 50 bp Refi hit and Other Agency Updates Follow the money! The “talking heads” are analyzing the fact that President Donald Trump donated $6,000 to Kamala Harris' 2014 campaign for reelection as California attorney general, and that she in turn donated the money to a non-profit ... (read more) Housing News What Pandemic? Home Prices Continue Gains in Q2 Home prices continued to rise during the second quarter of the year, although at a slower pace than before the advent of the pandemic. The National Association of Realtors® (NAR) said its quarterly survey of metropolitan areas found that single-f... (read more) Housing News Mortgage Apps on the Rise Again, Driven by Last Week's Low Rates Refinancing rebooted again last week, driving overall mortgage applications volume higher after two weeks of dwindling volume. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, increased 6.8 percent on ... (read more) Housing News Delinquencies Growing; More Government Assistance Needed COVID-19 continued to impact mortgage performance in May. CoreLogic said the number of loans in each stage of delinquency, with the exception of those in foreclosure, grew in May, the second straight month that early-stage (loans 30 to 59 days past d... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.67% +0.00% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.67% 0.00 0.00 15 Yr. Fixed 5.91% 0.00 0.00 30 Yr. FHA 6.19% -0.01 0.00 30 Yr. Jumbo 6.80% 0.00 0.00 7/6 SOFR ARM 6.29% -0.04 0.00 30 Yr. VA 6.20% -0.02 0.00 Updates Daily - Last Update: 7/1 15 Yr. Fixed Rate 5.91% +0.00% 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 99.91 -0.02 Price / Yield Change MBS UMBS 5.5 99.91 -0.02 UMBS 6.0 101.57 -0.01 GNMA 5.5 100.07 +0.00 GNMA 6.0 101.43 +0.02 Pricing as of: 7/1 10:49PM EST 10 Year US Treasury 4.2465 +0.0073 Price / Yield Change US Treasury 2 YR Treasury 3.776 -0.001 5 YR Treasury 3.838 -0.002 7 YR Treasury 4.021 +0.008 10 YR Treasury 4.247 +0.007 30 YR Treasury 4.769 +0.002 Pricing as of: 7/1 10:49PM EST Latest Video What the weekly jobless claims data mean for the U.S. economy NYC apartment vacancies hit a new all-time high as renters leave the city a... 10-year yield hits July highs, here's what to watch Rosengren: Lifting restrictions too early hurt the economy and public healt... Around the Web NAR - Realtor.com Why Refinancing Your Mortgage Is About To Get More Expensive CNBC Coronavirus relief stalemate could drag on for weeks Calculated Risk Blog Hotels: Occupancy Rate Declined 33% Year-over-year Calculated Risk Blog Comments on Weekly Unemployment Claims CNBC Mortgage refinancing will be more expensive as Fannie Mae and Freddie Mac raise fees CNBC Medicare telehealth expansion could be here to stay. Here's where things stand CNBC Empty apartments in Manhattan reach record high, topping 13,000 CNBC U.S. weekly jobless claims 963,000 last week vs. 1.1 million estimate CNBC U.S. Treasury yields fall from five-week highs as investors monitor auctions, data votervoice.net Tell Congress: Urge FHFA and the GSEs to Withdraw Adverse Market Refinance Fee Calculated Risk Blog Houston Real Estate in July: Sales Up 25% YoY, Inventory Down 19% YoY CNBC No sign of stimulus deal in sight as Pelosi says Dems, White House are 'miles apart' Calculated Risk Blog Cleveland Fed: Key Measures Show Inflation increased Year-over-year in July

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