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November 7, 2014

  • Posted To: MBS Commentary

    S&P futures--the best and most liquid snapshot of the broader US stock market--closed yesterday about 2 points higher than they are heading into the close today. That's effectively 'unchanged' and not much of a commentary on whether today's jobs report was bad or good for stocks. It was good for bonds though. The lack of an ultimate reaction in stocks combined with the fact...
  • Posted To: MND NewsWire

    Equity got some close scrutiny in the current edition of Mortgage Monitor, a monthly publication of Black Knight Financial Services. The company used its first and second lien mortgage databases to analyze current active mortgages to discover both the state of the "refinancible population" as well as the nation's overall equity situation. The Monitor looked at how the equity situation has changed in recent months...
  • Posted To: MND NewsWire

    Earlier this year, after solid price increases nationally (11 percent in 2013 alone) and near meteoric gains in some markets, speculation began about another housing "bubble." Memories of the chaos that followed the last bubble were still very fresh - ongoing in fact - so the prospect of a repeat was a little scary. In May 2014 CoreLogic announced a new measure it had added to its Home Price Index (HPI) data and...
  • Posted To: Community Commentary

    I was struck by a comment made by the Mortgage Bankers’ Association President David Stevens : "It's time to acknowledge all the safeguards added to mortgage lending. It's time to start talking about housing finance like the beneficial activity that it is. It's time to let people know it's OK to start trusting the system again. Most of all, it's time to change the dialogue...
  • Posted To: MND NewsWire

    Federal Housing Finance Agency (FHFA) Director Melvin H. Watt told an audience of Realtors® today that after some difficult years in housing a much needed conversation about homeownership has finally begun. The conversation is about both access to and demand for homeownership which is one of the primary ways that Americans have accumulated personal wealth and is a means for many families to gain stability and...
  • 12:42pm

    Posted To: MBS Commentary

    Bond market resilience last Friday in the face challenging news suggested buyers might be planning an attack for the near future. It would have been easy to lose faith in such an attack after the first four days of this week. There was never a resounding defeat, but incessant, slow, steady, demoralizing weakness . Even so, the initial reasons for the potential attack (FYI, this "attack...
  • 10:34am

    Posted To: Pipeline Press

    Lots of folks are going crazy over the avalanche of rules and regulations that are increasing the cost of every mortgage made in the United States. The latest update on Dodd Frank rulemaking by Davis Polk indicates that of the 398 rulemaking requirements, 58% now have finalized rules and 19% have had rules proposed that may see some modifications in coming months. That leaves about...
  • Posted To: MBS Commentary

    From the moment yields began drifting higher following the mid-October rally, absolutely nothing new has happened for bond markets. Trading levels have gotten progressively more negative in frustratingly non-threatening baby steps. The frustration sets in when you see those baby steps added up to a full-grown sell-off of 40bps in 10yr yields, or about a quarter of a point in terms of mortgage...

November 6, 2014

  • Posted To: MBS Commentary

    With this morning's ECB events merely causing volatility that resulted in essentially no change in trading levels, the most interesting aspect of the day became the ability of MBS to hold their ground despite a more concerted sell-off in Treasuries. For example, Fannie 3.5s were down only 4 ticks (an eighth of a point in price) today while 10yr Treasuries shed 3/8ths of a point. In terms of...
  • Posted To: Mortgage Rate Watch

    Mortgage rates didn't budge today . Most lenders didn't adjust rate sheets enough to affect yesterday's loan quotes. This is a fairly rare occurrence. There's almost always at least some small adjustment in the closing cost side of the equation, even if the quoted contract rate is the same. It goes without saying, then, that the most prevalently-quoted rates are exactly the same as yesterday....

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