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The Department of Veterans Affairs previously released a deadline with some leeway for a transition from a voluntary foreclosure suspension into a new loss mitigation program, where appropriate; but trade groups still want more time.

The Housing Policy Council and Mortgage Bankers Association in a letter released late last week asked for the VA to “extend the mandatory compliance date beyond Oct. 1” citing a need for more guidance related to the Veterans Affairs Servicing Purchase program.

The two groups specifically called for more direction “around loss mitigation and servicing transfers” as “critical components of the work that remains to prepare the program for implementation.” 

They’re also awaiting a response to a request for regular meetings with the VA as part of the process.

Once those steps are in place, implementation could take six months, the trade groups said.

The VA said that it has been and will continue to work closely with the industry as it has throughout the development of the program, which allows the department to purchase defaulted loans from servicers, modify them and place the mortgages in its portfolio to prevent foreclosures.
 

“VA was present at numerous industry events, to include those held by the Mortgage Bankers Association, to discuss the upcoming VASP program. The goal of our efforts and external communications has been to provide transparency while creating an affordable alternative to foreclosure that benefits veterans, the Federal government and the taxpayer. Many program improvements to VASP were informed by those valued discussions,” the department said in an emailed statement.

Around 40,000 veterans have been affected by the discontinuation of a temporary partial-claim program from the pandemic in October 2022. These distressed borrowers have been awaiting VASP’s setup as the successor to the partial claim.

The VA wants mortgage servicers to be responsible for identifying borrowers eligible for the program, making them central players in its implementation.

Servicers will “try to implement VASP as soon as possible,” even though they have the aforementioned reservations about the timeline, according to the two groups. They support “an extension of the voluntary foreclosure moratorium to align with the effective date.”

“VA will continue to work with the industry, to include training and discussions, to address any questions regarding implementation,” the department said. “Please note, although VA is available to take VASP loans on May 31, servicers have until Oct. 1 to comply.  We expect servicers to explore all options for home retention prior to foreclosure, to include VASP. This could mean placing a loan in a special forbearance until the servicer can submit the loan for VASP consideration.

“We look forward to our continued work with industry partners and have confidence in them to deliver VASP to eligible Veterans.”

Meanwhile, the nature of the VA’s partial guarantee persists as an issue that complicates its efforts to provide manageable foreclosure prevention, the Housing Policy Council added in a separate letter to two senators.

In the letter to Democratic Sen. Jon Tester of Montana and Republican Sen. Jerry Moran of Kansas, HPC asked for more to be done to address the issue in the Veterans Housing Stability Act of 2024, a bill introduced earlier this year. 

Tester is the chairman of the Senate Committee on Veterans Affairs. Moran is the ranking member of that committee.

The council showed concern that the current bill’s proposal to restore the partial claim used in the pandemic runs into an issue the VA cited in originally discontinuing it: it introduces “additional VA risk exposure” that “is not budget neutral.”

The department has said VASP “will result in a government subsidy reduction of approximately $1.5 billion from 2024 to 2033 because it’ll cost less to purchase loans through the program than it would to go through the foreclosure process.

The HPC suggested a measure in the bill that could “make the VA’s powers more like those of the Federal Housing Administration” might address issues resulting from the former’s 25% guarantee

However, the council acknowledged the two are far different due to the FHA’s 100% insurance, which makes doing this challenging.

VASP, while different in structure and implementation from the administration’s new payment-supplemental partial claim, has a similar goal to address difficulty modifying loans for affordability purposes given differences in current and originated mortgage rates.

Something needs to be done to change the current approach because the current delay in the foreclosure process “increases a veteran’s indebtedness, adds to VA’s mortgage credit risk, and imposes a liquidity burden on servicers,” the council said.

Source: nationalmortgagenews.com

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The theme of “waiting” amid an empty calendar will be played out by the end of the week (if it’s not already played out from most of the past year spent waiting for only a handful of key events each month). Despite a few scattered events on today’s calendar, none of them are worth any significant potential volatility for bonds.  Without big ticket data, other considerations become a bit more visible in terms of their impact on trading levels.  In today’s case, it’s the return of European markets after a 3 day weekend.  Weaker PMI data in Europe helped bonds overnight and US traders have added to the gains in the first few hours.

