MORTGAGE INTEREST RATE LOCK ADVISORY
October 13, 2014, 8:00 AM PST
The Bond Market is closed today in observance of Columbus day.
There will be no live MBS pricing until Tuesday
LOCK ADVISORY
- 1-6 Day Close: LOCK After recent large rate improvement
- 7-15 Day Close: FLOAT With Caution
- 16-30 Day Close: LOCK
- The price for 3.50% Mortgage Loans based on MBS is currently up 0.03 point.
MORTGAGE MARKET INDICATORS
- FHLMC Weekly Average:30-Yr Fixed Mortgage Rate, down 0.07% at 4.12% on 10-9-14
- MBS (3.5%) - Closed Friday 103.2, High: 103.22, Low: 103
- DJI Stocks currently $16,528.13, Down $15.97, Change -0.097%
- Asian & European Stock Market Indexes changed -0.36%
- Crude Oil (WTI) Currently $84.53 - Change -1.5%
- Gold 1 Ounce - $1,228.29
MORTGAGE AND REAL ESTATE NEWS
Economy On More Solid Ground, Housing May Soon Follow
Author: Brian Honea Now that the overall economy is on more solid ground economists suggest that housing may soon follow in its footsteps, according to Wells Fargo's Housing Chartbook for October 2014 released on Thursday.
The second quarter real GDP growth was recently revised to a higher annualized rate of 4.6 percent, and the unemployment rate has fallen below 6 percent for the first time since 2008. Data on consumer spending and employment for the third quarter suggests that the economy will close out 2014 on a high note, according to Wells Fargo. The economists indicated in the report that they believe real GDP growth will average 3 percent per annum for the next two years. >>Read More DS News
Now the CFPB is after Mini-Correspondent Lenders
The federal Consumer Financial Protection Bureau (CFPB) has focused recently on mini-correspondent lenders. Mini-correspondents are a type of small mortgage banker that close loans in their own name. Once closed, they sell the mortgage to a larger lender and generally don't have a net worth high enough to hold onto the loans.
In July, the CFPB said it's "concerned that some mortgage brokers may be shifting to the mini-correspondent model under the mistaken belief that identifying themselves as such would automatically exempt them from important consumer protection rules affecting broker compensation."
CFPB is considering more changes to the mini-correspondent business model, but that led the National Association of Realtors (NAR) to send a letter to CFPB Director Richard Cordray asking the agency not to eliminate "mini-correspondent" lending altogether.
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