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ARM Index Bulletin

See the latest ARM indexes here

Occasional news & changes about adjustable rate mortgage indexes and other financial indicators

Tuesday, July 1, 2014

ALL Freddie Mac LIBOR CLIENTS: A quality control audit of values revealed a incorrect date entry in 2013. Consequently, FMAC LIBOR values have been reported in arrears rather than projected forward. Webservice clients should pull data starting from Jan 2013 their applications. Spreadsheet clients needing historical values and dates should contact us.

Monday, June 9, 2014

ALL Freddie Mac PMMS CLIENTS: An accidental import of an archive spreadsheet caused us to record incorrect data on 06/4/14 (it was actually data from 06/4/13). We corrected the database with this week's 06/5/14 data and dates this morning. Apologies for any issue this may have caused.

Tuesday, May 27, 2014

ALL LIBOR CLIENTS: There are no LIBOR values available for Monday, May 26 as London markets were closed for the Spring bank holiday.

Tuesday, May 6, 2014

ALL LIBOR CLIENTS: There are no LIBOR values available for Monday, May 5 as London markets were closed for the Early May bank holiday.

Friday, December 27, 2013

ALL LIBOR CLIENTS: There are no LIBOR values available for Wednesday, December 25 or Thursday December 26, 2013 as London markets were closed for the Christmas and Boxing Day holidays.

Friday, December 27, 2013

ALL 6-MONTH SECONDARY MARKET CD CLIENTS: The Federal Reserve today announced that "As of the release on December 16, 2013, the H.15 has ceased publication of the 1-month, 3-month, and 6-month CD rates. Recent attrition has reduced both the number and types of institutions that provide quotes creating a challenge to construct statistically robust estimates of CD rates, and it is not feasible to resume publication." No values have been reported for this indicator since June 28, 2013.

August 5, 2013

ALL CODI (Cost of Deposit Index) CLIENTS:

Please note that the data series which produces CODI has gotten very thin, and monthly data may or may not be available at times. The Federal Reserve notes in a footnote on publication h15 that "Responses are not reported when the number of respondents is too few to be representative."

HSH will produce the monthly CODI when data are available.

Friday, May 31, 2013

ALL KANSAS USURY and CODE MORTGAGE RATE CLIENTS: Effective July 1, 2013, the Kansas Usury Rate will no longer be published by the Kansas Secretary of State due to a change in state law.

(K.S.A.16-207)
Effective July 1, 2013, the provisions of K.S.A. 16-207 are revised. The floating cap is removed on the interest rate charged for first real estate mortgage loans and contracts for deed to real estate, and the obligation is removed of the secretary of state to publish notice of the maximum effective rate of interest per annum for notes secured by all real estate mortgages and contracts for deed to real estate. The parties will be subject to continuing law which provides a rate that cannot exceed 15.0 percent per annum, unless otherwise specifically authorized by law.

See the document here.

Please also note the discontinuation of the Kansas Code Mortgage Rate at the same time. The authority notes: "The reference rate referred to in the definition of "code mortgage rate" set forth in K.S.A. 16a-1-301(11)(b)(i) is discontinued, has become impractical to use, and/or is otherwise not readily ascertainable from the federal home loan mortgage corporation."

HSH will cease coverage of the indicators at that time.

Tuesday, May 28, 2013

ALL LIBOR CLIENTS: There will be no LIBOR values available for Monday, May 27, 2013 as London markets were closed for the Spring bank holiday.

Tuesday, May 7, 2013

ALL LIBOR CLIENTS: There will be no LIBOR values available for Monday, May 6, 2013 as London markets were closed for the Early May bank holiday.

Wednesday, May 1, 2013

ALL LIBOR CLIENTS: We inadvertently entered an incorrect value for the one-month daily LIBOR for the index data of April 30. The proper value is 0.19820; we have corrected the database, and download clients can repull values as needed. We regret the error.

Tuesday, April 23, 2013

ALL LIBOR CLIENTS: We inadvertently entered an incorrect value for the three-month daily LIBOR for the index data of April 19. The proper value is 0.27610; we have corrected the database, and download clients can repull values as needed. We regret the error.

Friday, March 29, 2013

ALL KANSAS USURY RATE CLIENTS: At present, the data is unavailable. According to the Kansas Secretary of State's webpage: * Pursuant to the provisions of K.S.A. 16-207, the maximum effective rate of interest per annum for notes secured by all real estate mortgages and contracts for deed for real estate (except where the note or contract for deed permits adjustment of the interest rate, the term of the loan or the amortization schedule) is published monthly. The maximum interest rate for the period of April 1, 2013 through April 30, 2013, is unavailable from the Federal Home Loan Mortgage Corporation.

