Bank fees rise for 15th straight year

Bank fees rose for the 15th straight year, with fees for overdrafts and out-of-network ATM usage hitting record highs, according to Bankrate.com.

The average overdraft charge rose 3 percent in 2013, to a record $32.20, Bankrate says. The average cost for using another bank’s ATM rose 2 percent, to $4.13—also a record.

Fees continue to go up, and it’s best to spend time strategizing how to avoid them

“Overdraft and out-of-network ATM fees are the low-hanging fruit in terms of raising fees,” says Greg McBride, senior financial analyst for Bankrate.com.

Overdraft fees have risen so far that a recent study by Moebs Services says that it’s cheaper to borrow $100 from a payday lender than it is to bounce a $100 check. The median price for a $100 loan from a payday lender is $18, Moebs says.

atmfeesThe fees in both cases are entirely avoidable, McBride says.

Overdraft fees were steepest in Milwaukee, where they average $34.16, and lowest in San Francisco, where they average $27.18.

Out-of-network ATM fees were highest in Denver, where they average $4.70, and lowest in Baltimore, when they average $3.59. The calculation includes the fee from the owner of the ATM and from your bank. The charge for using another bank’s ATM rose 4 percent, to $2.60, while the average fee from your bank for using another bank’s ATM fell 3 percent, to $1.53.

A few bank products became more affordable, according to the Bankrate survey of 10 banks in each of 25 large U.S. markets. The average minimum balance to offer a no-interest checking account fell 19 percent to $60.27—about where it’s been since 1998.

Good luck finding a free interest-bearing checking account: Just 3 percent were free to all customers, unchanged from 2012. But 95 percent of all the institutions surveyed would waive the fee if you kept an average balance of $5,802, down 5 percent from last year. Average monthly service fee fell 1 percent to $14.65. Average monthly service charge for a non-interest-bearing checking account: $5.54, up 1 percent from last year.

So far, fewer than 1 percent of banks charge for using a debit card.

“Fees continue to go up, and it’s best to spend time strategizing how to avoid them,” McBride says. “There’s always room for consumers to shop around.”

Banks do take notice when you leave, particularly when you take a big balance with you, McBride says. Seventy percent of consumers consider switching banks when checking account fees get too high, and those who are most likely to do so often have the highest balances.


FHA offers mortgage backing to the once bankrupt

The Federal Housing Administration is making it easier for once-struggling homeowners to qualify for a mortgage backed by the agency.

For borrowers who meet certain requirements, the FHA is trimming to one year the amount of time that homebuyers must wait after a bankruptcy, foreclosure or short sale before they may qualify for a FHA-backed mortgage.

The waiting period had been two years after the completion of a bankruptcy and three years after a foreclosure or a short sale.

But only certain consumers who’ve been in those circumstances will be able to meet the criteria attached to the eased restrictions. Borrowers must be able to show their household income fell by 20 percent or more for at least six months and was  tied to unemployment or another event beyond their control. They also must prove they have had at least one hour of approved housing counseling and, among other things, have had 12 months of on-time housing payments.

“FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage,” said FHA Commissioner Carol Galante, in a letter to mortgagees announcing the changes.

FHA-backed mortgages are a popular option for first-time buyers and for consumers with lower credit scores who might not otherwise qualify for a loan backed by Fannie Mae or Freddie Mac. However, the agency has recently increased the fees tied to FHA-backed loans.

REPORT: Home Prices At 5 Year High

Home prices rose in June to their highest levels in nearly five years, increasing 2.2 percent, according to the Case-Shiller Home Price Indices released Tuesday. The 20-city index was up 12.1 percent from a year earlier, and the companion 10-city index was up 11.9 percent.

Economists surveyed by Bloomberg had expected the 20-city index to increase 2.3 percent from May and 12.2 percent from a year ago.

Case-Shiller’s national index, reported quarterly by Standard & Poor’s, was up 7.1 percent in the second quarter to 146.32, its highest level since third quarter 2008.

All 20 cities included in the survey improved both month-to-month and year-to-year.

Hear_This-320The two surveys have improved monthly and yearly for 13 consecutive months.

The national index has improved in four of the last five quarters, dropping only in the fourth quarter of 2012 in that stretch. The 7.1 percent quarter-over-quarter matched the increase in the second quarter of 2012 as the largest quarterly improvement since the national index began in 1987.

