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Mortgage News Daily - Blogs 10/29/2020 14:54
Posted To:. It was a bit of a bittersweet day for mortgage rates . On the one hand, it was the Fed's first day buying a new category of mortgage-backed bonds--one that would help pave the way for rates to move gradually lower if the broader bond market remains in reasonably strong territory. On the other hand, the broader bond market had a very bad day, thus raising questions about how much longer it will remain in reasonably strong territory. Mortgage rates have been doing a very good job of resisting the implications for higher rates seen in the broader bond market, but there's a limit to how long they can continue to hold out. If we continue having days like today in the broader bond market (i.e. 10yr Treasury yields rising more than 0.06.
Mortgage News Daily - Blogs 10/29/2020 11:17
Let's do the simply-worded conclusion right up front. For fans of low rates, the Fed's inclusion of 1.5 MBS (30yr) is a good thing, but not some new and wonderful guarantee of ongoing improvement. It's more of a byproduct and less of a root cause. It's a sign that MBS have finally caught up to levels that make sense and that lenders have finally cleared enough of the pipeline backlog to offer rates they could technically have offered months ago. But those rates didn't make a lot of sense to offer when 2.0 UMBS was the lowest coupon bucket they could fill (if... ...(). Forward this article via email: to someone you know that may want to read it.
Mortgage News Daily - Blogs 10/29/2020 10:21
Posted To:. Pending home sales faltered a bit in Septembe r, like new home sales announced earlier this week, the decline ended a four-month winning streak. The National Association of Realtors® (NAR) said that its Pending Home Sales Index (PHSI) fell to 130.0, a 2.2 percent retreat from the August level. The index, based on signed contracts to purchase existing single-family homes, townhouses, condominiums, and cooperative apartment, fell in every region but the Northeast. However, it is still 20.5 percent higher than in September 2019 and retained double digit annual growth in all regional indices. Analysts had expected the positive run to continue. Those polled by Econoday were not universally upbeat, their forecasts were, in fact, wild.
Mortgage News Daily - Blogs 10/29/2020 09:43
This weekend we receive an extra hour of 2020. If there was ever a reason to end the time change, this certainly is it! Markets don’t like uncertainty, and nothing about 2020 has been certain (although this morning we learned two certainties: Fannie Mae’s net income was $4.2 billion for the third quarter of 2020, compared with net income of $2.5 billion for the second quarter of 2020, and Freddie Mac had a net income of $2.5 billion – nice!) The pre-election polls (versus Poles versus poles) were misleading in 2016, but many surveys are suggesting that Biden and other Democrats have leads. Who knows for sure? To have the election settled in a normal, democratic way would alleviate some of the uncertainty, and we know that the markets will a.
Mortgage News Daily - Blogs 10/28/2020 17:10
Posted To:. When interest rates plummeted in response to the early realities of the pandemic back in March/April, mortgage rates did a terrible job of keeping pace with the broader bond market. When we talk about the "broader bond market," things like 10yr Treasury yields come to mind. Over the years, 10yr yields and mortgage rates move with extraordinarily high correlation. There are huge exceptions, however, and the pandemic made for an extreme example. Mortgages couldn't keep up with the drop in Treasury yields for a variety of reasons, but it turns out to have been a good thing from today's perspective. The underperformance of the past has allowed mortgage rates to outperform in the present. Despite 10yr yields rising quite clearly in Oc.
Mortgage News Daily - Blogs 10/28/2020 17:09
Bonds Struggle to Hold Gains Despite Stock Rout. As of the 3pm CME close, 10yr yields were higher on the day. Even though the losses were minimal, they're not what we'd expect given a 3% loss in stocks and a market that has frequently been trading risk-on/risk-off surrounding various covid/stimulus headlines. There were no salient market movers behind the bond weakness. MBS underperformed at first, but did a better job of holding their ground as... ...(). Forward this article via email: to someone you know that may want to read it.
