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How to buy your first home

Posted Oct 12th, 3:33 pm
Buying a home is one of the most -- if not the most -- significant purchases of your adult life. So, you'll want to make sure you're really ready.

MBA Predicts Plunge in New Home Sales; Hurricanes Blamed

Posted Oct 12th, 3:01 pm
The Mortgage Bankers Association (MBA) is forecasting that a significant decline in new home sales occurred last month. However, like much of the other September housing data that has been released so far, it appears that Hurricanes Harvey and Irma are behind much of the downturn. According to MBA's...

Comparing Housing Booms and Busts

Posted Oct 12th, 1:46 pm
With home prices nearly back to where they were when the housing crisis began, CoreLogic's principal economist Molly Boesel compares the duration of the recent cycle to those of other downturns. While there hasn't been a comparable period of performance nationwide, she looks at several regional...

HMDA Dashboard; Upcoming Training; UCD News

Posted Oct 12th, 1:33 pm
The driving force of housing prices is supply and demand, and the demand is increasing. In the Bay Area, and for hundreds of miles north, the smoke is everywhere, reminding one of the 23 (and counting) who perished and 3,500 (and counting) houses and buildings destroyed by the fires. Truly tragic,...

MBS Day Ahead: Still Waiting For The Trading Week to Start (Tomorrow)

Posted Oct 12th, 1:04 pm
CPI, CPI, CPI... The "Consumer Price Index" is the one thing on this week's economic calendar that stood out as a top tier potential market mover. After a few revisions, the lowest-in-years reading of 1.6% for "Core CPI" became 1.7% in June and has held at 1.7% in the 3...

MBS RECAP: Well? Get On With It!

Posted Oct 11th, 9:34 pm
"Well? Get on with it!" That about sums up what the average bond market watcher was thinking at the end of September--and possibly again after today's trading session. At the end of September, a run toward higher yields resumed abruptly just after looking like it had calmed down. The...

Mortgage Rates Stay Stubborn

Posted Oct 11th, 7:44 pm
Mortgage rates haven't done much over the past few days, with the average lender offering substantially similar quotes every day in October. Depending on your perspective, that could be good or bad. On the positive side, the lack of movement means that clear trend toward higher rates in September is...

CA Fire Declaration, Lender and Investor Disaster Updates/Resources

Posted Oct 11th, 1:44 pm
I mentioned yesterday that 6,762 institutions took a residential loan application in 2016, per Richey May’s HMDA dashboard data. For perspective, the 2007 HMDA data shows that 8,610 lenders took at least 1 application that year, which probably doesn’t include those that went belly up...

MBS Day Ahead: Not Much to be Learned From Fed Minutes

Posted Oct 11th, 12:50 pm
On both MBS Live and Mortgage News Daily, there's a video in the news stream titled "Key things to watch in the Fed minutes." The commentator rather emphatically says there are 3 important things: " inflation, inflation, and inflation ." News flash to that guy: there's...

Refinancing Drives Application Volume Lower During Quiet Week

Posted Oct 11th, 12:18 pm
The Mortgage Bankers Association (MBA) said mortgage applications were down during the week ended October 6, falling 2.1 percent from the previous week on a seasonally adjusted basis and 2 percent unadjusted. The downturn in MBA's Market Composite Index, which measures application volume, was...

MBS RECAP: Early Gains Nearly Erased by PM Weakness

Posted Oct 10th, 8:49 pm
Bonds struggled to find a theme in their first trading day back from a 3-day weekend. Much of the international focus was on Catalonia's quest for independence, but headlines from the region never seemed to have a material impact on bond markets-- especially US bond markets. In fact, it was a...

Mortgage Rates Little-Changed Near 4%

Posted Oct 10th, 8:07 pm
Mortgage rates were marginally lower today compared to last week, but only when factoring in upfront finance charges. Actual quoted interest rates have been unchanged for more than a week with the average lender quoting conventional 30yr fixed rates of 4.0% on top tier scenarios. For the bond...

Credit Access Favors Jumbo Loans

Posted Oct 10th, 4:19 pm
Credit access hasn't improved much over the last year unless one is shopping for a jumbo mortgage loan. The Mortgage Bankers Association (MBA) noted an 0.7 percent increase in its Mortgage Credit Availability Index (MCAI) in September, bringing it to 181.4. The increase came from agency jumbo...

CoreLogic Says Delinquency, Transition Rates Continue to Improve

Posted Oct 10th, 3:56 pm
National delinquency rates continue at 10-year lows , and both early delinquency and transition rates are stable as well. But CoreLogic, in its July Loan Performance Report, points to what it calls some disturbing trends in localized areas. The mortgage delinquency rate was down 0.9 percent...

Lenders’ Disaster Toolkits Need an Update

Posted Oct 10th, 1:28 pm
The costs of the recent hurricanes that struck in August and September are coming home to roost. The first two in the recent rolling series are, in fact are largely blamed for the first job loss in 80 months, a 33,000 deficit in September. Last week we reported a Black Knight Financial Services'...

Credit Guideline Changes; Compliance and Communication Products; Upcoming Events

Posted Oct 10th, 1:20 pm
6,762 institutions took a residential loan application in 2016, per Richey May’s HMDA dashboard data. That is a lot of lenders!! Another big figure is the number of houses that were built with porches last year. According to a NAHB analysis of the U.S. Census Bureau’s Survey of...

MBS Day Ahead: The Theme is “Waiting”

Posted Oct 10th, 1:00 pm
After having waited a day to begin trading this week due to yesterday's Columbus Day holiday, bond markets will spend today waiting for the week's more relevant data and events. Those will begin in earnest tomorrow with two Treasury auctions (3 and 10yr) and the Fed Minutes (more detailed...

Should you rent or buy a home?

Posted Oct 9th, 2:32 pm
Read full story for latest details.

MBS RECAP: The Fairly Logical Story Behind Today’s Rates/Jobs Paradox

Posted Oct 6th, 10:22 pm
The Employment Situation (aka the jobs report, or simply, "NFP") is the granddaddy of all economic reports. Through the years, no other piece of data has mattered more to bond markets or had a bigger effect on average. With near-clockwork-like regularity, big beats push rates higher and...

Mortgage Rates Highest in 2 Months After Jobs Report

Posted Oct 6th, 9:40 pm
Mortgage rates moved higher today, following a much weaker-than-expected jobs report. These are two things that essentially never go together. What made this time so different? The paradox was made possible by the recent Hurricanes wreaking havoc on the jobs counts for the month of September....