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Mortgage News Daily


Mortgage News Daily

Posted To: MBS Commentary

So far this week, both of the trading days have done everything in their powe r to be as meaningless as possible. There have been no major attempts to break floors or ceilings in rates, no major correlation between market movement and data/events, and not much by way of data and events in the first place! Of particular note: the intraday high 10yr yield in the past 4 trading sessions has occurred somewhere in the 2.37's. That gives us a great preliminary ceiling to watch as we stand guard against the risk of volatility tomorrow. It will be higher due to the holiday calendar (last day before Thanksgiving weekend) and the presence of the week's only big ticket economic and monetary events (Durable Goods in the morning and Fed Minutes in the afternoon). Bonds improved slightly on the day...(read more)

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11/21/2017 4:18:21 PM

Posted To: Mortgage Rate Watch

Mortgage rates were unchanged today, on average, although a few lenders made small adjustments to rates sheets in response to bond market volatility. Bond markets began the day heading into stronger territory (which implies lower rates), but gave up much of the gains by early afternoon. That prompted a few lenders to raise the costs associated with prevailing rates. In other words, markets didn't move enough for published interest rates to change. Those tend to move in .125% increments and it takes an uncommonly big day in bond markets to push mortgage rates higher or lower by that much. The "upfront costs" associated with a mortgage (origination and discount, typically) give lenders a way to fine-tune the overall cost of financing. It's those costs that moved higher, but again, only for a...(read more)

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11/21/2017 2:34:00 PM

Posted To: MND NewsWire

Existing home sales continued a gradual recovery in October after a summer of sliding sales. For the second straight month the National Association of Realtors® (NAR) is reporting that sales of previously owned homes increased, this time by 2.0 percent. Single-family houses, townhouses, condos, and townhouses sold at a seasonally adjusted annual rate of 5.48 million. The increase brought sales back to their strongest pace since June's rate of 5.51 million, but they are still running behind sales in October 2016 by 0.9 percent. September's sales had been reported as up 0.7 percent from August, to 5.390 million, ending a three-month streak of losses. That gain has now been revised down to 5.37 million. Analysts had been looking for October sales in an annual range of 5.320 to 5.560 million...(read more)

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11/21/2017 10:00:58 AM

Posted To: MND NewsWire

Freddie Mac's Economic and Strategic Research Team gave its forecast for housing in 2018 (which, as discussed below, it is now hedging a bit) in its October Outlook . This month they present a retrospection of how housing fared in the old one. Since we all lived through it, too much detail would be overkill, but for the sake of nostalgia (or maybe relief), a brief review. Not for the first time, Freddie Mac says 2017 appears on track to finish as the best year for housing in a decade. It was fostered by a GDP that averaged slightly over 3.0 percent in the first half of the year, and even though this expansion has been modest relative to other recoveries, it has been consistently positive. Robust job gains have helped support homebuyer demand, although wage growth has been disappointing. Low...(read more)

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11/21/2017 8:40:51 AM

Posted To: Pipeline Press

What is more relaxing than breakfast in bed? IHOP is there for you, and is testing IHOP home delivery in various states. Roshambo to see who answers the doorbell? In even more exciting news, we now have a new threshold for the smaller loan exemption from appraisal requirements for higher-priced mortgage loans. Heavyweights CFPB, OCC, and the Fed ratcheted it up slightly. Startup Under the category of bank-owned lenders, bemortgage is "the new kid on the block." Operating out of Chicago, the company is a division of Bridgeview Bank Group founded by industry veterans...that collaborated to develop an innovative and strategic company in an evolving industry. On the LO role, Rob Sampson, CEO and co-founder, stated, "They will have access to the best programs, pricing, and tools so they can grow...(read more)

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11/21/2017 8:19:41 AM

Posted To: MBS Commentary

It's no great mystery that momentum in bond markets (at least in 10yr Treasury yields and MBS) is sharply sideways at the moment--not only in terms of the trajectory of the range, but also in terms of that range's narrowness. For the time being, we can chalk this up to a Thanksgiving week that is traditionally lightly-traded combined with indecision ahead of the tax bill uncertainty that will play out in the coming weeks. Longer-term bonds are splitting the difference between a stock rally and a European bond rally. The tanking yield curve (falling green line) is also helping fuel demand relative to shorter-term debt. To whatever extent momentum is "too flat" to be interesting at the moment, it paradoxically becomes interesting because of its implication. The chart above doesn't...(read more)

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11/21/2017 8:12:04 AM

Posted To: MBS Commentary

Looked at under a microscope, there was a fair amount of intraday volatility this morning. Treasury yields fell overnight, reaching the best levels in 3 sessions, but then abruptly sold-off soon after domestic trading began. The bulk of the selling was close enough to the CME open that we could chalk the move up to a few big trades at the start of the day/week. We could also consider the roll-out of a corporate bond deal just before the selling. Finally , stocks were fairly well-correlated with bond yields today, and stocks had been rising steadily as bond yields moved higher at the beginning of European trading hours. Or we could just throw all of that out the window and focus on the fact that bond markets did what they needed to do in order to remain in the center of their broader, consolidative...(read more)

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11/20/2017 3:59:15 PM

Posted To: Mortgage Rate Watch

Mortgage rates moved slightly higher today against the backdrop of the unique bond market conditions seen on Thanksgiving week. Bond markets underlie mortgage rates, and there's generally a certain level of participation that traders and mortgage lenders can count on. That participation wanes on major holiday weeks and the remaining players tend to behave a bit more conservatively. This is seen in the form of interest rates staying inside recent boundaries and mortgage lenders not getting too aggressive with pricing. Inside those boundaries, however, movement is far less predictable . After all, with fewer players in the game, each trader has a bigger say in the direction rates will move. If there are more bonds being sold than bought, regardless of the motivation, rates will move higher. This...(read more)

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11/20/2017 1:46:00 PM

Posted To: MBS Commentary

Compared to stocks, bond markets tend to be more affected by changes in market participation surrounding holidays and other sources of illiquidity. Liquidity is closely related to volume, but is certainly not the same . The shortest definition of liquidity is "volume at price." In other words, if there is a decent volume of buyers and sellers interested in trading at any given price, that's a liquid market. Contrast that to volume which simply counts the size of the trades in question. Volume could be very high if there are a few very large buyers and sellers only interested in certain price levels, but that would not be a liquid market. The worst of both worlds in terms of frustration for market watchers is a low volume, illiquid trading environment. That means it takes fewer...(read more)

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11/20/2017 8:42:08 AM

Posted To: MND NewsWire

Mortgage delinquencies surged higher in the third quarter of 2017. Most of the increase came in the early stages of non-performance, and much of it appeared to be driven by the late summer hurricanes. The Mortgage Bankers Association (MBA) reported the changes as were gathered in its National Delinquency Survey (NDS). The delinquency rate for mortgages jumped 64 basis points (bps) compared to the second quarter, to 4.88 percent of all outstanding loans. This was an increase of 36 bps from the same quarter in 2016. The delinquency rate includes loans that are at least one payment past due, but not loans for which the foreclosure process has begun. Hurricanes Harvey, Irma and Maria caused a huge amount of damage in Texas, Louisiana, Florida, and Georgia and devastated Puerto Rico. Marina Walsh...(read more)

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11/20/2017 8:28:11 AM


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