MMag Interest Rate Markets March 31, 2008

• MBA Releases 4th Quarter 2007 Commercial Real Estate/ Multifamily Finance Quarterly Data Book
The Mortgage Bankers Association (MBA) today released its Commercial Real Estate/Multifamily Finance Quarterly Data Book for the fourth quarter of 2007. The Data Book compiles the most up-to-date information on topics of interest to financial investment industry participants and observers. -- Mortgage Bankers Association of America,Jason Vasquez,Washington District of Columbia 03/28/2008

• MBA's Quinn Hails FHFB's Decision to Allow Home Loan Banks to Increase Market Liquidity
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) applauded today\'s action by the Federal Housing Finance Board (FHFB) that will temporarily permit the Federal Home Loan Banks to purchase up to six times their capital in Fannie Mae and Freddie Mac mortgage backed securities (MBS). The FHFB estimates this could inject approximately $100 billion in liquidity into the MBS market. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 03/26/2008

• Mortgage Applications Spike In Latest MBA Weekly Survey; Refis Up 82 Percent
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 21, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 965.9, an increase of 48.1 percent on a seasonally adjusted basis from 652.0 one week earlier. On an unadjusted basis, the Index increased 46.1 percent compared with the previous week and was up 41.1 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 03/26/2008

• OFHEO, Fannie Mae and Freddie Mac Announce Initiative to Increase Mortgage Market Liquidity
OFHEO, Fannie Mae and Freddie Mac today announced a major initiative to increase liquidity in support of the U.S. mortgage market. The initiative is expected to provide up to $200 billion of immediate liquidity to the mortgage-backed securities market. -- Freddie Mac,Information,MCLEAN va 03/24/2008

• The Recession List - Top 10 Industries to Fly and Flop in 2008
VoIP Providers And Corn Farmers Can Expect To Have Bumper Years In 2008 And Beyond, According To The Latest Research Released By Business Information Analysts At IBISWorld -- IBISWorld,Harvey Jones,Los Angeles CA 03/24/2008

• Existing-Home Sales Rise in February
Sales of existing homes increased in February and remain within a fairly stable range, according to the National Association of Realtors(R). -- National Association of Realtors®,Walter Molony,Washington dc 03/24/2008

• Bankrate: Fixed mortgage rates plunge
Fixed mortgage rates fell sharply in the past week, with the average conforming 30-year fixed mortgage rate now 5.98 percent. According to Bankrate.com\'s weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.38 discount and origination points. -- BankRate.com,Information,New York NY 03/24/2008

• Mortgage Credit News - March 21, 2008
Some progress this week by the authorities has helped mortgage rates to fall to the 5.75% area for the first time since January. However, the improvement is limited to vanilla “Agency” loans, the Jumbo and even Agency ARM markets still broken. The Crunch is still alive, growing tighter, the financial system unstable. -- Boulder West Financial Services,Lou Barnes,Boulder Colorado 03/21/2008

• The Federal Reserve Lowers Interest Rates AGAIN... What Does This Mean For YOU?
Discount Rate (currently 2.5%) - the interest rate that banks pay when they borrow money directly from the Fed. The rate has been largely symbolic in the past because banks prefer to get short term financing -- CMPS Institute,Josephine Nicholas, 03/20/2008

• Statement From Michael Calhoun - President, Center for Responsible Lending
The Federal Reserve Board has repeatedly tried since September to contain the foreclosure crisis damage that`s spreading rapidly into the general economy. It has lowered key interest rates a half dozen times and, to quote the Wall Street Journal, `undertaken the broadest expansions of its lending authority since the 1930s.` The most dramatic action, however, came last weekend as the Federal Reserve orchestrated a bailout of Bear Stearns, one of the main financial firms responsible for causing this subprime mortgage mess in the first place. -- Center for Responsible Lending,Kathleen Day,Washington DC 03/20/2008

• Mortgage Applications Decrease Slightly In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 14, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 652.0, a decrease of 2.9 percent on a seasonally adjusted basis from 671.7 one week earlier. On an unadjusted basis, the Index decreased 2.8 percent compared with the previous week and was down 3.7 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Carolyn Kemp,Washington District of Columbia 03/20/2008

• MBA's Quinn: OFHEO Move to Reduce GSE Capital Requirements is a Crucial Step to Jumpstart the Mortgage Market
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) hailed today\'s agreement between the Office of Federal Housing Enterprise Oversight (OFHEO) and Fannie Mae and Freddie Mac (the GSEs) allowing the GSEs to use a significant portion of their capital surplus for purchasing mortgages and mortgage-backed securities (MBS). OFHEO estimates this will result in an immediate injection of $200 billion into the secondary mortgage market. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 03/20/2008

