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March 18, 2015

  • Posted To: MND NewsWire

    It has been a tough winter and with spring less than a week away borrowers have apparently not yet emerged from hibernation. Applications for both home purchases and refinancing were lower during the week ended March 13 in spite of falling interest rates. The Mortgage Bankers Association (MBA) said this morning that its Market Composite Index, a measure of application volume, decreased 3.9 percent on a seasonally...
  • Posted To: MBS Commentary

    Today is Fed day and naturally, that's where 100% of the focus has been and will be. Markets are convinced that the Fed will remove the word "patient" from the statement and that the removal is meaningful. Funny thing about markets though... in this case, they've already "written" that part of the FOMC statement. It's so widely-accepted that "patient" is...

March 17, 2015

  • Posted To: Mortgage Rate Watch

    Mortgage rates continue gently lower again today, extending a recent winning streak that's seen improvements on 6 out of the past 7 days. While any winning streak is a welcome sight to fans of low rates, this one is most appropriately chalked up to the heavy losing streak intact for the 5 previous weeks. February ended up being the worse month for mortgage rates since the mid-2013 'taper tantrum...
  • Posted To: MBS Commentary

    What a boring 3 days! The only thing that's happened for bond markets is an utterly mechanical trend back toward Thursday morning's low yields and/or the epic long term inflection point centered on 2.05. Volumes have been low and trading ranges increasingly narrow. The only apparent reaction to data occurs when the data supports the predisposition to return to the neutral technical...
  • 12:01pm

    Posted To: MBS Commentary

    As expected, not much is going on today as the focus remains on tomorrow's FOMC events. Overnight volumes and participation levels were light for the 2nd straight day, though things have picked up just a bit from yesterday (which was the lightest session of the year). Still, the general trend was positive. Treasuries have been outperforming European bonds so far this week, which seems like a...
  • 10:21am

    Posted To: MND NewsWire

    Housing starts and completions plummeted nationwide in February, but especially in the Northeast and Midwest where record cold and nearly constant snowstorms took a substantial toll. Nationwide, housing starts were down 17.0 percent from January's slightly upwardly revised estimate of 1,081,000 units to a seasonally adjusted annual rate of 897,000. Given that February 2014 had also featured unusually brutal...
  • Posted To: Pipeline Press

    Happy St. Patrick's Day! Irish or not, many celebrated last Saturday instead of tonight, although in honor of today Hal M. writes, "The Irish invented bagpipes...but Scotland didn't get the joke!" Let's play some catch up on some random new products and guideline changes to obtain a sense of the trends out there... Mountain West Financial posted a new bulletin including Multiple UW...
  • Posted To: MND NewsWire

    It seems counterintuitive, but RealtyTrac said today that persons purchasing homes in the highest priced communities in the US last year made significantly higher down payments on a percentage basis than did those purchasing in the least expensive communities - twice as large as a matter of fact. In the 25 least costly count-ies in the U.S. the average down payment on a single-family or condominium purchase was...
  • Posted To: MBS Commentary

    The sense that financial markets are circling the wagons in preparation for tomorrow's FOMC events is palpable. Yesterday ended up being the lightest day of the year in terms of Treasury trading volume. MBS traded below average as well. While both saw modest gains, neither broke any recent ranges. Charts still give the clear sense that trading ranges are consolidating ahead of FOMC. And all...

March 16, 2015

  • Posted To: MBS Commentary

    The most important thing to understand about today's market movements is that by writing this sentence (or reading it, in your case), we've already given them more attention than they deserve . It was an excruciatingly slow trading session, both in terms of volume and participation. Any traders that stepped up to the plate with any level of conviction were able to move markets. Even then...

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