Mortgage News Daily - Blogs 10/28/2020 11:59
Posted To:. The percentage of potential home buyers who perceive housing in their market as affordable increased in the third quarter, at least as reported in a recent National Association of Home Builders (NAHB) survey. NAHB's Housing Trends Report says that 27 percent of buyers responding to the survey reported they could afford at least half of the homes available for sale in their markets. This is up from 20 percent in the third quarter of last year. Rose Quint writes in NAHB's Eye on Housing blog that the increased responses indicate that lower mortgage rates have had a stronger impact on some buyers' perceptions of affordability than has rising home prices. "Nonetheless, it is important to keep in mind that most home buyers (72 percent.
Mortgage News Daily - Blogs 10/28/2020 11:52
Surely not everyone was kung fu fighting, right? I hope that we don’t see any fighting after November 3. I love to ask people, who think we’re going to see volatility next week, a) why, and b) what kind? We could very well see no huge jumps of any sort. From a capital markets perspective, it’s not as if the Fed is going to hike short term rates based on the result of the election although the long end of the yield curve may be buffeted by more or less economic shut down. No. immediate. changes are expected to mortgage rules and regulations. Besides, we may not know the results of some of the elections for days or weeks, especially if anyone ties the results up in court. (Regardless, vote! It’s a right of being a U.S. citizen. 70-80 million ha.
Mortgage News Daily - Blogs 10/28/2020 11:43
Posted To:. Mortgage application volume rose slightly during the week ended October 23. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, increased 1.7 percent on a seasonally adjusted basis from one week earlier, its first increase in three weeks. On an unadjusted basis, the Index was 2.0 percent higher. The Refinance Index gained 3 percent from the previous week's level and was 80 percent higher than the same week one year ago. The refinance share of mortgage activity increased to 66.7 percent of total applications from 66.1 percent the previous week. The Purchase Index was up 0.2 percent on a seasonally adjusted basis. Even if fractional, it was the first uptick in that index since the week
Mortgage News Daily - Blogs 10/28/2020 10:03
Posted To:. October has been unpleasant for the bond market--Treasuries specifically. That's not to say it's been a walk in the park for MBS. They too have lost ground consistently throughout the month, but those losses have been far better contained relative to their recent range. MBS are best characterized as "sideways" since August. Treasuries, on the other hand, were only really sideways through September. Since then, they've broken 2 key range ceilings at .72 and .80. As the chart shows, the most recent break above 0.80 is already in question. Yesterday's gain brought yields back under that technical level. Any strength today would help confirm the positive shift. So what would it take for bonds to log another win today? As always, ther.
Mortgage News Daily - Blogs 10/27/2020 16:45
Posted To:. Mortgage rates are mostly determined by the trading levels of mortgage-backed bonds on the open market. When those bonds improve, mortgage rates move lower, all other things being equal. For a variety of reasons, that typical relationship has been hit and miss on any given day since the pandemic began. Today is a milder example. Bonds improved, but the average mortgage lender is offering rates that are nearly unchanged versus yesterday. The trade-off is that mortgage rates stayed much lower than the bond market suggested for most of the rest of the month of October. In other words, mortgage rates have been hesitant to move higher OR lower relative to the bond market's suggestion. All that having been said, broad trends in the bon.
Mortgage News Daily - Blogs 10/27/2020 16:33
Bonds Looking Better This Week, But Risks Remain. Today's release of FHFA's home price index showed a sharp acceleration in price growth, with the annual total at 8.0% by the end of August. If prices completely stopped moving up in Sept, that puts new conforming loan limits on pace for $545k+. Meanwhile, with a 2nd straight day of gains, the bond market is making case for a supportive shift, but risks remain. Econ Data /... ...(). Forward this article via email: to someone you know that may want to read it.
Mortgage News Daily - Blogs 10/27/2020 12:07
Posted To:. The U.S. homeownership rate in the third quarter fell back slightly from the prior quarter. The second quarter saw the highest level for homeownership since the second quarter of 2008. Homeownership in the third quarter, according to the U.S. Census Bureau, was 67.4 percent, 0.5-point decrease from the previous period, but up from 64.8 percent in the third quarter of 2019. That rate ties with the second quarter of 2009 as the second highest rate since the onset of the housing crisis. The rate was highest in the Midwest and South at 71.2 percent and 70.8 percent and substantially lower in the Northeast (62.0 percent) and West (62.1 percent). All four regions posted annual increases. The rate increased for all age groups. Those und.
