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Mortgage News Daily


Mortgage News Daily

Posted To: MND NewsWire

Sales of newly constructed homes appear to have stopped, at least for the moment, their up-one-month, down-the-next pattern. They rose for the third consecutive month in March, and did so convincingly. The Census Bureau and the Department of Housing and Urban Development say that sales of new homes jumped 5.8 percent in March, to a seasonally adjusted annual rate of 621,000 units. The rate nearly tied that of July 2016, 622,000 units, for the highest sales pace since the housing crisis. March also marked the first time since last July that sales have topped 600,000. March sales were up 15.6 percent compared to the previous March when the annual rate was 537,000. Analysts had expected an increase in sales, but widely undershot the mark. Those polled by Econoday were looking for results in the...(read more)

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4/25/2017 8:33:00 AM

Posted To: MND NewsWire

For the fourth consecutive month, the National Home Price Index from S&P CoreLogic Case-Shiller has set a new price peak, rising 5.8 percent in February. It is now a half percentage point above the pre-crisis peak reached in July 2006. The Housing Price Index released by the Federal Housing Finance Agency (FHFA) also accelerated, gaining 0.8 percent in February, compared to 0.2 percent in January. The Case-Shiller National Index, which covers all nine U.S. Census Regions, increased its annual pace, rising 0.1 percent more than it had for the 12-month period ended in January. The resulting 5.8 percent change was the largest in 32 months . The pace did slow on a month-over-month basis. The seasonally adjusted National Index was up 0.2 percent from January, identical to the December-January...(read more)

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4/25/2017 7:26:00 AM

Posted To: Pipeline Press

How much do the CEOs of builders make? Turns out they make some decent gravy , certainly good news for them. In other good news, this time for WF, the FDIC and the Federal Reserve Board announced that Wells Fargo had adequately remediated the deficiencies in its 2015 resolution plan. As a result, Wells will no longer be subject to growth restrictions imposed last year. ("Resolution plans, required by the Dodd-Frank Act and commonly known as living wills, must describe the company's strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure of the company.) Appraisal and collateral news Never easy being an appraiser. Recently there was a " shortage " of appraisers, and in many parts of the nation it would take weeks, if not months, for an...(read more)

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4/25/2017 7:23:44 AM

Posted To: MBS Commentary

For the past 5+ months, any discussion of "the gap" among bond traders could have only referred to the 2.15-2.17 gap created on Veterans Day weekend in 2016 (Nov 11-13). Yields closed at 2.15 before the weekend and opened at 2.17 when trading resumed the following week. Gaps instantly become significant targets for traders. The first time trading levels re-visit a gap, the result is more often a bounce. That's how it happened with the 2.15-17 gap this time around. Yields made it back early last week, but definitely bounced. If we return, we'll have a better chance of breaking through. For now though, we have another gap to contend with. This one was created by the French election weekend, and it took 10yr yields from closing levels of roughly 2.25 to opening levels of just...(read more)

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4/25/2017 7:14:47 AM

Posted To: MBS Commentary

Heading into the French election at the end of last week, we knew that Le Pen (the candidate who likely would have helped the bond rally continue) probably wasn't going to win, but that there was a small chance. As such, markets could MOSTLY price in a Macron victory (the candidate who would likely result in bond market weakness). While Macron didn't win outright, he did advance to a run-off that he's widely expected to win. Some of last week's bond market losses were due to pre-election polls predicting this result. It stood to reason that there would be a bit of extra bond selling to do once we had confirmation that Le Pen wouldn't win. Although the selling classified as more than "a bit" at first, these reactions to overseas events often die down in US trading...(read more)

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4/24/2017 3:33:56 PM

Posted To: Mortgage Rate Watch

Mortgage rates moved moderately higher today, and most of the blame goes to the presidential election in France. If you're wondering what European politics have to do with mortgage rates in the US, you're not alone. While it certainly isn't the first thing that comes to mind when thinking about what's motivating rates, its impact was unmistakable today. To understand the connection, first consider that the EU economy is slightly bigger than that of the US. Then consider France is the third biggest economy in the EU. Germany is the biggest and the UK is the second biggest. On that note, don't forget that the UK is currently in the process of exiting the European Union. Now to bring it all home, simply consider that one of the candidates in the French election (Marine Le Pen) wants France to...(read more)

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4/24/2017 3:07:00 PM

Posted To: MND NewsWire

Home prices in February rose at their fastest pace since last June, up 0.8 percent on a month-over-month basis. Black Knight Financial Services said its national-level Home Price Index (HPI) hit $268,000 during the month, a new post-crisis peak. Prices are now up 5.7 percent compared to March 2016 and have risen 1.0 percent since the first of this year. Washington State had the largest monthly gain, up 2.2 percent. Colorado and Oregon followed with 1.6 percent and 1.5 percent growth respectively. Prices did not fall in even the worst performing of the states: West Virginia and Connecticut, were unchanged from January. They were followed by Rhode Island and Ohio with, each with 0.1 percent gains. For the third month in a row Tuscaloosa was the poorest performing metropolitan area. Prices there...(read more)

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4/24/2017 8:51:14 AM

Posted To: MND NewsWire

Americans could be approaching new levels when it comes to mortgage loan performance. Black Knight Financial Services says, in its "first look" at March data, that mortgage delinquencies during the month were not only at the lowest point they have reached since March 2006, but are the fourth lowest of the current century. The share of loans that were 30 or more days past due shrank by 14.09 percent from February to 3.62 percent and were 11.40 percent lower than in March 2016. The number of 30-day + delinquencies dropped by 304,000 from February and by 231,000 year-over-year. According to an analysis Black Knight did several months ago, March is usually the month with the fewest past due mortgage loans, with a delinquency rate that is typically 7 percent below the rolling 12-month centered moving...(read more)

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4/24/2017 8:04:59 AM

Posted To: Pipeline Press

Nature always bats last. Just ask singer Paul Simon who is moving his New York cottage away from the eroding ocean. Thinking about things like "oceans" and "cottages" reminds me...The National Association of Realtors reports sales of vacation homes dropped 22% last year to the lowest level in 3 years: higher prices and a shift in consumer behavior toward renting vs. buying led to the decline. CFPB news New Residential Investment Corp. investors are watching its share price sink due to Ocwen Concerns. NRZ shares fell as much as 13.4% intraday and ended the day down 7.7% on concerns related to Ocwen. Remember that last week the N.C. banking commissioner, along with 20 state regulators, filed a cease-and-desist order against Ocwen. The CFPB also filed a lawsuit. While these actions will likely...(read more)

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4/24/2017 7:55:20 AM

Posted To: MBS Commentary

For bond markets, most of 2017 has been dominated by the "post-election range" (or "the 2017 range," if you prefer) consisting of 10yr yields between roughly 2.3 and 2.6%. Fiscal policy roadblocks in late March and geopolitical concerns in April helped yields break below that range. Yesterday's French election was one of the on-again-off-again geopolitical concerns driving a portion of the rally. In a nutshell , there were 2 anti-establishment candidates (with Marine Le Pen being the "scariest" choice for financial markets) and one status-quo politician. The status quo politician was/is good for stocks and bad for bonds. Le Pen was/is good for bonds because she would have created uncertainty about France's future in the EU. Le Pen technically still has...(read more)

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4/24/2017 7:09:07 AM


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