Per the state regulation, the Usury rate is based on Freddie Mac's published RNYs. Freddie stopped making them available publicly (see January 28 blog entry). The KS staute says: "The maximum rate of interest per annum for notes secured by real estate mortgages and contracts for deed to real estate governed by this subsection shall be at an amount equal to 1-1/2 percentage points above the yield of thirty-year fixed rate conventional home mortgages committed for delivery within 61 to 90 days accepted under the federal home loan mortgage corporation's daily offerings for sale on the last day on which commitments for such mortgages were received in the preceding month unless otherwise specifically authorized by law. Such interest rate shall be computed for each calendar month and be effective on the first day thereof."

It would seem that the KS legislature will need to change the formula. We will keep you advised of any changes or updates.

Friday, March 29, 2013

ALL LIBOR CLIENTS: There will be no LIBOR values available for Friday, March 29, 2013 or Monday, April 1, 2013 as London markets are closed for the Good Friday and Easter Monday holidays.

Monday, January 28, 2013

ALL FMAC RNY CLIENTS: Important! This notice appears on Freddie Mac's website this morning:

Freddie Mac will no longer publish Required Net Yield (RNY) information after January 25, 2013. This includes current RNY, trend line, and historical RNY. If you are a Freddie Mac Seller/Servicer and need this information to reset a balloon or convertible adjustable rate mortgage, please contact 800-FREDDIE.

We have contacted Freddie Mac, but if the source will no longer publish its data these information may need to be discontinued. We will continue to investigate other possible sources.

Tuesday, January 8, 2013

ALL WEEKLY TCM CLIENTS: Due to a format error in data coming from the Federal Reserve, certain dates have been incorrect for weekly Treasury values, which have been reported with December 2013 dates. These are actually December 2012 dates. The database has been corrected for webservice clients; those needing updated spreadsheets of data should contact us.

Wednesday, January 2, 2013

ALL FMAC RNY CLIENTS: Freddie has not updated their release yet today, again. As it is almost noon, we are sending reports without them. Should the release be updated at some point today, we will update and re-issue reports.

Tuesday, January 1, 2013

ALL COMMERCIAL PAPER CLIENTS: Due to a format error in data coming from the Federal Reserve, certain Non-Financial Commercial Paper (NFCP) quotes have been incorrect since November. Changes were made for values for WEEKLY 1-month NFCP for November 23, December 7, December 14, December 21 and December 28; changes were made for values for the WEEKLY 2-month NFCP for November 30, and changes were made to the WEEKLY 3-month NFCP for December 7, December 14, December 21, December 28. We regret the error. The database has been updated for webservice clients; those needing updated spreadsheets should contact us.

Friday, December 28, 2012

ALL FNMA RNY CLIENTS: The usually-reliable Fannie Mae has not updated its RNY quotes this morning. As it is already 11am, reports are being sent. Should Fannie update its data later today, fresh reports containing the data will be sent.

Thursday, December 27, 2012

ALL LIBOR CLIENTS: There are no LIBOR values available for Tuesday, December 25 or Wednesday December 26, 2012 as London markets were closed for the Christmas and Boxing Day holidays.

Wednesday, December 26, 2012

ALL LIBOR CLIENTS: Here is the 2013 Schedule for London market holidays. With these closures, no LIBOR values will be available for January 1, March 29, April 1, May 6, May 27, August 26, December 25, or December 26, 2013.

Wednesday, October 31, 2012

ALL LIBOR CLIENTS: Due to Hurricane Sandy's interruption of US markets, there presently are no LIBOR values available for 30-Oct. Should they become available, we will send out updated reports.

Wednesday, August 1, 2012

ALL FMAC RNY CLIENTS: Freddie has not updated their release yet today, again. As it is past noon, we are sending reports without them. Should the release be updated at some point today, we will update and re-issue reports.

Wednesday, June 6, 2012

ALL LIBOR CLIENTS: There will be no values for LIBOR for Tuesday, June 5 as the exchange is closed for the Queen's Diamond Jubilee.

Tuesday, June 5, 2012

ALL LIBOR CLIENTS: There will be no values for LIBOR for Monday, June 4 as the exchange is closed for the Spring Bank Holiday.

Tuesday, May 8, 2012

ALL LIBOR CLIENTS: There will be no values for LIBOR for Monday, May 7 as the exchange is closed for to the Early May Bank Holiday.

