Daily Newsletter: New Home Sales Crushed by Rising Rates, and That's Why Rates Fell Today

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30 Year Fixed 4.67%   -0.10 15 Year Fixed 3.76%   -0.09 10YR Treasury 2.82%   -0.0680 FNMA 30YR 3.5 99.31   +0.66 FNMA 15YR 2.5 101.84   +0.41 View Today's Rates

Friday August 23, 2013 MND NewsWire - 11:00AM Now Can We Talk About Rising Rates Hurting Housing?! New home sales in July were at the lowest level in nine months the Census Bureau and Department of Housing and Urban Development said this morning. Sales during the month were at a ... Mortgage Rate Watch - 5:25PM Mortgage Rates Shoot Lower After Housing Data Mortgage rates shot significantly lower today after the New Home Sales report showed far fewer executed purchases contracts than expected for the month of July. The move came in phases ... Pipeline Press - 10:42AM Foreclose Timelines; VA Net Value Change; Bank & Credit Union M&A Rolls on Unabated When S&P downgraded the United States (remember that?), it did absolutely nothing to Treasury rates, and certainly didn't seem to motivate Congress to do much about it. Now we have ... MND NewsWire - 4:16PM Mortgage Servicers Have Issues According to CFPB Many mortgage servicers are still doing a poor job with record keeping , payment processing and other basic services a report issued by the Consumer Financial Protection Bureau (CFPB ... MBS RECAP: Impressive Correction Following Home Sales Data OIG Recommends Expanded Review Policy for GSE Settlements Distressed Sales Plunge Below 20 Percent in California Home Price Appreciation Strong in 2nd Quarter Economic Numbers are Good, but Mortgage Industry Contracting; LoanDepot & iMortgage to Tie the Knot Wells Fargo Cutting 2300 Jobs Citing 20 percent Decline in Refi Share Purchase Originations Overtake Refinances -Ellie Mae Housing Contribution to GDP Will Double by 2015 - Fannie Mae Latest Video Raining on housing's parade Fed is watching housing New home sales down 13.4% in July More News from 'Around the Web' OCC - 4:53PM OCC Announces EverBank Agrees to Pay $37 Million to Customers, $6.3 Million to Housing Assistance Groups CNBC - 4:50PM Fed should focus on mortgage buys Bloomberg - 4:50PM American Homes 4 Rent Said to Fire Employees After Loss Reuters - 4:49PM Fed says it does not object to new BB&T capital plan Bloomberg - 3:06PM Fischer Says Bernanke 'One of Great' Fed Chairmen in History - Bloomberg www.cfpbmonitor.com - 3:01PM CFPB supervisory report highlights deficiencies in mortgage servicing, compliance management systems and fair lending compliance WSJ - 1:11PM More Advice on Winding Down Fed Bond Buying CNBC - 1:10PM Why tapering talk may be a 'temporary sideshow' Reuters - 11:32AM Fed should focus on mortgage buys, sell Treasuries: study CNN - 11:32AM How the Fed can taper without killing housing Market Watch - 11:31AM The Fed: Fed should keep buying MBS until ready to end QE Market Watch - 10:22AM The Fed: Expert urges Fed to resist pressure to tighten Reuters - 10:21AM U.S. new home sales fall sharply; house prices rise Market Watch - 10:21AM Fed's Williams: Taper on track by year-end CNBC - 9:55AM Two weeks until 3% Treasury Yields? CNBC - 9:55AM The hidden reason why the Fed will taper: Pro Market Watch - 8:48AM Fed's Bullard sees no need to rush tapering Bloomberg - 8:48AM Fed's Lockhart Says He Wouldn't Rule Out September Tapering - Bloomberg Reuters - 8:22AM Fed's Lockhart preparing to support QE3 reduction CNBC - 8:21AM Fed's Lockhart: I could get comfortable with a move in September of some kind Today's Comments MND NewsWire - 11:30AM "Really? Rising rates impact home sales? Could have sworn media experts repeatedly shrugged off these concerns. Shocking to think they might have been mistaken. Apart from the reduced number of sales, it is interesting that both the median and average sales prices continued to rise. Guess that shadow..." MBS Live Chat - 11:50AM ""....Supply on a monthly basis is now at 5.2 months vs 4.3 months in June. The number of new homes on the market increased in the month, to an adjusted 171,000 from June's 164,000...."..." MBS Live Chat - 11:53AM "rising supply, rising rates, and rising prices. beautiful!..." MBS Live Chat - 12:00PM "does new home sales reflect closings on newly constructed homes?..." MBS Live Chat - 12:01PM "Newly constructed homes with committed sale during the month...." MBS Live Chat - 12:03PM "if it's contracts signed, then a % of those wil not close due to the stringent underwriting guidelines..." MBS Live Chat - 12:03PM "Contract and earnest money delivery, unless I'm mistaken...." MBS Live Chat - 12:05PM "New home sales measure the number of newly constructed homes with a committed sale during the month. The level of new home sales indicates housing market trends and, in turn, economic momentum and consumer purchases of furniture and appliances...." MBS Live Chat - 12:05PM "Correct, John....the number does not account for cancellations...." MND NewsWire - 3:45PM "The sales were from contracts executed months ago while the rates were in the mid 3's and low 4's. We have seen the buyer's disappear in the last two weeks when our mortgage brokers say 5+ on a 30 yr. fixed. The Fed Chairman was wise to leave room if and when this happened...." Today's Rates Best Execution Rate Change 30 Yr FRM 4.67% -0.10 15 Yr FRM 3.76% -0.09 FHA 30 Year Fixed 4.35% -0.10 Jumbo 30 Year Fixed 4.65% -0.10 5/1 Yr ARM 3.30% -0.05 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 95.00 +0.52 30YR FNMA 3.5 99.31 +0.66 30YR GNMA 3.0 95.83 +0.47 30YR GNMA 3.5 100.36 +0.69 15YR FNMA 3.0 101.84 +0.41 15YR FNMA 2.5 98.66 +0.47 Treasuries Yield Change 2 YR 0.3802% -0.0116 5 YR 1.6233% -0.0546 10 YR 2.8201% -0.0680 30 YR 3.7996% -0.0715 Prices as of: 8/23/2013 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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