Most Markets Back to Historical Norms; Rates Set to End Year With Glimmer of Hope; PHH Servicing Sale

Mortgage rates moved lower today , somewhat significantly, depending on the lender. In many cases, quotes are an eighth of a point lower compared to Tuesday morning. Some lenders made the move yesterday. For others, today did the trick. In both cases, the "effective rate" (a hypothetical rate that accounts for lender-imposed closing costs) fell at its best pace in weeks. Today's quotes are the best since December 12th on average. 4.25% is now the most prevalent conventional 30yr fixed quote on top tier scenarios, although 4.375% remains fairly common. While I would love to tell you that this is a sign of a big shift back in a friendly direction, the gains are largely a result of the year-end bond trading environment. It's not the same bond market that's normally pulling the levers behind the

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http://www.mortgagenewsdaily.com/reports/newsletter/2016/12/29/2564

Rates Already Near 4.5%; Builder Confidence Soars; Definitive Analysis on "Death of a Trend"

Don't believe anything you read about mortgage rates today... well, except this . In fact, you're welcome to believe anything you read as long as it acknowledges the fact that rates have risen nearly a quarter of a point from last week, pushing them well into the highest levels in more than 2 years . The average top tier conventional 30yr fixed rate is quickly approaching 4.5%. Nearly every lender that was at 4.125% last week is now at 4.375%. Lenders who were at 4.25% last week are mostly up to 4.5%. The overall spike in rates since the election is now on par with the 2013 taper tantrum. You'll hear time and again "don't worry... rates are historically low..." and my personal favorite "for every .125% in rate, the payment only rises $7 per $100k borrowed." All of that is true, except perhaps

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http://www.mortgagenewsdaily.com/reports/newsletter/2016/12/15/2542

Worst Day For Mortgage Rates/Bonds in Over 3 Years; Applications Reflect Headwinds

Mortgage Rates skyrocketed today, relative to their average range of movement. It was the single biggest move higher since the days of the taper tantrum in mid-2013. Virtually all lenders are quoting conventional 30yr fixed rates that are at least an eighth of a point higher versus yesterday. Over the past decade, you can count single-day eighth-point moves without using any toes. Some lenders were a quarter point higher, which has only happened a few times, ever. The source of the drama is the market's paradoxical reaction to Trump's victory. Before the election, news that benefited Trump generally benefited rates. This was logical because Trump connoted uncertainty and rates tend to benefit when investors seek shelter from uncertainty by buying bonds. Indeed, bonds' first move was tremendously

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http://www.mortgagenewsdaily.com/reports/newsletter/2016/11/9/2487

Time to Talk Loan Limits; Homeowners Throwing Away Retirement; Income Fears Hurt Housing; Rates Wait on Election

A change in conforming loan limits could have a big impact on mortgage originations and on homebuying in general according to Black Knight Financial Services. The company did an analysis of those limits in its current edition of the Mortgage Monitor which covers mortgage performance data from September. Black Knight says with the national HPI returning to pre-crisis levels talk has now turned to raising those levels. The current conforming limit, $417,000, has not changed since 2006. The Housing and Economic Recovery Act (HERA) of 2008 rest r icted any additional increase in the limit until national home values had returned to pre-crash levels. There are currently 234 designated "high cost" counties (indicated on the map) where conforming limits exceed the national level, going as high as

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http://www.mortgagenewsdaily.com/reports/newsletter/2016/11/7/2483

Realtors Decide Who Gets The Loan; Rates Ignore Jobs Data; State Lending Updates

A trusted real estate agent could be a loan officer's best friend. A survey, commissioned by Freddie Mac in advance of the National Association of Realtors (NAR) annual conference in Orlando, found there is a strong symbiotic relationship between the two professions and it is one lenders would do well to nourish. Freddie Mac found that real estate professionals tend to refer their home-buying clients to a select group of lenders and they chose those lenders based on the ease of doing business with them, their reputations , and the strength of those relationships . Eighty-four percent of agents say they maintain such a lender list and it tends to be a select one. Almost three-quarters refer clients to only one to three lenders . The remainder work with four to six. The real estate professionals

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http://www.mortgagenewsdaily.com/reports/newsletter/2016/11/4/2479

Rates Prefer Politics to Fed; Comparing Past/Present Fed Verbiage; Homebridge/Prospect Buyout; Apps Lowest Since Spring

Mortgage Rates eased just a bit more today, marking the 4th day of relative stability after a sharp rise last Thursday. Although there was a Fed announcement today, and although Fed announcements are typically capable of causing massive market movement, it was a relative non-event this time around. Instead, the modestly positive interest rate environment came courtesy of ongoing uncertainty surrounding the presidential election. Of course the Fed announcement very easily could have caused a big move in rates, had it contained any significant surprises. For instance, if the Fed opted to raise rates today, or to firmly comment on a potential December rate hike, things could have been different. Instead, they made only small changes --the kind that could be used by either side to argue the odds

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http://www.mortgagenewsdaily.com/reports/newsletter/2016/11/2/2475

Rates Gyrate on Political Headlines; Fed Tomorrow; September Home Price Data Off to Strong Start

Mortgage Rates continue to operate near 5-month highs , after putting in a mixed performance today. The morning was especially bad as stronger global economic data pushed US bond markets to their weakest recent levels (weak bonds = high rates). The tense market environment surrounding the presidential election worked in rates' favor in the afternoon. Headlines broke regarding new documents being posted by the FBI regarding a 2001 probe of the Clinton Foundation. Although the details and rationale were sketchy, the news logically benefits Trump to an undetermined extent. Because markets generally associate Trump with greater uncertainty, and because uncertainty motivates bond buying, bonds improved rapidly into the afternoon. Most lenders issued positive reprices, bringing rates back in line

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http://www.mortgagenewsdaily.com/reports/newsletter/2016/11/1/2473