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August 14, 2014

  • Posted To: MND NewsWire

    Wells Fargo has apparently decided that a carrot is better than massive layoffs when the mortgage business starts to slide. Bloomberg is reporting that the bank, the nation's largest mortgage lender, quietly revised its commission structure for loan originators on July 1, a move that should result in larger paydays. The news service quotes bank executive Franklin Codel as saying the change "created a lot of...
  • 11:14am

    Posted To: MBS Commentary

    Today has brought a decent dose of volatility to bond markets. Overnight trading saw Treasury yields rise somewhat abruptly during Asian hours. The European hours took things in the other direction --so much so, that MBS and Treasuries were in positive territory at the open. Jobless Claims data was weaker than expected and Import Prices were lower than expected. Both of these things are good for...
  • Posted To: MND NewsWire

    There was a significant uptick in foreclosure filings in July according to RealtyTrac's U.S. Foreclosure Market Report. The company said however that filings including default notices, scheduled auctions, and bank repossessions continue to ratchet down on an annual basis. Filings were reported on 109,434 properties during the month, up 2 percent from June but 16 percent lower than in July 2013. One in every 1,203...
  • Posted To: MND NewsWire

    Applications for the purchase of newly constructed single-family homes rose 2 percent in July. The Mortgage Bankers Association (MBA) based this estimate on responses to its Builder Application Survey (BAS) which polls representatives of mortgage subsidiaries of home builders nationwide. The data is not seasonally adjusted. Applications for conventional loans comprise d 68.8 percent of the total in July and FHA...
  • Posted To: MND NewsWire

    While the share of residential real estate transactions that are all cash continues to decline they remain well above historic levels CoreLogic said on Wednesday. In May 34.4 percent of home purchases were in cash, down from 36.9 percent in April and 37.4 percent in May 2013. The May share was the lowest inn four years. Before the housing crisis such sales typically accounted for 25 percent of the market....
  • Posted To: Pipeline Press

    Here's a story for the guys in IT. In "the old days" hotel rooms actually had keys, and hotels didn't have computers. But now most hotels are reliant on computers for controlling not only the registration process but other vital functions as well such as letting you into your room, air conditioning, lighting, and alarm systems. And that leads to hackers being able to control a...
  • Posted To: MBS Commentary

    It's fun anthropomorphize bond markets. After all, by the time we admit that even "black box" trading still results from human programming, markets are really just a mathematical representation of psychology . In human terms then, US bond markets (Treasuries) are friends with other bond markets. One of their best friends of the past several years has been European bond markets (...

August 13, 2014

  • Posted To: MBS Commentary

    After a fairly slow start to the week, bond markets threatened to move higher yesterday afternoon and into the overnight session. With bonds trading at their weakest levels of the week, things looked fairly gloomy right up to the 8:30am release of the Retail Sales data. After the data came out weaker than expected, the tone reversed abruptly , ushering in the best levels of the week before...
  • Posted To: Mortgage Rate Watch

    Mortgage rates improved just slightly today, but that's a welcome result considering the way things had been shaping up. If not for the weaker-than-expected report on Retail Sales, mortgage rates likely would have begun the day noticeably higher. Fortunately, the data is released at 8:30am, giving markets time to react before most lenders put out their first rate sheets of the day. It was...
  • 12:55pm

    Posted To: MND NewsWire

    The estimate from the Bureau of Economic Analysis (BEA) of sharply improved economic growth in the second quarter is good news for the housing market Freddie Mac's lead economists said today. The advance BEA report puts GDP growth at 4.0 percent in the second quarter compared to -2.1 percent in the first while Freddie Mac forecasts continued improvement in economic growth with an average of 3.3 percent in 2015...

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