Daily Rates & Headlines
For 12/22/2022
Here are my interest rate observations from this morning.
| Today’s Par Rate* | Charge (1st rate above 1% Charge) |
Yesterday’s Par Rate* | ||||
|---|---|---|---|---|---|---|
| Interest Rate 6.25% |
APR 6.335% |
Interest Rate 6.25% |
APR 6.335% |
|||
| *Rate Scenario Details: Purchase, 30 Year Fixed, Conventional, $500,000 Purchase, $400,000 Loan, 80% LTV, 41% DTI, Income=$7,500, Primary Residence, Single Family, 84045 Zip Code, FICO=780, Escrows=Yes, Fees Out, Expiration=30 days. | ||||||
| Daily Rate Sheet Compare | Comparison Rate* | Difference | Today | Yesterday | ||
| 7.000% | -0.061 | |||||
| MBS Price Current Day 8:17AM MST |
MBS Price /32 |
10 Year Treasury 3.66% |
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| MBS Price Yesterday Close |
MBS Price /32 |
10 Year Treasury 3.69% |
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| Rate Influence | Economic Report | Actual | Expected | Prior | ||
| Higher | Consumer Confidence | 108.3 | 101.0 | 101.4 | ||
| Jobless Claims | 225 K | 211 K | ||||
|
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Headlines & Comments
Senate passes VA appraisal modernization bill
(HousingWire by James Kleimann). The U.S. Senate this week passed a bill that streamlines the appraisal process for U.S. Department of Veterans Affairs (VA) mortgage loans. The VA is now permitting desktop appraisals, and in some circumstances, waiving appraisals altogether.
Critics have long complained that VA appraisals had to be performed in-house, which has resulted in a costly and slow process for veterans and servicemembers.
To the benefit of buyers and lenders, the VA will now be required to encourage hybrid appraisals, employ emerging technologies, and revisit policies on property inspection waivers, minimum property requirements, and comparable sales.
Direct Comment
This is some fantastic news for anyone doing VAS loans. The biggest issue in doing VA loans has always been appraisals. As our appraisal teams has found out the hard way… the VA appraisers themselves tend to carry an attitude problem. And hopefully this new law will remove some grief in that regard. But when a full appraisal is required, we are still required to use a VA approved appraiser, for now.
CFPB Orders Wells Fargo to Pay $3.7 Billion for Widespread Mismanagement of Auto Loans, Mortgages, and Deposit Accounts
(CFPB consumer announcement on December 20, 2022). Company repeatedly misapplied loan payments, wrongfully foreclosed on homes and illegally repossessed vehicles, incorrectly assessed fees and interest, charged surprise overdraft fees, along with other illegal activity affecting over 16 million consumer accounts.
The Consumer Financial Protection Bureau (CFPB) is ordering Wells Fargo Bank to pay more than $2 billion in redress to consumers and a $1.7 billion civil penalty for legal violations across several of its largest product lines. The bank’s illegal conduct led to billions of dollars in financial harm to its customers and, for thousands of customers, the loss of their vehicles and homes. Consumers were illegally assessed fees and interest charges on auto and mortgage loans, had their cars wrongly repossessed, and had payments to auto and mortgage loans misapplied by the bank. Wells Fargo also charged consumers unlawful surprise overdraft fees and applied other incorrect charges to checking and savings accounts. Under the terms of the order, Wells Fargo will pay redress to the over 16 million affected consumer accounts, and pay a $1.7 billion fine, which will go to the CFPB’s Civil Penalty Fund, where it will be used to provide relief to victims of consumer financial law violations.
Direct Comment
The next time somebody tells you to trust a “Big Bank”, you might want to remember this article. But there are plenty just like it demonstrates the same thing: Big Banks are not to be trusted. This isn’t the first time that Wells Fargo – nor any of the top 10 banks have been caught harming – not helping – consumers. If you have a checking or other accounts with any of these following banks, I suggest you scrutinize any banking relationship with: Chase, Bank of America, Wells Fargo, Citi, US Bank, Truist, PNC, TD Bank, Capital One, and BNY Mellon.
UWM’s Mat Ishbia is reportedly purchasing the Phoenix Suns
(HousingWire by Angelica Leicht). Mat Ishbia is purchasing the franchise, which includes the Phoenix Suns and the Phoenix Mercury WNBA team, from troubled owner Robert Sarver. The deal values the NBA franchise and the Phoenix Mercury at $4 billion. Ishbia and his brother Justin, a founding partner of Shore Capital, will be buying Sarver’s 35% stake as well as a portion of the interests from minority stakeholders. In all, they’ll own more than 50% of the team.
Direct Comment
Both Ben Draper, my son-in-law Jace Hiatt, have long been fans of the Phoenix Suns basketball team. My question is this: Will we remain fans of the Phoenix Suns?
True Spirit of Christmas.
(Matthew 1:21). “And she shall bring forth a son, and thou shall call His name Jesus: for he shall save his people from their sins.”
Comment
For many of us, December is a favorite month. It brings the joy of Christmas. Unfortunately, it is becoming a time of increasing commercial importance. It’s also a time of overeating, overspending, and overdoing… Any obsession with material things – Santa Claus or extravagant gifts – can smother out the sweet sights, sounds, and significance of Christmas…
The true spirit of Christmas comes because of the Christ. Christmas bears His holy name, yet Jesus as the Christ is unknown by most people on this planet, where Christianity is a minority religion. That makes our responsibilities as emissaries of the Lord even more significant. We know who He is, and as His disciples, we know who we are and what we are to do. We are to bear His message to the world.
(Daily Joy, Russell M. Nelson, p. 389).
