Mortgage Rates Return To Historic Lows Following FOMC Announcement

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Jan 25, 2012 4:02PM Mortgage Rates Return To Historic Lows Following FOMC Announcement Mortgages Rates spent 2 days at 4.0% in terms of rounded average "Best-Execution" rates (for detail on what that means, READ THIS POST from a few days ago). Today, that rounded average has returned to 3.875%. Although the underlying average isn't as low as it's ever been (3.88 vs 3.82), lenders tend to price loans in 1/8th (.125%) increments, meaning that 3.875% has been the lowest sustainable best-execution rate. In short, we're back to the promised land. The improvements came on the heels of today... Jan 25, 2012 2:45PM MBS Get Big Boost From FOMC Verbiage Shift Let's cut right to the chase... Although the 5yr auction earlier today was strong and although there were several paragraphs-worth of content in today's FOMC statement, today has been almost exclusively about one thing: a shift in verbiage of the FOMC statement from suggesting low fed funds rates through "mid-2013" to today's "late 2014." That was the big market mover at 12:30 that kicked off a big rally for MBS and Treasuries. The rally was a bit more aggressive than the "relief rally" that markets... FHFA: House Prices Rose 1% in November Pending Home Sales Decline in December, Remain Above a Year Ago Refi Plan for Gon-government Loans? Chalk Another One up for MERS Applications Fall 5% during Holiday Shortened Week MBS RECAP: 1/25/2012 Mr. President, it's Time for a National Housing Policy View: Front Page | Headline Viewer Micro News 3:29 PM: Reprices For The Worse AND Better Reported 2:45 PM: MBS Hold Ground After Pulling Back From Highs 2:21 PM: MBS Back Down After Forecasts. Positive Reprices Less Likely. 2:15 PM: FRB Releases Economic Projections from the January 24-25 FOMC Meeting 2:09 PM: Breakdown of Fed Voters' Forecast For Rate-Hike Timing 12:48 PM: Big Bond-Market/MBS Rally Following FOMC Announcement 11:44 AM: Aggressive Lenders Might Reprice Better Following Strong Auction 11:26 AM: 5yr Auction Preview »View All Micro News Around the Web Nine Fed Officials See Fed Funds Rate Below 1% at End of 2014 CoreLogic Releases Fourth Quarter 2011 Multifamily Applicant Risk Index Santelli: More 'Canaries in the Coal Mine' Reuters Magazine: El-Erian: Hell no, I won't go! Geithner: I Won't Be Part of Obama Second Term NAR: First Time Buyers â?" A Smaller Part of the Market »View More Around the Web Video News Fed Chief Bernanke on Low Rate Policy Reacting to Ben Bernanke's Speech BofA's Moynihan on Capital, Housing »View More Video News Today's Comments "my thoughts, imagine what this large pool of rentals will do the the rental markets. will it be cheaper to rent than to buy? slowing down the 1st time..." "I like it Ray--call it the "Reinvest in American Neighborhoods" fund--should be relatively easy to show that working people would be buying in..." "OK Brian-YOU OBJECT. I just can't find the part where you suggested the alternative? How about: Mr. President: Here is our cohesive industry wide proposal..." »View More Comments Today's Q&A "How can you refinance your house with no fees? Or what fees do you have to pay no matter what?" "In My Best Interest" "I have a collection on my credit after bankrupcy and i want to buy a house" »View More Q&A jeffer90576 -view profile -edit profile Subscription Level: Non-Premium Manage Account Market Data Mortgage Rates 30YR 3.88 -0.09 15YR 3.31 -0.06 FHA30YR 3.75 0.00 Jumbo30YR 4.12 -0.10 5/1ARM 3.01 0.00 MBS Quotes 30YR FNMA 3 103-02 0-13 30YR FNMA 4 105-06 0-09 30YR FNMA 4 106-17 0-05 30YR FNMA 5 107-25 0-02 Treasuries 2 YR 0.2265 -0.0125 3 YR 0.3241 -0.0529 5 YR 0.7989 -0.1001 7 YR 1.3963 -0.0837 10 YR 2.0016 -0.0614 30 YR 3.1525 0.0035 Recent Housing Data Visit our Market Data Center for all of the latest housing numbers, graphs, etc. Building Permits -0.15% Housing Starts 9.08% Construction 0.81% NAHB Builder 5.00% Mortgage Application 23.07% Mortgage Refinance 26.40% Forward Know someone who might be interested in this email? Forward it. Newsletter Archive Front Page | Headline Viewer | Video | Forums | Q&A | Market Data | Rates | Marketplace : Consumer - Industry © 2012 Brown House Media, Inc. All rights reserved. Brown House Media Inc. - 19706 One Norman Blvd - Cornelius, NC 28031

