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Mortgage News Daily - Blogs 09/13/2019 15:17
Posted To:. Mortgage rates were already having their worst week since 2016 as of yesterday afternoon. Rather than help to heal some of the damage, today's bond market momentum only made things worse . Whether we're looking at 10yr Treasury yields a broad indicator of longer-term rates or average mortgage lender offerings, this week now ranks among the top 3 in the past decade in terms of the overall move higher. At this point, we'd have to go back to the trauma of 2013's 'taper tantrum' to see anything bigger. Few, if any, news articles or various mortgage rate indices have had a chance to catch up with the move. This is especially true of the widely cited Freddie Mac data that circulated yesterday. It indicated a 0.06% increase in rates fro.
Mortgage News Daily - Blogs 09/13/2019 10:08
Posted To:. The California Building Industry Association (CBIA) is calling the Trump Administration tariffs the "perfect storm" for the state's already troubled housing industry. The Association says tariffs, which have impacted the price of appliances, certain countertops, some items made of lumber, steel and aluminum, and miscellaneous other items, have driven up the cost of an average-size new home in California by $20,000 to $30,000. The concern of the California organization was echoed by David Logan, the National Association of Home Builders' (NAHB's) director of Tax and Trade who said, "All the stars aligned for the worst outcome." He warns that the long-term effects of these tariffs could choke off new construction , and they're lead.
Mortgage News Daily - Blogs 09/13/2019 08:49
Posted To:. Any month that starts on a Sunday contains a Friday the 13th. The superstitious sufferers of “triskaidekaphobia” try to avoid bad luck by keeping away from anything numbered or labelled thirteen, while others, such as some attorneys for whatever reason, believe it to be lucky. But some companies and manufacturers often use another way of numbering or labelling to avoid the number: see if your airplane has a 13th row or your building a 13th floor. (Who says you don’t learn anything from reading this commentary?) Wells Fargo, which has managed to stay out of lawsuit headlines as of late, didn’t have any luck yesterday when California filed support for Oakland in a Wells Fargo mortgage suit for discriminating against, or giving high.
Mortgage News Daily - Blogs 09/13/2019 08:36
In the day just passed, bonds got our hopes up early with an initially positive reaction to the ECB announcement. We were even in the green for most of Draghi's press conference, but heading into 9:30am, the tone began to change. Ultimately, 10yr yields ran up to the highest point in what I would consider to be the new range established with August's big rally. I provided a recap of my thoughts on 1.80% as an important pivot point in (click it to go there). In the day ahead, bonds will see if they can hold on to the broader range as they begin the ... ...(). Forward this article via email: to someone you know that may want to read it.
Mortgage News Daily - Blogs 09/12/2019 18:18
10yr yields hit 1.80% today. Using the power of the MBS Live search feature, I compiled the following list to put 1.80% in context:. "I'd be looking at 1.80% in 10yr yields as the first threshold of concern. We could weaken as much as we want under that level and it wouldn't even be a mild concern. " - 8/6/19. "yields couldn't make it up and over 1.80% before the consolidation momentum kicked in." (referenced as top of the new sideways range) 8/12/19. "Whenever traders feel utterly confident that the near-term bottom is in, we should see some more meaningful momentum toward higher... ...(). Forward this article via email: to someone you know that may want to read it.
Mortgage News Daily - Blogs 09/12/2019 17:21
Posted To:. Mortgage rates didn't have a great day today, moving even higher from what were already the worst levels in a month as of yesterday afternoon. In and of itself, this single day wasn't any more dramatic than the average "bad day," but taken together with the past 3 days and the assessment is more grim. Simply put, this is now the worst week for mortgage rates since the 2016 presidential election. If that seems way too depressing, don't worry, I have a counterpoint for you! Each of the 3 weeks before that saw at least one day of mortgage rates at their lowest levels in 3 years. These also happened to be 3 of the most stable weeks that rates have ever enjoyed when holding so close to long-term lows. The typical pattern is for a quic.
Mortgage News Daily - Blogs 09/12/2019 11:35
Posted To:. The Mortgage Bankers Association (MBA) says its Mortgage Credit Availability Index (MCAI) suffered its largest decline in eight months in August. The Index fell 3.9 percent to 181.7, MBA says this indicates that credit is tightening. The MBA announcement comes on the heels of Fannie Mae's release of its third quarter Lenders' Sentiment Survey in which there was a substantial net increase in lenders responses that credit had tightened over the last three months and was expected to continue. All four of MBA's index components indicated a decline in credit access. The Conventional MCAI dropped 3.6 percent and the Government MCAI fell 4.1 percent. The two sub-components of the Conventional index, The Conforming and the Jumbo MCAI's w.
