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Mortgage Rates Steady to Slightly Lower

Mortgage ratesmanaged to maintain the improvement seen since Wednesday's Fed announcement. While the Fed did indeed hike its policy rate, the hike was widely expected and had already been accounted for in longer-term bond markets (like those that dictate mortgage rates). The easiest way to understand this is to consider that most bond market securities (like Treasuries and Mortgage-Backed-Securities) can move/change every millisecond of every business day.

The Fed Funds rates, on the other hand, only changes/moves at the end of scheduled Fed meetings 8 times a year. If bond markets are reasonably confident the Fed is going to hike rates, they can begin trading accordingly well in advance. That exact scenario played out over the past month and accounts for much of the move higher in rates from late February through Fed day.

Because bonds were already in position for the Fed hike, they were free to react to other aspects of the Fed policy. Specifically, investors were expecting the Fed's forecast to show faster rate hikes in the future. This accounts for some of the move higher in rates in early March. The Fed's actual forecast turned out to be fairly tame and rates were thus able to move quickly lower.

There hasn't been much movement since the initial reaction to the Fed this past Wednesday. Conventional 30yr fixed rates continue hovering around 4.25% for top tier scenarios.

Loan Originator Perspectives

Good week for rates. We made up quite a bit of ground since Monday. And that leaves us right back towards the middle of the 2.32-2.62 range on the 10 year Treasury bond since the election. If you have overnight protection, meaning you can wait until Monday pre-market to lock, you may want to see if things remain the same over the weekend. If not, youve recovered and 1/8th-1/4 since Monday, so take the gains and call it a day if youre risk averse. The choice is always yours. Happy St. Patricks Day! -Jeff Anderson, Loan Officer, Salem Five Mortgage, LLC

Bonds posted a green day, in honor of St Patrick, and my pricing improved over Thursday's. It appears for now that our rising rate trend is on hold. That hardly guarantees a looming rally, but sure beats watching a daily bond sell-off. I still think rate sheets haven't seen the full benefit of this week's gains, so looking to float this weekend. Next week's economic calendar shows limited significant events until Thursday, my hunch is pricing improves over the weekend. Hope your brackets aren't busted yet! -Ted Rood, Senior Originator

Today's Best-Execution Rates

30YR FIXED - 4.25% FHA/VA - 4.0-4.25% 15 YEAR FIXED - 3.5-3.625%

5 YEAR ARMS - 2.75 - 3.25% depending on the lender

Ongoing Lock/Float Considerations

Some investors are increasingly worried/convinced that the decades-long trend toward lower rates has been permanently reversed, but such a conclusion would require YEARS to truly confirm Still, it would take something very big and unexpected for rates to make a big, sustained push back toward pre-election levels. Even then, it would take time to confirm such a shift.

With fiscal and monetary policy paths both clearly putting pressure on rates, at least one of those would need to make a noticeable change before anything but a cautious, lock-biased approach makes sense as a baseline strategy. Floating should only be considered as a tactical opportunity to capitalize on temporary corrections.

Rates discussed refer to the most frequently-quoted, conforming, conventional 30yr fixed rate for top tier borrowers among average to well-priced lenders. The rates generally assume little-to-no origination or discount except as noted when applicable. Rates appearing on this page are "effective rates" that take day-to-day changes in upfront costs into consideration.

A guide To Protecting Your "Vicious" Breed

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Real Estate Bpo Example - Button Down Your BPO's

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Copyright Steve Gillman. The inventory of HUD homes has decreased dramatically in recent years since buyers were not getting FHA loans and were opting for conventional products instead. " Some Realtors become discouraged only at that news. I personally decided to write this short article as I am. wenetprofitsglobal.

First Time Buyers Mortgage

A jumbo mortgage means a bigger than normal size mortgage. " Those words, extracted from a sermon by Reverend Wright, reflected a world view hostile to capital markets, influencing the man who'd eventually end up being the 44th President of the United States. PMI is private mortgage insurance.

It can even be noted that sometimes a fresh appraisal is ordered, if there's a strong indication that the property value has increased, and particularly if you've lived inside your home for awhile and (if you've made significant improvement to your home such as adding sq footage that adds value) (cosmetic repairs do not normally add value) your lender can send the situation to FHA for review in order that the MIP can be cancelled. The eligible loan amount is the identical as a conforming conventional loan-currently at 417K. The growing number of home foreclosures continues to be in the forefront of recent news, and lots of people are facing the frightening possibility of losing their homes.

Common advice from true mortgage professionals would be to beware of anything you get inside the mail that appears "official". A reverse mortgage relies solely upon the equity inside your home. They is planning to be able to aid are applying for assorted programs to assist you.

