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Mortgage News Daily - Blogs 12/06/2019 15:30
This morning's commentary was titled "NFP Doesn't Matter (Even If It Looks Like It Does)." Apparently NFP didn't like being called out because it did everything in its power to prove me wrong. Ultimately though, it would need to create momentum that lasts beyond today in order to join the ranks of jobs reports that have been this much stronger than expected. As it stands, it wasn't able to create momentum that lasted more than 5 minutes. Those 5 minutes were fairly brutal however. By 8:35am, 10yr yields had launched from 1.79-ish to nearly 1.86%. They... ...(). Forward this article via email: to someone you know that may want to read it.
Mortgage News Daily - Blogs 12/06/2019 13:45
Posted To:. Mortgage rates were pushed higher for the 3rd day in a row following an incredibly strong jobs report. For decades, if you were to ask anyone with a reasonable level of experience following rates/bonds to pick one economic report that bonds care about more than all others, the jobs report would basically be the only answer. There isn't even a close second. In fact, as far as economic data goes, the jobs report is still at the top of the heap. That said, it's typical impact has been lessened for two reasons. First off, ALL economic data is being taken with a grain of salt because traders assume things will change in some unforeseeable way after the US/China trade negotiations run their course. Additionally, the jobs market has sim.
Mortgage News Daily - Blogs 12/06/2019 11:56
Posted To:. For many years homebuyers looking for homes priced above entry level employed every device they could to keep their loan amount below whatever might be the current limit for conforming (Fannie Mae, Freddie Mac) loans. It might mean determining between the purchase of two similarly priced homes if only one squeaked by under the limit. Buyers came up with larger down payments, dipping more deeply into savings, hitting up the bank of mom and dad, or employing piggy-back second mortgages. Why? Because a jumbo loan would almost always have a higher interest rate than a conforming loan. That higher monthly payment could even mean the difference between qualifying for the loan or not. However, starting in 2013 the spread between a confo.
Mortgage News Daily - Blogs 12/06/2019 08:53
I hope that you didn’t lay off your compliance department earlier this year, because there’s a lot going on. For example, from out of California comes the CCPA, effective in less than four weeks on 1/1/20. Susan Milazzo, the CEO of the California MBA, summed it up. “In very general terms, the key difference with the California Consumer Privacy Act (CCPA), as compared to other privacy laws, is that previously companies had to agree not to sell or transfer data if a consumer requested as well as companies have a responsibility to maintain data security for consumer information. The CCPA gives consumers the right to ask businesses, that fit certain criteria, to provide them all of the personal information that business has on them and/or ask t.
Mortgage News Daily - Blogs 12/06/2019 08:31
First Friday of the month, and thus time for the nonfarm payrolls (NFP) data. Also known simply as "the jobs report," no other piece of economic data has as much of a track record of inspiring massive market movement. But in the current environment, no other piece of data is as far from its historical level of significance. Part of this is purely a factor of where we are in the economic cycle. Job growth and unemployment have been so good for so long that no one is really going to care much about it until it begins to show cracks. The more timely part ... ...(). Forward this article via email: to someone you know that may want to read it.
Mortgage News Daily - Blogs 12/05/2019 17:41
After the little bout of whipsaw volatility of the past 3 trading sessions, it will be a tall order for even the mighty NFP to move markets much tomorrow (as long as it's not insanely far from the forecast). Thank the trade war for that. Trade headlines took a big bite out of yields on Tuesday morning and subsequent headlines pushed back in the other direction about 24 hours later. But markets continued to move after that, and it would be very hard to chalk today's movement up to trade. Reason being, stocks and bond yields moved in opposite directions... ...(). Forward this article via email: to someone you know that may want to read it.
