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Mortgage News Daily


Mortgage News Daily

Posted To: Mortgage Rate Watch

Mortgage rates rose almost imperceptibly today, with a few lenders not showing any detectable changes from yesterday. Still, it was the first time since November 30th that rates were higher than the previous day (on average). Today's move was so small that most lenders accounted for it in the form of upfront costs. This means that borrowers would be quoted the same rate as yesterday, but with a small increase in upfront costs. For those who read yesterday's commentary (which said we may have just seen temporary lows in rates as the current move was running out of steam), none of this should come as a surprise. In fact, given the pace of the improvements in recent weeks, it's arguably a good thing to take a break because it could help rates hold in stronger territory for longer. The most obvious...(read more)

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12/11/2018 3:46:00 PM

Posted To: MND NewsWire

CoreLogic reports that mortgage delinquency rates were little changed in September. The percentage of mortgage loans that were 30 or more days delinquent and including those in the process of foreclosure declined by 0.6 percentage point on an annual basis, to a national rate of 4.4 percent. Early delinquencies, those 30 to 59 days past due were down from 2.4 percent in September 2017 to 2.2 percent. Other delinquency rates are reflected in the graphic below. Serious delinquencies, those more than 90 days past due or in foreclosure were either down or unchanged in every state. Rates however increased in 10 metro areas. The improvements were despite the considerable disruption along the southern Atlantic Coast caused by Hurricane Florence in September. Seven of the eight metropolitan areas that...(read more)

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12/11/2018 10:45:55 AM

Posted To: Pipeline Press

I’m a capital markets guy. “Bespoke luxury” isn’t in my vocabulary. First-time home buyer prices and floorplans aren’t in the cards at the new Aston Martin apartment building in Miami . If you buy one of the 47 most expensive apartments, they come with a new DB11. And, not to be outdone, Porsche also has a residential building – thanks to Jim P. for passing that along. (But owners won’t be building any sculptures to flip off town officials in the name of “art” or “expressionism” like a fellow did in Vermont.) You can bet those developers are hoping the market doesn’t sag – but it appears that the market is sagging in some areas already, or at least not going up as fast. Is that a surprise? “No tree grows to...(read more)

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12/11/2018 8:25:50 AM

Posted To: MBS Commentary

Consolidation ... That's that word we use to refer to sideways and frequently narrower trading ranges that follow a period of more directional movement (you can click on the word to go to a full definition). Consolidation is the best case scenario right now, when it comes to defining the modest weakness seen yesterday and so far this morning. In other words, we would hope that we're merely seeing a consolidation of the strong rally of the past 5 weeks as opposed to a reversal. Would a consolidation be better than a continuation of the rally? In my mind, yes! We don't want the rally to progress too far too quickly for a variety of reasons. As with most things in the natural world, slower and steadier is more sustainable. Next week's Fed announcement would be an ideal finish line...(read more)

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12/11/2018 8:19:06 AM

Posted To: MBS Commentary

Bonds struggled to find inspiration for the first few hours of the domestic session, but it was soon in ample supply thanks to Brexit-related headlines ( like this one ). The result was a broad-based risk-off move that saw bonds move back to their strongest recent levels. Notably, though, that's as far as bonds got. Specifically 10yr Treasury yields were once again blocked by a floor in the mid 2.82% range. This has been an on-again off-again pivot point of high significance since late May, 2018. Sometimes, bonds approach such pivot points with the intention of breaking through. That seems like a lot to ask of this rally, given the ground that's already been covered. At the very least , it seems like we'll need help from economic data in the rest of the week, and at the very least...(read more)

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12/10/2018 4:44:59 PM

Posted To: Mortgage Rate Watch

First things first: the average mortgage lender improved modestly today, compared to last Friday's levels. This leaves mortgage rates at their lowest levels in several months. That's great news and indeed, the last few weeks have been the best few weeks we've seen in more than a year. That having been said, we're now reaching the stage where the strong move in underlying financial markets may be running out of steam. "Running out of steam" could mean one of several things . In the best case, this is just the obligatory pause that almost all such market movements encounter before ultimately continuing in the same direction. The less pleasant eventuality would be that today could mark the lowest rates we'll see for a while. There's no way to know which variety we'll get, but history suggests...(read more)

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12/10/2018 3:57:00 PM

Posted To: MND NewsWire

Both Freddie Mac and Fannie Mae have announced the suspension of eviction lockouts for single-family and two- to four-unit properties for the holiday season. The moratorium will begin December 17 and end January 2. Fannie Mae said it will allow legal and administrative proceeding for evictions to proceed during the 16-day period, but families will be allowed to remain in the home. "We believe it is important to extend the timeline of help for struggling borrowers during the holidays," said Jacob Williamson, Vice President of Single-Family Real Estate at Fannie Mae. "We encourage homeowners who may be struggling with their mortgage or facing possible foreclosure to reach out to Fannie Mae or your servicer to get help. We want to help pursue those options whenever possible." The GSE's said the...(read more)

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12/10/2018 12:23:56 PM

Posted To: MND NewsWire

We know that home price growth is slowing , and cash-out refinancing has been coming back, still it is a bit of a stunner to find that homeowner equity actually declined in the third quarter of this year. Black Knight's current issue of its Mortgage Monitor reports that the amount of total equity (home value net of mortgage balance) held nationally by homeowners at the end of the third quarter was down by $160 billion compared to the second quarter of the year and now totals $9.8 trillion. Of that total, $5.9 trillion is considered "tappable," that is equity that can be withdrawn by the homeowner without hitting a maximum 80 percent combined loan-to-value (CLTV) ratio. That also fell, down by $140 billion quarter-over-quarter, the first decline since the housing recovery began in 2012. Both...(read more)

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12/10/2018 11:25:55 AM

Posted To: MND NewsWire

The stereotype of a second home usually involves a tropical beach, a boat dock on a lake, or skiers whizzing past a picture window, but the National Association of Home Builders (NAHB) says that is not reality. Or at least not all of it. Na Zhao, writing in NAHB's Eye on Housing blog says there are a good amount of second homes and lots exist in non-vacation-y areas. NAHB estimates there are 7.4 million homes, or 5.6 percent of the total housing stock that qualify for the second home mortgage tax deduction. That information comes from the Census Bureau's 2016 American Community Survey (ACS.) As might be expected, the state with the largest stock of second homes was Florida with 1.1 million; 15 percent of all such homes in the country. Roughly half of the total is located in Florida and seven...(read more)

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12/10/2018 10:14:34 AM

Posted To: Pipeline Press

The focus is on the holidays but there is plenty of 2019 wedding planning occurring. Despite that, according to the U.S. Census Bureau, adults are increasingly delaying saying, “I Do” as the median age at first marriage continues to climb by approximately 2% compared to 2003. And in 2018, there were 8.5 million unmarried opposite-sex couples living together . Remember decades ago when that was a cause of concern for processors and underwriters? Lender Products and Services Live Well Financial (NMLS #1177) is excited to announce that industry veteran Dan Mahoney has joined the company as an Account Executive with its wholesale division. Dan brings more than 20 years’ experience to Live Well which offers Conventional, FHA, VA, and reverse mortgage loan products to its partners...(read more)

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12/10/2018 8:08:02 AM


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