Subscribe: Mortgage News Daily
http://www.mortgagenewsdaily.com/rss.asp
Added By: Feedage Forager Feedage Grade A rated
Language: English
Tags:
article via  copy story  email send  forward article  read forward  read  send copy  someone read  story someone  via email 
Rate this Feed
Rate this feedRate this feedRate this feedRate this feedRate this feed
Rate this feed 1 starRate this feed 2 starRate this feed 3 starRate this feed 4 starRate this feed 5 star

Comments (0)

Feed Details and Statistics Feed Statistics
Preview: Mortgage News Daily

Mortgage News Daily





 



MBS RECAP: Next Week Should be More Interesting

Fri, 26 May 2017 19:09:18 GMT

Posted To: MBS Commentary

Today was a non-starter, despite the presence of economic data that certainly had the street cred to move markets (if markets were inclined to move). GDP cam in stronger than expected at +1.2 vs +0.9 forecast, as did Durable Goods (-0.7 vs -1.2 forecast). The biggest counterpoint in the data was the weakness in the "Cap-Ex" component of Durable Goods (officially... "Non-defense capital goods orders, excluding aircraft") which came in at 0.0 vs 0.5 forecast. Think of Cap-Ex like the " core " component in the same way "Core CPI" is thought to be more relevant than plain old CPI. Whether the Cap-Ex miss was enough to justify bond market ground-holding is at moot point. Traders didn't trade the data either way. The day ended up being an opportunity for...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Mortgage Rates Coast Into Extended Weekend

Fri, 26 May 2017 18:31:00 GMT

Posted To: Mortgage Rate Watch

Mortgage rates didn't move much today. Lenders that made detectable adjustments generally did so in a moderately positive direction. While this isn't remotely enough to make a difference in the actual NOTE rate on a mortgage quote, it could make for microscopically lower upfront costs (thereby affecting the "effective" rate). As far as note rates are concerned, most lenders continue quoting conventional 30yr fixed rates in a range centered on 4.0%. In terms of economic data--something that typically moves bond markets (and thus rates)--there were two key reports this morning. The 1st revision of Q1 GDP was slightly stronger than expected, rising to 1.2% from 0.7% previously. A separate report, Durable Goods Orders, was also stronger than expected, but contained some internal components that...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Wages and Inflation; The Fed and Mortgage Rates

Fri, 26 May 2017 12:54:54 GMT

Posted To: Pipeline Press

Ready to rush off and join the blockchain rush? Not so fast. The implementation of blockchain technology in the financial-services industry is meeting some resistance, with enthusiasm not equating to industrywide rollout. Like GSE reform, it will take many years and while blockchain's potential for improving efficiency, security, and cost savings has been discussed, the commodity sector has concerns about loss of confidentiality, while other industry participants say formal regulation and oversight of the technology is needed . Capital Markets Tax reform looks increasingly unlikely this year as Republican rhetoric shifts to simple tax cuts, says Sen. Ron Wyden, D-Ore. Both sides of the political aisle contain ample support for tax reform , he says, but the Republican majority has failed to...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



MBS Day Ahead: Data Casts Vote on Recent Trend Shift

Fri, 26 May 2017 12:28:39 GMT

Posted To: MBS Commentary

Up until yesterday, the past week and a half of trading ran the risk of taking the shape of an uptrend leading back from the lows that followed last week's political drama. Things have been surprisingly quiet on the headline front when it comes to said drama. Even the rumor mill has been slow to churn. This has facilitated an "openness" on the part of bond markets to put more stock in other events and data. The most obvious turning point over this time was Wednesday's FOMC Minutes (which account for the big bounce in the chart below). Subsequent trading has vetted that bounce and contributed to more of a sideways vibe (as opposed to the uptrend that had been intact--shown in the white lines in the lower pane of the chart). Today's only major data will hit presently in...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