Mortgage News Daily - Blogs 12/05/2019 15:56
Posted To:. Mortgage rates have seen a fair amount of volatility so far this week, dropping quickly on Tuesday and moving in the opposite direction since then. Between yesterday and today, that big drop from earlier in the week has been completely erased. The result is an average conventional 30yr fixed rate that's right in line with those seen on Monday. Unfortunately, that also means today's rates are in line with their highest levels of the past 3 weeks. You'd have to go back to November 14th to see anything higher. The broader, relative range continues to offer good perspective . The average lender is still easily under 4% for top tier 30yr fixed scenarios. Perhaps even more reassuring is the fact that the gap between the highs and lows
Mortgage News Daily - Blogs 12/05/2019 13:13
Posted To:. After slowing for 17 months, home price gains rose 3.8 percent in July and then held nearly flat in August according to Black Knight's Home Price Index. Now the first tranche of price data for October seems to indicate a rapid shift into an acceleration of gains. The company says the rate of annual price gains during the month was 4.25 percent. This is growth of 0.35 percent from the 3.9 percent annual appreciation in September and the largest month-to-month change since July 2013. The annual increase is also the largest in nine months. The September to October change was 0.33 percent, also notable as it is nearly six times the long-term (five-year) average increase for October and the largest increase in any October since 2005.
Mortgage News Daily - Blogs 12/05/2019 10:35
Posted To:. The Mortgage Bankers Association's (MBA's) Mortgage Credit Availability Index (MCAI) moved significantly higher in November, gaining 2.1 percent compared to October. The index measures borrower access to mortgage credit and has components for each of the major product types. A higher index number indicates that access is improving. The Index level for the month was 188.9. The Government MCAI increased by 2.9 percent and the Conventional MCAI moved 1.4 percent higher. The two components of the Conventional MCAI, the Jumbo MCAI and the Conforming MCAI rose 2.2 percent and 0.2 percent respectively. "Credit availability rose for the third straight month in November, with an increase in supply across all loan types ," said Joel Kan, M.
Mortgage News Daily - Blogs 12/05/2019 10:33
. Economists and investors have their eye on debt. Have a balance on your credit. card? Or a mortgage, or car loan? You're not alone. Federal, corporate and. household debt worldwide stands at an unprecedented , nearly. three times the volume of economic output. (To keep things in perspective,. if you paid $1 million a year to reduce that, it would take 250 million years,. not including accrued interest.) Does anyone care? Some economists say. borrowing should increase and debt is not a problem as long as it remains. sustainable, while others say the effectiveness of monetary policy will be. curtailed if a crisis occurs. Fortunately in MBS land, US mortgage. delinquencies have fallen to near 25-year lows. Hopefully home buyers don't. want to go throu.
Mortgage News Daily - Blogs 12/05/2019 09:48
Bonds took Trump at his word in the wee hours of Tuesday morning with respect to waiting until Nov 2020 (or later) to finalize a trade deal with China. I suggested that was a silly thing to do at the time because not only was it likely a mere negotiation tactic, but there's also too great a risk his hand is forced well before then. As Thursday begins, the buzz is that the impeachment hearing could be one of those things that forces his hand. In other words, beating the Dec 15th tariff implementation deadline, presenting the world a phase 1 deal, and utterly juicing the stock ... ...(). Forward this article via email: to someone you know that may want to read it.
Mortgage News Daily - Blogs 12/04/2019 16:28
Bonds sold off clearly and somewhat abruptly following a Bloomberg article on the trade negotiations being in better shape than markets might assume based on the previous day's trade headlines (which were also the biggest market movers of the day). All of the above completely superseded any potential impact from econ data. In fact, the big Miss in the ADP employment data had absolutely no effect and a mixed bag in the ISM services data only served for fuel more selling (for potential reasons I discussed in ). To paraphrase the update, the "new orders" component of ... ...(). Forward this article via email: to someone you know that may want to read it.
Mortgage News Daily - Blogs 12/04/2019 15:29
Posted To:. Mortgage rates dropped sharply yesterday after having risen to the highest levels in 2 weeks the day before. Yesterday's culprit was trade war related, but today had a more robust calendar of potentially market moving data. So did the data end up moving the market? If the title didn't give it away, let's make it clear: no! This market is at the whim of trade-related headlines first and foremost. In today's example a news story simply pushed back on the conclusions implied by yesterday's trade-related headlines. Specifically, yesterday's news left markets with the impression that a US/China trade deal could be delayed for more than a year while today's headlines said 'nah, it's not that bad, and in fact, it's actually pretty good.
