Credit availability suffered an unusually large decline in December. The Mortgage Bankers Association (MBA) said its Mortgage Credit Availability Index (MCAI) fell 7.3 percent to 175.0 in December (it was 188.8 in November.) A decline in the MCAI indicates that lending standards are tightening. The MCAI has two major components and the loss in availability came entirely from the Conventional Index which decreased by 14.5 percent. The Government MCAI inched up by 0.1 percent. The Conventional MCAI itself has two components and both were down, the Jumbo MCAI by 14.9 percent and the Conforming by 14.0 percent. MBA's Associate Vice President of Economic and Industry Forecasting Joel Kan said. "The supply of credit dropped in December to its lowest since February 2017. The decline was driven by

January 10, 2019 Download our Mobile App: Download our Mobile App: Housing News Credit Access Takes a Hit as HARP Expires Credit availability suffered an unusually large decline in December. The Mortgage Bankers Association (MBA) said its Mortgage Credit Availability Index (MCAI) fell 7.3 percent to 175.0 in December (it was 188.8 in November.) A decline in the MCAI ind... (read more) MBS Commentary MBS Live Day Ahead: We're Back to Watching Stocks in 2019 (For Now) The massive stock selling in Q3 2018 was clearly a big deal for bonds.  As soon as the first wave of selling hit in stocks, bonds engaged what we refer to as "the stock lever"--shorthand for the quintessential (and often mistaken) belief that st... (read more) Rob Chrisman Marketing, Ops Jobs; Non-QM Products; Ginnie's Bright Resigns Let’s see… How much does it cost you to produce a residential loan? Pizza for the shippers, underwriter bonuses, copy paper, HP-12C batteries – it all adds up, and pretty soon you’re over $8 grand a loan! Boston Consulting Gr... (read more) Mortgage Rate Watch Mortgage Rates Level-Off After Rising For 3 Days Mortgage rates held steady today, after moving higher for the past 3 days. Underlying market movement was slightly calmer than it has been in recent days. Stocks were less eager to make new highs and bond yields (a key consideration for mortgage rate... (read more) MBS Commentary MBS Live Recap: Too Soon to Assume, But Not to Hope The notion of "hope" comes up quite a bit in my daily recap pieces--often because something bad is happening and we hope for it to end or because something good is happening and we hope it can continue.  In today's case, it's both. Something ... (read more) Mortgage Rate Watch Mortgage Rates Hold Steady Despite Market Weakness Mortgage rates were unchanged again today, despite moderate weakness in underlying bond markets. Bonds are the primary ingredient used in determining mortgage rates, but the timing of market movement and lender preferences can result in discrepancies... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.02% +0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.02% +0.01 0.00 15 Yr. Fixed 6.37% 0.00 0.00 30 Yr. FHA 6.30% -0.02 0.00 30 Yr. Jumbo 7.20% 0.00 0.00 7/6 SOFR ARM 6.99% +0.04 0.00 30 Yr. VA 6.32% -0.02 0.00 Updates Daily - Last Update: 11/14 15 Yr. Fixed Rate 6.37% +0.00% 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 -0.10 UMBS 6.0 100.49 -0.07 GNMA 5.5 99.46 -0.10 GNMA 6.0 100.63 -0.08 Pricing as of: 11/15 1:30AM EST 10 Year US Treasury 4.4596 +0.0208 Price / Yield Change US Treasury 2 YR Treasury 4.355 +0.005 5 YR Treasury 4.343 +0.017 7 YR Treasury 4.405 +0.017 10 YR Treasury 4.461 +0.022 30 YR Treasury 4.612 +0.029 Pricing as of: 11/15 1:30AM EST Latest Video Fed on the right path: Former Fed Vice Chair Kohn Fed's Powell says I try to meet with people across the spectrum The Fed is not likely to increase rates in the near term, says The Carylyle... Around the Web NAR - Realtor.com Rents Are Too High: Where Tenants Can Score the Bestand WorstDeals Calculated Risk Blog Fannie Mae and Freddie Mac: Mortgage Serious Delinquency Rate Declined in November NAHB Eye on Housing Student and Auto Loans dominate Non-Mortgage Debt Calculated Risk Blog Update: The Impact of the Government Shutdown on the January Employment Report Bloomberg Fed Minutes Show Pivot Away From Gradual Rate Increases, Kroszner Says NAHB Eye on Housing November 30-Year Mortgage Rate Data CNBC US weekly jobless claims fall more than expected Bloomberg Treasury Yield Brush With a `Death Cross' Cheers Bond Bulls CNBC Do not let home equity sink your college aid package Bloomberg Fed Will Be on Hold for First Half of 2019, BNY's Levine Says Calculated Risk Blog Houston Real Estate in December: Sales declined 4.1% YoY, Inventory Up 13% Reuters Lennar says home sales improving as mortgage rates ease CNBC Fed 'can afford to be patient' about future rate hikes, FOMC minutes show

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