As home sales have slowed, attention has shifted to the subject of affordability. The combination of rising home prices and higher interest rates is blamed by many as the cause of the lagging sales. The National Association of Home Builders (NAHB) has just published a study which attempts to estimate the approximate effect of each increase in prices and each uptick in mortgage rates means in terms of how many households can afford to buy a new home. The study relies on mortgagee qualification criteria. NAHB's latest estimates show that nationally, a $1,000 increase in the price of a median-priced new home (using the national figure of $355,183) will price 127,560 U.S. households out of the market. Based on their incomes and standard underwriting criteria, each of these households would be able

January 9, 2019 Download our Mobile App: Download our Mobile App: Housing News Small Price and Rate Changes Make a Big Difference for Homebuyers As home sales have slowed, attention has shifted to the subject of affordability. The combination of rising home prices and higher interest rates is blamed by many as the cause of the lagging sales. The National Association of Home Builders (NAHB) ha... (read more) Housing News Lower Rates and Their Effect on Purchases, Refis While the report also looks at how the recent dip in interest rates may impact the demand for refinancing, the main theme of the November 2018 Mortgage Monitor is the shifting origination market. Black Knight's report notes that the first three quart... (read more) Housing News Mortgage Apps Surge as Borrowers Return in Droves, Rates Drop Even though the week ended January 4 was shortened by the New Year's holiday mortgage application volume rebounded strongly . The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, was up 23.5 percent... (read more) Rob Chrisman Appraisal Products; Events This Week; New Buydown, Second Look Products The co-founder and former CEO of Southwest Airlines, Herb Kelleher, died last week. I mention this because I read his obituary and the article noted his advice to employees in 2014 when they were upset by efforts to reduce costs and otherwise evolve.... (read more) Housing News Government Shutdown has Little Effect on Real Estate As the partial government shutdown continues the National Association of Realtors® contacted a sample of its members to see if the real estate market is as yet feeling any impact. At present the Department of Housing and Urban Development (HUD) a... (read more) MBS Commentary MBS Live Day Ahead: Afternoon Events Could Set The Tone While there are no significant scheduled events in play this morning, the afternoon hours bring the 10yr Treasury auction and the " minutes " from the most recent Fed meeting.  These will provide a more detailed account of the conversation tha... (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 98.82 -0.11 UMBS 6.0 100.47 -0.09 GNMA 5.5 99.45 -0.12 GNMA 6.0 100.62 -0.09 Pricing as of: 11/15 1:55AM EST 10 Year US Treasury 4.4596 +0.0208 Price / Yield Change US Treasury 2 YR Treasury 4.356 +0.006 5 YR Treasury 4.344 +0.018 7 YR Treasury 4.406 +0.019 10 YR Treasury 4.463 +0.024 30 YR Treasury 4.614 +0.031 Pricing as of: 11/15 1:55AM EST Latest Video Interest rate hikes and rise in home prices led to housing sluggishness, sa... Fed debates getting rid of forward guidance Fed is ready to wait on raising rates, says Liesman Around the Web Reuters Lennar says home sales improving as mortgage rates ease CNBC Fed 'can afford to be patient' about future rate hikes, FOMC minutes show Reuters Fed may still need to hike rates twice this year: Rosengren Reuters Traders keep bets against further Fed rate hikes Reuters Lennar sales miss estimates as housing demand slows Calculated Risk Blog No Bank Failures in 2018; First Time since 2006 NPR 'I'm Scared': TSA Families Fear Bills Due, Lost Security NAR - Realtor.com Real-Estate Agents Say Government Shutdown Is Starting to Impede the Housing Market CNBC 'Danger signals' in bonds foreshadow a recession by mid-2020 CNBC 'I may go homeless,' said a worker impacted by the government shutdown CNBC Fed's Bullard takes stand against more interest rate hikes Bloomberg Weakest Treasuries Demand Since 2008 Sends Bond-Market Warning\ Reuters Bostic: Fed should let economy run for 'a while' before further rate action

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