MBS RECAP: Is It Over?
Wednesday, September 19, 2018
Posted To: MBS Commentary The titular question could be taken two ways . Is the selling pressure in bonds over? Is the "low rate environment" that's been in effect since mid-2011 over? The answers, in order are "probably not" and "for now." To be fair to the &quo... .. read more..
Mortgage Rates Knocking on 5% Ceiling
Wednesday, September 19, 2018
Posted To: Mortgage Rate Watch Mortgage rates are in bad shape . At some point in the past 3 days (depends on the lender), top tier 30yr fixed rate offerings hit their highest level in 5 years, then 7 years. For the first time since 2011, the most prevalent top tier rate is 4.875% (meaning a hand... .. read more..
Home Starts Improve, but There's a Catch
Wednesday, September 19, 2018
Posted To: MND NewsWire Both permits and starts were expected to pick up in August, at least holding on to their slight gains in July. Housing starts did deliver, posting a strong increase, but permits, a leading indicator, were down sharply. The U.S. Census Bureau and Department of Housing and U... .. read more..
LO Jobs and Resources; Direct Streaming Treasury Trading; What's Moving Rates?
Wednesday, September 19, 2018
Posted To: Pipeline Press I received this question from a well-known lender in Texas. “Rob, our company views loan processors as the unsung heroes of lending. We’re evaluating how ours are paid. Any thoughts?” The STRATMOR Group does quite an industry survey, and its recent data... .. read more..
Mortgage Apps Gaining Ground Despite Higher Rates
Wednesday, September 19, 2018
Posted To: MND NewsWire Labor Day typically marks the end of summer and the resumption of business as usual. Hopefully it also marked the beginning of a turnaround for mortgage applications, which increased across the board for the first time since mid-June. The Mortgage Bankers Association (MBA)... .. read more..
MBS RECAP: Bonds Tank as 2018 Fears Become Real Again
Tuesday, September 18, 2018
Posted To: MBS Commentary Remember early 2018 when the fear was compounded by this list of bad actors? increased Treasury issuance to pay for the revenue shortfall in the new tax bill the upside economic/inflation potential created by the new tax bill A Federal Reserve that was increasingly inten... .. read more..
Mortgage Rates Officially Highest in at Least 5 Years
Tuesday, September 18, 2018
Posted To: Mortgage Rate Watch Mortgage rates edged up to 4-year highs with yesterday's bond market losses and things went from bad to worse today. Bond markets (which underlie and directly affect rates) are under extreme pressure today and have generally had a very bad September. Weakness in bon... .. read more..
House-Hungry Millenials Help Keep Builder Confidence Solid
Tuesday, September 18, 2018
Posted To: MND NewsWire Builder confidence in the market for newly-built single-family homes stabilized a bit in September. The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), which has been wobbly in recent months, retained its August reading of 67 in Septemb... .. read more..
MBS Day Ahead: Bonds Adrift on an Angry Sea of Red
Tuesday, September 18, 2018
Posted To: MBS Commentary Not to be confused with the Red Sea, which is an actual place, the sea of red in the title is merely a reference to general bias toward weakness in bond markets for however long you care to look back in time (provided you don't look back more than 2 years). Most pres... .. read more..
Broker, Sales Products; Lender and Agency Florence Updates
Tuesday, September 18, 2018
Posted To: Pipeline Press TRID 2.0: mandatory compliance on 10/1 is only a few weeks away. Temenos has a primer on it , as does Qualia . The MBA had a piece on it . The NY MBA has a webinar next week. In Michigan the MMLA has a seminar on it this week. Hopefully everyone’s up to speed alrea... .. read more..
MBS RECAP: Bonds Battle Back After Hitting Long-Term High Yields
Monday, September 17, 2018
Posted To: MBS Commentary 10yr yields briefly hit their highest levels since May 23rd this morning after one large trade started a snowball sell-off in Treasuries. Before that, modest weakness was already intact. "A snowball sell-off to 4-month highs" sounds a bit more dramatic than the... .. read more..
Mortgage Rates Match 7-Year Highs
Monday, September 17, 2018
Posted To: Mortgage Rate Watch Mortgage rates may have had a fairly bad day last Friday, but today was worse . Today officially saw the average lender back at rates not seen since May 17th, 2018. That date might not seem too far away, but at the time, it marked the highest rates since late April ... .. read more..
Fannie Thinks Economic Expansion Just Peaked
Monday, September 17, 2018
Posted To: MND NewsWire The robust growth in the economy in the second quarter may be the final peak of this expansion according to Fannie Mae's Economic Development Report for September. Initial data indicates the 4.2 percent growth last quarter appears to be moderating to the estimated third qu... .. read more..
Downpayments Hit Record Levels
Monday, September 17, 2018
Posted To: MND NewsWire There were quite a few recent milestones, high and low, noted in the Quarter 2 Residential Property Loan Origination Report from ATTOM Data Solutions. The report covers the 2.09 million 1 to 4 unit residential loans originated during the quarter, an increase of 15 percent ... .. read more..
MBS Week Ahead: Lighter Data This Week as Markets Position for Fed Next Week
Monday, September 17, 2018
Posted To: MBS Commentary September continues to be an unfriendly month for bonds, marked by an unfriendly trend that has carried yields almost exclusively higher. Some of the weakness can be chalked up to pent up selling demand that was on hold through the end of August, but economic data and su... .. read more..