The national index was up 10.1 percent year-over-year, matching the gain in the first quarter as the largest annual jump since the first quarter of 2006.

The 10-city index rose to 173.37, up 3.73 from May, to the highest it has been since August 2008 when it was 173.35. The 20-city index rose 3.41 to 159.54, its highest since September 2008 when it was 161.64

In the same month, according to the National Association of Realtors, the median price of an existing single-family home rose 5.4 percent, up 13.3 percent from a year earlier.

According to the NAR, homes prices were held back by sales of distressed homes. Foreclosures, eight percent of transactions, the NAR said, sold for an average discount of 16 percent below market value in June, while short sales, seven percent of transactions, were discounted 13 percent.

Home values improved as well despite higher mortgage rates, which could have both a positive and negative impact: rising rates themselves might bring prices down as buyers look for affordable monthly payments, but also increase demand as buyers try to lock in rates before further increases. The increased demand against weak inventories would send prices up.

While good news for home sellers, the continued sharp increases—the indices have shown double-digit year-year increases for four months in a row —are likely to revive concerns of a growing housing bubble as personal income growth continues to stagnate.

Still the increase in home values, according to economic theory, should mean improved consumer spending. The “wealth effect” theory holds that consumers spend based on increase in net worth, not income. Home values accounted for about 25 percent of the increase in net worth in the first quarter, according to the latest data from the Federal Reserve.

The Case-Shiller Indices have gone up for seven straight months and 13 times in the last 15; each index dipped last October and November.

The monthly increases were led by Atlanta, where prices rose 3.4 percent from May to June. The price index for Atlanta is at its highest level since July 2010. The price index rose 3.3 in June in Chicago, bringing prices there to their highest level since October 2010. Prices rose 2.8 percent each in San Diego and Las Vegas, while prices were up 2.7 percent in San Francisco.

Prices have increase for 16 straight months in San Francisco to the highest level since February 2008. Prices in Las Vegas have increased for 15 straight months and are at their highest level since February 2009.

Prices were up 1.8 percent in Phoenix, the 21st straight month-over-month gain, and 2.3 percent in Los Angeles, the 16th consecutive monthly improvement.

Year-over-year the price gains were led by Las Vegas, where prices were up 24.9 percent since June 2012 and San Francisco, where prices rose 24.5 percent in the last 12 months. Those year-over-year price increases were followed by Los Angeles, up 19.9 percent, Phoenix, up 19.8 percent, and Atlanta, up 19.0 percent.

Despite the June improvement, the 10-city index is down 234 percent from its June 2006 high of 226.29, and the 20-city index is off 22.7 percent from its July 2006 peak of 206.52.

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Wells Fargo eliminates 2,300 mortgage jobs

Wells Fargo is cutting 2,300 jobs from in the mortgage production unit, the company said on Wednesday.

San Francisco-based Wells Fargo was the largest employer among U.S. banks at midyear with about 274,000 people. That figure jumped 4 percent from the previous year and was little changed from end of the first quarter.

The latest round of cuts brings the total number of jobs cut by the country’s largest mortgage lender to 3,000 since July.

The company expects the pace of mortgage lending to slow for the remainder of the year as higher interest rates cut into the demand for refinancing.

Applications for U.S. home loans fell for a second straight week as higher interest rates reduced refinancing activity, an industry group reported Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 4.6 percent in the week ended Aug. 16.

The decline came as 30-year mortgage rates rose 12 basis points to 4.68 percent, matching the year’s high first hit in July.

Banks May Ease Lending Standards Soon

With fewer home owners refinancing their mortgages because of rising interest rates, banks may soon relax their lending standards to ramp up business, according to the Mortgage Bankers Association.

Credit availability has risen 3 percent since May — when mortgage rates began to rise — according to an MBA survey. Refinances have fallen 59 percent from a year ago, but applications for home purchases have risen 5 percent.

In recent years, tight underwriting standards have been blamed on shutting out many people from the housing market. Many potential borrowers have been unable to meet requirements for higher credit scores and larger down payments in order to qualify for a loan.

“As volumes slow, it makes sense that originators might ease some of their overlays as they now have the additional bandwidth to focus on slightly lower-quality loans or those loans that require more intense underwriting prior to approval, such as loans for self-employed individuals or investors that own multiple homes,” Craig Strent, CEO of Maryland-based Apex Home Loans, told CNBC. “Competition for loans, particularly for home purchases, will continue to rise as refinances wane and originators look for continued loan volume to support the infrastructure they put in place during the recent refinance wave.”