Mr. President, it's Time for a National Housing Policy

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Jan 24, 2012 10:52AM Mr. President, it's Time for a National Housing Policy Please Mr. President, enough with the one-off responses, it's time for a National Housing Policy. The only thing more predictable than the fact that the President will deliver to Congress a State of the Union Address each year is the speculation that precedes it regarding what "Big" announcements the President's speech will contain. This year is no different, and a great deal of current speculation surrounds the topic of housing and whether the President's speech will include... Jan 24, 2012 2:34PM Mortgage Rates Sideways Ahead of Wednesdays Important Events Mortgages Rates are steady to slightly improved today after rising for the first time in a month yesterday. Although rates change slightly every day, those changes are usually small enough as to only effect the closing costs associated with a particular rate. Because of this, we track "Best-Execution" as the actual interest rate benchmark, and we talked about it in significant detail yesterday ( READ MORE ). So although we are able to report that the rate environment is slightly improved today, those... District Court Upholds MERS Rights to Assign and Foreclose For MBS, Treasuries, The Week Begins Tomorrow Consumer Advocacy Group Weighs in on AG Settlement The Latest on On-line Lending; Principal Forgiveness Cost; How HUD's Changes Will Impact Gov't Lenders DeMarco Outlines Justification against GSE Principal Reduction MBS RECAP: 1/24/2012 View: Front Page | Headline Viewer Micro News 5:36 PM: DataQuick: California Foreclosure Activity Drops 1:30 PM: Acting Comptroller Talks About Securitization and Derivatives at the American Securitization Forum 1:21 PM: MBS Fight Off Bigger Losses, Hold Support Into Afternoon 11:37 AM: Negative Reprice Risk Increasing as MBS Hit Lows 8:53 AM: No Major Reaction to Greek Bond-Swap Hang-Up. Bonds Modestly Stronger Overnight. 1:01 PM: MBS Near Highs of The Day, Positive Reprices Reported 10:01 AM: Ourperformace Notwithstanding, MBS Still Getting Hit Pretty Hard 8:47 AM: MBS Outperform as ESM/EFSF News Prompts Bond Market Weakness »View All Micro News Around the Web Dataquick: California Foreclosure Activity Drops Fixing the Housing Market: What to Expect from Obama's SOTU Speech CEOs paid well at bailed-out banks - watchdog The Fed: What's your question for Bernanke State of the Union Preview: Housing and Fairness Don't Connect Acting Comptroller Talks About Securitization and Derivatives at the American Securitization Forum »View More Around the Web Video News Financial Services Committee Members: Housing, Economy & Taxes CNBC Fed Survey: Great Rate Debate AG's Meeting on Settlement »View More Video News Today's Comments "A coherent national housing policy should start with capping, then withdrawing federal subsidies for homeownership, i.e. the mortgage interest tax deduction..." "Frank are you recommending principle reduction on these loans? So should the investor then add on to the principle balance if the underlying asset appreciates..." "So the strategy continues to be to protect at all costs the value of the investor debt instrument from loss, while the consumer gets no relief from the..." »View More Comments Today's Q&A "In My Best Interest" "I have a collection on my credit after bankrupcy and i want to buy a house" "Fha loan forclosed 12/23/2011" »View More Q&A jeffer90576 -view profile -edit profile Subscription Level: Non-Premium Manage Account Market Data Mortgage Rates 30YR 3.97 -0.01 15YR 3.37 -0.02 FHA30YR 3.75 0.00 Jumbo30YR 4.22 -0.03 5/1ARM 3.01 0.00 MBS Quotes 30YR FNMA 3 102-21 0-01 30YR FNMA 4 104-29 0-01 30YR FNMA 4 106-13 -0-02 30YR FNMA 5 107-23 -0-02 Treasuries 2 YR 0.2386 -0.0044 3 YR 0.3770 -0.0030 5 YR 0.8993 -0.0097 7 YR 1.4797 -0.0043 10 YR 2.0635 0.0055 30 YR 3.1492 0.0142 Recent Housing Data Visit our Market Data Center for all of the latest housing numbers, graphs, etc. Building Permits -0.15% Housing Starts 9.08% Construction 0.81% NAHB Builder 5.00% Mortgage Application 23.07% Mortgage Refinance 26.40% Forward Know someone who might be interested in this email? Forward it. Newsletter Archive Front Page | Headline Viewer | Video | Forums | Q&A | Market Data | Rates | Marketplace : Consumer - Industry © 2012 Brown House Media, Inc. All rights reserved. Brown House Media Inc. - 19706 One Norman Blvd - Cornelius, NC 28031

