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January 9, 2015

  • Posted To: MBS Commentary

    European stocks tanked today. The move was underway within minutes of the morning's payrolls data which initially looked like it might give domestic stocks a boost and hurt bond markets. But domestic markets quickly acquiesced to the much larger move. For context, the Euronext was down over 2% while the S&P was down roughly 1%. Not only that, but the day's momentum obviously coincided...
  • Posted To: Mortgage Rate Watch

    Mortgage rates moved lower after this morning's Employment Situation Report, though not necessarily because of it. After 2 days spent correcting from strong move lower in stock prices and bond yields, markets had had enough. In other words, global financial markets moved one way from December 29th and then the other way on Wednesday and Thursday. That left today as a bit of a wild card. Soon...
  • Posted To: MND NewsWire

    Owners of some 90 percent of mortgage properties in the U.S. now have some degree of equity in their homes. CoreLogic said today that 273,000 properties returned to a positive equity status during the third quarter of 2014 and overall equity increased by about $800 billion compared to the third quarter of 2013. About $44.6 million properties are now in a positive equity position. Approximately 5.1 million homes...
  • Posted To: MND NewsWire

    It was notable in the years after the housing collapse that the composition of investors in single family real estate changed drastically. Long the providence of small investors - individuals who purchased a few properties to either flip or rent out for long-term income - the avalanche of foreclosures and plummeting prices suddenly lured in both the types of institutional investors who traditional owned large...
  • Posted To: MND NewsWire

    Even though consumers are becoming increasingly optimistic about the economy and comfortable that it is heading in the right direction, results of the Fannie Mae's December National Housing Survey indicate that they aren't quite so sure of the housing market. Positive answers to the question of whether the economy is on the right or the wrong track increased by 5 percentage points from the November survey while...
  • Posted To: MBS Commentary

    It's been a surprisingly busy morning for financial markets, and very little of that has to do with NFP. Bonds were slightly stronger overnight and after a small, but volatile reaction to NFP managed to hold inside yesterday's weaker levels. In other words, 10yr yields ultimately lost ground following NFP, but didn't go any higher than yesterday's 2.02+ technical support. Further...
  • 12:21pm

    Posted To: MND NewsWire

    Details and clarifications are now available for lenders and borrowers regarding President Obama's Thursday announcement of reduced FHA mortgage insurance premiums (MIP). In addition to fine-turning details about eligibility, a Mortgagee Letter released by the Department of Housing and Urban Development this morning has some good news for borrowers currently in the process of getting a loan. According to the...
  • 10:34am

    Posted To: Pipeline Press

    I guess it is a "new" economy? Coca-Cola has announced plans to lay off about 1,800 employees globally, in an effort to cut costs by roughly US $3 billion. Department store chains J.C. Penney is shuttering 39 underperforming stores and laying off 2,250 workers, while Macy's announced a restructuring that will shift workers from 830 Macy's and Bloomingdale's stores and close 14 Macy...
  • Posted To: MBS Commentary

    Markets don't always read from a script. Beyond that, there just aren't many past examples of moves like the one at the beginning of 2015, but so far, the bounce back from Tuesday's low rates has offered essentially no surprises. If anything, it might be just a bit more resilient than past examples, but then again, the initial rally was also more gradual than past examples. One way we...

January 8, 2015

  • Posted To: Mortgage Rate Watch

    Mortgage rates continued drifting slightly higher after a strong move to 19 month lows on Tuesday. The caveat is that today's rates are only higher compared to the past 2 days. They're still better than anything else seen before this week. The most prevalently-quoted conforming 30yr fixed rate remains 3.75%, but with slightly fewer instances of 3.625% today. FHA/VA rates remain plagued by...

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