SOURCE: Daily Realtor News

Mortgage Rates Could Go Up if Fannie and Freddie Are Shut Down

Homebuyers could feel the pinch if Congress follows through on plans to shut down Fannie Mae and Freddie Mac, the government-controlled mortgage guarantee giants that were rescued by a $187 billion taxpayer bailout during the financial crisis.

Borrowers would probably end up paying slightly higher mortgage rates under House and Senate bills that would phase out Fannie and Freddie over five years and shrink the government’s huge role in guaranteeing mortgage securities. Fannie and Freddie teetered under a crush of massive losses on risky mortgages before being bailed out.

The House Republican bill would virtually privatize the mortgage market. The Senate’s bipartisan plan envisions a continued but more limited government role in insuring mortgage securities. Supporters say that would keep mortgages available and affordable.

Congressional efforts to overhaul the nation’s mortgage finance system got a boost Tuesday from President Barack Obama’s call for changes that are generally in line with the Senate’s bipartisan plan.

30-year fixed-rate mortgages could become harder to find and more expensive for borrowers

“For too long these companies were allowed to make huge profits buying mortgages, knowing that if their bets went bad, taxpayers would be left holding the bag. It was ‘heads we win, tails you lose,’ and it was wrong,” Obama said. “The good news is right now there’s a bipartisan group of senators working to end Fannie and Freddie as we know them. And I support these kinds of reform efforts.”

The idea behind both plans is to shift more mortgage financing risk from the government to the private sector to prevent taxpayers from having to pay for future bailouts. But there’s a price homebuyers would likely pay for having private investors shoulder more risk to protect taxpayers.

“It will mean higher mortgage rates,” said Mark Zandi, chief economist at Moody’s Analytics. “The question is how much higher.”

30 year loans could become a thing of the pastTypical borrowers could pay about $75 per month in extra interest payments, about half a percentage point, on an average mortgage under the Senate proposal, Zandi estimated, and about $135 more under the House plan. That’s on a conforming loan of about $200,000 with the borrower providing a 20 percent down payment.

“You have to assume that almost in any future model being drafted, loans will be more expensive,” said David Stevens, CEO of the Mortgage Bankers Association and a former Obama administration housing official.

Most Democrats tend to favor a continued government role backstopping the mortgage market because they say it stabilizes the housing market. Many House Republicans, especially conservatives, want to end government involvement and let the free market rule. Given the split, the rival bills stand as opening markers in a long fight.

“We all agree that the system with Fannie and Freddie needs to be changed,” said Rep. Michael Capuano, D-Mass., ranking Democrat on the House Financial Services subcommittee on housing and insurance. “The real question is, do we reform it or kill it the way House Republicans want to.”

Rep. Maxine Waters, D-Calif., the ranking Democrat on the Financial Services Committee, said the vast majority of housing industry groups such as real estate agents, mortgage bankers and homebuilders support keeping a government role insuring mortgage securities.

House Republicans, led by the chairman of the House Financial Services Committee, Rep. Jeb Hensarling, R-Texas, say their bill to vastly reduce the government’s involvement in the mortgage finance system will be a boon to consumers, spurring competition and innovation in the private sector and giving borrowers more choices. They blame Fannie and Freddie for inflating the market before the housing crash, contributing to the boom-bust cycle.

Hensarling, in a statement Tuesday, said his plan “puts private capital at the center of the housing finance system, ends the bailout of Fannie Mae and Freddie Mac and sustains the 30-year fixed rate mortgage – all goals the president today says he supports.”

Hensarling’s bill recently cleared his committee without any Democratic votes and is expected to get a House vote in the next few months.

Housing advocates warn that if the government’s role is scaled back too far, mortgages could be pushed out of reach for people with lower credit scores and smaller savings for down payments.

They say 30-year fixed-rate mortgages, long a staple of the housing market, could become harder to find and more expensive for borrowers with modest incomes because lenders would be less willing to offer such longer-term loans without government guarantees.

“Those people are now going to be locked out of the system or many will end up paying a premium because of these changes,” said John Taylor, chief executive of the National Community Reinvestment Coalition, a housing advocacy group.

Fannie and Freddie own or guarantee nearly half of all U.S. mortgages and 90 percent of new ones. They buy mortgages from lenders, package them as bonds, guarantee them against default and sell them to investors. That helps banks get rid of risk from their balance sheets, freeing up more money to lend.

