Daily Newsletter: Housing Recovery Adding to Bipolarization of Wealth; Mortgage Rate Recovery Continues; Fannie Settles with Citi for $948 Million

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30 Year Fixed 4.35%   -0.06 15 Year Fixed 3.57%   -0.06 10YR Treasury 2.47%   -0.0166 FNMA 30YR 3.5 101.61   +0.17 FNMA 15YR 2.5 103.05   +0.31 View Today's Rates

Monday July 1, 2013 Mortgage Rate Watch - 3:58PM Mortgage Rate Recovery Continues Mortgage rates continued lower today , extending a recovery from recent 2-yr highs that peaked last Monday. Lenders got on board with said recovery at varying rates with some not showing ... MND NewsWire - 2:58PM Housing Recovery Not Reaching All, Harvard Study Says The Joint Center for Housing Studies released its annual State of the Nation's Housing report last week. Key points indicate a housing recovery that it coming on strong for some but ... MND NewsWire - 5:15PM Fannie Mae to get $948 Million for Misrepresented Citi Loans Fannie Mae has agreed to take $968 million as compensation from Citigroup (Citi) for a large group of mortgages the bank was accused of misrepresenting . Some 3.7 million mortgages ... MBS Commentary - 5:11PM MBS RECAP: Very Calm and Moderately Positive MBS Live : MBS Afternoon Market Summary In the context of the past few weeks and months, something feels wrong about today. Nothing is actually wrong (or actually "anything" considering ... Basel III Vote Tomorrow; More Mini-Corr, Affiliate Relationships, Warehouse Lines, and Brokers The Week Ahead: Punctuated by Holiday Market Closures; Busy Wednesday; NFP Friday Do's and Don't's For a Smooth Mortgage Process: Part 5 MBA Compliance Tracking Site; Impound Account Site; State-Level News Rising Mortgage Rates May be Forcing Home Buyers off the Fence: NAR Latest Video Housing: Too Far, Too Fast? Sizing Up Friday's Jobs Report: Pro Why Santelli's Watching Widening Yield Curve More News from 'Around the Web' CNBC - 2:16PM Before Bailing on Bonds, Try These Ideas Instead Bloomberg - 2:14PM Mortgage Bonds Drop Up to 22% in June as Some 2013 Gains Erased - Bloomberg Reuters - 2:12PM PIMCO Total Return Fund falls in June, weakest month since 2008 www.frbsf.org - 2:02PM The Economic Recovery: Past, Present, and Future www.csbs.org - 1:30PM Ten More States to Use Uniform Mortgage Test; 30 States Now Using the Test FHFA - 1:29PM Fannie Mae and Freddie Mac Help More than 2.3 Million Homeowners Keep their Homes Reuters - 12:12PM May construction spending approaches four-year high CNBC - 12:08PM Manufacturing Sector Expands Slightly More Than Expected in June; May Construction Spending Ticks Up www.gallup.com - 9:58AM Consumer Spending Stagnant in June -Gallup Poll Reuters - 9:41AM Citi to pay Fannie $968 million for potential mortgage repurchase claims Fannie Mae - 9:23AM Fannie Mae Statement on Agreement with Citigroup Regarding Repurchase Requests CNBC - 8:21AM Tremors From the Fed's Grand Experiment Reuters - 8:17AM Stock futures indicate positive start to third quarter CNBC - 8:13AM 'Unprecedented' $80 Billion Pulled From Bond Funds Today's Comments MBS Live Chat - 2:16PM "The UST satisfies the state testing requirements for each state that accepts the UST. All you have to do is apply and pay for licensing in each state that accepts the UST once you have passed...." MBS Live Chat - 2:18PM "I get that, but why do state tests even exist now that they are creating a blanket test. For example, if 30 states are on board, are you actually tested on the state-specific laws for all of them? I think not...." MBS Live Chat - 2:19PM "Because, some states (like the important ones in my book) don't accept the UST right now...." MBS Live Chat - 2:21PM "IMO, it makes it easier for us to get licensed in multiple states. Only issue I have is paying for renewals and CE every year and that becomes a daunting task if you have 10 or more states under your belt...." MBS Live Chat - 2:26PM "I just priced out a High Balance at 78% LTV with a 792 score @ 5.5% with no points........does that sound right or is my pricing off??..." Today's Rates Best Execution Rate Change 30 Yr FRM 4.35% -0.06 15 Yr FRM 3.57% -0.06 FHA 30 Year Fixed 4.20% -0.05 Jumbo 30 Year Fixed 4.37% -0.05 5/1 Yr ARM 3.02% +0.01 Current Mortgage Rates » What are best-execution rates? Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 3.03% 0.84 +0.07 30 Yr. Fixed 3.77% 1.20 +0.03 MBA ** 30 Yr. Fixed 4.17% 0.41 +0.02 15 Yr. Fixed 3.30% 0.39 -0.02 30 Yr. Jumbo 4.23% 0.34 -0.02 30 Yr. FHA 3.85% 0.22 +0.04 5/1 ARM 2.81% 0.35 +0.03 Freddie Mac ** 30 Yr. Fixed 4.46% 0.80 +0.53 15 Yr. Fixed 3.50% 0.80 +0.46 1 Yr. ARM 2.66% 0.50 +0.09 5/1 Yr. ARM 3.08% 0.70 +0.29 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 97.84 +0.19 30YR FNMA 3.5 101.61 +0.17 30YR GNMA 3.0 99.09 +0.31 30YR GNMA 3.5 102.81 +0.34 15YR FNMA 3.0 103.05 +0.31 15YR FNMA 2.5 100.53 +0.16 Treasuries Yield Change 2 YR 0.3553% -0.0040 5 YR 1.3766% -0.0195 10 YR 2.4728% -0.0166 30 YR 3.4747% -0.0275 Prices as of: 7/1/2013 4:29PM 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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