In the slightly bigger picture, however, we see that it requires a microscope to draw any conclusions from this morning’s movement and its relationship to the present trend.

Also recall yesterday’s commentary regarding the range set by the April 10th CPI reaction, and the assertion that this would be a logical place to wait for the next CPI release.  Against this backdrop, this morning’s moderate improvement only brings bonds closer to the center of that range.

Source: mortgagenewsdaily.com

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Americans are in limbo about where the housing market could go next, but they are resolute about the conditions for buying right now.

Nearly 80% of Americans think it’s a bad time to buy a house, according to the Fannie Mae Home Purchase Sentiment Index (HPSI), a survey gauging homebuying and selling confidence. The index stayed flat in April compared to the previous month as consumers adjust to elevated mortgage rates that show little promise of easing. The average rate on a 30-year loan stood at 7.22% last week. Consumer confidence is still up 8% year over year.

In addition, fewer Americans believe mortgage rates will decline over the next 12 months, sidelining buyers awaiting affordability improvement.

“Housing sentiment increased from November through February, driven largely by consumer belief that mortgage rates would move lower,” said Doug Duncan, Fannie Mae senior vice president and chief economist. “However, recent data showing stickier-than-expected inflation, rising mortgage rates, and continued home price appreciation appear to have given consumers pause regarding the market’s direction.”

Waning expectations of a rate drop are becoming a common trend.

In the latest survey, only about 1 in 4 Americans believed rates would drop over the next 12 months, a decline from nearly 1 in 3 a month prior. In comparison, at the beginning of the year, almost 40% of survey respondents said they expected rates to fall.

“[Strong economic and job market data] will keep mortgage rates at elevated levels for the near future, sidelining some prospective buyers from entering the housing market,” said Edward Seiler, Mortgage Bankers Association’s (MBA) associate vice president.

With rates hovering around 7% for a 30-year loan over the last few months, monthly mortgage costs have risen. The national median payment rose past $2,200 in March from $2,184 in February, according to the MBA. Payments could become even more expensive going forward as average 30-year loan rates surpassed 7% over the last three weeks, with no signs of falling.

Read more: Mortgage rates top 7% — is this a good time to buy a house?

Contrasting homebuyers’ woes, an increasing number of Americans think now is a good time to sell. The share of survey respondents confident in selling reached nearly 70% in April, up from 60% at the beginning of the year and 62% in the same month last year.

Home sellers’ growing optimism could be attributed to the continual growth in home prices nationwide. The latest national housing price index gained 6.4% in February, according to the S&P CoreLogic Case-Shiller US National Home Price.

“As interest rates go up, people’s purchasing power goes down, and thus, so should home prices. But that hasn’t happened in this latest correction cycle,” Jon Grauman, founder of Grauman Rosenfeld, a real estate firm in Los Angeles, told Yahoo Finance.

Only about 1 in 4 Americans believed rates would drop over the next 12 months, a decline from nearly 1 in 3 a month prior. (JUSTIN TALLIS via Getty Images)

Consumers are braced for high prices — more than 40% of Fannie Mae’s survey participants expect home prices to increase over the next 12 months, compared to 37% earlier this year.

“We think consumers’ generally improved sense of home-selling conditions bodes well for listings and housing activity, particularly for the segment of the population who may need to move for lifestyle reasons and have already begun adjusting their financial expectations to the current mortgage rate and price environment,” Duncan said.

Correction: A previous version of this article listed the incorrect firm name for Grauman Rosenfeld. We regret the error.

Rebecca Chen is a reporter for Yahoo Finance and previously worked as an investment tax certified public accountant (CPA).

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Source: finance.yahoo.com

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It was an action-packed week for the housing and mortgage market. Wednesday’s Fed announcement was the highlight, but we also got several economic reports that caused rate volatility. Thankfully, it was mostly the good kind.

The week got off to a slightly stronger start with Monday’s only major rate news being updated borrowing estimates from the Treasury Department.  Why would such a thing matter? 

Treasuries largely dictate day to day interest rate momentum in the U.S. because they are abundant, simple, and as close to risk-free as it gets.  As such, Treasuries are the universal yardstick for all other debt in the U.S., including MBS, the mortgage-backed securities that have the most direct impact on mortgage rates.  This is why Treasury yields and mortgage rates correlate so well over time.