During the financial crisis, as house prices tanked and foreclosures surged, the government rescued Fannie and Freddie from a flood of defaults on risky loans the agencies had guaranteed, many aimed at providing affordable housing for lower-income borrowers.

Like many banks, the two companies had relaxed their standards on loans they bought or guaranteed during the boom. High-interest loans, some with low “teaser” rates, were given to risky borrowers.

Now under government control, Fannie and Freddie are hugely profitable, and thanks in large part to the housing recovery they’re pumping billions of dollars into the U.S. Treasury. Fannie and Freddie have paid the Treasury $132 billion, more than two-thirds of the bailout.

In the Democratic-controlled Senate, a bipartisan bill by Sens. Bob Corker, R-Tenn., and Mark Warner, D-Va., would gradually replace Fannie and Freddie over five years with a new agency having a more limited role insuring mortgage securities against catastrophic losses.

The bill would create a new Federal Mortgage Insurance Corp. that would provide backstop insurance available only after a substantial amount of private capital is used up. Investors would pay insurance fees to the corporation while agreeing to put a substantial amount of their own capital at risk.

The bill in the GOP-controlled House nearly eliminates the government’s role in the mortgage financing system. It would limit the Federal Housing Administration to insuring loans only for first-time and lower-income borrowers.


Case Shiller Indices Near 5 Year High

Home prices rose to their highest levels in almost five years in May, increasing 2.5 percent, according to the Case Shiller Home Price Indexes released Tuesday. The 20-city index was up 12.2 percent from a year earlier and the companion 10-city index was up 11.8 percent.

Economists had expected the 20-city index to increase 2.0 percent from April, a 12.3 percent annual improvement.

For the month, the 10-city index rose 2.5 percent and the 20-city index was up 2.4 percent.

All 20 cities included in the survey improved both month to month and year to year.

The two surveys have improved month-month and year-on-year for 12 consecutive months.

The 10-city index rose to its highest level since September 2008 and the 20-city index to its highest level since October 2008.

The home values found by Case Shiller continued to shrug off discounts in the sales of distressed properties. According to the National Association of Realtors distressed properties – foreclosures and short sales – accounted for 18 percent of home sales transactions in May – 11 percent foreclosures and seven percent short sales. Foreclosures, the NAR said, sold for an average discount of 15 percent below market value, while short sales were discounted 12 percent.

The home values improved too despite higher mortgage rates which could have both a positive and negative impact: rising rates themselves might bring prices down as buyers look for affordable monthly payments, but also increase demand as buyers try to lock in rates before further increases. The increased demand against weak inventories would send prices up.

The NAR reported the median price of an existing single family home rose 5.9 percent in May, an annual gain of 12.6 percent. The monthly Case-Shiller Home Price Indices use the “repeat sales method” of index calculation which includes data on properties that have sold at least twice, in order to capture the appreciated value of each specific sales unit, according to the description of the index on the S&P website.

While good news for home sellers, the continued sharp increases – the indices have shown double-digit year-year increases for three months in a row — are likely to revive concerns of a growing housing bubble.

The Case Shiller indices have gone up for six straight months and 12 times in the last 14; each index dipped last October and November.

Overall, the 10-city index rose to 169.69, its highest level since September 2008 when it was 173.35 while the 20-city index improved to 156.14, the highest level since October 2008 when it was 158.09. The index values in fall 2008 though were continuing to decline while the indices reported Tuesday reflect a market on the rise.

The month-month increases were led by San Francisco where prices rose 4.3 percent, the 15th straight month of price increases in that city. Prices rose more than three percent in May in four other cities: Chicago, up 3.7 percent, Atlanta up 3.4 percent and San Diego and Seattle where prices rose 3.1 percent.

Prices have improved for 20 straight months in Phoenix, 15 straight months in Los Angeles and 14 straight months in Las Vegas.

Year-year the price gains were led by San Francisco where prices rose 24.5 percent since May 2012, followed by Las Vegas, up 23.2 percent, Phoenix, up 20.6 percent and Atlanta, up 20.1 percent. Eight other cities – Detroit, Los Angeles, Miami, Minneapolis, Portland, San Diego, Seattle and Tampa – recorded double-digit year-year price gains.