DeMarco Outlines Justification against GSE Principal Reduction

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Jan 23, 2012 5:12PM DeMarco Outlines Justification against GSE Principal Reduction Acting Federal Housing Finance Agency (FHFA) Director Edward J. DeMarco responded Friday to a request from 16 House Democrats to explain the statutory authority that DeMarco has claimed prohibits FHFA from offering principal reduction as part of loan modifications on loans it owns or guarantees. The request was made last November after DeMarco told the House Committee on Oversight and Government Reform that his agency had concluded that "the use of principal reduction within the context of a loan... Jan 23, 2012 3:12PM Best-Execution Mortgage Rates Rise After Extended Period of Stability For the first time in over a month, the Best-Execution rate for 30yr fixed mortgages rose from a rounded average of 3.875% to 4.00% today. The underlying borrowing costs associated with 3.875% didn't rise by a significantly painful amount, but the small increases across the board, combined with one huge move by a huge lender, was enough to bring the average rate closer to 4.0% than 3.875%. You may well wonder what the heck this all means. So we'll go into more detail tonight for enquiring minds.... Investor Cash Adding Downward Pressure on Home Prices BofA Halts Cash-out Refinancing; Letters From the Trenches; Mortgage Hiring Continues Short and Long Term Inflection Points For Both MBS and Treasuries Study: No Additional Restrictions on QRM Needed MBS RECAP: 1/23/2012 The Week Ahead: FOMC, Auctions, Eurodrama, First Ever FOMC Forecasts, and New Housing Initiatives? View: Front Page | Headline Viewer Micro News 1:01 PM: MBS Near Highs of The Day, Positive Reprices Reported 10:01 AM: Ourperformace Notwithstanding, MBS Still Getting Hit Pretty Hard 8:47 AM: MBS Outperform as ESM/EFSF News Prompts Bond Market Weakness 2:53 PM: Fed Releases Templates for Reporting FOMC Participants' Projections of the Appropriate Target Federal Funds Rate 1:13 PM: Potential Negative Reprices With MBS Near Lows 10:05 AM: NAR: Existing Home Sales Up for Third Month (+5.0%) 9:26 AM: FHA Announces Additional Steps to Limit Risk and Strengthen Finances 9:25 AM: MBS Fight to Hold Ground, Eyeing Support Levels in Treasuries »View All Micro News Around the Web States, Feds discuss big bank settlement goals Real Estate News: Economists See Ways to Aid Housing Market Foreclosure Investors are Double-Edged Sword Freddie Mac draws Republicans' attention FHFA Releases Analysis on Principal Forgiveness As Loss Mitigation Tool Florida Loan Officer Sentenced in Connection with .5 Million Reverse Mortgage Fraud and Loan Modification Scheme »View More Around the Web Video News CNBC Fed Survey: Great Rate Debate AG's Meeting on Settlement Have Rates Seen the Bottom? »View More Video News Today's Comments "Somewhere between none and almost none. But I suppose that would have been a more informative answer on Friday afternoon since we now pretty much have..." "@milton - Do you really think that buyers have any clue at all about homestead exemptions and the impact, and even if they do it is such a small percentage..." "The reason Decmber was better in home sales was due to buyer's wanting their homestead exemption on their real estate taxes. December has always been..." »View More Comments Today's Q&A "What's the relationship between MBS prices and mortgage rates?" "Need to purchase Hotels or Gas Stations " "Can you add another person to the title upon paying off a mortgage?" »View More Q&A jeffer90576 -view profile -edit profile Subscription Level: Non-Premium Manage Account Market Data Mortgage Rates 30YR 3.98 0.06 15YR 3.39 0.02 FHA30YR 3.75 0.00 Jumbo30YR 4.25 0.09 5/1ARM 3.01 -0.01 MBS Quotes 30YR FNMA 3 102-20 -0-01 30YR FNMA 4 104-28 -0-03 30YR FNMA 4 106-14 -0-02 30YR FNMA 5 107-25 -0-01 Treasuries 2 YR 0.2425 0.0005 3 YR 0.3795 0.0085 5 YR 0.9091 0.0231 7 YR 1.4844 0.0354 10 YR 2.0582 0.0332 30 YR 3.1346 0.0326 Recent Housing Data Visit our Market Data Center for all of the latest housing numbers, graphs, etc. Building Permits -0.15% Housing Starts 9.08% Construction 0.81% NAHB Builder 5.00% Mortgage Application 23.07% Mortgage Refinance 26.40% Forward Know someone who might be interested in this email? Forward it. Newsletter Archive Front Page | Headline Viewer | Video | Forums | Q&A | Market Data | Rates | Marketplace : Consumer - Industry © 2012 Brown House Media, Inc. All rights reserved. Brown House Media Inc. - 19706 One Norman Blvd - Cornelius, NC 28031