Mortgage News

MBS Week Ahead: New Breakout or New Ceiling?

Posted To: MBS CommentaryIn the week just passed, the first 4 days (and especially Tue/Thu) served as the scene for a breakout from the previous trend (seen in the yellow lines on today's chart). Investors eagerly awaited Powell's congressional testimony, with bonds leading off toward higher yields in advance (Tuesday). When Powell's prepared speech hit the wires (Wed), bonds took some solace, but Thursday's slightly stronger CPI report and terrible 30yr bond auction prompted heavy selling. By Friday, however, yields were able to maintain the same ceiling for 2 days in a row at 2.15%. In the week ahead, we'll continue assessing the 2.15% ceiling (hit again overnight) for support. After the overnight bounce, we're starting the domestic session roughly 4 bps lower. If 2.15% does end up acting...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Non-QM, Broker, Marketing, Tech Products; Wholesale News; Webinars

Posted To: Pipeline PressYou don’t think your spouse listens to you? What about Google? You bet: “Google Very Angry After Contractor Leaks Over a Thousand Assistant Recordings.” Interesting that many of the “best and brightest” of people in their 20s and 30s want to work for an advertising company. (Yes, 80-90% of Google/Alphabet’s revenue comes from advertising.) Google handles a lot of data that scammers would love to have. The United States Census Bureau has posted information to help consumers who are part of a survey to avoid fraudulent activity and scams . You may be the victim of a scam if someone claiming to be from the Census Bureau asks you for certain information. The Census Bureau never asks for your full Social Security number, money or donations, anything on behalf...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

MBS RECAP: Sleepy Session, But Tomorrow Could be Different

Posted To: MBS CommentaryToday was one of those unofficial 3-day weekend type of Mondays with light volume, light trader participation, and "drifty" trading momentum. A market holiday in Tokyo (Asian market hours' requisite hub for cash Treasury trading) didn't help start the day off strong for the US bond market. but even after the European session began, volumes remained well shy of recent averages. The onset of domestic trading saw progressively more activity but it was really only the 9:30am NYSE open that brought any appearance of conviction. Even then, it wasn't much conviction (just over 1bp of improvement for 10yr yields). We tend to see opening/closing bells garner the biggest moves of the day when traders are tuned out amid an absence of meaningful data, participation and volume. With...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Mortgage Rates Little-Changed Despite Bond Market Gains

Posted To: Mortgage Rate WatchMortgage 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 today's case, the bonds that specifically govern mortgages aren't doing quite as well as the broader bond market. As of this morning, lenders weren't seeing enough improvement to make any meaningful changes to their rate offerings. Mortgage-backed bonds have improved somewhat throughout the day. At face value, that seems like it should help mortgage rates and indeed it might. The issue is that there hasn't been quite enough improvement for the average lender...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Everything You Need to Know About Housing - and Then Some

Posted To: MND NewsWireThe U.S. Census Bureau recently released a treasure trove of data, its 2018 report on Characteristics of New Housing. The report, based on data collected by the Bureau's Survey of Construction, covers a huge array of stats about new single-family housing on both a national and a regional basis. Much, but not all of the information dates back to 1973 and is presented by way of a series of spreadsheets and is used by researchers, policymakers, builders, and the housing finance industry. The longitudinal data, which is somewhat limited, is useful in identifying trends, and the whole database is actually sort of fun - potentially an enormous time sink for housing info junkies. The Bureau found there were 840,000 single-family homes completed in 2018. While this was the largest number since the...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

New Home Buyers Shied Away in June Despite Friendly Rates

Posted To: MND NewsWireApplications for financing new home purchases slipped in June in spite of the continued easing of mortgage interest rates. The Mortgage Bankers Association (MBA) said its Builder Application Survey (BAS) shows mortgage applications for new home purchases increased 17.9 percent compared from a year ago but were down 14 percent from the previous month. This change does not include any adjustment for typical seasonal patterns. Based on survey data and assumptions regarding market coverage and other factors, MBA estimates that sales of newly constructed homes were at a seasonally adjusted annual rate of 646,000 units in June. This is down 11.1 percent from the May pace of 727,000 units. On an unadjusted basis, MBA estimates that there were 58,000 new home sales, a 5.9 percent fewer than the 69...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

U/W Products; LO Training; Fannie, ARMs, and SOFR; Yield Curve News

Posted To: Pipeline PressGlenn Freezman sent, “I have a step ladder. I never knew my real ladder.” Toddlers, drunk people, and yoga pants don’t lie. What about statistics? Denver’s medical marijuana dispensaries outnumber Starbucks locations 3 to 1. In fact, this source says they outnumber Starbucks and McDonald’s combined. Colorado or elsewhere, who says the economy isn’t changing? What about the real estate market? If someone doesn’t believe scientists about climate change (natural or man-made), why should we believe Redfin about bidding wars? Buyers are now about four times less likely to face a bidding war than they were just a year ago. Lender Products and Services Attending the upcoming Western Secondary Market Conference? We know that you work hard getting loans in the...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

MBS Day Ahead: Ducking, Covering, and Waiting For Sell-Off To Run Its Course

Posted To: MBS CommentaryIn the day just passed, bonds slipped into a bit of a capitulation sell-off following slightly stronger CPI data and a much weaker 30yr bond auction. In and of themselves, these events might not have justified the amount of selling seen, but timing played an important role. Bonds were ready to make bigger moves by the end of this week after having consolidated heading into last week's jobs report. It already looked like they were breaking out after the stronger jobs data, but yields managed to hold just under the key ceiling of 2.07% after the first day of Powell testimony this week. Could it be that we were seeing another head fake--this time toward weaker levels--only to bounce back into the safety of the range? No... the post-NFP selling has been real, and yesterday did more than any...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

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