Despite the May improvement, the 10-city index is down 25.0 percent from its June 2006 high of 226.29 and the 20-city index is off 24.4 percent from its July 2006 peak of 206.52.

Bank of America Sells Idaho Bank Branches

Bank of America Sells Idaho Bank BranchesSeattle-based Washington Federal is acquiring 51 Bank of America branches in eastern Washington, Oregon, Idaho and New Mexico.

The company announced the move Friday with its earnings report and also said it has completed its conversion to a national bank charter.

The acquisitions will give Washington Federal a total of 236 branches. The additions:

Washington: Clarkston, Cle Elum, Chelan, Chewelah, Colfax, Colville, Dayton, Deer Park, Leavenworth, Moses Lake, Newport, Odessa, Omak, Pullman, Quincy, Republic, Walla Walla and two in Wenatchee.

Idaho: Four in Boise, Gooding, Hailey, Idaho Falls, Ketchum, Nampa, Osburn, Payette, Pocatello, Salmon, Sandpoint and Twin Falls.

Oregon: Hermiston, Hood River, La Grande, Milton-Freewater, Ontario and The Dalles.

New Mexico: Angel Fire, Chama, two in Clovis, Espanola, Hobbs, Raton, Roswell, two in Silver City, and Socorro.

Bank of America put the branches up for sale earlier this year as part of its sweeping restructuring. Washington Federal has been looking for opportunities to grow through acquisitions in states where it already has branches, including Oregon, Idaho and New Mexico.

KTVB talked to the Chief Executive Officer of Washington Federal, Roy Whitehead about what this means for Bank of America customers in the Treasure Valley.

Whitehead said that there will be a period of a few months, when it’s businesses as usual while the two banks gets ready for the conversion. Then in late 2013, new debit cards and checks will be sent to existing customers. Online banking accounts will also move over to Washington Federal’s online banking system.

Customers will be getting information in the mail about the merger, which Whiteheads urges customers to read the information very carefully so there is no confusion about the acquisition.

Whitehead also goes onto say that credit cards issued by Bank of America will not be affected by the acquisition.

SOURCE: KTVB and Seattle Times

CNBC: Idaho Ranks 10th For Best In Business

Idaho is ranked Number 5 regarding being Business FriendlyWe scored all 50 states on 51 measures of competitiveness developed with input from business groups including the National Association of Manufacturers and the Council on Competitiveness.

Idaho Ranked #3 For Most Affordable Cost of Living

States received points based on their rankings in each metric. Then, we separated those metrics into ten broad categories, weighting the categories based on how frequently they are cited in state economic development marketing materials. That way, our study ranks the states based on the criteria they use to sell themselves.