Mortgage News Daily - Blogs 09/12/2019 09:25
In the day just passed, the recent bond market selling-spree showed its first serious signs of leveling off since it began one week ago. This wasn't as triumphant is it sounds, however. Treasuries were unwilling to follow European bond yields lower in the early morning hours. Furthermore, after the very decent 10yr Treasury auction at 1pm, bonds were again unwilling to make noticeable improvements. In short, bonds looked to be taking their seats ahead of today's much-anticipated ECB announcement and press conference. In the day ahead, bonds will see how well they ... ...(). Forward this article via email: to someone you know that may want to read it.
Mortgage News Daily - Blogs 09/12/2019 09:02
I apologize in advance for the length of today’s commentary, but there’s a lot going on! Ask any economist if rent control works, and they’ll say, “No.” But that didn’t stop California’s Assembly from. which the Governor is expected to sign. In terms of pure supply and demand, wanna buy. ? Go ahead and deny that attendance of religious activities is down, but the decline in parts of the U.S. has led to a glut of religious buildings hitting the market as churches and religious schools fold, move, or attempt to offload underused facilities. In the past five years,. ,. and currently there are roughly. . Some will go private, becoming coffee shops, apartments or homes with ridiculous heating bills. Some will change hands between religious institutio.
Mortgage News Daily - Blogs 09/12/2019 08:18
Posted To:. Mortgage application fraud declined in the second quarter of this year. CoreLogic's report on the incidence says that one out of every 123 mortgage applications submitted during the quarter (0.81 percent) had a fraudulent component compared to one in 109 (0.92 percent) in the second quarter of 2018. This is a decline of 11.4 percent. The company said it was the first decrease in the index since the third quarter of 2016 and attributed it to the strong spike in lower risk refinance originations. New York, Florida, and New Jersey remain the top states for fraud, with New Jersey moving from second to third place. Occasions of fraud were up 8 percent on an annual basis in New York and 9 percent in Mississippi. The remaining top ten s.
Mortgage News Daily - Blogs 09/11/2019 17:30
Bond traders took a break from their newfound hobby of the past 5 business days: relentlessly selling bonds . Maybe they want to branch out and try new things. Maybe they were just a little tired of all the selling. Or maybe they had hit their pre-ECB selling goals just a bit early. Tomorrow's European Central Bank (ECB) announcement is definitely worth considering as a potential flashpoint. With heavy expectations for significant stimulus and rate cut overtures on multiple occasions since the last meeting, the sudden ramp up in ECB-related doubts (i.e. will they... ...(). Forward this article via email: to someone you know that may want to read it.
Mortgage News Daily - Blogs 09/11/2019 17:04
Posted To:. Mortgage rates were roughly unchanged today for the average lender as underlying bond markets finally calmed down. Over the past few days, bond yields have been rising quickly, effectively correcting from the lowest levels in more than 3 years. The same is true for mortgage rates with the average conventional 30yr fixed quote hitting 1-month highs yesterday and holding in the same territory today. One school of thought behind the recent rate drama is that the bond market is apprehensive about upcoming central bank policy announcements, both from Europe (ECB) and the US (the Fed). The ECB announcement is tomorrow morning, so it could make some sense to see bonds level-off in advance of the first central bank flashpoint. This means.
Mortgage News Daily - Blogs 09/11/2019 10:35
Posted To:. Mortgage lenders reflected a lot of optimism about their business prospects in the third quarter Mortgage Lender Sentiment Survey conducted by Fannie Mae. This is in sync with a report late last month from the Mortgage Bankers Association which reported greatly increased profitability on the part of mortgage banks in the second quarter. Now lenders have told Fannie Mae they expect this trend to continue. The net profit margin outlook found by the survey was at an all-time high, surpassing the previous high in the first quarter of 2015 , primarily due to strong mortgage demand expectations, especially for refinancing. The net share of lenders reporting an increase in demand over the previous three months reached the highest level
Mortgage News Daily - Blogs 09/11/2019 09:50
In the day just passed, bonds kicked into higher gear with respect to the correction that began to materialize last Thursday. If you feel like you missed the signs, go back and read the second half of this post: . Several of the commentary articles after that spoke about additional confirmation of the shift in increasingly stern verbiage (browse past posts or ). Corrections are normal, but they're still no fun . 10yr yields moved all the way to 1.745% yesterday, surprisingly close to the 1.748% technical level I offered in chat... ...(). Forward this article via email: to someone you know that may want to read it.