Mortgage News Daily - Blogs 12/04/2019 14:43
Posted To:. Federal Housing Administration (FHA) Commissioner Brian D. Montgomery has announced the loan limits for FHA forward mortgages in 2020. The limits are based on the conforming loan limis announced last week by the Federal Housing Finance Agency (FHFA) for loans acquired by Fannie Mae and Freddie Mac. That basic conforming limit will be $510,400 for most of the United States, up from $484,350 in 2019. The conforming loan limits are calculated based on the annual increase in the 2019 FHFA Housing Price Index for the third quarter of the year which was 5.38 percent. Using that limit, FHA sets its own limits with a floor and a ceiling. The floor applies to those areas where 115 percent of the median home price is less than 65 percent o.
Mortgage News Daily - Blogs 12/04/2019 09:14
Posted To:. Mortgage activity during the week ended November 29 was predictably impacted by the Thanksgiving Day holiday which effectively shortened the business week to three days. The Mortgage Bankers Association (MBA) says its data on application volume contains an adjustment to account for the holiday. MBA's Market Composite Index, a measure of that volume, fell by 9.2 percent on a seasonally adjusted basis from one week earlier and was down 38 percent on an unadjusted basis. The Refinance Index decreased 16 percent from the week ended November 22 but was still 61 percent higher than the same week one year ago which did not contain a holiday. The refinance share of mortgage activity decreased to 59.0 percent of total applications from 62.
Mortgage News Daily - Blogs 12/04/2019 08:28
Trade headlines rocked markets yesterday, making for the biggest single-day bond rally since early August--even after the gains moderated in the afternoon. The pace of the move was perhaps a bit surprising given the recent evidence of desensitization to every little update on the US/China trade deal. Still, the move could be justified by the specific nature of the news (i.e. it wasn't just another "getting closer to a deal" headline). Heading into today's session, however, we seem to be right back where we started, with one of those generic "getting closer" headlines... ...(). Forward this article via email: to someone you know that may want to read it.
Mortgage News Daily - Blogs 12/03/2019 17:36
One short day after sending somewhat alarming signals about a move back up toward the top of the recent range, the bond market bounced back with a vengeance. What else could cause such an unexpected move but an unexpected development in the US/China trade war saga? Today's version was pretty simple. In the wee hours of the morning, Trump was quoted as saying it might not make sense to finalize the trade deal until after the November 2020 election. Stock prices and bond yields dropped quickly before leveling off as the domestic session began. ... ...(). Forward this article via email: to someone you know that may want to read it.
Mortgage News Daily - Blogs 12/03/2019 16:38
Posted To:. Mortgage rates were up to the highest levels in 2 weeks yesterday, but that was then and this is now. In the wee hours of the morning, trade-related headlines rocked financial markets. This sent stock prices and bond yields (aka "rates") lower at a rapid pace. Mortgage lenders began the day in much better territory. By the middle of the day, they'd seen enough improvement to reissue rate sheets with even better terms. The average lender is now close to the lowest rates since October 9th. Interest rates are in an interesting spot right now. They're willing (and compelled) to pay attention to headlines like those seen today, as well as the economic data that typically provides guidance. The data adheres to a schedule whereas the he.
Mortgage News Daily - Blogs 12/03/2019 13:54
Posted To:. The Federal Housing Finance Agency (FHA) had to be bailed out by the U.S. Treasury during the financial crisis after its Mutual Mortgage Insurance Fund was nearly depleted. Congress has long mandated a 2.0 percent ratio in its fund, but the agency's 2011 annual report reported the fund was down to 0.24 percent of its balance of guaranteed loans. In its annual report this November FHA reported the FY2019 capital ratio of the fund was 4.85 percent. This is a notable recovery , but even more so when compared to the ratio in FY2018, 2.76 percent. Both the forward portfolio with insurance on $1.2 trillion of mortgages and the reverse mortgage portfolio with insurance on $64 billion showed large improvements Urban Institute (UI) analys.

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