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  • MBS RECAP: Nothing to be Mad About, But... May 18, 2018
    Posted To: MBS CommentaryBonds rallied today for the first time all week, and fairly well at that! 10yr yields fell more than 5bps and Fannie 3.5 MBS rose nearly 3/8ths of a point. Not much to be mad about there, right? Indeed, there's nothing to be mad about , but there are all sorts of […]
  • Temporary Factors Help Mortgage Rates... Temporarily May 18, 2018
    Posted To: Mortgage Rate WatchMortgage rates caught some small semblance of a break today. If it's not apparent based on that assessment in conjunction with the headline, the improvements certainly left something to be desired, even though that's to be expected, given the circumstances. Here's what I mean by that: Rates are based on the […]
  • MBS Day Ahead: What Is a Short Squeeze And How Could It Help Us? May 18, 2018
    Posted To: MBS CommentaryThe notion of "positions" is extremely important to the bond market (and to any market for that matter). At the most basic level, a LONG position seeks to profit from prices rising (or yields falling) and a SHORT position seeks to profit from prices falling (or yields rising). Quite often, the structure […]
  • Subservicing, Compliance, and Warehouse Products; Private Mortgage Insurance Trends May 18, 2018
    Posted To: Pipeline PressFolks heading to the MBA’s Secondary conference should know that there are 329 street-level newsstands in New York City. (The peak was 1,500 in the 1950s.) By law, the maximum price for anything at a newsstand is $10, meaning that newspapers are a significant part of that business. Finance & news about […]
  • NAR Curtails Earlier Home Sales Estimates May 18, 2018
    Posted To: MND NewsWireIn the face of continuing inventory shortages, declining consumer sentiment in favor of buying a home, and concern about the homeownership impacts of the 2017 tax cut bill, the National Association of Realtors® (NAR) has revised down, albeit only slightly, its forecast for home sales this year. Chief Economist Lawrence Yun told […]
  • MBS RECAP: Bonds Still On The Ropes May 17, 2018
    Posted To: MBS CommentaryToday was the calmest of the past 3 days of craziness, although the higher-than-average volume suggests things are still happening behind the scenes. Specifically , that volume can be largely attributed to traders cashing in previous bets on higher rates. This is accomplished by buying bonds (to close out a bond transaction […]
  • Mortgage Rates Are Actually Higher Than You've Heard May 17, 2018
    Posted To: Mortgage Rate WatchIt's Thursday, which is when Freddie Mac's weekly Mortgage rate survey comes out. The survey is the most widely quoted source material for major media outlets. As such, headlines abound about the "highest mortgage rates in 7 years." Of course, we've already discussed these 7 year highs earlier in the week […]
  • MBS Day Ahead: Great News! Maybe... May 17, 2018
    Posted To: MBS CommentaryIt's been pretty doomy and gloomy around here so far this week, what with the spike to the highest 10yr yields in nearly 7 years and what not. So how about an op-ed counterpoint to all the gloom? I'll go ahead and write it myself, since you have to have mild MPD […]
  • Construction and VA Rehab Products; FHA and Lender Disaster News; Economy Solid May 17, 2018
    Posted To: Pipeline PressI don’t go anywhere without my sugar glider, including most of this week spent in Austin, TX with TMS . No, a sugar glider is not a risqué pet name for a body part, it is pretty much a flying possum. Okay, I don’t have a flying possum, but starting July 1 […]
  • White House Could Preempt Congress' Inaction on GSEs May 17, 2018
    Posted To: MND NewsWireTwo noted economists seem to be holding little hope that Congress will take up in any way changing the status quo of the government-sponsored enterprises (GSEs) before adjourning next January. However, they say it is an issue on the Trump Administration agenda and they expect the Executive Branch will step into the […]
  • Rising Rates Tilt Origination Composition May 17, 2018
    Posted To: MND NewsWireThe interest rates on loans that closed in April were the highest since Ellie Mae started tracking data in 2011. According to the company's Origination Insight Report for April, the 30-year fixed rate for loans averaged 4.79 percent, up from 4.69 percent in March. Not unrelated to that rapid rise is the […]
  • MBS RECAP: Mostly an Aftershock For Yesterday's Bond Rout May 16, 2018
    Posted To: MBS CommentaryIf you happened to be out of the office yesterday, 10yr yields finally broke out of their most recent consolidation pattern and moved quickly to the highest levels in just under 7 years. Big spikes can sometimes be isolated. That means today could have seen a decent move back in the other […]
  • Rates Inch Further Into Long-Term Highs May 16, 2018
    Posted To: Mortgage Rate WatchMortgage rates spiked to 7-year highs yesterday. While today's move was nowhere near the same size, it was in the same unfriendly direction. That makes it the worst day for mortgage rates since the middle of 2011. Whether "the middle" refers to May or July depends upon whom you ask. In […]
  • The Economy, Employment, Rising Home Prices Whittle Away at Delinquencies May 16, 2018
    Posted To: MND NewsWireImproving loan performance doesn't make headlines any longer, but worth noting that the improvement is still good news. The Mortgage Bankers Association (MBA) says the first quarter of 2018 saw even more progress in reducing delinquencies, improvement noted across all categories of distress. The MBA's National Delinquency Survey shows a 54-basis point […]
  • Housing Starts Weakened as Expected in April May 16, 2018
    Posted To: MND NewsWireThe leading construction indicators performed generally as analysts had predicted in April, stepping back from March's solid increases in both permits and housing starts. Both sectors had been driven that month by surges in multi-family construction. The U.S. Census Bureau and the Department of Housing and Urban Development say that permits for […]
  • MBS Day Ahead: Without Yesterday, Today would look Awful May 16, 2018
    Posted To: MBS CommentaryToday is starting out with just a hint of green on the screens. While that's certainly much better than the alternative (some historical examples see multiple days of yesterday's level of selling), it's still really far from great , and nowhere near the triumphant bounce back that would be in line with […]
  • Refi Applications at 8-Year Low May 16, 2018
    Posted To: MND NewsWireMortgage activity slowed again last week. The Mortgage Bankers Association said its Market Composite Index, which measures the volume of mortgage loan applications, was down on a seasonally adjusted basis by 2.7 percent during the week ended May 11 compared to a week earlier. It was the fourth consecutive week the composite […]
  • Construction, Non-QM Products; MI Program Developments May 16, 2018
    Posted To: Pipeline PressWhat does a chief operating officer do, and how much do they make? For builders, the role is vague but is often the #2 person at the company. COO comp, however, for publicly-held builders is well documented. And they make some decent coin . MI News For those dealing with private MI […]
  • MBS RECAP: Bonds Tank; Yields Surge Past 2014 Highs May 15, 2018
    Posted To: MBS CommentaryJuly 8, 2011. That's how far you'd have to go back to see higher 10yr yields than we saw today. At their worst, they were at 3.0945% . At the close, it doesn't look like they'll be much better (currently trading in the 3.07+ range). Up until today, the high had been […]
  • Mortgage Rates Jump to 7-Year Highs May 15, 2018
    Posted To: Mortgage Rate WatchMortgage rates spiked in a big way today, bringing some lenders to the highest levels in nearly 7 years (you'd need to go back to July 2011 to see worse). That heavy-hitting headline is largely due to the fact that rates were already fairly close to 7-year highs, although today did […]

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