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 Mortgage
News Daily
Mortgage Rates React to Data! Potentially
Choppy Waters Ahead - 1 hour ago
Posted To: Mortgage Rate WatchFrom 10,000 feet the story of the week
was " Mortgage Rates Rebound from Losing Streak ", but when
you look closer, I think the bigger story was " Mortgage Rates
React to Economic Data. Twice! ". Once for the worse, once for the
better. Yesterday was the better and it was the reason why mortgage
rates rebounded from their three day losing streak. Since mortgage
rates have basically moved (lower) at will for the majority of the
summer, I think we should stop and call attention to the times when
mortgage rates actually react to economic data. Not because I feel the
bond market is trying to tell us the economic environment is
fundamentally worse or better (LONG TERM OUTLOOK) , but because I think
the bond market is telling us it is looking for some directional
guidance (SHORT...(read more)Forward this article via
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may want to read it.
FHFA Proposal to Effectively End Private
Transfer Fees - 2 hours
ago
Posted To: MND NewsWireThe Federal Housing Finance Agency (FHFA) took a
step last week that may effectively end private transfer fees before
the end of the year. The agency announced a public comment period on
new regulations that would restrict Fannie Mae, Freddie Mac, and the
Federal Home Loan Banks (FHLBanks) from investing in mortgages with
private transfer fee covenants. The proposed "Guidance" would
extend to mortgages and securities purchased by FHLBanks or acquired by
them as collateral for advances, and to mortgages and securities
purchased or guaranteed by the Enterprises. Transfer fees are enabled
by covenants on a deed which require a payment to a third party every
time property ownership is transferred and are typically 1 percent of
the amount of the sale. For example: a developer of a
condominium...(read more)Forward this article via
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may want to read it.
Week Over Week Loan Pricing Review. Anyone
Buying Back Hedges? - 4 hours ago
Posted To: MBS CommentaryWe have yet to perform a thorough analysis on
loan pricing this week. Now seems like a good time... Day over day, on
average, rebate is 11.9bps better vs. rate sheets issued yesterday
(after AM reprices). The majority of pricing improvements were passed
along in the lower note rates, specifically those securitized into 4.0
MBS coupons. Yay bull flattener. Right now two lenders are going in the
opposite direction as the other three majors. Those two lenders are better
on a week over week basis and have both made 4.25% more
"do-able" for well-qualified consumers. Borrowing costs are
generally 0.125 to 0.25% higher at the other three pigs. I should
mention those three lenders were priced super aggressive last Friday
and are still priced super aggressive today, just not as super as
last...(read more)Forward this article via email: Send a
copy of this story to someone you know that may want to read it.
Homeowner Confidence Declines; Census Bureau
Shares Housing Data; NY Fed Discusses the TBA MBS Market - 6 hours ago
Posted To: Pipeline Press"An economist is an expert who will know
tomorrow why the things he predicted yesterday didn't happen
today." Is that a great quote? At the start of the year, not only
were the smartest guys in the room talking about how mortgage rates
would go up when the Fed ended their $1.2 trillion purchase program,
but that rates would be going up in general given the expected economic
rebound. Of course, neither turned out to be true and every originator
can't believe their good fortune by experiencing yet another refi boom
, assuming their rolodex has borrowers with equity and decent credit.
Yesterday's economic news did nothing to suggest that higher rates will
arise in the near future - assuming foreign investors don't mind the
US's level of debt compared to GDP. (The...(read more)Forward this
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know that may want to read it.
Rates Rally in Overnight Session. Long Term
Resistance Hit. Profit Taking Expected - 9 hours ago
Posted To: MBS CommentaryGood Morning. Happy Friday. The econ calendar
is essentially empty and there are no major events scheduled in the day
ahead. With many market participants already enjoying time by the pool,
trading flows are expected to be thin and price action potentially
choppy. Treasuries traded well early in the overnight session as stocks
around the world followed U.S. equity indexes lower. Although profit
taking was noted in the long end of the curve when the European session
got underway, the "bid wanted" environment did little to
reverse the overbought status of benchmark yields. Rates are lower as
the domestic session begins... The 2.625% coupon bearing 10 year note
is +0-07 at 100-21 yielding 2.548% (-2.1bps). This is a very important
technical level. Below is the long term 10yr note yield...(read
more)Forward this article via email: Send a copy of this
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