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MBS RECAP: Bonds Trickle to Best Levels in More Than 2 Weeks

Posted Nov 6th, 10:05 pm
Both Treasuries and MBS inched their way to the best levels seen in more than 2 weeks today, and it couldn't be much less exciting. Today's trading range was the narrowest in nearly a month and volume was as low as it's been over that same time frame. There were no meaningful economic...

Realtors Blast Tax Plan Again, Present Ideas for Increasing Homeownership

Posted Nov 6th, 4:20 pm
The last of a series of three working papers on the hurdles hampering homeownership was introduced on Friday in conjunction with the 2017 Realtors® Conference and Expo and the 2018 forecast for housing from Lawrence Yun, chief economist of the National Association of Realtors (NAR). Yun said...

Buydowns; Down Payments; USDA – New Lender Products

Posted Nov 6th, 2:23 pm
New Lender Programs Impac Mortgage Corp. offers No Income No Employment loans ("Asset Qualification Loans"). Planet Home Lending announced the addition of Temporary Buydowns to its product portfolio, effective immediately. PHL will allow 2/1 buydowns at a rate of 2% for the first year and 1% for the...

MBS Day Ahead: Limited Econ Data Leaves Focus on Tax Reform Headlines

Posted Nov 6th, 2:12 pm
There isn't much by way of relevant data on the economic calendar this week. In fact, there are no reports that would ever be considered "top-tier" in terms of market movement potential. The less important data comes at at a slow pace to boot, with effectively no potential market movers until the...

MBS RECAP: Some Sound and Fury, but No Significance

Posted Nov 3rd, 10:30 pm
This is more of a recap of the week as a whole because if I tried to just cover today, the screen would look too blank! NFP came out weaker than expected. No one cared for better or worse. The end... seriously! There was a bit of volatility following the jobs data as traders searched for...

Who’s affected by the mortgage changes in the House tax bill

Posted Nov 3rd, 8:24 pm
The Republican tax bill proposes capping the mortgage interest deduction at $500,000. That's bad news for these home buyers.

Affordability Sidelining First Time Buyers in a Big Way

Posted Oct 30th, 3:35 pm
The demand, steady gains in employment, low interest rates, and higher rents are all incentives to buy a home. But the National Association of Realtors® (NAR) says the fast appreciation of home prices, driven by a severe drought in available homes, has kept many first-time buyers on the...

NAHB Does About-Face on GOP Tax Cuts

Posted Oct 30th, 1:36 pm
We know that politics makes strange bedfellows. Still we get confused when they rise up and switch partners in the middle of the night. A mere 25 days ago, we reported that the National Association of Home Builders (NAHB) had abandoned its 75 years of vigorously supporting the mortgage interest tax...

Home Prices Peak in August, NY Leads the Charge

Posted Oct 30th, 1:35 pm
While home prices set yet another national peak in August, the change from July was the second smallest of the year, at least as measured by Black Knight Financial Services' Home Price Index (HPI). The August increase, 0.24 percent, exceeded only the January 0.1 percent gain. The national level HPI...

Conventional Conforming Changes From Agencies, Investors, and Lenders

Posted Oct 30th, 1:19 pm
I, for one, have no interest in buying shoes online without trying them on first. The same with a mattress – I want to lie on it myself. (Lay? Lie?) It seems that somewhere mattresses are always on sale, and that includes on the internet. The U.S. mattress market is about $14 billion. Two...

MBS Day Ahead: The Fed News and The OTHER Fed News

Posted Oct 30th, 1:14 pm
Wednesday brings this year's 2nd to last installment of Fed policy announcements, and those announcements have certainly been ramping up in terms of significance (and "rates," for that matter). While the Fed is widely expected to raise rates at the December meeting, the same cannot be...

MBS RECAP: Bonds Undo Yesterday’s Damage But Bigger Days Are Coming

Posted Oct 27th, 10:44 pm
If nothing else, today made it clear that markets care about the next Fed chair... a lot! Despite the presence of GDP data, Consumer Sentiment, and other various market moving considerations, it was a few lines of speculative news about Jerome Powell's potential Fed Chair nomination that set...

Rate Spike Pauses on Fed Chair Optimism

Posted Oct 27th, 7:11 pm
Mortgage rates recovered some of their recent losses today, with most lenders moving back into Wednesday's territory. The improvement followed another round of rumors regarding Trump's Fed Chair selection process. Specifically, Jerome Powell was indicated as the frontrunner this time around. Here's...

HELOC, M&A, and Bank Updates; Chapter 11 for Ditech’s Parent?

Posted Oct 27th, 1:22 pm
The average age of a loan officer is 73. Okay, just kidding. But as anyone in the lending industry and others age, they begin to worry about things such as dementia. (Insert capital markets joke here.) Early detection is critical, and the University of Chicago reports that a simple test smelling 5...

MBS Day Ahead: When Will The Bad Times Be Over?

Posted Oct 27th, 1:02 pm
Yesterday afternoon's MBS Recap is a good read if you want a longer and more philosophical version of what I'm about to write (click the link to read it). The short version is quite simple . Bond yields are in an uptrend, and they'll be in an uptrend until they're not in an...

MBS RECAP: It’s an Uptrend!

Posted Oct 26th, 11:13 pm
If you haven't seen Zoolander, you won't be familiar with Billy Zane declaring "It's a walk-off," thus beginning the runway modeling battle between Ben Stiller and Owen Wilson's characters. It's not the best line in the movie and I don't think the movie swept...

Mortgage Rates Are Moving Quickly Higher

Posted Oct 26th, 9:22 pm
Mortgage rates are in a bit of trouble, having moved higher at the fastest pace since late June in the past few days. If you've had occasion to read an update on mortgage rates from most major media outlets today, the news is actually worse than you've heard. The most widely-cited source on any...

ARMs Prove They Have Cleaned up Their Act

Posted Oct 26th, 4:49 pm
In August, MND published a summary of an analysis of the current state of the adjustable rate mortgage (ARM). CoreLogic's senior professional economist, Archana Pradhan, wrote that while the product's best days are behind it, the near demise is probably only temporary . The ARM share of mortgages,...

Pending Home Sales Stuck at 2-Year Lows

Posted Oct 26th, 2:32 pm
We called the August pending home sales report "the gloomiest in some time." The best that can be said about the report released this morning for September is, at least it didn't get any worse. The National Association of Realtors® (NAR) said that its Pending Home Sales Index (PHSI), which...

Lender Appraisal Requirement Changes; New Digital Mortgage Services

Posted Oct 26th, 1:19 pm
NAR wrote a white paper detailing the barriers to homeownership and many of the reasons are well-known. Of course, real estate agents wish there were no underwriting or appraisal criteria whatsoever. (The biggest constraints are tighter mortgage lending, student loan debt, affordability issues, and...