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NAR: Home Sales Surge 15% In December, Home Supply Falls To 12-Year Low

Existing Home Supply falls to its lowest levels since January 2005Existing Home SalesJump As 2016 Begins

Current mortgage rateshave helped to fuel decade-best home sales and sub-4% rates in December capped a terrific year for the U.S. housing market.

5.46million existing homes sold on a seasonally-adjusted, annualized basis last month, a spike of 15 percent from the month prior anda steady eight percent over last year's reading.

Prices rose, too.

With thesupply of homes for sale still constricted, it remains challenging for buyers to find homes in many U.S. markets.

Expect more of the same in2016. Home values are expected to climb and mortgage rates will be hard-pressed to stay below four percent for the duration of the year.

Home affordability is expected to worsen and mortgage payments may rise.

Thankfully,low- and no-downpayment mortgages remain readily available, and banks are approving purchase loans at the highest pace this decade, according to data from Ellie Mae.

Click to see today's rates (Jan 23rd, 2016)Existing Home Supply Still "Bull Market"

The National Association of REALTORS (NAR) recently released its December2015 Existing Home Sales report, which showed 5.46 million homes sold on a seasonally-adjusted, annualized basis.

The reading marks a 15percent increase from the month prior.

Existing Home Supply also improved, dropped more than five weeks to 3.9 months nationwide.

This means that, at today's pace of sales, it would take a little less than four months for all the country's MLS-listed homes to get sold.

This is the fastest pace since January 2005, when the housing market was approaching its peak.

There are now just1.79 million homes for sale countrywide -- a twelvepercent drop as compared to the month prior, and four percent fewer than one year ago.

Ask any of today's active home buyers -- home supply is tight.Furthermore, the homes that areavailable for sale are selling quickly.

Properties were typically for sale for 58 days in November, which is eightdays fewer thaniDecember of last year.

32% of all homes sold in less than one month.

First-time buyers account for slightly more than three-in-10 buyers; and real estate investors, many of whomuse the 5-10 Properties program to finance more than four homes, represented less than two-in-ten.

Repeat buyersare the majority of today's housing market.

A "repeat" buyer is one who has owned a home within the last three years.

Often, repeat buyers purchase homes which are more expensive than their current ones.This is one reason why repeat buyers are sometimes called "move-up" buyers -- they're buyers who are "moving up" to bigger, more valuable, homes.

We can see this trend in the National Association of REALTORS data.

Note how home sales are growing at higher price points relative to lower ones --especially among "jumbo" homes.

Home sales between $0-100,000 : -6% since last yearHome sales between $100,000-$250,000 : +6% since last yearHome sales between $250,000-$500,000 : +19% since last yearHome sales between $500,000-$750,000 : +18% since last yearHome sales between $750,000-$1,000,000 : +23% since last yearHome sales over $1,000,000 : +19% since last year

It's clear that home sales are faring better at high price points as compared to low ones.

This data, of course, may be influenced by San Francisco, California housing market; the Seattle, Washington housing market; and the Denver, Colorado housing market -- each of which is expanding rapidly and characterized by high home sale prices.

However, it's a trend which we see inother markets as well.

Click to see today's rates (Jan 23rd, 2016)Buying Homes With Low Or No Downpayment

According to the National Association of REALTORS, first-time home buyers accounted for 32% of December'shome resales.

That number mighthave been higher, the trade group said, if home affordability were improved. Renters have expressed a concern that homes are too expensive to purchase and to afford on a monthly basis.

Yet, many feel pressured to buy before home affordability worsens. Rents are predictedto rise at twice the rate of home prices in 2016; and few people expect mortgage rates to drop.

Homes may be more affordable than you think, however. For instance, you don't need 20% down to purchase a home and there are some good reasons to avoid putting 20% down.

There are a myriad of low- and no-downpayment loans available to today's buyers.

The most common low-downpayment loan remains theFHA loan, which has been available to U.S. homeownerssince the 1930s.

FHA loansaccount for close to 1-in-4 of all purchase loans and require just 3.5% down. FHA loans offer flexible mortgage approval terms and include an allowance for average and below-average credit scores.

Another low-downpayment option is the conventional 97% program. This government-backed loan tends to work well for buyers with above-average credit scores who are buying single-family, detached properties (i.e. not condos or town homes).

Only 3% down is required and buyers can receive cash downpayment gifts.

Another 3% down program is the newly-releasedHomeReady mortgage.

Aimed at multi-generational families living under the same roof,HomeReady is backed by Fannie Mae and can be used byanyone. It's an interesting program offering below-market mortgage rates and reduced mortgage insurance.