MBS RECAP: Bonds Begin Heading For The Exits, Hoping to Avoid Drama

Thu, 25 May 2017 20:54:47 GMT

Posted To: MBS Commentary

After seeing today's trading--especially when we consider it in the context of recent technical levels and yesterday's bounce around 2.25% in 10yr yields--it seems increasingly clear that bonds are doing that thing they sometimes do as the weekend is approaching. Namely, they've entered a narrow, sideways range, and they look none too interested in breaking higher or lower unless given a compelling reason. In the current case, the range is roughly 2.25-2.27 . We spent a few moments trading just slightly lower today, but those were the exceptions to the rule during domestic hours. The morning economic data was irrelevant (no one cares about Jobless Claims any more), and the afternoon's Treasury auction was taken in stride (slightly less than "strong" in terms of the...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Mortgage Rates Improve as Lenders Catch up With Yesterday's Gains

Thu, 25 May 2017 20:08:00 GMT

Posted To: Mortgage Rate Watch

Mortgage rates fell today despite relatively uneventful movement in underlying bond markets (which drive day to day changes in rates). The net improvement can be explained by the timing of yesterday's improvement. Simply put, bonds improved late in the day (following the 2pm release of the Fed Minutes). That market improvement was too late in the day for some lenders to reissue rate sheets. Lenders who DID improve yesterday afternoon nonetheless held back just a bit, as it's customary to make sure late day market gains stick around the following morning before fully adjusting rate sheets to reflect the gains. For the average borrower at the average lender, this equates to a modest reduction in the upfront costs associated with the same old rates that have been in play all week. Most lenders...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Freddie Mac Pulls a 180 in Housing Outlook

Thu, 25 May 2017 15:09:37 GMT

Posted To: MND NewsWire

Rather than taking a step back this year, home sales now seem ready to best their 2016 numbers. Freddie Mac's economists admit that, up until this month, their expectations were for the former (i.e. a 'step back'), but based on recent data, they now see the U.S. housing market "on track to eclipse last year as the best in over a decade." The company's May Outlook credits housing's strong launch into 2017 in part to the surprising downward drift of interest rates since March. Favorable rates, along with strong job growth, have bolstered housing demand, even as economic growth remains tepid-only 0.7 percent GDP growth in Q1. Still, despite the slow growth, blamed to a large degree on weak consumer demand, the labor market "keeps plugging along" with the lowest unemployment rate since 2001 (4...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Watt Says FHL Home Bank Activity Tops $1 Trillion

Thu, 25 May 2017 15:06:10 GMT

Posted To: MND NewsWire

It often gets lost in the shuffle, but the Federal Housing Finance Agency (FHFA) is not just the regulator and conservator of the government sponsored enterprises Fannie Mae and Freddie Mac, it also regulates the Federal Home Loan Banking System (FHLBank). Melvin L. Watt, Director of FHFA spoke to directors of those banks on Tuesday, at their Directors' Conference. Watt said that the System had its most profitable year ever in 2016, with net earnings of $3.4 billion. This, however, was in part due to litigation settlements over private label securities which contributed $952 million of the total. "Earnings, while still strong," Watt said, "would have been more in line with recent annual System earnings, without this non-recurring settlement income." The consistent profitability of the System...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



PHH v. CFPB - Recording of the Arguments, a Webinar About Yesterday's Action, What's Next?

Thu, 25 May 2017 13:50:59 GMT

Posted To: Pipeline Press

Montana may have its issues with politicians vying for the WWE title belt, but the state does seem to steer clear of cyberattacks. At least, it does in this hypnotic hacking attempt map . PHH & CFPB drama continues Yesterday the Court of Appeals rehearing of the CFPB/PHH case took place to determine the constitutionality of CFPB's leadership structure. Remember that in October (time flies) the initial decision by the court determined the CFPB was, in fact, unconstitutional. Yesterday's hearing was an "en banc" review, previously agreed upon in February. Attorney Brian Levy with Katten & Temple, LLP, contributed, "I just finished listening to the entire 90+ minute oral argument in the PHH Case before the entire DC Circuit sitting en banc. Please allow me save you and your readers some...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



