Daily Newsletter: Mortgage Applications Suffer; Richmond Proceeds With Eminent Domain; Rates Lower Today; Cordray says CFPB Listened

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30 Year Fixed 4.69%   -0.05 15 Year Fixed 3.77%   -0.03 10YR Treasury 2.91%   -0.0559 FNMA 30YR 3.5 98.73   +0.05 FNMA 15YR 2.5 101.44   0.00 View Today's Rates

Wednesday September 11, 2013 MND NewsWire - 9:05AM Refinancing Plummets as Rates Rise; Purchases Fail to Pick up Slack The rally in refinancing reported last week by the Mortgage Bankers Association (MBA) was short lived. Rates rose again during the week ended September 6, sending refinancing applications ... Mortgage Rate Watch - 5:30PM Mortgage Rates Fall Moderately as Markets Await Data Mortgage rates changed course yet again, this time heading back down after yesterday's rise ended a reasonably strong 2-day move lower. Today's improvement brings most lenders back ... MND NewsWire - 2:16PM Richmond Moves Forward on Eminent Domain Despite a lawsuit and threats from the securities industry and the federal government to cut off its credit, the City Council in Richmond, California voted this morning to take another ... MND NewsWire - 5:21PM Cordray: CFPB Listened and Adapted QM Accordingly The credit crunch, the financial collapse, and the ensuing deep recession will likely stand as the most significant financial events of our generation Richard Cordray, Director of the ... MBS MID-DAY: Postive Reaction to Strong Auction Richmond Approves Eminent Domain; Lender Updates: Goodbye Overlays, Hello TICs, 125s, and Non-QM Loans HUD Report Card in 2 Words: Needs Improvement The Day Ahead: Running Out of Time to Rally CoreLogic Confirms Improving Equity Picture, but Pace may Change Housing Groups File in Support of Richmond and Eminent Domain Thoughts on Purchase Biz; Gritty Predictions from Wells & Chase; SEC QRM Comment Site Latest Video Housing boom or bubble? Housing bubble? Santelli wonders if corporate debt is the next liquidity trap More News from 'Around the Web' Bloomberg - 6:47PM Calpers Invests in New-Home Project as Land Values Rise - Bloomberg CNBC - 4:59PM Banks hit brakes on mortgage business CRL - 4:11PM CFPB Support Grows CNBC - 2:59PM People worried about rising prices are buying homes OCC - 2:23PM OCC Releases CRA Evaluations for 20 National Banks and Federal Savings Associations WSJ - 1:56PM Cordray Tries to Ease Industry Concerns on Mortgage Rules Reuters - 1:34PM Ease housing aid restrictions, Senate duo tells FHA CNBC - 1:32PM Bonds are world's priciest assets Bloomberg - 1:26PM Stan Druckenmiller Says Fed Exit Would Be 'Big Deal' for Markets - Bloomberg Bloomberg - 1:24PM Citigroup Closes Office, Cuts Jobs Amid Mortgage Slowdown - Bloomberg CNBC - 1:23PM Stocks 'vulnerable to getting whacked': Strategist SIFMA - 1:23PM SIFMA Statement Following Richmond Vote on Eminent Domain OCC - 1:22PM Deputy Comptroller Discusses Risks Associated With Mortgage Lending CNBC - 11:56AM Banks go after credit unions on taxes CNBC - 11:55AM Was Lehman failure really 'best and only outcome?' Realtor.Org - 11:08AM QRM: Regulators Agree with NAR But Deal Not Done Washington Post - 11:07AM Q&A: Richard Cordray on what's next for the consumer protection bureau CNBC - 11:06AM $8.3 million apartment gets repossessed Reuters - 8:58AM California city approves eminent domain for negative equity mortgages CNBC - 8:57AM Mortgage apps suffer as rates surge Today's Comments MND NewsWire - 10:58AM "This is a repeat in a way of 2008. Refinancing dried up because equity was lost and no one was purchasing due to falling values, job losses, and guidelines tightening dramatically. The government had to step in and manipulate rates downward, offer buyers a tax incentive, and they came out with HARP ..." MBS Commentary - 11:04AM "MG, great analysis as always...." MBS Live Chat - 1:02PM "RTRS - U.S. SELLS $21 BLN 9-YR 11-MO NOTES AT HIGH YIELD 2.946 PCT, AWARDS 12.35 PCT OF BIDS AT HIGH..." MBS Live Chat - 1:02PM "RTRS - U.S. 9-YR 11-MO NOTES BID-TO-COVER RATIO 2.86, NON-COMP BIDS $54.95 MLN..." MBS Live Chat - 1:02PM "Strong!..." MBS Live Chat - 1:02PM "LIKE BULL!..." MBS Live Chat - 1:02PM "2nd highest btc of the year..." MBS Live Chat - 1:03PM "Santelli said HOLY COW a+..." MND NewsWire - 4:55PM "I think it would be useful for a city like Richmond to proceed with this plan so that they can be made an example of for other municipalities contemplating this tactic. The loss of credit would very quickly purge the Richmond government of these actors and save everyone nationwide considerable expense..." Today's Rates Best Execution Rate Change 30 Yr FRM 4.69% -0.05 15 Yr FRM 3.77% -0.03 FHA 30 Year Fixed 4.35% -0.07 Jumbo 30 Year Fixed 4.69% -0.03 5/1 Yr ARM 3.16% -0.01 Current Mortgage Rates » What are best-execution rates? Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 3.44% 0.85 +0.40 30 Yr. Fixed 4.27% 1.09 +0.51 MBA ** 30 Yr. Fixed 4.73% 0.33 -0.07 15 Yr. Fixed 3.75% 0.30 -0.09 30 Yr. Jumbo 4.71% 0.25 -0.07 30 Yr. FHA 4.48% 0.30 -0.04 5/1 ARM 3.49% 0.37 -0.01 Freddie Mac ** 30 Yr. Fixed 4.57% 0.70 +0.06 15 Yr. Fixed 3.59% 0.70 +0.05 1 Yr. ARM 2.71% 0.50 +0.07 5/1 Yr. ARM 3.28% 0.50 +0.04 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 94.33 +0.14 30YR FNMA 3.5 98.73 +0.05 30YR GNMA 3.0 95.05 +0.11 30YR GNMA 3.5 99.70 +0.11 15YR FNMA 3.0 101.44 0.00 15YR FNMA 2.5 98.11 +0.02 Treasuries Yield Change 2 YR 0.4469% -0.0238 5 YR 1.7042% -0.0662 10 YR 2.9103% -0.0559 30 YR 3.8476% -0.0484 Prices as of: 9/11/2013 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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