You can read a completeHomeReady FAQ here.

For buyers in rural and suburban areas, the USDA loancan be an excellent no-downpayment option, too. Backed by the U.S. Department of Agriculture, USDA loans provide below-market mortgage rates and cheaper mortgage insurance rates than comparable low-downpayment products.

VA loans are another good 100% financing option.

For military borrowers, VA loans are available as part of the G.I. Bill, granting access to extra-low mortgage rates and never requiring mortgage insurance.

Lastly, for jumbo borrowers, the changing mortgage market has brought the 80/10/10 loan back into availability. This has helped spur the luxury housing market forward and is among thereasons why home sales over $750,000 continue to make gains.

What Are Today's Mortgage Rates?

TheU.S. housing market is advancing into 2016. It's an excellent time to consider your options as a buyer; and to plan for your future as a homeowner.

Get today's live mortgage rates now. Your social security number is not required to get started, and all quotes come with access to your live mortgage credit scores.

Click to see today's rates (Jan 23rd, 2016)

The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.

TRID Compliance Excluded from FHA Post-Endorsement Reviews

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Volume 9 - Number 2

January 15, 2016

FHA lenders are uneasy over whether issues raised by the Consumer Financial Protection Bureaus new integrated disclosure rules could affect FHA lending. Although the issues cited by lenders are not FHA issues per se, these lenders are concerned that such uncertainties may cause problems for their FHA business, according to mortgage industry consultant Brian Chappelle, a principal at Potomac Partners. For example if a lender cures a mistake and the cure results in a reimbursement of, say, $100 to the borrower at closing, would that be considered a violation of the Department of Housing and Urban Developments minimum 3.5 percent cash-investment requirement for FHA loans. I dont think it is a violation, but lenders are worried about how HUD might interpret it, said Chappelle. It is well after closing and it is obviously not a gift given to the borrower. It is ...

This biweekly resource helps mortgage executives grow and manage their FHA business.

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MBS Day Ahead: Domestic Data's Only Chance of the Week

It's been an utterly hopeless week for domestic economic data so far, with nary a top tier report in sight. Not only that, but after last week's ADP and NFP reports were so easily overlooked, who else would dare step up to the plate?

To be fair to econ data, it's not ADP or NFP's fault for failing to move markets. It's not as if they weren't inspiring enough to get the job done. The issue--as we've discussed so much that you may already know what's coming--is that there have simply been bigger market movers about.

With that in mind, today's Retail Sales data only has a chance to matter inasmuch as those "other" market movers remain at bay. That means we'd need to see an absence of any major moves in stocks or oil. Of course if stocks and oil are moving in the same direction suggested by the data, bonds might simply look like they were reacting to the data and we'd never really know which one was the bigger motivation.

One last little bit of complication is the 3-day weekend. Market participation can change in a few ways on these sorts of Fridays. On the one hand, some traders might simply be out of the office early--especially considering the die hard skiers on the East Coast will obviously be needing to come out west this year. On the other hand, traders who remain in the office tend to play things more conservatively ahead of 3-day weekends. This can mean a bias toward the closing of positions. If positions are generally longer vs shorter, that could be bad for bonds (but that's just a guess based on available info. We can't always know the true balance of trading positions until after the fact).

MBS Pricing Snapshot

Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live. MBS

FNMA 3.5

103-26 : +0-01


10 YR

2.0400 : -0.0580

Pricing as of 1/15/16 7:30AMEST

Tomorrow's Economic Calendar

Time Event Period Forecast Prior Friday, Jan 15 8:30 Retail sales mm (%)* Dec 0.0 0.2 8:30 NY Fed manufacturing * Jan -4.00 -4.59 9:15 Industrial output mm (%) Dec -0.2 -0.6 9:15 Capacity utilization mm (%) Dec 76.8 77.0 10:00 Business inventories mm (% ) Nov -0.1 0.0

Icahn says he does not have any position in Time Warner

Billionaire activist investor Carl Icahn said on Tuesday he did own any stake in media company Time Warner Inc.

"I have no position in Time Warner. No options, no forwards, no stock," Icahn said when reached by phone.

Reuters and the New York Post reported on Monday, citing anonymous sources, that Icahn was building an equity stake in Time Warner.

Icahn waged an unsuccessful break-up campaign against Time Warner in 2006, when current Chief Executive Jeffrey Bewkes was the No. 2 executive at the company. In 2014, Time Warner snubbed a takeover offer from Twenty-First Century Fox Inc that valued it at $85 per share. Time Warner shares ended trading on Tuesday at $71.09, up 2.1 percent.

(Reporting by Michael Flaherty in New York; editing by Steve Orlofsky)



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