▼Overall Rank ▼State ▼Cost of Doing Business ▼Economy ▼Infrastructure ▼Workforce ▼Quality of Life ▼Technology & Innovation ▼Business Friendliness ▼Education ▼Cost of Living ▼Access to Capital
1 South Dakota 1 6 19 11 7 48 2 30 26 39
2 Texas 35 1 1 11 41 2 20 10 9 3
3 North Dakota 12 2 2 8 5 46 6 36 30 29
4 Nebraska 10 4 16 23 4 36 3 30 5 39
5 Utah 21 10 21 19 21 23 4 39 11 7
5 Virginia 38 10 21 6 18 12 6 8 20 13
7 Colorado 37 7 23 10 15 8 17 15 32 11
8 Georgia 28 19 18 1 32 17 14 8 14 5
9 Wyoming 9 15 9 16 11 47 8 20 27 39
10 Idaho 7 31 20 14 16 37 5 33 3 39
11 Iowa 13 5 28 40 14 30 9 15 16 31
12 North Carolina 32 13 31 3 30 10 18 15 20 15
13 Tennessee 14 9 2 5 49 25 18 45 2 27
14 Kansas 27 21 4 17 24 29 12 15 7 35
15 Minnesota 39 10 8 32 3 18 15 23 34 17
16 Massachusetts 47 3 40 28 13 7 21 7 43 1
17 Oregon 36 16 13 39 8 14 25 26 38 11
18 Indiana 26 32 5 27 39 24 10 13 6 25
19 Montana 5 19 12 34 12 40 43 23 30 39
20 Arizona 31 43 10 2 29 19 16 49 35 33
21 Washington 44 24 31 24 10 4 23 28 36 7
22 Wisconsin 28 34 17 40 19 19 24 13 28 21
23 South Carolina 8 35 15 9 41 26 34 36 19 19
24 Arkansas 4 18 34 7 40 38 43 15 7 37
25 Oklahoma 2 24 25 25 45 35 28 48 1 37
26 Missouri 19 17 5 48 47 22 29 20 11 23
27 New Hampshire 18 43 45 33 9 27 13 2 40 15
28 Ohio 23 22 11 47 44 16 33 12 14 17
29 Michigan 33 26 25 15 43 12 32 32 18 23
30 Florida 40 38 29 4 28 11 35 28 29 27
31 Delaware 24 27 39 30 34 39 1 34 37 14
32 Vermont 22 8 48 49 2 40 31 11 41 31
33 Alabama 6 40 27 25 45 34 37 36 13 39
33 New Mexico 15 30 23 38 26 32 47 46 25 29
35 New York 49 14 42 45 22 1 30 2 47 3
36 Kentucky 17 42 14 31 38 31 37 43 3 39
37 Illinois 44 45 5 29 30 5 36 22 23 25
38 Maine 16 46 44 43 5 32 27 27 39 33
39 Pennsylvania 44 29 33 44 33 5 41 6 33 5
40 Maryland 41 33 46 20 25 9 45 2 42 9
41 Mississippi 3 47 36 18 37 44 49 47 10 39
42 New Jersey 42 48 43 21 23 15 41 1 46 9
43 Louisiana 10 35 41 22 50 28 39 40 20 35
44 Alaska 25 23 38 36 35 50 10 35 49 39
45 Connecticut 43 39 49 37 17 21 26 5 48 19
46 Nevada 30 50 30 13 47 42 22 50 17 39
47 California 50 35 34 34 27 2 48 43 45 1
48 West Virginia 19 27 37 50 36 49 50 42 24 39
49 Rhode Island 34 49 47 42 20 42 46 23 44 21
50 Hawaii 48 41 50 45 1 45 40 40 50 39

Idaho is ranked #3 as most affordable cost of living

Mortgage Rates Poised to Jolt Up Again

Treasury Yield Post Large JumpWith the government reporting surprisingly good jobs news on Friday, the 10-year Treasury yield posted a large jump, signaling that mortgage rates may see yet another jolt higher in coming days.

The 10-year Treasury yield rose almost one-quarter of a percentage point to 2.74% on Friday. The last time there was a similar-sized jump up was in August 2011. Weekly mortgage rates, which trend in the same direction as Treasury yields, recently pulled back. But given Friday’s yield surge, this Thursday’s weekly mortgage-rate report from federally controlled mortgage buyer Freddie Mac could show a large gain.

Conventional 30yr Fixed  best-execution rates moved forcefully into 4.75% territory, with some lenders at 4.875%.  That means that any rate quoted on Wednesday would be roughly 0.375% higher today

The average rate on the 30-year fixed rate mortgage hit a trough of 3.35% in early May, according to Freddie Mac FMCC . Since then, the rate has increased almost one full percentage point, though levels remain relatively low.

Rising mortgage rates will make home-buying more expensive, and some buyers will have to scale back purchase plans. Goldman Sachs analysts estimated that recent mortgage-rate gains mean that for a median-priced single-family home, which costs about $200,000, borrowers who put down 20% face an increase of about $100 in their monthly mortgage payments.

Loan Originator Perspectives

” If you are choosing to float your mortgage lock in this market you definitely taking a gamble as today’s market reaction has proven. Weigh your risks vs potential gains carefully. You can’t lose with locking in and securing your loan terms. ” -Kenneth Crute Branch Manager Prime Mortgage Lending Inc

“If there was any doubt over the future direction of rates, today’s MBS reaction to June’s jobs report obliterated it. We’ve lost the most ground in one day EVER, and best execution rates may be in the 5’s soon. It’s impossible to overstate the magnitude of MBS losses in the past 2 months, and anyone who was floating a loan is in for a rude awakening when they look at current pricing.” -Ted Rood, Senior Originator, Wintrust

Mortgage News Daily, which closely tracks the market, described Friday as “among the worst days in mortgage rate history,” and said some lenders’ rates rose as high as 4.875%.

SOURCE: Wall Street Journal & Mortgage Daily News

Lead Generation

Market Statistics

  • 12.54,12.74,11.73,10.7,9.6,9.29,9.02,8.54,8.22,7.85,7.76,8.74

Information is deemed to be reliable, but is not guaranteed. © 2018