MBS Day Ahead: Auction Cycle Ends; Bonds Still Have a Shot

Thu, 25 May 2017 13:14:18 GMT

Posted To: MBS Commentary

Tuesday of this week was a bit alarming for bond markets as it introduced the possibility that yields were opting for upward momentum after bottoming out amid last week's political drama. If we'd seen additional weakness yesterday, the case might have been closed on the momentum reversal (i.e. a shift back toward a trend higher in yields). Instead, the combination of a strong 5yr auction and friendly Fed minutes helped bonds find their footing. Whatever happens in the last day and a half of this week is likely of little consequence now that we've seen that bounce. There are two reasons for this. First , any additional weakness would have to carry 10yr yields over 2.305 in order to fundamentally alter the bigger picture--namely that yields have generally broken below 2.305 after...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



MBS RECAP: Bonds Bounce Back After Fed/Auction Combo

Wed, 24 May 2017 20:45:57 GMT

Posted To: MBS Commentary

Bonds began the day in inconsequentially stronger territory and soon moved to the worst levels in a week leading up to the 5yr Treasury auction. The auction's stats were much stronger compared to recent averages. This would normally bode well for bond markets (and today was no exception), but we might be justified in reading a little bit more positivity into the results considering the auction occurred in the shadow of the Fed Minutes set to hit the wires just 1 hour later. The Fed Minutes turned out to be helpful in their own right. Not only did the Fed express some rate-hike hesitation, but they reinvestment discussion seems to have evolved in a less terrifying way than some bond traders had imagined. Specifically, there was no mention of outright bond sales (a particular concern for...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Upward Mortgage Rate Momentum Pauses After Fed

Wed, 24 May 2017 19:35:00 GMT

Posted To: Mortgage Rate Watch

Mortgage rates moved moderately higher this morning, beginning the day at the highest levels in roughly 2 weeks. Afternoon events helped underlying bond markets bounce back, however, resulting in several lenders issuing positive reprices. This means that some lenders are in slightly better shape vs yesterday while others remain in worse shape. All things being equal, any lender who did not adjust rate sheets this afternoon would have incentive to offer bigger improvements tomorrow morning. The key consideration for interest rates was today's release of the Minutes from the most recent Fed meeting. The Minutes provide a more detailed account of the meetings where the Fed officially sets monetary policy. The policy statement is several hundred words while the Minutes are several thousand words...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Existing Home Sales Decline Slightly; Inventory Issues Persist

Wed, 24 May 2017 14:04:00 GMT

Posted To: MND NewsWire

Existing homes declined in April, falling back by 2.3 percent in April when compared to March 2017 levels. The National Association of Realtors® (NAR) said the month's transactions, which include those for single-family houses, townhouses, condos and cooperative apartments, were at a seasonally adjusted annual rate of 5.57 million . March sales were revised down from 5.71 to 5.70 million. Despite the decline, April's numbers were still 1.6 percent higher than the previous April and were at the fourth highest rate in the past year. Analysts polled by Econoday were expecting that sales would be lower in the wake of a 4.2 percent month-over-month gain in March. The consensus was for sales of 5.65 million. New homes sales, which were released on Monday, posted an 11.4 percent month-over-month...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Price Gains Decelerate But Remain Over 6 Percent Annually

Wed, 24 May 2017 13:56:42 GMT

Posted To: MND NewsWire

The Federal Housing Finance Agency (FHFA) is reporting another significantly high set of results for its Housing Price Index (HPI). The current values cover results for the quarter, month, and year. Based on purchase mortgages originated for Fannie Mae and Freddie Mac, FHFA puts the national increase in home prices in the first quarter of this year at 1.4 percent . FHFA Deputy Chief Economist Andrew Leventis said, "The steep, multi-year rise in U.S. home prices continued in the first quarter. Mortgage rates during the quarter remained slightly elevated relative to most of last year, but demand for homes remained very strong. With housing inventories still languishing at extremely low levels, the strong demand led to another exceptionally large quarterly price increase." There was some deceleration...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



MBS Day Ahead: Apex of Bond Supply and Fed Minutes

Wed, 24 May 2017 13:16:14 GMT

Posted To: MBS Commentary

Today's main event from a "street cred" standpoint will be the 2pm release of the Minutes from the last Fed meeting . This is a detailed account of the discussion that produced the Fed Announcement at the beginning of May (which contained no significant changes). In some ways, the Minutes from the meetings with no significant changes are potentially much more interesting than the official policy statement. This is especially true when the Fed is actively in the process of adjusting policy. The meetings without policy changes then become the hotbeds of discussion leading up to the material changes at the subsequent meetings. In contrast, the meetings with material changes tend to have less discussion about future changes and more justification for the changes announced at the meeting...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



