Within hours of each other Laurie Goodman, co-director of the Urban Institute's Housing Finance Policy Center, and Melvin Watt, Director of the Federal Housing Finance Agency, expressed quite different views on the need for an immediate change in the credit scoring models used in most mortgage underwriting. Goodman, writing in the Policy Center's blog, talks once again about the tight credit box for mortgage financing. The mortgage market, she says, is taking less than half the risk it took in 2001, a period of reasonable credit standards, and less than a third of what it took in 2006, when standards were what proved to be disastrously loose. The tightness is greatest regarding credit scores. UI attempted to quantif y this a while back and updates that exercise it in this article. Had the credit

August 3, 2017 Download our Mobile App: Download our Mobile App: Housing News Conflicting Views on Need for New Credit Scoring Models Within hours of each other Laurie Goodman, co-director of the Urban Institute's Housing Finance Policy Center, and Melvin Watt, Director of the Federal Housing Finance Agency, expressed quite different views on the need for an immediate change in the... (read more) Mortgage Rate Watch Mortgage Rates Lowest in Just Over a Month Mortgage rates moved just slightly lower today, bringing them to the best levels in over a month for the 2nd time this week. While that sounds somewhat impressive, day-over-day movement has been very small and the overall range has been very narrow d... (read more) Housing News ARMs Drive Slight Improvement in Underwriting Standards -MBA While adjustable rate mortgages (ARMs) make up only a fraction of mortgage originations (just over 6 percent in the most recent Mortgage Bankers Association's (MBA's) volume summary), changes to some of their underwriting parameters were reflected in... (read more) Rob Chrisman New Chief at Flagstar; LO Survey Results; Down Payment News “You never realize how many people you hate until you have to name a baby.” Plenty of folks in their 20s and 30s are, of course, having babies and buying homes – why rush either? Most in that age group are weary of being studied by ... (read more) MBS Commentary MBS Live Day Ahead: Another Day, Another Big Trade--All Inside The Broader Range The longer the post-election trade plays out (in 3 months, it will have been a year!), the flatter it looks.  There have essentially been two similar sideways ranges in 10yr yields, punctuated by an "adjustment" that accounted for a slightly m... (read more) MBS Commentary MBS Live Recap: Bonds Still Struggling to Break Recent Floors The chart in this morning's Day Ahead showed consolidation patterns  (lower highs and higher lows) in both German Bunds and US Treasuries.  For the latter, the consolidation pattern remains intact after an attempted breakout today.  I... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.05% +0.03% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.05% +0.03 0.00 15 Yr. Fixed 6.43% +0.06 0.00 30 Yr. FHA 6.39% +0.09 0.00 30 Yr. Jumbo 7.24% +0.04 0.00 7/6 SOFR ARM 7.11% +0.12 0.00 30 Yr. VA 6.39% +0.07 0.00 Updates Daily - Last Update: 11/15 15 Yr. Fixed Rate 6.43% +0.06% Rate Change Points Freddie Mac 30 Yr. Fixed 6.78% -0.01 0.00 15 Yr. Fixed 5.99% -0.01 0.00 Updates Weekly - Last Update: 11/14 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.73% +0.21 0.69 15 Yr. Fixed 6.27% +0.29 0.77 30 Yr. Jumbo 6.77% +0.04 0.49 Updates Weekly - Last Update: 10/30 MBS / Treasuries UMBS 30YR 5.5 98.83 -0.09 Price / Yield Change MBS UMBS 5.5 98.83 -0.09 UMBS 6.0 100.50 -0.06 GNMA 5.5 99.42 -0.14 GNMA 6.0 100.68 -0.03 Pricing as of: 11/16 6:31AM EST 10 Year US Treasury 4.4404 +0.0016 Price / Yield Change US Treasury 2 YR Treasury 4.301 -0.049 5 YR Treasury 4.307 -0.019 7 YR Treasury 4.374 0.000 10 YR Treasury 4.440 +0.002 30 YR Treasury 4.617 +0.034 Pricing as of: 11/16 6:31AM EST Latest Video Why one trader is doubling down on the bond rally Luxury home sales surge Santelli Exchange: Achieving sustainable economic growth Around the Web Market Watch All of a sudden, Gary Cohn is seen as shoe-in to be next Fed chairman Gallup U.S. Small-Business Owners' Optimism Highest in 10 Years NAR - Realtor.com The Secret to Making Money in Real Estate May Be Buying a Home Near This Grocery Store Chain Market Watch Even small rent increases in these cities make people homeless Calculated Risk Blog July Employment Preview Bloomberg Big Investors Losing Faith in Europe's ECB-Fuelled Junk Rally CNBC The smart home is still really dumb CNBC Luxury home prices soar as sellers come back down to earth Freddie Mac Mortgage Rates Hold Steady Freddie Mac Freddie Mac to Initiate New Single Security-Related Investor Disclosures Market Watch Capitol Report: Congress wouldn't do it, so Fannie and Freddie reformed themselves NAHB Eye on Housing Builder Confidence in the 55+ Housing Market Strengthens in Second Quarter Calculated Risk Blog ISM Non-Manufacturing Index decreased to 53.9% in July

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