In a recent poll commissioned by Fannie Mae, 46% of American adults said they would prefer to live in a community with access to better schools and/or childcare, but cannot afford to do so; while 58% say communities with better job opportunities are too expensive for them to live in.*

"When families live in stable and affordable homes in a sustainable community, they have greater opportunities to prosper in other aspects of life, including educational and economic advancement," said Maria Evans, Vice President of Sustainable Communities, Fannie Mae. "When nearly 6 in 10 Americans have to sacrifice economic opportunities and nearly half have to sacrifice quality education and childcare because of housing affordability, it's clear we need to bring new ideas to the marketplace."

"The affordability, quality, and location of where one lives has substantial implications for outcomes in education and economic mobility," said Evans. "Through the Sustainable Communities Initiative, Fannie Mae aims not only to create stability through housing, but also to catalyze opportunities in education and forge pathways to economic mobility."

To identify innovative solutions to this housing affordability crisis, today Fannie Mae (FNMA/OTCQB) announced a Call for Ideas that expand access to and increase the supply of quality affordable housing, and use housing as a lever to improve education outcomes and economic mobility for low-income households.

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Fannie is seeking innovative ideas, including mature ideas and proven models that are ready to scale, that expand access to quality affordable housing for underserved and low-income people, while creating opportunities in education and forging pathways to economic mobility. An Expert Advisory Panel will assist in the evaluation of ideas and Fannie Mae will select contract awards up to $1.5 million.

The Call for Ideas on The Challenge opens today, April 24, 2019 and ends on May 30, 2019 at 5:00 p.m., Pacific Standard Time.

Applicants are asked to submit ideas that respond to one of the following problem statements:

1. How might we prepare a workforce that is ready to participate in job opportunities that drive technological innovation in the housing industry?
2. How might large employers or anchor institutions partner with the housing industry to ensure every resident in a community has a path to safe, quality, affordable housing?
3. How might we use housing to increase the availability of and access to high-quality early childhood care and education that meets the needs of families in underserved areas?
4. How might housing and education entities from the public, private, or nonprofit sectors partner to provide stable home and school experiences for very low-income students?

For more information about The Challenge and to apply, please visit FannieMae.com/TheChallenge.

*The PSB Pulse Poll is an online survey among the General Population that covers a variety of topics, and is designed to gain fast, broad-reaching insights in a methodologically optimized environment. The Pulse Poll sample is weighted to match the US Census. This month's Pulse Poll was conducted between April 8-12, 2019. Fannie Mae commissioned PSB to conduct this Pulse Poll. To view an executive summary of the PSB Pulse Poll, please click here.

Sample Size: 988
Margin of Error: ±3.12%

The Mortgage Bankers Assoicitation's Market Composite Index, a measure of mortgage loan application volume, decreased 7.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 6 percent compared with the previous week. The Refinance Index decreased 11 percent from the previous week. The seasonally adjusted Purchase Index decreased 4 percent from one week earlier. The unadjusted Purchase Index decreased 3 percent compared with the previous week and was 3 percent higher than the same week one year ago.

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“The 30-year fixed mortgage rate has risen 10 basis points in three weeks, and is now at its highest level in over a month. Borrowers remain extremely sensitive to rate changes, which is why there has been a 28 percent drop in refinance applications over this three-week period. Purchase activity also declined, but remains almost 3 percent higher than a year ago,” said Mike Fratantoni, MBA Senior Vice President and Chief Economist. “Borrowing costs have recently drifted higher because of ebbing geopolitical concerns, as well as signs of strengthening in the U.S. economy, including the recent data pointing to robust retail sales.”

Added Fratantoni, “The strong economy and job market is keeping buyer interest high, but rising mortgage rates could add pressure to the budgets of some would-be buyers.”

The refinance share of mortgage activity decreased to 39.4 percent of total applications from 41.5 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6.4 percent of total applications.

The FHA share of total applications increased to 9.9 percent from 9.4 percent the week prior. The VA share of total applications decreased to 11.3 percent from 11.6 percent the week prior. The USDA share of total applications remained unchanged from 0.6 percent the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) increased to 4.46 percent from 4.44 percent, with points increasing to 0.44 from 0.42 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $484,350) increased to 4.35 percent from 4.33 percent, with points increasing to 0.25 from 0.23 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.49 percent from 4.43 percent, with points increasing to 0.57 from 0.56 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.87 percent from 3.84 percent, with points decreasing to 0.44 from 0.45 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs increased to 3.92 percent from 3.88 percent, with points increasing to 0.28 from 0.19 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

Radian Guaranty Inc., the mortgage insurance subsidiary of Radian Group Inc.  announced today that Radian MI is now available directly through Compass Analytics’ product, pricing and eligibility (PPE) engine, CompassPPE™ (CPPE). This integration is helping ensure customers receive Radian’s most competitive MI rates by providing them access to a comprehensive, contemporary PPE that is designed to optimize speed, flexibility and accuracy. Lenders and loan officers can conveniently view precise, side-by-side comparisons of Radian’s MI products in one seamless transaction "Radian is dedicated to providing our customers with accurate and streamlined access to our product offerings and, through our integration with Compass Analytics, we are continuing to make good on that promise,” said Radian Chief Franchise Officer Brien McMahon. “No matter the pricing options our customers use, CompassPPE™ puts accurate, granular pricing tools in the palm of their hands.”

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Through CPPE, Radian offers pricing for a standard rate card, as well as RADAR Rates, Radian’s more granular MI pricing option that allows lenders to search with confidence knowing that each rate quote is fine-tuned to their borrower's individual risk profile and loan attributes.

"Compass Analytics is proud to partner with an industry leader like Radian,” said Nancy Pollard, Managing Director of Pricing Technologies. “Our vision for pricing technology aligns with Radian’s goal of providing customers with accurate, customized pricing tools that allow them to make well-informed decisions and transact with ease."