MBS RECAP: Quiet Trading Week Leaves Focus on Brexit Weekend
Friday, October 18, 2019
Posted To: MBS Commentary Today was a throw-away day for the bond market. Yields matched their narrowest trading range of the week and ended the day at their most 'unchanged' levels of the week (i.e. closest to the previous day's close). In addition, Friday's close was only 2bps a... .. read more..
Here's Why Rates Were Flat This Week (And Why That Should Change)
Friday, October 18, 2019
Posted To: Mortgage Rate Watch Mortgage rates were flat today. In fact, they were very close to being flat on the week for that matter! This is a reflection of the bond markets current set of concerns, which really came into focus late last week with Thursday's Brexit-related news and Friday's tr... .. read more..
FHA Tops the List for Non-Conventional Purchases
Friday, October 18, 2019
Posted To: MND NewsWire More than a quarter of new home purchases in 2018 were financed through non-conventional sources. Data from the Census Bureau's Survey of Construction shows that, while the new home market was dominated by loans from Fannie and Freddie Mac, other funding accounted for 28.6... .. read more..
After Two Years, Residential Fixed Investment Returns to Positive Territory
Friday, October 18, 2019
Posted To: MND NewsWire Even though the pace of home building remains below where the industry would like it to be, Fannie Mae says it helped drive residential fixed investment into the black in the third quarter. The company's Economic and Strategic Research Macroeconomic Forecast Team says it w... .. read more..
MBS Day Ahead: Strange Combination of Pre-Brexit Paralysis and Jumpiness
Friday, October 18, 2019
Posted To: MBS Commentary Yesterday brought the highest yields in a month as Brexit-related optimism swelled early in the overnight session. At issue: British PM Johnson and EU negotiators reached "a deal." Great! Right? Brexit is solved? But wait... British parliament would still need ... .. read more..
MBA Predicts Economic and Rate Uncertainty Depressed New Home Sales
Friday, October 18, 2019
Posted To: MND NewsWire The Mortgage Bankers Association (MBA) says it expects that new home sales declined in September relative to August based on a drop in mortgage applications to finance their purchase. MBA says its Builder Application Survey showed there were 8 percent fewer applications in... .. read more..
Broker, Fraud, Credit, and Hedging Products; Lenders Adjust to FHA Changes
Friday, October 18, 2019
Posted To: Pipeline Press Here’s a little trivia for you. What does San Francisco have six of that Manhattan has none of? Dirt roads ! I don’t know if the cost of maintaining a dirt road is more than that of maintaining a paved road, but I do know that the industry is buzzing about Ci... .. read more..
MBS RECAP: Even if Bonds Weren't Ignoring Data, They'd Still Be Confused
Thursday, October 17, 2019
Posted To: MBS Commentary The bond market has a lot on its mind right now. 2019 is proving to be very different from other episodes of big, protracted rate trends. In most past instances, we can point to 1 key theme driving the momentum, with a few occasional supporting actors. Things are more co... .. read more..
Mortgage Rates Face Volatility Thanks to an Old Friend
Thursday, October 17, 2019
Posted To: Mortgage Rate Watch Mortgage rates didn't do much today, but risks are increasing that movement will be more brisk in the coming business days. Blame European politics--specifically: Brexit. This isn't the mortgage rates' world first go-round with the U.K.'s lengthy process of exiting ... .. read more..
Single Family Construction Improves, Multi-Family Not So Much
Thursday, October 17, 2019
Posted To: MND NewsWire After posting some of the best results in a year the previous month, all three construction indicators fell back in September . The U.S. Census Bureau and the Department of Housing and Urban Development said housing starts and completions of residential units were especial... .. read more..
MBS Day Ahead: Lots of Data, But All Eyes on Brexit
Thursday, October 17, 2019
Posted To: MBS Commentary Yesterday saw a swath of Brexit headlines spark unavoidable bond market weakness just as a weaker reading in the important Retail Sales report suggested a rally. Offsetting penalties, back to the line of scrimmage! Bonds ultimately ended green on the day, but that was la... .. read more..
Correspondent, Home Equity Products; Warehouse Facility For Sale; HUD and Flo...
Thursday, October 17, 2019
Posted To: Pipeline Press 52% of Agency biz (e.g., Freddie and Fannie) is first-time home buyers. Over at HUD, according to the Mortgage Bankers Association (MBA), first-time home buyers account for more than 75 percent of FHA home purchases. FHA & VA continue to evolve – more below. Le... .. read more..
Nearly Half of October Originations Were Refinances
Thursday, October 17, 2019
Posted To: MND NewsWire The 30-year note rate on closed mortgages fell to 3.93 percent in September, down from 4.07 percent in August, and along with the decline, the ninth in as many months, the share of refinances crept close to half of all the month's originations. Ellie Mae's September Origin... .. read more..
MBS RECAP: Why Didn't Bonds Seem to Care About Retail Sales?
Wednesday, October 16, 2019
Posted To: MBS Commentary There was a bit of a giveaway in this morning's commentary, titled " Brexit Headlines vs Retail Sales ." Indeed, it's "Brexit headlines" that answer the question in the most recent headline. In other words, bond markets at home and abroad (but... .. read more..
Mortgage Rates Little-Changed Near Recent Highs
Wednesday, October 16, 2019
Posted To: Mortgage Rate Watch Mortgage rates improved modestly today, depending on the lender. Some lenders moved rates higher yesterday due to deterioration in the bond market. Others simply planned to adjust for market conditions this morning. If we look at the last 3 days altogether, however,... .. read more..