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February 13, 2015

  • Posted To: MBS Commentary

    High-momentum trends can pause, reverse, or fizzle . More often than not, the early stages of all three of those options look exactly the same. It happens after a significant move in either direction (significance can depend on time, distance covered, and preceding circumstances, among other things). The move first begins losing steam and then grinds indecisively sideways in a narrower range than...

February 12, 2015

  • Posted To: MBS Commentary

    Bond markets were at their best levels since Monday heading into today's 1pm 30yr Bond auction (MBS prices don't reflect that only because of the roll). In so doing, they were rushing to price in a certain amount of positivity (or rather, a fear of being too negative) expected to be validated by the auction results. They overshot the mark as the auction stats ended up being slightly...
  • Posted To: Mortgage Rate Watch

    Mortgage rates were feeling left out of the cheesy, obligatory, early February references to certain love-themed holidays. Markets hadn't shown rates any love for 8 straight business days--every day in February. That finally changed today, albeit only slightly. European headlines left bond markets (which guide mortgage rates indirectly) in limbo overnight and weak economic data this morning...
  • 12:51pm

    Posted To: MBS Commentary

    The overnight session was scary for bond markets as 10yr yields rose to test the 2.04 technical level. Interestingly enough, trading went dead flat at the time, and didn't make a decision on where to go next until after the 8:30am data (roughly 3 hours). With the data coming in weaker than expected (Retail Sales -0.8 vs -0.5 forecast and Jobless Claims 304k vs 285k forecast), the rally began...
  • 10:56am

    Posted To: MND NewsWire

    While all-cash sales continue to decline as a percentage of all home sales, in several states they still account for more than half of all residential sales transactions. CoreLogic said on Wednesday that 36.1 percent of home sales in November 2014 were all-cash, down from 38.8 percent one year earlier. November became the 23 rd consecutive month in which the share of sales declined on a year-over-year basis....
  • 10:54am

    Posted To: MND NewsWire

    As the housing industry continues to recover we see occasional troublesome spikes in one statistic or another. RealtyTrac reported a couple of such statistics in its U.S. Foreclosure Market Report for January, surges that, at first glance look ominous , but are probably good news . First, RealtyTrac reports that overall foreclosure activity increased during the month, driven primarily by a large uptick in...
  • 10:44am

    Posted To: MND NewsWire

    Applications for mortgages to purchase newly construction homes increased by 29 percent in January. The Mortgage Bankers Association (MBA) said that based on this volume, which is not seasonally adjusted , it estimates that new home sales were running at a seasonally adjusted annual rate of 530,000 units. The unofficial estimate of home sales is generated by MBA from the application data it receives from a survey...
  • 10:11am

    Posted To: Pipeline Press

    A Pew survey finds the typical middle class family could only replace 21 days of income with readily accessible funds. What is even scarier perhaps is that the same survey found that even if these families liquidated all of their retirement savings and investments they could only replace 119 days of income. Nothing underwriters don't see all the time, right? Turning to loan...
  • Posted To: MBS Commentary

    The news that keeps coming out of Europe is just too good not to have been scripted by some secret society of brilliant comedians. The dialogue between Greece and its creditors would make Abbot and Costello proud. In fact, it's too good to have even been scripted. The best part about Greece and Europe is that unlike Abbot and Costello, we don't need to suspend any disbelief that either...

February 11, 2015

  • Posted To: MND NewsWire

    Julian Castro told the House Financial Services Committee on Wednesday that the Federal Housing Administrations (FHA) historically high premiums limit affordability and almost certainly discourage some first time homebuyers from entering the housing market. The Department of Housing and Urban Development secretary said that FHA is in a strong position to take its "modest" recent step of reducing its premiums to...

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