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October 16, 2014

  • 11:50am

    Posted To: MND NewsWire

    The National Association of Home Builders (NAHB) said on Thursday that sentiment among its new home builder members reversed course in October, with few of those responding to its monthly survey viewing the current market for new homes as a good one. The NAHB/Wells Fargo Housing Market Index (HMI) declined four points from September, falling to a score of 54. The change came after four straight months of...
  • 11:14am

    Posted To: MBS Commentary

    MBS and Treasuries are essentially at their weakest levels of the past two days, fighting to hold that ground against a rebounding stock market and weak European bond market. Both have taken their toll so far this morning. Thankfully there was pronounced strength before the weakness set in, leaving us very close to unchanged territory. 10's were as low as 1.98 just after 6am. Fannie 3.5 MBS...
  • Posted To: Pipeline Press

    Outside of California's Santa Clara Valley, the words "Affluent" and "Millennial" aren't used too often together. But it turns out that when affluent millennials receive their inheritance, the odds are about 50/50 that they keep the financial advisor used by their parents, according to a survey by Morgan Stanley and Campden Research (they only asked 87). And PCBB reports that a...
  • Posted To: MBS Commentary

    One blessing and curse associated with being human is our innate desire to make sense of the world around us. Yesterday's bond market rally was--in many ways--nonsensical, yet that only makes the drive to understand it--to dissect it--that much stronger. In other words, we need to blame stuff on other stuff. And when that stuff is super interesting/happy/painful/intense/uncommon, our desire...

October 15, 2014

  • Posted To: MBS Commentary

    Today was intense. We'll probably be talking about it for years to come. While there have been bigger days of outright movement in bond markets, you'd be hard-pressed to find a recent example of a day with more explosive movement during what had so recently been one of the most boring, contained ranges in history. In that regard, we're not just talking about today, but the entire week...
  • Posted To: Mortgage Rate Watch

    Mortgage rates went on a truly epic ride today. From the opening bell to the closing bell, the mortgage-backed-securities (MBS) that underlie mortgage rates covered more ground than any other day since at least mid 2011. Direct comparison is an imperfect science in this case because MBS are stratified in different coupons. The stuff that's in fashion at the moment is different than the stuff that...
  • Posted To: MBS Commentary

    If you're just tuning in, bond markets are having a career day with 10yr yields currently operating near 2.06 after trading in the 2.2's yesterday and 2.4's last week. Fannie 3.0s (those are important again now) are up a point and 3.5s are up 20 ticks. Best-ex rates are easily into the high 3's. Wow... Today isn't going to break any records in terms of absolute movement....
  • 12:08pm

    Posted To: MND NewsWire

    The Consumer Financial Protection Bureau (CFPB) has proposed further changes to the new consolidated Loan Estimate and Closing Disclosure Mortgage forms that are scheduled to go into effect on August 15, 2015 . The proposed forms were unveiled by CFPB last November as part of the TILA-RESPA Integrated Disclosure Rule combining certain disclosure forms that consumers receive in connection with applying for and...
  • Posted To: MND NewsWire

    A significant drop in mortgage rates triggered a surge in refinancing activity during the week ended October 10. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of loan application volume , rose 5.6 percent on a seasonally adjusted basis compared to the week ended October 3 and was up 6 percent unadjusted. The increase was due entirely to a jump in refinancing applications. MBA's...
  • Posted To: MBS Commentary

    If you've ever watched a survival show where campers set up pots and pans tied on a string to sound an alarm for approaching bears, etc., then the upcoming chart will make lots of sense. 10yr Treasury yields--the best benchmark for domestic interest rate momentum--set up their own sort of defensive perimeter yesterday. They did this by opening significantly lower than the previous session...

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