Treasuries can take cues from several sources.  One of the biggest is the change in the outright level of supply.  In other words, how much more debt is the U.S. government issuing in the upcoming quarter?  If that number is higher than expected, it puts upward pressure on rates. Monday’s news from Treasury was fairly palatable and roughly in line with market expectations, which allowed rates to stay steady.

Things changed on Tuesday when the Employment Cost Index (ECI) data came out.  This is one of several reports that the Fed has mentioned as being important to the rate outlook recently.  Higher numbers mean higher rates, all other things being equal.  This week’s installment showed Q1 costs at 1.2, up from 0.9 in Q4 and well above the market consensus of 1.0.  Rates hit the highest levels of the week as a result, both in terms of Treasury yields and mortgage rates.

Things changed on Wednesday. The morning economic data did no harm, but didn’t necessarily deserve much credit for turning things around.  Those honors went to the Fed Announcement in the afternoon–specifically: Fed Chair Powell’s press conference.

Markets already knew the Fed wouldn’t change rates at this meeting, so the focus was likely to be on Powell anyway.  Expectations were more varied as to how he might address the recent inflation data, but we knew he’d have to be less convinced than last time when it comes to 2024 rate cut prospects.

Unsurprisingly, Powell acknowledged that what had looked like one month of noise earlier in the year was now an undeniable and unwelcome shift in progress toward lower inflation.  Nonetheless, he expects progress to get back on track in the coming months and for the Fed’s next move to be a cut instead of a hike. 

Markets also appreciated his clarification on political matters. Many analysts have suggested the Fed won’t be able to cut rates until December because it risks looking like a political move if it happens before November’s election.  But Powell was clear in saying the Fed would take whatever monetary policy action it deemed appropriate whenever the data suggested it.  In other words, if inflation were to begin falling in a more meaningful way in the next several months and if the economy began to falter, we would not have to wait several more months for the Fed to deliver some rate relief.

With that, momentum had shifted in favor of lower rates for the week.  There was some follow-through on Thursday, but even better gains on Friday after the latest monthly jobs report came out weaker than expected. Job creation fell to its lowest level since October, and that’s in line with the lowest since covid lockdowns.  It was also well below the forecast consensus (175k versus 243k).

Historically, 175k is a solid number, but everything’s relative.  Rates typically fall when the job count undershoots the forecast by that much and Friday was no exception.  10yr Treasury yields and mortgage rates ended the week at the lowest levels since April 9th. Traders further lowered their outlook for the end-of-year Fed Funds Rate, once again pricing in at least one full cut this year.

On the housing data front, the week’s most notable releases were the two leading national price indices from FHFA and Case Shiller.  Both were much higher than forecast for the month of February, showing annual growth of 7.0% and 7.3% respectively.

From here, the calendar is comparatively much more quiet until the biggest economic report of the month on April 15: the Consumer Price Index (CPI).  This is the broad inflation index that has been at the scene of many crimes against the world of interest rates.  Reactions have been big enough that it’s not uncommon to see rate momentum fizzle sideways as traders wait for the next inflationary shoe to drop.

Source: mortgagenewsdaily.com

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What the Fed’s Moves Mean for Mortgages, Credit Cards and More

Higher rates benefit those who can save, but for borrowers falling rates would reduce bills on credit cards, home equity loans and other forms of debt.

The average 30-year mortgage rate was 6.74 percent as of March 14.Credit…Amanda Lucier for The New York Times

  • May 1, 2024

American households who were hoping interest rates would soon decline will have to wait a bit longer.

The Federal Reserve kept its benchmark interest rate unchanged on Wednesday, noting that progress on cooling inflation had stalled.

The central bank has raised its key interest rate to 5.33 percent from near zero in a series of increases between March 2022 and last summer, and they’ve remained unchanged since then. The goal was to tamp down inflation, which has cooled considerably, but is still higher than the Fed would like, suggesting that interest rates could remain high for longer than previously expected.

For people with money stashed away in higher-yielding savings accounts, a continuation of elevated rates translates into more interest earnings. But for people saddled with high cost credit card debt, or aspiring homeowners who have been sidelined by higher interest rates, a lower-rate environment can’t come soon enough.