New Home Sales; Title Company Cuts Fees; Guild's 1% Down Product

Wed, 24 May 2017 12:43:45 GMT

Posted To: Pipeline Press

Trends in New Home Sales "Pending" Home Sales, "Existing" Home Sales, and "New" Home Sales - take your pick. They all show something slightly different, and economists have their favorites. Housing and jobs play critical roles in the United States economy, thus the abundance of various statistics for each one. What have New Home Sales been doing recently? The numbers measure sales of newly built homes, and are a lagging indicator since the number comes out late in the subsequent month. Remember that sales can head higher, or lower, for different reasons. For example, do sales drop because no one wants a home, they're too expensive, or there are none for sale? April's numbers just came out yesterday . We learned that new U.S. single-family home sales tumbled over 11% from near a 9-1/2-year high...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Calendar Colludes; Delinquencies Spike by Most in Nine Years

Wed, 24 May 2017 12:29:59 GMT

Posted To: MND NewsWire

While Black Knight Financial Services maintains it was a function of seasonality, mortgage delinquencies increased in April by the largest percentage in nine years . The company, in its "first look" at the month's loan performance data, said the number of borrowers who were one or more months past due on their first mortgage, grew by 241,000 compared to March, an increase of 12.93 percent. The increase was largely isolated to early stage delinquencies. Much of the surge, the largest for any month since November 2008, appears related to two calendar anomalies; the month ended on a Sunday, meaning some payments made late in the month may not have been posted, and March typically has the lowest delinquency rate of the year, making an increase in April almost inevitable. Black Knight has said elsewhere...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Refi Apps Rebound, Helping Offset Purchase Pull-Back

Wed, 24 May 2017 12:24:09 GMT

Posted To: MND NewsWire

Refinancing shored up the Mortgage Bankers Association's Market Composite Index during the week ended May 19. While purchase mortgages slowed , the Composite still managed a 4.4 percent increase from the previous week on a seasonally adjusted basis and a 3.0 percent gain unadjusted. The Refinance Index has been erratic but generally trending down for months. It surged by 11 percent compared to the week ended May 12, reaching its highest level since March. The refinance share of applications came off a nine-year low of 41.1 percent the previous week, growing to 43.9 percent, the largest share in two months. Purchase mortgage applications declined, edging 1 percent lower on a seasonally adjusted basis and 2 percent unadjusted. The index remained 3 percent above the level one year earlier. Refi...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



MBS RECAP: Supply and Headlines Weigh on Bonds

Tue, 23 May 2017 20:21:59 GMT

Posted To: MBS Commentary

Much like the week before last, we're seeing an abundance of new "supply" hitting the bond market. This comes both in the form of the scheduled Treasury auctions as well as the more fluid world of corporate bond issuance. Traders generally have a good idea of which firms will be issuing debt, but the exact dates, times, and amounts are often up in the air. In any event, they're nowhere near as rigid and specific as the Treasury auction calendar. For fixed-income markets, all supply has an impact. Granted, certain types of supply will affect part of the bond market more than another, but any time the supply of anything is increasing, there will be general downward pressure on prices --all other things being equal. Lower prices = higher rates when it comes to bonds. Today's...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



Mortgage Rates Remain Under Pressure

Tue, 23 May 2017 19:54:00 GMT

Posted To: Mortgage Rate Watch

Mortgage rates began the day in decent shape with the average lender roughly unchanged versus yesterday. As the day progressed, bond markets (which dictate rates) weakened. Most lenders were forced to reissue slightly higher rates in the afternoon. Any lenders who didn't raise rates this afternoon will instead have to account for the weakness in tomorrow morning's rate sheets. In other words, some lenders will be offering higher rates tomorrow morning, even if markets don't move at all between now and then. Over the past few days, it's not only been easy, but downright logical to dismiss mortgage rate movement as being very small in the bigger picture. While that remains true for today's mortgage rates, today's bond market movement suggests a bit more caution heading into the holiday weekend...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



