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  • MBS RECAP: Bonds Ignore Econ Data in Favor of Next Week's Fed Events December 14, 2018
    Posted To: MBS CommentaryBonds began the day in modestly stronger territory. While they spend a small amount of the day trading a small distance away from those opening levels, that time and distance was never big enough to cause any concern. In short, the "consolidation" we'd hoped to confirm by seeing 10yr yields remain under […]
  • Mortgage Rates Preserve Most of Last Week's Gains December 14, 2018
    Posted To: Mortgage Rate WatchMortgage rates didn't move much today, and that's arguably a good thing. When the week began, we discussed the need for rates to cool-off after last week's rapid drop. Doing so would improve our chances of seeing recently lower rates stick around for more than a fleeting moment. Now here we […]
  • Housing Forecasts Are Getting More Consistent December 14, 2018
    Posted To: MND NewsWireConsistency can be boring, but in crazy times it can also be reassuring, even comforting. While they differ on the specifics, economists, at least those in the housing industry, seem to be coming together with much the same outlook and many of the same caveats for the next year or so. Fannie […]
  • MBS Day Ahead: This Would Show That Bonds Are Serious About Considering Even More Gains December 14, 2018
    Posted To: MBS CommentaryIf you've truly come to an appreciation of the gravity of bonds' big picture headwinds over the past 2 years, then the past 5 weeks may feel like a stroke of luck so good that it has to change any day now. More than a few bond analysts were worried about a […]
  • Compliance and Documentation Products; Loan Limit Changes in the Primary Markets December 14, 2018
    Posted To: Pipeline PressLots of folks in the mortgage biz like statistics and odds. They may not remember them, but they like them. (As Marcus L. writes, “People still play the lottery even though most of us can't get the USB in the first time correctly and those odds are 50/50.”) Plenty of home loans […]
  • MBS RECAP: Bonds Continue Calming Before Next Storm December 14, 2018
    Posted To: MBS CommentaryWhether or not next week's Fed announcement proves to bring a winter storm for bond markets remains to be seen. That said, if anything is going to do the trick, that's the best chance we have. Between now and then, bonds aren't quite sure what to do with themselves, as evidenced by […]
  • Mortgage Rates Edge Back Down Toward Long-Term Lows December 13, 2018
    Posted To: Mortgage Rate WatchMortgage rates fell moderately today, helping them move part of the way back down toward their lowest levels in more than 3 months (seen back on Friday). The average lender continues quoting rates that are roughly 3/8ths of a percentage point lower than the highs from early November. Last Friday's low […]
  • Not Just the Season; MBA Predicts New Home Sales Down Sharply December 13, 2018
    Posted To: MND NewsWireThe Mortgage Bankers Association (MBA) added a little more evidence to the pile indicating a rather rapid slow-down in the housing market. MBA's Builder Application Survey (BAS) data for November shows mortgage applications for newly constructed home purchases falling by 14 percent compared to October. The MBA data is not adjusted to […]
  • MBS Day Ahead: Clear Correction May Be Finding Clear Ceiling December 13, 2018
    Posted To: MBS CommentaryThe first 3 days of this week have offered a clear correction/consolidation to the strong rally of the previous month. This had as much to do with timing and technicals as anything else. In other words, the rally brought yields so much lower, so quickly (relative to other attempts to rally in […]
  • Books by Lenders, For Lenders; False Claims Act Rears it's Head; LO Products and Services December 13, 2018
    Posted To: Pipeline Press“Why do people pay to go up tall buildings and then put money in binoculars to look at things on the ground?” It turns out that, in terms of grabbing their pieces of ground, first-time home buyers were more active in the first three quarters of 2018 than at any time since […]
  • MBS RECAP: MBS Handily Outperform Treasuries as Consolidation Continues December 13, 2018
    Posted To: MBS CommentaryToday's trading session was far less eventful than anything else seen in the past few weeks, both in terms of movement and volume. Although Treasury yields were higher, most of the increase came in the overnight session, and additional volatility was minimal throughout the day. By the time we get to MBS […]
  • Mortgage Rates Could Go Even Higher December 12, 2018
    Posted To: Mortgage Rate WatchMortgage rates rose more noticeably today as a part of a 3 day bounce after hitting the lowest levels in roughly 3 months at the end of last week. Whereas yesterday's increases weren't really worth mentioning, today's hurt--depending on the scenario. In general, this bounce was to-be-expected. Granted, we can't ever […]
  • Lenders Looking to New Tech as Pessimism Over Profit Margins Grows December 12, 2018
    Posted To: MND NewsWireLenders continue to be pessimistic about their profit outlook as 2018 draws to an end. Fannie Mae said its fourth quarter 2018 Mortgage Lender Sentiment Survey found the profit outlook reported by respondents at an all-time survey low. This was true whether they were talking about purchase or refinance mortgages or about […]
  • MBS Day Ahead: Bonds Have Lots on Their Mind, But Beware The Bounce December 12, 2018
    Posted To: MBS CommentaryAs we begin the third day of moderate weakness in bond markets, it's safe to say that we're looking at the correction and/or consolidation that we expected to see as of the end of last week. Bonds wouldn't have needed any other reason apart from the preceding rally to bounce. But as […]
  • Non-QM and Warehouse Products; STRATMOR Tech Insight Study December 12, 2018
    Posted To: Pipeline PressWho among us has pushed for abolishing the mortgage-interest deduction, supported getting rid of government subsidies for the 30-year fixed-rate mortgage, putting Fannie and Freddie into receivership, and supported ending the sweep of F&F’s profits into the Federal Government? The answer is Dr. Mark Calabria, currently working for Mike Pence, and if […]
  • White House Nominates Calabria as New FHFA Chief December 12, 2018
    Posted To: MND NewsWireAlmost exactly 10 years after he helped pass the legislation that established the Federal Housing Finance Agency (FHFA), Mark Anthony Calabria has been nominated by the White House to be its director. If his nomination is confirmed by the Senate, Calabria, currently the Chief Economist in the Office of the Vice President, […]
  • Mortgage Applications: Trade Fears Drive Rates Lower, Borrowers Respond December 12, 2018
    Posted To: MND NewsWireBorrower activity continued to pick up last week as interest rates retreated to September levels and mortgage applications extended their recent winning streak. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, increased 1.6 percent on a seasonally adjusted basis during the week ended December 7. […]
  • MBS RECAP: Bonds Continue Circling Wagons (Nothing To Do With Shutdown News) December 11, 2018
    Posted To: MBS CommentaryGovernment shutdowns make good news. When risks of a shutdown flare up (especially with today's sort of political theater) it tends to dominate the news coverage. This creates the risk that shutdown news is perceived to impact bonds in a way that isn't really accurate. This was the case today, to some […]
  • Mortgage Rates Flattening Out After Much-Needed Winning Streak December 11, 2018
    Posted To: Mortgage Rate WatchMortgage rates rose almost imperceptibly today, with a few lenders not showing any detectable changes from yesterday. Still, it was the first time since November 30th that rates were higher than the previous day (on average). Today's move was so small that most lenders accounted for it in the form of […]
  • September Delinquencies Mostly Unaffected by Disasters, Eased Underwriting December 11, 2018
    Posted To: MND NewsWireCoreLogic reports that mortgage delinquency rates were little changed in September. The percentage of mortgage loans that were 30 or more days delinquent and including those in the process of foreclosure declined by 0.6 percentage point on an annual basis, to a national rate of 4.4 percent. Early delinquencies, those 30 to […]

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