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Source: nytimes.com

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Counterintuitive Rally And Asymmetric Risk

By:
Matthew Graham

Thu, May 2 2024, 4:26 PM

Counterintuitive Rally And Asymmetric Risk

Bonds began the day in slightly stronger territory and managed to hold the gains after the early economic data which consisted of unfriendly readings in Challenger layoffs, Jobless Claims, and Q1 Unit Labor Costs.  All three spoke to ongoing labor market strength with the latter adding some inflationary fuel to the fire.  But the bond market is apparently tired of reacting to the alarming data from Q1 and March.  Instead, the perfect adherence to previously established technical levels (4.64 and 4.57 in terms of the 10yr) suggests intraday volatility was a factor of positioning and short-covering ahead of Friday’s jobs report.  There is some asymmetric risk potential on Friday considering how unfazed bonds seem to be by yet another unfriendly report (with the implication being a greater willingness to chase the bid on a downbeat jobs number). Just remember, the previous sentence tells us nothing about the direction of trading–only probable magnitude.

    • Jobless Claims
      • 208k vs 212k f’cast, 208k prev
    • Continued Claims
      • 1774k vs 1800k f’cast, 1774k prev

08:34 AM

10yr up from 4.592 overnight lows to 4.621 (still down 1.3bps on the day).  MBS are still up an eighth of a point, but down 2 ticks (.06) from the highs.

12:37 PM

Some weakness into the 9am hour, but now at the best levels of the day.  10yr down 4bps at 4.593.  MBS up just over a quarter point.

03:18 PM

Flat at best levels.  MBS up nearly 3/8ths and 10yr down 5.6bps at 4.578

 Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.

Source: mortgagenewsdaily.com

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With the Federal Reserve meeting again this week, many homebuyers are wondering about the future of mortgage interest rates.

Getty Images


All eyes will once again turn to the Federal Reserve this week as they meet to discuss the next steps with interest rates and economic policy. Specifically, will they raise rates above their current 23-year high? Or will they keep them steady following a series of disappointing inflation reports at the start of 2024? After all, rate cuts that seemed promising at the beginning of the year now seem off the table, possibly for the rest of the year. 

And while the Fed doesn’t directly dictate rates for loans like mortgages, personal loans and other borrowing products, what they ultimately decide will greatly affect what rate lenders are willing to offer. Homebuyers will then follow this week’s meeting carefully. After coping with the highest mortgage rates since 2000, buyers are looking for relief — or signs of rate relief to come. 

To that point, many are wondering if mortgage rates will rise after this week’s Fed meeting. That’s what we will break down below.

See what mortgage rate you could lock in before a potential increase here now.

Will mortgage rates rise after this week’s Fed meeting?

While no one knows with certainty what will happen after the Fed meeting, set for April 30 and May 1, the chances of a rate cut are minimal. Thanks to sticky inflation and a target inflation rate goal of 2%, more work must be done (the current inflation rate is 3.5%). So rate cuts look out for this week. While a rate hike is possible, it’s also unlikely to happen until more data about the fight against inflation becomes available. 

With those scenarios accounted for, then, it’s likely that the Fed will keep its benchmark interest rate unchanged at a range between 5.25% and 5.50%. But what will that mean for mortgage rates? 

It won’t be particularly positive. While a rate pause is better than a rate hike, even a hint at an extended pause — or the potential for rate hikes in the months to come — could cause mortgage rates to rise in anticipation. So what Fed chairman Jerome Powell says this week will go a long way toward cooling rates — or making them rise further. However, if homebuyers were hoping for a rate cut, as some were predicting at the end of 2023, that’s not likely to happen, at least for now.

See what mortgage rate you could secure before the Fed announces its rate decision.

How to get a lower mortgage rate now

While the sub-3% mortgage rates of 2020 are unlikely to return anytime soon (or ever again), that doesn’t mean homebuyers still can’t get a lower mortgage rate now. It will just require a bit more work and strategic planning. Here are three ways buyers can get a lower mortgage rate now:

  • Buy mortgage points: Mortgage points can potentially help you secure a rate half a percentage point or lower than average. By paying points (or a fee) to a lender at closing (or by having it rolled into your overall mortgage loan), you can potentially save hundreds of dollars each month with a lower rate. That said, the amount of points you can typically buy will be limited and will vary from lender to lender. 
  • Get an adjustable-rate mortgage: An adjustable-rate mortgage (ARM) works as it sounds. It’s a mortgage in which the rate will adjust over time, typically starting at a below-average rate before rising after a predetermined period has concluded. That said, it’s important to crunch the savings here before acting because when the rate does adjust, it could become costly for many buyers. 
  • Shop around: While you’re unlikely to find one mortgage lender that offers a rate a full point lower than another, you can, potentially, find one that offers a slightly lower rate than others. And in today’s rate climate, every basis point counts. So shop around for lenders to find one offering the best rates and terms (and be sure to compare fees and closing costs, too, to ensure that the lower rate won’t be canceled out by fees paid elsewhere).

