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MBS RECAP: Bonds Ignore Stocks to Hold Steady on The Week
Fri, 17 Aug 2018 21:30:55 GMT

Posted To: MBS Commentary10yr yields ended the week at almost exactly where they began. With the exception of Tuesday, bonds closed within 1.5bps of each other on the other 4 days this week. Tuesday was only 2bps higher and gave way to an overnight r..[read more]

Mortgage Rates Almost Perfectly Unchanged This Week
Fri, 17 Aug 2018 20:29:00 GMT

Posted To: Mortgage Rate WatchMortgage rates were almost perfectly unchanged today. That leaves them right in line with last Friday's levels. I devoted a considerable number of words in yesterday's article to explaining why most other articles about ..[read more]

Fannie Mae Research: Housing, What a Drag?
Fri, 17 Aug 2018 15:41:55 GMT

Posted To: MND NewsWireFannie Mae's monthly Economic Development papers always have the best headlines, pithy and to the point. The August one reads. "Growth Picks Up as Expected, No Thanks to Housing." Sort of says it all. The company's Economic and..[read more]

MBS Day Ahead: Checking In With Bigger Picture (Treasury vs MBS)
Fri, 17 Aug 2018 14:22:48 GMT

Posted To: MBS CommentaryIt may end up being a slow, summertime Friday with the news cycle calming down relative to earlier in the week, not to mention the fact that its peak vacation season (traders take vacations too, ya know!). That gives us a mom..[read more]

Second Quarter Loan Performance Shows Steady Improvement
Fri, 17 Aug 2018 13:03:41 GMT

Posted To: MND NewsWireLoan performance continued to improve in the second quarter. The overall delinquency rate on one-to-four-unit residential properties fell to a seasonally adjusted rate of 4.36 percent of all loans outstanding at the end of that..[read more]

Flagstar/Fed News; FHA, VA, Ginnie Program Updates; New Lender Products
Fri, 17 Aug 2018 12:55:28 GMT

Posted To: Pipeline PressCapital markets folks know that there are billions of dollars of outstanding 5, 6, 7, and even 8% securities filled with high interest-rate loans. LOs know that they aren’t paying off/refinancing. One possible reason? D..[read more]

MBS RECAP: Bonds End Unchanged After Mid-Day Scare
Thu, 16 Aug 2018 21:13:10 GMT

Posted To: MBS CommentaryTreasuries were weaker at the start of the overnight session as renewed US/China trade negotiations propelled global equities markets higher. The hallmark of yesterday's overnight session was a sharp drop in Chinese stock..[read more]

Mortgage Rate Misinformation Run Amok!
Thu, 16 Aug 2018 19:31:00 GMT

Posted To: Mortgage Rate WatchBe careful what you read--or perhaps, who you trust--about mortgage rates today. There's a lot of misinformation out there. Don't be mad. No one is out to get you. No one is out to intentionally deceive you (at least not..[read more]

Purchase Origination Share Remains at Survey High
Thu, 16 Aug 2018 16:33:29 GMT

Posted To: MND NewsWirePurchase loans held on to the June share of 71 percent of closed loans in July which remains the highest share in the seven-year history of Ellie Mae's Origination Insight Report . Refinances also held steady, remaining at 29 p..[read more]

MBS Day Ahead: Turkey Causing Road Rage; Another Look at Moving Average Misdirection
Thu, 16 Aug 2018 14:34:25 GMT

Posted To: MBS CommentaryI found myself driving in the truck for more than an hour yesterday evening--long enough to hear the news cycle repeated several times. During that time, I was emphatically warned about this " new " and " surprising " issue o..[read more]

Construction Numbers Post Sluggish Recovery
Thu, 16 Aug 2018 14:15:48 GMT

Posted To: MND NewsWireAs analysts had predicted, both housing permits and starts recovered , albeit only slightly, in July after a poor showing the previous month. The U.S. Census Bureau and the Department of Housing and Urban Development now report..[read more]

Tech and Vendor Updates; White Paper on Reasons for Margin Compression
Thu, 16 Aug 2018 12:56:46 GMT

Posted To: Pipeline PressTrillions of dollars of securities are tied to LIBOR, but the London Interbank Offered Rate is scheduled to be phased out at the end of 2021. Companies servicing adjustable rate mortgages tied to LIBOR are concerned, understa..[read more]

Economic Environment Depressing Millennal Homeownership
Thu, 16 Aug 2018 12:05:33 GMT

