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July 10, 2014

  • Posted To: MND NewsWire

    Part 4 of the recent edition of the Harvard Joint Center on Housing Studies' report on the State of the Nation's Housing looks at the declining rate of homeownership in the U.S. which has now fallen for the seventh straight year. The rate edged down 0.3 percentage points in the 2012-13 time period to 65.1 percent while the number of homeowner households also fell for the seventh straight year, declining by 76,000...
  • 11:27am

    Posted To: MBS Commentary

    Core European debt markets set the tone for the overnight session. That means German Bunds big rally helped US Treasury yields move lower overnight. One of the key root causes for today's move is the same sort of EU contagion that was so prevalent back in 2012. That dynamic saw peripheral countries' borrowing costs spiral higher, and the systemic consequences for the Euro currency fueled...
  • 10:23am

    Posted To: MND NewsWire

    Normal 0 false false false EN-US X-NONE X-NONE Applications for new home purchase mortgages declined in June for the second month in a row the Mortgage Bankers Association (MBA) said today. Its Builder Application Survey (BAS), taken among mortgage subsidiaries of builders throughout the US, showed that 5 percent fewer applications were made during June than in May. There was an estimated 8 percent decline from...
  • 10:21am

    Posted To: Pipeline Press

    Although Bismarck, ND is a fine city, it did not make Zillow's Best Places to Buy a Vacation Home list. I read many articles during the course of the week but this one is pretty interesting and managed to capture my attention away from Tetris for a while. Zillow created an index, known as the Second Home Index (SHI) in order to surface U.S. cities near popular vacation destinations...
  • Posted To: MBS Commentary

    Let's do the same thing we did yesterday and get the daily analysis out of the way in one paragraph so I can wrap up the "NFP Reflections." Yesterday's got a bit wordy, so there's not much more to say, just some data that I put into chart format. Today brings the only true "economic data" of the week in the form of Jobless Claims at 8:30am. Markets aren't...

July 9, 2014

  • Posted To: Mortgage Rate Watch

    Mortgage rates improved again today , but it wasn't exactly a straight line to success. In fact, the underlying bond markets that directly impact lenders' rates began weakening yesterday afternoon and didn't really stop until after today's Fed Minutes ('weakening' implies higher rates). That means that this morning's rate sheets were actually a bit higher than yesterday's latest. After the Fed...
  • Posted To: MBS Commentary

    While the overnight session was slightly weaker and the 10yr auction made things that much worse, the day's main event was undoubtedly the FOMC Minutes. There are two ways to look at the reaction. The less interesting, more cynical way to account for the strong move after FOMC is to say that markets were preparing for something more negative. And when they didn't get any bad news, a...
  • 12:12pm

    Posted To: MND NewsWire

    A recent survey by Redfin, the Seattle-based real estate company, found some substantial disconnects among buyers, sellers, and market reality. They are, the company said, not on the same page when it comes to the state of the housing market. While inventories have increased, buyers are still hesitating because of hurdles presented by affordability and access to credit. Sellers have been slow to acknowledge that...
  • 11:09am

    Posted To: MBS Commentary

    While MBS have made up some ground compared to Treasuries over the past few hours, they're generally underperforming this week. Fannie 3.5s are down 5 ticks today compared to Treasuries being down 3 ticks in price. The culprit is very likely the monthly prepayment speed report out on Monday. MBS traders typically make the biggest adjustments to that data in the several days following the...
  • 10:32am

    Posted To: Pipeline Press

    Banks have plenty to think about and drink about: "Write-downs", "cutbacks", "plummeting profits"...you'd think we were talking about a bank here in the United States. But nope - all of that applies to the Vatican Bank ! In other bank news, how about this story about the possibility of Citi ponying up $7 billion (yes, with a "b") to settle with the U.S. Government? Are we going to...

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