The bottom line

The strong potential for mortgage rates to rise again this week, even if the Fed keeps rates unchanged, could be a motivating factor for buyers to lock in a rate now. That said, there are still effective ways to get a below-average rate, ranging from buying mortgage points to adjustable-rate mortgages to simply shopping around for the best rates and terms. None of these strategies will bring back the record-low mortgage rates of recent years, but they are all worth carefully considering until the Fed finally starts cutting rates again. 

Matt Richardson

Matt Richardson is the managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance.

Source: cbsnews.com

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The bond market–which dictates interest rates–had a generally favorable response to yesterday’s update from the Federal Reserve.  While the Fed didn’t cut rates, and while they’re increasingly acknowledging that rate cuts are moving farther into the future, they still think data will evolve in a way that results in the next move being a cut as opposed to a hike.

Positive momentum continued today, in spite of several economic reports that argued the opposite case.  Had these reports been top tier market movers, the counterintuitive victory would have been highly unlikely.

Friday is a different sort of day in terms of economic data.  The big monthly jobs report is in a league of its own when it comes to labor market data, and while it may not currently be the most important report on any given month, it’s a consistent 2nd place behind CPI.  After the jobs report, we’ll get a strong 2nd tier contender in the form of ISM’s service sector index.  

These two reports have the power to accelerate or reverse the friendly tone seen in rates over the past 2 days.  As for today, the average lender inched just barely to the lowest levels since April 12th.  This wasn’t the case in the first half of the day, but as bonds improved, many lenders were able to issue mid-day reprices. 

Source: mortgagenewsdaily.com

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Higher interest rates are increasing pressure on homebuyers who are already facing a challenging housing market. Many would-be buyers are understandably putting purchasing plans on hold, but there are no signs mortgage rates will drop significantly in the near future, and there are some sensible steps to take if you want to become a homeowner soon.

Mortgage rates surged past 7% for the first time this year on April 18 and continued to climb last week. According to Freddie Mac’s benchmark survey, the rate on a 30-year, fixed-rate loan is averaging 7.17% — more than half a percentage point higher than at the start of the year. And the upward trend may not be over.

Len Kiefer, Freddie Mac’s deputy chief economist, says it’s hard to predict just how much higher rates could rise, given the volatility in the market. A lot depends on data regarding inflation, which is proving to be stickier than everyone hoped for, and market expectations as to when the Federal Reserve will start cutting short-term interest rates.

“Given the current [economic] trajectory we’re on, it’s looking like there’s still some upward momentum,” Kiefer says. “In the very near term, we’ll probably see these rates be at the current level or a little bit higher.”

How much higher could mortgage rates go?

Most early-year forecasts predicted that mortgage rates would start moving in a slow downward trend throughout the year. While those outlooks seemed to be on the money during the first two months of the year, the opposite has been true in recent months.

According to Bob Smith, head of real estate for Advisor Credit Exchange, for at least the remainder of the year, “Rates are going to be bounded in a range . . . probably in the 6%s, low 7%s.”

It’s unclear when inflation will finally be under control, meaning mortgage rates will probably remain volatile for a while before settling down.

In the long term, Kiefer and Smith see inflationary pressures easing later this year. That should help nudge mortgage rates lower — just “not as much as we had thought,” Kiefer says.

Impact on homebuyers, sellers and the housing market

High mortgage rates are hitting buyers right in the middle of the spring buying season. According to Freddie Mac, about 36% of all home sales take place between March and June, making these months the busiest time in the housing market.

Elevated mortgage rates, combined with high home prices and a lack of enough inventory to meet buyer demand, have led to record-high monthly payments. Homeowners insurance costs are at all-time highs as well, up 20% in the past year. These factors are pushing many would-be buyers to put their plans on hold. According to a report by BMO Financial Group, 71% of would-be homebuyers are waiting for rates to drop before buying a house.