Monday, May 7, 2012

ALL FMAC RNY CLIENTS: Freddie has not updated their release yet today, again. As it is past noon, we are sending reports without them. Should the release be updated at some point today, we will update and re-issue reports.

Monday, April 23, 2012

ALL FMAC RNY CLIENTS: Freddie has not updated their release yet today, again. As it is past noon, we are sending reports without them. Should the release be updated at some point today, we will update and re-issue reports.

Tuesday, April 17, 2012

ALL FMAC RNY CLIENTS: No Freddie RNY updates yesterday or today so far. We have again contacted Freddie and have hopes that they will address the problem before too long. Even the WSJ had no values for the 30/30 and 30/60 from yesterday. Should the release be updated at some point today, we will update and re-issue reports.

Monday, April 16, 2012

ALL FMAC RNY CLIENTS: Freddie has not updated their release yet today. As it is past 12:15pm, we are sending reports without them. Should the release be updated at some point today, we will update and re-issue reports.

Thursday, April 6, 2012

All LIBOR clients:: London markets are closed on Friday, April 6 for the Good Friday Holiday and again on April 9 for the Easter Monday holiday. Since the London Exchange is closed, there will be no LIBOR values for those dates. The next holiday to interrupt LIBOR data will come in the form of the Early May Bank Holiday on May 7th.

Tuesday, March 27, 2012

FHFA Changes NMCR methodology: Starting with February 2012 data, the FHFA is no longer producing a weighted average for the National Mortgage Contract Interest Rate for the Purchase of Previously-Occupied Single Family Homes. Instead, they will now provide an unweighted average. This has resulted in a decline in the values in for the Contract, Effective and All Loans series. Details can be found in this announcement from the FHFA.

Thursday, March 15, 2012

.

OCC Discontinues Cost-of-Funds indices: After the incorporation of the Office of Thrift Supervision (OTS) into the Office of the Comptroller of the Currency last year, reporting for the Monthly-, Quarterly and SemiAnnual National Median Cost of Funds reports are discontinued. The last monthly figure became available on February 15th; the final quarterly on March 15. See this announcement in the Federal Register. In it, the OCC provides guidance on a substitute index to replace the MMCOF; the Federal Cost of Funds should be used in its place. Servicers are urged to download a copy of the Federal Register for their files.

Monday, March 5, 2012

ALL FMAC RNY CLIENTS: Having fixed the gremlins in the system, Freddie has now made available the missing quotes from 02/27/12 and 02/28/12. In addition, they have made available the opening RNYs for 02/29/12. For consistency, we have updated the database to show the opening (8:30am) values instead of the closing (4:30pm) ones previously available for the 29th. Please be aware of the change.

Wednesday, February 29, 2012

ALL FMAC RNY CLIENTS: No Freddie RNY updates yesterday or today so far. We have again contacted Freddie and have hopes that they will address the problem before too long. Even the WSJ had no values for the 30/30 and 30/60 from yesterday. Should the release be updated at some point today, we will update and re-issue reports.

Tuesday, February 28, 2012

ALL FMAC RNY CLIENTS: Not only did Freddie not update their RNY pages yesterday at all, they again haven't update for today yet. We have contacted Freddie and will continue to check, but are are sending reports without them. Should the release be updated at some point today, we will update and re-issue reports. We did obtain RNY for 30/30 and 30/60 for 02/27 from today's WSJ.

Monday, February 27, 2012

ALL FMAC RNY CLIENTS: Freddie has not updated their release yet today. As it is past 12:15pm, we are sending reports without them. Should the release be updated at some point today, we will update and re-issue reports.

Monday, January 30, 2012

ALL FMAC RNY CLIENTS: Freddie seemed to have a little trouble posting correct 15-year RNYs this morning. We wrote to them and believe that the ones posted at the 11:00 hour are correct, and so put them into the database. We are re-issuing spreadsheets with updated data. Webservice clients should not be affected.

Friday, January 6, 2012

ALL LIBOR CLIENTS: Due to a typographical error, the Jan 5 6-month LIBOR (reported Jan 6) has been changed. The correct value is 0.81200%, not 0.82100% as originally reported. We apologize for any inconvenence this has caused.

Tuesday, January 3, 2012

ALL FMAC RNY CLIENTS: Freddie has not updated their release yet today. As it is past 1pm, we are sending reports without them. Should the release be updated at some point today, we will update and re-issue reports.


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