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September 10, 2014

  • Posted To: Pipeline Press

    The city of San Francisco has 121 square kilometers (about 47 square miles). The Dallas-Ft. Worth Airport's area is about 70 square kilometers, which means that DFW is nearly 60% of SF in its entirety! This has nothing to do with mortgages, but "fun with numbers" does remind us that the CFPB's HMDA data (yes, it is in charge of that now) should be out within a week or two. (HMDA...
  • Posted To: MND NewsWire

    Mortgage applications displayed their worst volumes in months during the week ended September 5. That the week was shortened by the Labor Day holiday accounted for some of the bright red results, but even after adjustments to account for the holiday the application numbers were way down. The Mortgage Bankers Association said that its Market Composite Index, a measure of mortgage application volume, was down 7.2...
  • Posted To: MBS Commentary

    Yesterday's mid-day commentary did a good job of summing up the general malaise in bond markets. Revisit it HERE if you like, but here's the important part: We're left to sort through a laundry list of potentially inconsequential factors in order to assess the severity of the ongoing weakness. None of the morning's data or events can be clearly connected to any of the market...

September 9, 2014

  • Posted To: MBS Commentary

    NOTE: Tonight is "the roll" for Fannie and Freddie 30yr Fixed MBS. That means that September coupons will be done trading at the end of business today. Because MBS price indications are based on the most current month's coupons, tomorrow's prices will reflect October coupons. Every time you move out a month in terms of MBS coupons, prices are lower, all things being equal....
  • Posted To: Mortgage Rate Watch

    Mortgage rates finally delivered an unequivocal performance today. Unfortunately, it wasn't the kind we were hoping for. Rates moved higher at their fastest pace in weeks, reaching levels not seen since early August. To put that in context, however, many borrowers will STILL be looking at the same rate they were quoted yesterday, but with higher closing costs. 4.125% is still a widely available...
  • Posted To: MND NewsWire

    The market share of all-cash home sales continues to fall and in June made up the lowest share since the beginning of the financial crisis . CoreLogic said today that cash sales comprised 33 percent of all home sales in June compared to 34.4 percent in May. Prior to the crisis cash transactions generally averaged 25 percent of all home sales. Cash sales hit a peak of 46.2 percent of sales in January 2011. The...
  • 12:30pm

    Posted To: MND NewsWire

    Freddie Mac's HomeStep program, the vehicle through which the company sells its foreclosed property or REO, is experiencing increased numbers of multiple offers on its property a company executive said today. Buyer demand is colliding with shrinking supplies of REO and, according to HomeSteps Senior Vice President Chris Bowden, Freddie Mac's real estate sales unit sold two homes during the second quarter for...
  • 11:13am

    Posted To: MBS Commentary

    Negative momentum has been pervasive in September so far. Even the brief rally after Friday's jobs report failed to get yields back down to Thursday's lows. Normally, we'd expect that the ECB announcement from that same day was the turning point in the recent rally, but US Treasuries are currently leading European Benchmarks higher. That would be the other way around if the ECB was...
  • Posted To: Pipeline Press

    First time home buyers include more than just Millennials - see the note a few paragraphs down. The group includes recent immigrants, newly divorced people, and long-time renters. With this last group in mind, if you care about the subject (as should every LO or Realtor) here is a NY Fed write-up titled, "Why Aren't More Renters Becoming Homeowners?" I'll spoil the conclusion: "......
  • Posted To: MBS Commentary

    September has been decidedly negative for bond markets so far, and largely without any regard for economic data and events. Given that 'month-end' was only a day after the European Central Bank announcement, it's tough to say whether we're witnessing weakness with a purpose, or simple shuffling of tradeflows heading into a new month. The 'shuffling' would be no big deal....

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