Daily Newsletter: Mortgage Rates Slightly Higher; Shadow Inventory Drops; Freddie's Shutdown Workaround; New Mortgage Securitization Platform

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30 Year Fixed 4.33%   +0.04 15 Year Fixed 3.43%   +0.01 10YR Treasury 2.64%   +0.0055 FNMA 30YR 3.5 101.59   -0.14 FNMA 15YR 2.5 103.38   -0.05 View Today's Rates

Tuesday October 8, 2013 Mortgage Rate Watch - 5:00PM Mortgage Rates Slightly Higher, but Maintaining Recent Range Mortgage rates moved higher today, but remain in the range of recently lower levels that has persisted since late September. Conforming, 30yr fixed best-execution remains at 4.25% though ... MND NewsWire - 1:26PM Shadow Inventory Drops below 2 Million Homes CoreLogic said today that the shadow inventory or pending supply of homes at the end of July consisted of 1.9 million homes with an approximate market value of $293 billion. The shadow ... MND NewsWire - 11:27AM Freddie Mac's Shutdown Workaround for Furloughed Workers Freddie Mac has issued guidance to its lenders and servicers in an effort to keep the mortgage market flowing during the lengthening government shutdown . The second shutdown-related ... MND NewsWire - 9:40AM The New Mortgage Securitization Platform Gets Real The new securitization platform envisioned in the Federal Housing Finance Agency's (FHFA) Strategic Plan for Freddie Mac and Fannie Mae has taken several steps toward reality . FHFA ... Improving Equity and Fewer Investors will Drive California Home Sales in 2014 MBS RECAP: Listlessly Enduring Another Range-Bound Day Mortgage Credit Availability Declines Thanks to Fewer Terms over 30yrs GSE Delinquency Rate Less Than Half of Industry Average CFPB Tools for Research; 4506-T Indemnification Thoughts; Parts of PHH up for Sale? Latest Video We are seeing lack of leadership in DC: Thain Blackrock: What default means for bonds Still like owning Treasurys: Pro More News from 'Around the Web' Washington Post - 5:42PM Wonkblog: Does raising the debt ceiling increase the debt? Bloomberg - 5:41PM FDIC Urges Judge to Reject $500 Million Countrywide Deal - Bloomberg Market Watch - 5:40PM Federal regulators discuss debt ceiling deadline Market Watch - 4:30PM Fed could taper in Oct. or Dec., Plosser says Reuters - 4:30PM In tight decision, a Fed centrist wanted to trim QE business.time.com - 3:37PM When Will U.S. Actually Hit the Debt Ceiling? www.aei.org - 3:36PM Too many Americans are in homes they can't afford CNN - 3:35PM 12 things I know about the debt ceiling and the shutdown CNBC - 3:35PM Reluctantly, market faces a real default threat CNBC - 1:48PM Americans prefer hemorhoids, witches and fungus to Congress CNBC - 1:44PM Pres. Obama to make statement at 2pm ET WSJ - 12:46PM Fed's Plosser: FOMC Missed 'Excellent Opportunity' to Taper in September Reuters - 12:45PM Holders of U.S. government debt draw up contingency plans for default Market Watch - 12:45PM Two Fed officials say they backed September taper Washington Post - 12:43PM Wonkblog: Obama and Boehner spoke this morning. Their summaries of the call are different CNBC - 11:54AM 'End of suburbia' may nearly be upon us: Sam Zell CNBC - 10:51AM Boehner calls on Obama to talk Today's Comments MBS Live Chat - 9:40AM "William - there is no issue there unless you have overlays, rental history to use rental income is an overlay if thats what you are worried about..." MBS Live Chat - 10:01AM "when the gov't restarts do we get a flood of information released or will they just wait for next month and release 2 months of data?..." MBS Live Chat - 10:03AM "they will probably issue some kind of calendar of events..." MND NewsWire - 10:06AM "Surprised anyone's been writing 40 year terms and interest only loans (with exception of jumbos). Now will CFPB start restricting auto loans to 60 months? Saw an 84 month loan on a recent credit report. Good luck staying right side up on that loan!..." MBS Live Chat - 1:51PM "quick scenario: conventional rate and term refi, want to pay off a credit card due to a dti issue. Borrower will close account and we will order a supplement. I have done this in the past and sold to Sunturst (less than 1 year ago.) My u/w is telling me this can not be done. Is this correct or a wells..." MBS Live Chat - 1:52PM "if account is closed prior to closing it can be done...." MBS Live Chat - 1:52PM "so long as you can documnet where funds to payy off account came from..." MBS Live Chat - 1:52PM "what fph says..but there could always be a lender overlay..." MBS Live Chat - 1:52PM "Your UW is wrong -- needs to show proof of available funds to payoff, copy of letter closing account and supplement showing account closed..." MBS Live Chat - 1:53PM "ok that is what I have done in past. This is a wells specific guidline. Thank you and I will have to ask for an exception..." MBS Live Chat - 1:53PM "Key is sourcing the funds used to pay off the account...." Today's Rates Best Execution Rate Change 30 Yr FRM 4.33% +0.04 15 Yr FRM 3.43% +0.01 FHA 30 Year Fixed 4.02% +0.02 Jumbo 30 Year Fixed 4.33% +0.01 5/1 Yr ARM 3.14% +0.03 Current Mortgage Rates » What are best-execution rates? Average Mortgage Rates Rate Points Change FHFA * 15 Yr. Fixed 3.62% 1.06 +0.18 30 Yr. Fixed 4.49% 1.21 +0.22 MBA ** 30 Yr. Fixed 4.49% 0.34 -0.13 15 Yr. Fixed 3.55% 0.33 -0.13 30 Yr. Jumbo 4.53% 0.22 -0.13 30 Yr. FHA 4.21% 0.35 -0.11 5/1 ARM 3.26% 0.28 -0.13 Freddie Mac ** 30 Yr. Fixed 4.22% 0.70 -0.10 15 Yr. Fixed 3.29% 0.70 -0.08 1 Yr. ARM 2.63% 0.40 +0.00 5/1 Yr. ARM 3.03% 0.60 -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 97.34 -0.13 30YR FNMA 3.5 101.59 -0.14 30YR GNMA 3.0 98.17 -0.09 30YR GNMA 3.5 102.44 -0.11 15YR FNMA 3.0 103.38 -0.05 15YR FNMA 2.5 100.27 -0.09 Treasuries Yield Change 2 YR 0.3891% +0.0439 5 YR 1.4256% +0.0245 10 YR 2.6375% +0.0055 30 YR 3.6908% -0.0070 Prices as of: 10/8/2013 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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