Daily Newsletter: CFPB Announces Qualified Mortgage Revisions; Foreclosures Still Historically High; Refi Boom Busted By Rising Rates

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30 Year Fixed 3.98%   -0.02 15 Year Fixed 3.12%   -0.02 10YR Treasury 2.12%   -0.0535 FNMA 30YR 3.5 103.88   +0.48 FNMA 15YR 2.5 104.11   +0.36 View Today's Rates

Wednesday May 29, 2013 MND NewsWire - 3:17PM CFPB Announces Changes to Ablity-to-Repay Rule The Consumer Financial Protection Agency has, as it promised earlier, released changes to the Ability-to-Repay rule due to go into effect in January 2014. Today's amendments are intended ... MND NewsWire - 12:11PM Foreclosures Still Double Pre-Crisis Rate, Inventory Down Sharply The foreclosure inventory has fallen by nearly a quarter in the last year according to data released today by CoreLogic. Approximately 1.1 million homes were in some stage of the legal ... MND NewsWire - 9:13AM Refinance Applications Plummet as Rates Move Higher Waning enthusiasm for refinancing again drove the volume of mortgage applications down during the week ended May 24. The Mortgage Bankers Association ( MBA ) reported that its Market ... Mortgage Rate Watch - 4:01PM Mortgage Rates Pause For Reflection After Tuesday's Frantic Move Mortgage rates recovered somewhat today , after experiencing their worst day in exactly 4 years yesterday (get caught up HERE ). Rather than triumphantly charging back into lower territory ... Rate Move Impacts Lock Volumes; Another Private Jumbo Deal; Solid Ginnie Issuance; Investor Updates MBS to Fire-Breathing Sell-Off Dragon: 'Your Move' Increased Bank Profits Partially Due to Reduced Loan Losses Latest Video Bill Gross: Correlation Between Stocks & Bond Prices Santelli: Why Are Rates Moving Higher? Santelli Digs Down on Housing More News from 'Around the Web' CNBC - 11:37AM Here's How The Party Will End If The Fed Pulls Back CNBC - 11:37AM Rising Mortgage Rates, Home Prices a Lethal Brew CNBC - 10:26AM Banks Net Income in 1Q Hits All-Time High of $40.3 Billion Market Watch - 8:54AM Fixed-rate jumbo mortgages make a comeback Reuters - 8:53AM Completed foreclosures hold steady in April: CoreLogic www.realclearmarkets.com - 2:13PM QE: A Guide For the Perplexed NAFCU - 2:09PM CFPB issues QM revisions WSJ - 5:00PM Builder IPO Wave Grows Bigger CNN - 2:44PM Fannie and Freddie go on wild ride Bloomberg - 1:32PM Treasuries Turning Point at 2.4%, Credit Suisse's Jersey Says - Bloomberg Today's Comments MBS Live Chat - 2:35PM "after further analysis, I think pretty much all 3rd party fees are exempt from the 3% rule..." MBS Live Chat - 2:36PM "i think the key is "qualified mortgages" even brokers are selling qualified mortgages the majority of the time..." MBS Live Chat - 2:37PM "this falls under the QM rule Jeff. Originating QMs doesn't exempt you from this rule..." MBS Live Chat - 2:44PM "REPRICE : 2:44 PM - Everbank Better..." MBS Live Chat - 2:53PM "On the comp rule, items that fall into APR would be considered against the 3% cap, yes?..." MBS Live Chat - 2:55PM "So for brokers, the lender paid comp to the broker entity does or does not fall into the 3%. I was under the impression that it did not...." MBS Live Chat - 2:56PM "It does fall into the 3% cap..." MBS Live Chat - 2:56PM "It is not a fee though and the borrower is not paying it...." MBS Live Chat - 2:57PM "It is also not calculated in the APR..." MBS Live Chat - 2:57PM "The borrower does pay in the form of a higher rate. That seems to be the confusion..." MND NewsWire - 4:07PM "The bet around the office is that on 1/1/14, DU & LP will max out at 43% DTI. We are curious as to what our brethren thinks is going to happen?..." Today's Rates Best Execution Rate Change 30 Yr FRM 3.98% -0.02 15 Yr FRM 3.12% -0.02 FHA 30 Year Fixed 3.53% -0.02 Jumbo 30 Year Fixed 4.20% -0.05 5/1 Yr ARM 2.92% -0.03 Current Mortgage Rates » What are best-execution rates? Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 2.96% 0.83 +0.12 30 Yr. Fixed 3.74% 1.06 +0.12 MBA ** 30 Yr. Fixed 3.90% 0.39 +0.12 15 Yr. Fixed 3.10% 0.30 +0.14 30 Yr. Jumbo 4.07% 0.27 +0.14 30 Yr. FHA 3.62% 0.27 +0.09 5/1 ARM 2.60% 0.24 +0.00 Freddie Mac ** 30 Yr. Fixed 3.59% 0.70 +0.08 15 Yr. Fixed 2.77% 0.70 +0.08 1 Yr. ARM 2.55% 0.40 +0.00 5/1 Yr. ARM 2.63% 0.50 +0.01 Current Mortgage Rates » * FHFA averages are updated monthly. ** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly. Secondary Markets MBS Price Change 30YR FNMA 3.0 100.89 +0.69 30YR FNMA 3.5 103.88 +0.48 30YR GNMA 3.0 102.03 +0.69 30YR GNMA 3.5 105.30 +0.44 15YR FNMA 3.0 104.11 +0.36 15YR FNMA 2.5 102.23 +0.50 Treasuries Yield Change 2 YR 0.2970% +0.0047 5 YR 0.9904% -0.0245 10 YR 2.1153% -0.0535 30 YR 3.2643% -0.0618 Prices as of: 5/29/2013 4:31PM EST Current MBS / Treasury Prices » MBS and Treasury data provided by Thomson Reuters. Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information. Secondary Marketing Managers: If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information

This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates and terms are subject to change without notice. © 2013 Brown House Media, Inc. All rights reserved. Brown House Media Inc. - 19706 One Norman Blvd - Cornelius, NC 28031

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