Mortgage News Daily - Blogs 09/11/2019 08:51
Is our housing system a. ?” (I don’t think so; we have hundreds of thousands helping millions every year although F&F would be better off if all their profits didn’t go straight to the government.) And now the. is allowing housing counseling agencies that offer advice and assistance to struggling home buyers to. . And how ‘bout those credit unions, notching another difference between them and other financial institutions (especially those lenders that sell loans to banks or any Agency under federal regulation). NCUA. interim. allowing federally insured credit unions to service hemp businesses. Remember that hemp is. although it may not be produced lawfully under federal law, beyond a 2014 pilot program, until the USDA promulgates regulations and
Mortgage News Daily - Blogs 09/11/2019 08:15
Posted To:. Although the week ended September 7 was shortened by the Labor Day holiday, mortgage application volume managed an increase. It was the first week-over-week gain since Early August. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, rose 2.0 percent on a seasonally adjusted basis from one week earlier although it fell 9 percent before adjustment. As interest rates continue to fall the pace of refinancing has become less frenetic, but that MBA index was still up 0.4 percent from the previous week and was 169 percent higher than the same week one year ago . The refinance share of mortgage activity decreased to 60.0 percent of total applications from 60.4 percent the previous week. The
Mortgage News Daily - Blogs 09/10/2019 18:14
Bonds continued to sell-off again today--this time slightly more aggressively than yesterday. Yes, the current spike in yields/rates is frustrating, but it's par for the course when it comes to bond market corrections. September is notorious for going against the summertime grain in the short-term, but not for single-handedly altering the longer-term trend. In short, this too shall pass, although we don't know exactly when or exactly how big the damage will be when that time comes. We can, however, throw out a few potential flashpoints in the near future:... ...(). Forward this article via email: to someone you know that may want to read it.
Mortgage News Daily - Blogs 09/10/2019 17:38
Posted To:. Mortgage rates and the broader bond market are both in the midst of a correction after hitting the best levels in more than 3 years last week. This is a correction that many market watchers were worried about on several occasions in August. But every time it looked like rates had bottomed, it only took a few days of indecision before they were again pressing into new long-term lows. This most recent break from long-term lows has been far more threatening with 2 of the past 4 business days bringing the biggest single-day jumps in several months. As a result, the average lender is now back to offering rates last seen in early August. Notably, a conventional 30yr fixed rate of 3.75% is right in the neighborhood of what many borrower.
Mortgage News Daily - Blogs 09/10/2019 11:36
Posted To:. While it doesn't appear to be of "canary in the coalmine" magnitude, CoreLogic notes that there were annual increases in the delinquency rates of eight states in June. Those eight bucked a national trend that has brought the overall delinquency rate down to 4.0 percent, the lowest since at least 1999. That rate, which represents all mortgaged properties with loans 30 or more days past due or in foreclosure, is down 0.3 percent since June 2018. The company's Loan Performance Report says that the hot spots for increases were Vermont with a 0.7 percent increase, New Hampshire which rose 0.3 percent, and Nebraska and Minnesota, each up 0.2 percent. Four other states, Michigan, Iowa, Wisconsin and Connecticut, had nominal gains of 0.1.
Mortgage News Daily - Blogs 09/10/2019 09:16
Posted To:. In the day just passed, bonds began the week with a resolute sell-off that broke through an important overhead ceiling in 10yr yields (1.62). Weakness was present from the start of the European session through the end of the domestic session with 3 distinct phases (EU open, US open, EU close). This suggests initial limited weakness in Europe that was subsequently pulled higher by US traders after 8am ET. After Europe closed, Treasuries were more free to do what they wanted to do: sell more! In the day ahead, we'll be watching bonds closely for signs of additional momentum toward higher yields. There's never any way to tell whether we're looking at a correction that only lasts 3 days or merely the "first 3 days" of a much more sub.

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