• Mortgage Credit News - March 7, 2008
Mortgage rates spiked to 6.75% on Wednesday, only today sliding back into 6.50% range (these rates with no loan fees). There is good reason to expect rates to fall back, and maybe a long way, but only in the context of effective intervention by Federal authorities. -- Boulder West Financial Services,Lou Barnes,Boulder Colorado 03/12/2008

• Record Increase in Multifamily Mortgage Debt Outstanding Led By GSEs
The level of commercial/multifamily mortgage debt outstanding grew by 2.6 percent in the fourth quarter, exceeding $3.3 trillion, according to the Mortgage Bankers Association (MBA) analysis of the Federal Reserve Board Flow of Funds data. The total was an increase of $356 billion or 12 percent from the end of 2006. -- Mortgage Bankers Association of America,John Ferber,Washington District of Columbia 03/12/2008

• Bankrate: A Topsy-Turvy Week for Mortgage Rates
Fixed mortgage rates posted a slight decrease in a wild up-and-down week, with the average conforming 30- year fixed mortgage rate now 6.32 percent. According to Bankrate.com\'s weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.39 discount and origination points. -- BankRate.com,Information,nEW yORK Ny 03/06/2008

• Mortgage Applications Increase In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 29, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 684.9, an increase of 3.0 percent on a seasonally adjusted basis from 665.1 one week earlier. On an unadjusted basis, the Index increased 15.3 percent compared with the previous President\'s Day holiday shortened week and was up 1.1 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,John Ferber,Washington District of Columbia 03/05/2008

• Refi Drop Drives Decline in Mortgage Apps, Purchase Applications Unchanged In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 22, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 665.1, a decrease of 19.2 percent on a seasonally adjusted basis from 822.8 one week earlier. On an unadjusted basis, the Index decreased 25.8 percent compared with the previous week and was up 5.1 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 02/28/2008

• Mortgage Credit News - February 22, 2008
Long-term rates are beginning to trickle back down from the peculiar spike of the last two weeks. The lowest-fee mortgages from 6.375% to 6.25%, the 10-year T-note from 3.90% to 3.80%, the immense spread a measure of deepening crunch. -- Boulder West Financial Services,Lou Barnes,Boulder Colorado 02/22/2008

• First American CoreLogic Releases December 2007 LoanPerformance Home Price Index
Three-Quarters of ZIP Codes Exhibit Quarterly Decreases; Annualized Trends More Moderate -- First American CoreLogic,Carrie Gaska,SAN FRANCISCO California 02/15/2008

• MBA's Quinn Sounds Caution on Senate Housing Package
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) expressed reservations about several of the provisions contained in the Foreclosure Prevention Act of 2008, introduced in the Senate yesterday. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 02/15/2008

• Mortgage Applications Decrease In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 8, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 1063.5, a decrease of 2.1 percent on a seasonally adjusted basis from 1086.6 one week earlier. On an unadjusted basis, the Index decreased 0.4 percent compared with the previous week and was up 65 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 02/14/2008

• MBA`s Quinn`s Applauds Signing of Stimulus Package
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) today issued the following statement upon President Bush\`s signing of legislation to promote continued economic growth: -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 02/14/2008

• MBA`s Quinn Applauds Stimulus Agreement
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) today hailed last night\`s passage in the House and Senate of an economic stimulus package. Quinn issued the following statement: -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 02/12/2008

• MBA Supports FHA and GSE Reforms -- Raises Concerns on Some Provisions in Budget
The Mortgage Bankers Association (MBA) expresses support for major aspects of the Administration\`s proposed budget for housing. MBA specifically applauds the efforts to modernize FHA and to allow tax exempt bonds to be used for refinancing for troubled borrowers. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 02/12/2008

• Consumer Confidence Rebounds in May
Consumer confidence bounced back unexpectedly in May, helped by optimism about the job market even as shoppers` concerns about gasoline price-driven inflation increased. -- MortgageMediaMag.com,, 05/29/2007

• Consumer Confidence Rebounds - Yields Up
Analysts said that job market optimism drove most of the increase. Consumer spending is said to drive the vast majority of the economy, so improvement like was seen on Tuesday usually will have some impact on markets. In fact, MBS and Treasury yields did increase on the day. The 10-year Treasury yield was up to 4.88% by the end of the day. -- MortgageMediaMag.com,, 05/29/2007