HUD Budget Drops by $16 Billion, FHA, GNMA Appear Unscathed

Tue, 23 May 2017 19:53:30 GMT

Posted To: MND NewsWire

The U.S. Department of Housing and Urban Development (HUD) released its proposed 2018 budget on Tuesday, saying it will continue to provide rental assistance for 4.5 million households. The bottom line is about $41 billion in discretionary spending, down from about $57 billion in mandatory and discretionary spending in 2017. Support appears to be continued at or near 2017 budget levels for many programs although several were eliminated completely. Rental assistance will apparently continue through existing programs such as Housing Choice Voucher, Project Based Rental Assistance, Housing for the Elderly and for Persons with Disability although raises are proposed to tenant rent contributions "with some protections for those who experience hardships." HUD says, "The Administration seeks to provide...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



There are Tons of Newly Built Homes – Just the Wrong Kind

Tue, 23 May 2017 17:33:00 GMT

Posted To: MND NewsWire

Ask anyone house hunting this spring, and they'll tell you there are far too few homes for sale. But, really, it's the price tags of the homes for sale that are the issue. It seems like a very simple fix. Not enough homes? Build more. Builders are doing that, but they're not building the right kind of homes. Builders say they are now targeting the millennial buyer — launching new, slightly lower-priced brands and stripping down the models — but clearly, it's not enough . The supply of existing homes for sale is near a record low, but the supply of newly built homes for sale just jumped dramatically, returning to its 30-year average. The chasm between the two is all about prices. "There was a big drop in the number of sales for [newly built] homes priced above $500,000 to the lowest...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



New Home Sales Contract Sharply in April

Tue, 23 May 2017 14:08:00 GMT

Posted To: MND NewsWire

Sales of newly constructed homes lost momentum in April, reversing three straight months of gains. The Census Bureau and the Department of Housing and Urban Development said sales were down 11.4 percent from March to a seasonally adjusted annual rate of 569,000, and barely eked out an 0.5 percent gain from the April 2016 estimate of 566,000 units. There was one positive note. Sales in March were revised upward significantly; from 621,000 to 642,000. The pushed March ahead of last July, to being the strongest month since the housing crisis began. Analysts had expected sales to dip after three months of solid increases, however those polled by Econoday were looking for them to be in a range of 585,000 to 622,000 units. The consensus was 604,000 units. On a non-seasonally adjusted basis there...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



HMDA Training; Misc. Updates on Policies, Documentation, and Underwriting

Tue, 23 May 2017 14:01:22 GMT

Posted To: Pipeline Press

I do my best to group updates to create a narrative that is more "user friendly" than to just throw news out there. But some updates don't fit into convenient groups, like "FHA & VA," or "CFPB-related policy changes" that lenders implement. So periodically I throw a bunch out there to give readers a sense of miscellaneous trends and developments that might be of use regarding TRID, eNotes, documentation, whatever. Citibank has reviewed and updated its group of TILA / RESPA Integrated Disclosure Rule (TRID) best practice documents. The number of documents has been reduced to 3. One specific to the Loan Estimate (CL310), one specific to the Closing Disclosure (CL311) and the last covering general TRID-related topics (CL312). All three documents are available now on Agentsite.com, in the Quality...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)



MBS Day Ahead: Bonds Stalled Despite Stocks. What Are They Waiting For?

Tue, 23 May 2017 13:45:42 GMT

Posted To: MBS Commentary

Although yields have risen modestly over the past 3 trading session, they've done so from the best levels in more than 7 months. If we take a few steps back from the narrow time frame that we watch from day-to-day and think about the broader recent context, the 2.23-2.25% range of the past few days looks pretty good. After all, we'd been tracking a range of 2.3-2.6, give or take, for most of 2017, and have discussed on several recent occasions that it could take some time for bonds to come to terms with a break outside that range. But is that definitely what's going on here? Are the 2.23-2.25% yields indicative of more strength to come or do they hearken a bounce? If you were to ask equities markets or even European bond markets, they'd suggest we should already have bounced...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

(image)