Mortgage News Daily - Blogs 10/27/2020 11:33
We'll start off with more of an industry-specific curiosity (as opposed to diving right into markets/rates). Then again, the conforming loan limit is a key consideration for rates, and it will be updated in less than a month! Today's FHFA home price data was the 2nd to last month needed to calculate the annual change in home prices (which FHFA relies on to determine new loan limits). But it's not quite as easy as just looking at the headline 8.0% annual growth. Loan limits are based on FHFA's expanded data set that is only released quarterly. Fortunately , that... ...(). Forward this article via email: to someone you know that may want to read it.
Mortgage News Daily - Blogs 10/27/2020 11:23
Posted To:. The impact of low interest rates and pent up buyer demand played out in sharply increasing home prices in August. Both the Federal Housing Finance Agency (FHFA) and S&P CoreLogic Case-Shiller indices posted significant appreciation on an annual basis and acceleration in that appreciation compared to prior months. CoreLogic Deputy Chief Economist Selma Hepp commented, "The forgone spring home-buying season appears to have fully shifted into summer months, leading to sales volumes that are picking up speed at a time when they would normally show signs of slowing. Additional demand was amplified by buyers looking for larger homes and second homes in resort and beach areas. Current home price growth is exceptionally strong given that.
Mortgage News Daily - Blogs 10/27/2020 11:00
Posted To:. Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 17.5 percent in September compared to a 27.7 percent gain in August. The portfolio balance at the end of the period was $2.570 trillion compared to $2.533 trillion the prior month and $2.295 trillion a year earlier. The growth rate for the year to date is 13.7 percent. Purchases and Issuances totaled $114.386 billion and Sales were ($3.064) billion. The August numbers were $131.140 billion and ($898) billion, respectively. Single-family refinance loan purchase and guarantee volume was $70.9 billion in September compared to $87.200 billion in August, representing a 69 percent share of total single-family mortgage portfolio purchases.
Mortgage News Daily - Blogs 10/27/2020 10:55
Etch A Sketch is buying Rubik's Cube? Who can keep up? What does a lender do when they’ve hit operational capacity, and don’t want to disappoint LOs with 60-day purchase turn times and refis taking 90? Increase the margin and make the price less attractive. Nearly every business does the same thing, including home builders. I am hearing stories of them increasing their prices just to slow business down, just like lenders, dealing with capacity, as sales have outpaced building. Certain parts of the mortgage process take longer than others, but hey, I want my home loan experience transformed by automating mortgage document processing! But do I want the same company doing it that knows where I am at all times, is the largest ad company in the
Mortgage News Daily - Blogs 10/26/2020 15:47
Posted To:. Mortgage rates were lower today for the average lender, but just how low remains a matter of great debate. To be fair, there's no active debate raging behind the scenes. Rather, there are a few weeks' worth of news headlines claiming "all-time low mortgage rates," and then there is the objective truth (which is a bit different from those news headlines). We've talked about the discrepancy quite a bit recently (here is the most recent and most thorough discussion ). It has to do with 2 shortcomings of popular rate surveys: stale/limited data and a "purchase-only" focus. Stale data can cause problems, but it shouldn 't result in 2 consecutive weeks of erroneous conclusions about all-time low rates. One caveat here is that the recen.
Mortgage News Daily - Blogs 10/26/2020 15:36
Rising Rate Trend Changing Course or Just Leveling Off? After a modest day of gains on Friday, bonds covered some more serious ground today. 10yr yields were more than 4bps lower at the 3pm CME close, and roughly 8bps lower versus Friday's highs. Does this mean the prevailing negative trend is reversing? Or are we simply taking a break while bonds wait for more info? Econ Data / Events. ... ...(). Forward this article via email: to someone you know that may want to read it.

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