Sunday, 25 August, 2019

Subscribe

Category: Mortgage News Daily

Category Added in a WPeMatico Campaign


Congratulations to Hawaii which became a state fifty years ago today. We’ve had plenty of economic cycles, small and large, in fifty years, although in general rates have been coming down since 1981. And we’ve had a flat or inverted U.S. yield curve for several months. Inverted yield curves don’t cause a recession: Two consecutive quarters of negative growth is Read more…


Residential construction has been famously slow for several years and some new analysis of Census data by the National Association of Home Builders (NAHB) shows that the lack of robustness is shared in the custom home sector.  In an Eye-on-Housing blog article, Robert Dietz, NAHB Senior Vice President and Chief Economist says custom home building has been effectively flat over Read more…


The volume of mortgage applications continued to be shored up by refinancing during the week ended August 16, but overall activity was down. The Mortgage Bankers Association (MBA) said its Market Composite Index slipped 0.9 percent on a seasonally adjusted basis, perhaps not surprising after it soared 21.7 percent the previous week.  On an unadjusted basis the Index fell by Read more…


Bonds were breathing easy by the time the domestic session got underway.  Before that, they kicked off the overnight session in lower yield territory.  Modest gains meant a friendly break below the potentially troubling resistance trend that had developed over the past 2.5 days.    Pictures are worth more than words here, so here is an hourly 10yr candlestick chart as Read more…


Posted To: MBS Commentary If yesterday was marked by rather aggressive comments by Fed’s Williams (aggressive enough to convince a few market participants that the Fed might cut by 50bps at the end of the month), today was marked by the retraction of those comments. Well, at the very least, that was the only relevant development of the day, and Read more…


Posted To: Mortgage Rate Watch Mortgage rates Moved just slightly lower today, despite some push back from underlying bond markets. Typically, weakness in the bond market (like the kind we saw today) corresponds to rising rates–even if only a modest amount. The compensating factor today was the timing of yesterday’s bond market gains. Simply put, there is a bit of Read more…


Posted To: MBS Commentary In the day just passed, bonds did an admirable job shaking off the ill effects of a significantly stronger Philadelphia Fed Manufacturing Business Outlook Survey (aka “Philly Fed”). This report is a solid and fairly consistent market mover. It beat its forecast by the largest amount since 2009. Those facts alone are pretty scary for bonds, Read more…


Posted To: MND NewsWire The so-called GSE Patch for the Consumer Financial Protection Bureau’s (CFPB) 2013 Ability-to-Repay (ATR) and Qualified Mortgage (QM) rule (Rule) is scheduled to expire in January 2021 (earlier if the government sponsored enterprises (GSEs) are released from conservatorship.) The Patch created a temporary category under the ATR and QM rule under which loans eligible for purchase Read more…


Posted To: Pipeline Press Some people pray for ice cream, and their prayers will be answered as this Sunday is National Ice Cream Day. An MLO prayer? “Dear Lord, just give me one more refi boom. I promise to save my money this time.” At the lender level there is plenty of maneuvering going on. Lenders are busy re-hiring ops Read more…


Posted To: MBS Commentary Bonds began the day in roughly unchanged territory. On the one hand, that was impressive considering the lack of substance underlying yesterday’s rally. On the other hand, that lack of substance meant we were at risk of a bigger reaction to the Retail Sales data. Retail Sales came out stronger than expected and bonds quickly retreated Read more…


Posted To: MND NewsWire Builder confidence rose slightly in July. The National Association of Home Builders (NAHB) said its Housing Market Index (HMI), which it sponsors with Wells Fargo, gained one point, rising to 65. This marks the sixth consecutive month that sentiment levels have held at a steady range in the low- to mid-60s. NAHB Chair Greg Ugalde said, Read more…


Posted To: Mortgage Rate Watch Mortgage rates were flat to slightly higher today, following a stronger-than-expected Retail Sales report. The bond market (which dictates mortgage rates) was eagerly awaiting the week’s first major economic data. Even though the Fed will almost certainly cut rates at the end of the month, additional cuts depend heavily on the balance of economic data. Read more…


Posted To: Pipeline Press Although lots of small lenders don’t seem interested in being acquired any longer (“Hey, our pipeline is full and we’re making money again! Autumn is a long way off!”), M&A is alive and well. The latest example comes from Southern California where William Lyon Homes (NYSE: WLH) has bought South Pacific Financial Corp., a retail mortgage Read more…


Posted To: MBS Commentary In the day just passed, bonds traversed a sleepy summertime Monday trading session without much volume or liquidity. That dynamic was somewhat exacerbated by the fact that Japanese markets were closed (which means there was no hub for Treasury trading during Asian market hours). This left incidental tradeflows in control with the day’s biggest move seen Read more…


Posted To: Mortgage Rate Watch Mortgage rates were mostly flat to begin the new week, even though underlying bond markets were in stronger territory. Bonds, more than anything else, dictate the day-to-day direction for mortgage rates. That said, there are different varieties of bonds as well as different levels of willingness to react on the part of mortgage lenders. In Read more…

Please subscribe:

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

Coester.com will use the information you provide on this form to be in touch with you and to provide updates and marketing.