Potential home sellers are also feeling the crunch, especially those who bought when rates were much lower. The cost of obtaining a new mortgage at a higher rate is keeping owners locked into their homes.

Despite the challenges, buyers shouldn’t panic. “Rates are, for a large part, temporary. At some point, [they] will go down,” says Scott Bridges, chief CDL production officer at lender Pennymac.

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How buyers can cope with high mortgage rates

Instead of worrying about things that are out of your control, it’s best to focus on the fundamentals of homebuying to see if purchasing a home right now is the right move (regardless of the rate). Here’s what you can do:

Take care of your credit score.

Check your credit score and try to improve it while you’re shopping for a home. Buyers with better credit generally have access to lower mortgage rates. On the other hand, taking on extra debt during this time will reduce your score as well as your debt-to-income ratio, which will cause lenders to offer a higher interest rate on a mortgage. “When rates are higher, every bit of debt counts,” says Bridges.

Be prepared to negotiate.

Higher mortgage rates could move some buyers out of the market, which means more opportunities and less competition for those who can afford to buy. Don’t be afraid to lowball a little bit. With fewer buyers, you may be able to negotiate a lower price or concessions with a motivated seller.

Cast a wider net to find a home.

Ideally, you’ll find a move-in ready home that fits your budget. The reality is that homes requiring little to no work attract a lot of attention and you may find yourself in a bidding war. Don’t be afraid to look for homes that may need some TLC. The asking price is likely more negotiable, and you may find you can use the money you save to fix up the home to your taste.

Know how much house you can afford.

Set a budget you’re comfortable with. Use a housing affordability calculator to get an estimate of how much you can pay towards a home purchase. You can also get loan estimates from several different lenders to find the best rates and loan terms. And remember, the maximum amount a lender is willing to lend isn’t necessarily what you should spend on a home. Set a lower budget if it makes better financial sense or if you want to have some wiggle room if you have to compete against other buyers.

Don’t rush.

A house is likely the most amount of money you’ll ever spend. Bridges says that homebuyers typically make mistakes when they rush the process. Take the time to inspect the property and ask to see a home appraisal. Make sure it’s the right fit for your needs at the right price for you.

“Try to do things patiently,” says Bridges. “Don’t overpay, and don’t panic.”

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Source: money.com

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Bonds Hold On to NFP-Driven Gains Despite Some Push-Back

By:
Matthew Graham

Fri, May 3 2024, 5:18 PM

Bonds Hold On to NFP-Driven Gains Despite Some Push-Back

Whether you view it as a perfectly logical reaction to NFP coming in at 175k vs 243k or a bit too much of a rally relative to the motivation, no one could argue that bond yields were destined to drop after seeing this morning’s jobs report.  But employment data is only worth so much these days.  The main event continues to be inflation and we were reminded of that with the 10am ISM Services data.  The ISM headline was actually rate friendly, but the inflation component was the bigger mover, and it was not friendly.  Bonds lost almost all of their post-NFP gains in response, but managed to level off in the PM hours.  Combined with the 2 previous days of green, the net effect is the best closing levels since April 9th.

    • Nonfarm Payrolls
      • 175k vs 243k f’cast, 315k prev
    • Unemployment Rate
      • 3.9 vs 3.8 f’cast/prev
    • Wages
      • 0.2 vs 0.3 f’cast, 0.3 prev
    • ISM Non Manufacturing
      • 49.4 vs 52.0 f’cast, 51.4 prev
    • ISM Prices
      • 59.2 vs 55.0 f’cast, 53.4 prev

08:43 AM

Modestly stronger overnight with additional gains after NFP data.  10yr down 8bps at 4.50, and MBS up 3/8ths

10:15 AM

losing some ground after ISM.  MBS still up 11 ticks (.34) and 10yr down 5.3bps at 4.526

02:16 PM

gradually bouncing back and now sideways in the middle of the post-NFP range.  MBS up 3/8ths.  10yr down 7.3bps at 4.507

04:49 PM

Very flat since noon with MBS up 11 ticks (.34) and 10yr yields down 8bps at 4.499.

 Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.

Source: mortgagenewsdaily.com