Daily Newsletter: Mortgage Rates Push to New 2yr Highs; Wells Fargo Job Cuts; Distressed Sales Plunge

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30 Year Fixed 4.77%   +0.03 15 Year Fixed 3.85%   +0.03 10YR Treasury 2.89%   -0.0017 FNMA 30YR 3.5 98.66   +0.17 FNMA 15YR 2.5 101.44   +0.08 View Today's Rates

Thursday August 22, 2013 Mortgage Rate Watch - 5:31PM Mortgage Rates Push to New 2yr Highs Mortgage rates were higher again today , extending yesterday's movement following the FOMC Minutes. This morning's Jobless Claims report showed a slightly higher number of initial unemployment ... MND NewsWire - 9:04AM Wells Fargo Cutting 2300 Jobs Citing 20 percent Decline in Refi Share Wells Fargo Bank confirmed on Wednesday that it will be laying off about 20 percent of its mortgage production staff because of a drop in its refinancing business. About 2,300 jobs ... MND NewsWire - 12:59PM Home Price Appreciation Strong in 2nd Quarter Home prices continued their strong two year-long national trajectory by increasing 2.1 percent in the second quarter and 0.7 percent from May to June, the last month of that quarter ... MND NewsWire - 4:12PM Distressed Sales Plunge Below 20 Percent in California Distressed sales have plunged in the last year, the California Association of Realtors® (C.A.R.) said today, and are now at only about half of the level of one year ago. Equity ... MBS RECAP: Extended 'Bottoming-Out' at Yesterday's Lows Economic Numbers are Good, but Mortgage Industry Contracting; LoanDepot & iMortgage to Tie the Knot Purchase Originations Overtake Refinances -Ellie Mae Housing Contribution to GDP Will Double by 2015 - Fannie Mae Home Sales up 6.5 Percent; Prices Nearing Pre-Crash Peak Purchase Apps Rise Again; Rising Rates Killing Refi Apps Latest Video Real estate recovery vs. the Fed Coming correction means bond rally: Pro Santelli dispels Fed minutes myths More News from 'Around the Web' WSJ - 6:13PM Summers vs. Yellen Scorecard: Who's Supporting Whom? Bloomberg - 6:12PM U.S. Sale of Inflation Securities Draws Highest Yield in 3 Years - Bloomberg www.moodys.com - 4:34PM Moody's reviews US bank holding company ratings to consider reduced government support Washington Post - 4:31PM Unemployment benefits are vanishing faster than the job market is improving Reuters - 3:26PM U.S. dealers expected $15 billion reduction in QE3 in September: survey Reuters - 3:26PM U.S. economy can handle reduction in bond-buys: Fed's Fisher CNBC - 3:25PM Dastardly clever traders prepare for flash crash or rip WSJ - 2:23PM Fed's Fisher: Bad Washington Policy Holding Back Manufacturing CNBC - 2:22PM Not the first time: Recent trading glitches CNBC - 2:22PM When Nasdaq re-opens, get ready for craziness HUD - 2:11PM HUD Charges Fifth Third Bank, Mortgage Broker With Discriminating Against Couple With Disabilities Reuters - 1:44PM U.S. SEC says monitoring problems with Nasdaq trading www.gallup.com - 1:11PM Americans Sour Slightly on Quality Jobs Market Washington Post - 12:55PM Why do real estate agents still exist? CNBC - 12:51PM Why Bernanke's absence from Jackson Hole matters CNBC - 10:14AM Leading economic indicators rise 0.6 percent, in line with expectations freddiemac.mwnewsroom.com - 10:14AM Mortgage Rates up on Taper Timing Speculation www.philadelphiafed.org - 10:13AM July's Coincident Indexes Show Increased Economic Activity in 34 States Reuters - 10:00AM Analysis: New Greek rescue promises euro drama, not crisis FHFA - 9:14AM U.S. House Prices Rose 2.1 Percent in Second Quarter 2013 Today's Comments MBS Live Chat - 1:53PM "from a broker perspective, is there a concern regarding the 3% rule of QM? If broker compensation is included in the 3%, is there a concern that broker rates will not be competitive?..." MBS Live Chat - 1:55PM "It's not really about the rates being competitive, it's about being able to earn a living with your comp being included with all third party fees and having to remain under 3%..." MBS Live Chat - 1:56PM "Your rates will be way more competitive because you'll be pricing every deal at .5 pt in yield...." MBS Live Chat - 1:56PM "do you feel lenders will pad their premium in rates to take into account other 3rd party fees which would result in higher interest rates to the broker?..." MBS Live Chat - 1:57PM "The question is weather locking a rate that offsets third party fees with borrower premium credit will take that part off the 3%..." MBS Live Chat - 1:58PM "It should because the borrower isn't paying the fee if it is being covered with a credit but the question is will it?..." MBS Live Chat - 1:59PM "For corr and retail, it applies to front end fees but not anything earned on the back through yield or srp..." MBS Live Chat - 2:04PM "AP, from a broker perspective, I am not worried. I find it hard to believe this will not be resolved, everything previously touted as the end of the broker has actually been a benefit, imho...." MBS Live Chat - 2:09PM "If they would allow borrower premium credit to offset other fees but still included lender paid comp, i'd be fine with hat. That way you could get premium credits to cover all other fees and have the up to 3% reserved for comp, on the max end of course..." Today's Rates Best Execution Rate Change 30 Yr FRM 4.77% +0.03 15 Yr FRM 3.85% +0.03 FHA 30 Year Fixed 4.45% +0.05 Jumbo 30 Year Fixed 4.75% +0.03 5/1 Yr ARM 3.35% +0.01 Current Mortgage Rates » What are best-execution rates? Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 3.04% 0.78 +0.24 30 Yr. Fixed 3.76% 1.06 +0.18 MBA ** 30 Yr. Fixed 4.68% 0.42 +0.07 15 Yr. Fixed 3.71% 0.32 +0.05 30 Yr. Jumbo 4.74% 0.28 +0.10 30 Yr. FHA 4.40% 0.21 +0.07 5/1 ARM 3.44% 0.48 +0.05 Freddie Mac ** 30 Yr. Fixed 4.58% 0.80 +0.18 15 Yr. Fixed 3.60% 0.70 +0.16 1 Yr. ARM 2.67% 0.50 +0.00 5/1 Yr. ARM 3.21% 0.50 -0.02 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 94.48 +0.23 30YR FNMA 3.5 98.66 +0.17 30YR GNMA 3.0 95.36 +0.19 30YR GNMA 3.5 99.67 +0.09 15YR FNMA 3.0 101.44 +0.08 15YR FNMA 2.5 98.19 +0.14 Treasuries Yield Change 2 YR 0.3918% +0.0204 5 YR 1.6779% +0.0385 10 YR 2.8881% -0.0017 30 YR 3.8711% -0.0468 Prices as of: 8/22/2013 4:32PM 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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