Posted To: MND NewsWireIt shouldn't be news to anyone that the homeownership rate of the Millennial generation continues to be anemic. While it has improved slightly since 2015, the Urban Institute's (UI's) new research shows that, at that point it w..[read more]

MBS RECAP: Bonds Dragged Into Snowball Rally by Stocks (Not Turkey)
Wed, 15 Aug 2018 20:01:16 GMT

Posted To: MBS CommentaryHeadlines continue overstating the connection between US market movements and the financial drama in Turkey. Today was especially damaging to the case for correlation as Turkish Lira improved significantly even as US stocks a..[read more]

Mortgage Rates Barely Lower Despite Bond Market Cues
Wed, 15 Aug 2018 17:29:00 GMT

Posted To: Mortgage Rate WatchMortgage rates fell only modestly today despite a much stronger move in broader bond markets. I spend a lot of time espousing the fact that rates are based on bonds, so it's fair to wonder how days like today happen. Ind..[read more]

Builder Confidence Retreats Once Again
Wed, 15 Aug 2018 14:42:15 GMT

Posted To: MND NewsWireRising concerns about costs and labor shortages continue to take a toll on home builder sentiment according to the August Housing Market Index (HMI). The Index, a joint product of the National Association of Home Builders (NAHB..[read more]

MBS Day Ahead: Foreign Markets Helping Bonds (Not Turkey)
Wed, 15 Aug 2018 13:45:23 GMT

Posted To: MBS CommentaryFrom New York, traders have been looking east for at least some level of inspiration from Turkish market volatility. As we've discussed exhaustively, however, that's far from the only game in town. Today brings fresh ..[read more]

Fulfillment, Non-QM Products; Corporate Name Changes; What is a Mirror Security?
Wed, 15 Aug 2018 13:13:18 GMT

Posted To: Pipeline PressBond prices and mortgage rates, like nearly every commodity, are driven by supply and demand. I mention this because early last week prices of US government bonds declined while the yield on the benchmark 10-year Treasury not..[read more]

Mortgage Applications: Purchase Volume Declines, Refis Stabilize
Wed, 15 Aug 2018 12:09:00 GMT

Posted To: MND NewsWireIt was another week of decline for mortgage applications as those for home purchase slid for the fifth week in a row. The overall volume of applications, as measured by the Mortgage Bankers Association's (MBA's) Market Composit..[read more]

MBS RECAP: Bonds Fight Off Sharper Retreat Ahead of Data
Tue, 14 Aug 2018 20:30:53 GMT

Posted To: MBS CommentaryBonds began the day in moderately weaker territory as Turkish tensions eased overnight. That certainly wasn't the only game in town as far as market movers were concerned though! On several occasions throughout the day, U..[read more]

Mortgage Rates Edge Higher Ahead of Retail Sales Data
Tue, 14 Aug 2018 19:04:00 GMT

Posted To: Mortgage Rate WatchMortgage rates were sideways to slightly higher today, depending on the lender. With the exception of the past two days, this leaves us at the best levels in more than 3 weeks. In general, that move was made possible by ..[read more]

Florida, Houston Delinquencies Still Reflecting 2017 Storms
Tue, 14 Aug 2018 15:14:25 GMT

Posted To: MND NewsWireThe effects of Hurricane Irma continue to be felt in the Southeast, with Florida the only state to report an increase in its delinquency rate in May. The rate in the state was up 1 percentage point compared to May 2017 and gave..[read more]

MBS Day Ahead: With or Without Turkey, Bonds Face Same Challenges
Tue, 14 Aug 2018 13:24:54 GMT

Posted To: MBS CommentaryTurkish Lira bounced in the overnight session--not in any epic fashion, but enough to result in a bit of spillover for stocks/bonds. 10yr yields rose as high as 2.9022 before cooling back down. Notably, yields fell even as Li..[read more]

New Bankruptcy Products; Remote Training This Week; Agency Changes Continue
Tue, 14 Aug 2018 12:56:10 GMT

Posted To: Pipeline PressA Zen master visiting NYC approaches a hot dog vendor and says, "Make me one with everything." The hot dog vendor fixes a hot dog and hands it to the Zen master, who pays with a $20 bill. The vendor puts the bill in the cash ..[read more]

MBS RECAP: Mismatch Between Headlines and Bonds
Mon, 13 Aug 2018 21:29:51 GMT

Posted To: MBS CommentaryAnother day, another chance for market watchers and pundits of all types to make mountains out of Turkish molehills. Yes, the financial crisis in Turkey is important and it's still a thing , but no... it's not the mos..[read more]

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