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April 9, 2015

  • Posted To: Mortgage Rate Watch

    Mortgage rates moved only moderately higher today, but it was enough to bring them to April's worst levels. The bond market trading that underlies interest rates in the US has been an increasingly volatile place. This has made for more frequent medium-sized moves in both directions. Unlike some of the simpler periods of time in the past where economic data determined the trading direction for the...
  • 11:26am

    Posted To: MBS Commentary

    MBS are being dragged down enough for some lenders to be considering negative reprices , but the brunt of this morning's weakness is being born by Treasuries. In terms of day-over-day change, MBS are right in line with yesterday and the reprices are a factor of beginning the day in stronger territory and moving weaker intraday. Treasuries also began the day in stronger territory after...
  • Posted To: MND NewsWire

    The percentage of all-cash home sale transactions declined for the 25 th consecutive month in January, falling to a 38.9 percent share. CoreLogic said that this was a 2.6 percent decrease from January 2014 when cash sales accounted for 41.4 percent of sales. Cash sales peaked in January 2011 at a 46.5 percent share, close to double the share prior to the housing crisis. CoreLogic said that if cash sales continue...
  • Posted To: MND NewsWire

    Among the most contentious issues at the Federal Housing Finance Agency (FHFA) when Edward J. DeMarco was its acting director was his refusal to allow Fannie Mae and Freddie Mac (the GSEs) to adopt a principal reduction (or PR) program, citing FHFA's duty as their conservator to protect their assets. His opposition continued even as the Treasury Department offered incentives to lenders through the Home Affordable...
  • Posted To: Pipeline Press

    According to the U.S. Census Bureau, the national mover rate has remained stable (between 11.5 and 12.5 percent) since 2008. In 1948, about 1 in 5 people moved over a one-year period, that number is now 1 in 9. Between 2013 and 2014, suburbs experienced a gain of 2.2 million movers, whereas cities experienced a loss of 1.7 million people - despite all the chatter about the urban...
  • Posted To: MBS Commentary

    Looking back on the past few days of trading activity, we see that absolutely nothing has happened since Monday's quick correction following Friday's crazy NFP day. 10yr yields have been hovering right around pre-NFP levels ever since. What changes this? (Fun Fact: March 18th FOMC day close, NFP day high and yesterday's close, all 1.906!) First thing's first: it sure wasn't...

April 8, 2015

  • Posted To: MBS Commentary

    Considering 10yr auctions and FOMC Minutes typically happen on Wednesdays, it's not uncommon for them to be sharing the stage. In today's case, they were the only relevant items on the schedule. While they certainly caused a bit of near term volatility, not only did that volatility play out on a micro scale, but it also carried trading levels back toward 'unchanged' by the end of...
  • Posted To: Mortgage Rate Watch

    Mortgage rates managed a fairly uneventful day despite the presence of some bigger-ticket events. Actually, those events turned out to be the reason that things didn't move much. Until then, underlying market conditions were trending weaker for the mortgage-backed securities that dictate mortgage rates. They bounced back after the afternoon's 10yr Treasury Auction and the release of the Minutes...
  • Posted To: MND NewsWire

    If data from Fannie Mae's March National Housing Survey is any indication, consumers seem to have grown a bit uneasy as many of the positive responses given to survey questions in February deteriorated in March. As Fannie Mae put it, "Consumer attitudes toward housing appear to have stalled somewhat amid a recent dip in confidence regarding personal finances and income growth." Survey respondents who felt the...
  • Posted To: MND NewsWire

    Home prices including distressed sales increased again in February on both a monthly and an annual basis CoreLogic said on Tuesday. Its nationwide Home Price Index (HPI) rose by 1.1 percent in February compared to the previous month and was 5.6 percent higher than in February 2014. The latter number marks three full years of consecutive annual price increases. "Since the second half of 2014, the dwindling supply...

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