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April 2, 2014

  • Posted To: Mortgage Rate Watch

    Mortgage rates moved higher again today, this time taking them definitively past any of the recent highs in March. In fact, to find rate sheets in any worse shape on average, you'd have to go back to January 9th, the day before a downbeat Employment Situation report helped fuel the rate recovery through the rest of the month. Our current situation is not all that dissimilar. Once again, a...
  • 12:51pm

    Posted To: MND NewsWire

    The government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac continued active foreclosure prevention activities in the fourth quarter of 2013, completing just shy of 100,000 transactions, most of which permitted distressed borrowers to stay in their homes. The Federal Housing Finance Agency (FHFA), conservator and regulator of the GSEs, said today that the two companies have brought the total of...
  • 11:30am

    Posted To: MBS Commentary

    To be clear, bond markets are indeed in their weakest recent territory AFTER this morning's economic data, but NOT necessarily BECAUSE of it. While Treasuries and MBS had visible reactions to the ADP data and even to Factory Orders, neither of the two reports were any sort of shining example of market-moving prowess. Instead, this move has been in the works since late March when bonds...
  • Posted To: MND NewsWire

    Vacation home purchases recovered strongly in 2013, helping to offset some of the inevitable flagging interest in investment purchases the National Association of Realtors® (NAR) said today. NAR's 2014 Investment and Vacation Home Buyers Survey shows an increase in vacation-home sales during the year of 29.7 percent. There were 553,000 such sales in 2012, an estimated 717,000 in 2013. At the same time...
  • Posted To: Pipeline Press

    Friday we'll have the employment data, or unemployment data, depending on how you'd like to look at it. Cynics in residential lending and other heavily regulated industries think that we're approaching the point where half the people who work actually do something and the other half monitor and regulate the first half . We aren't quite there yet, but about 1 out of every 6 American...
  • Posted To: MND NewsWire

    The Mortgage Bankers Association (MBA) said that mortgage applications decreased again during the week ended March 28, The seasonally adjusted Market Composite Index, a measure of application volume, was down 1.2 percent from the week ended March 21. On an unadjusted basis the composite lost 1 percent from its level a week earlier. While the Purchase Index inched up 1 percent on both a seasonally adjusted and...
  • Posted To: MBS Commentary

    If there's a consistent theme for bond markets so far in 2014, it's been "indecision." I referred to it as a " Serious Monotony Problem " on Monday, but it's been going on much longer. In fact, when we step back and take a look at the longer term range beginning in the mid-2013 "post-taper-talk" era, we find that the current sideways range is nothing more...

April 1, 2014

  • Posted To: MBS Commentary

    A real snoozer today for bond markets... Yesterday afternoon's late-day strength was washed out by overnight weakness. MBS started the day perfectly in line with yesterday's 12:01pm price levels and held uneventfully sideways for most of the morning. All this in spite of weakness in Treasuries. The potentially significant ISM Manufacturing data came in quite close to consensus and had...
  • Posted To: Mortgage Rate Watch

    Mortgage rates were relatively unchanged today, after moving higher during the past two sessions. The stability is somewhat counterintuitive as bond markets are slightly weaker. Typically, bond market weakness coincides with higher rates, but in the current case, yesterday afternoon saw moderate strength that came too late in the day to make it on to lenders' rate sheets. As such, we had a bit of...
  • 12:08pm

    Posted To: MND NewsWire

    Beginning yesterday morning, the most widely-used Loan Origination Software (LOS) has been offline. Ellie Mae estimates their Encompass platform handles over 20% of all mortgage transactions in the US, and helped process 3.2 million applications in 2012. But little, if anything has been processed through their system in the past 24 hours. In their first statement yesterday, Ellie Mae said: Clients have reported...

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