Mortgage and Finance


Mortgage News Daily

Posted To: MND NewsWire

Fannie Mae said on Thursday that real economic growth in the last two quarters of 2014 appear poised to exceed 3.0 percent , providing a solid basis for growth in 2015. However the housing recovery will remain "choppy." The October Economic and Housing Outlook published by Fannie Mae says reduced fiscal uncertainty and slowing monetary intervention has enabled momentum in the private sector to build while total government spending no longer declined. Those government cutbacks had been masking improvement in the private economy. Housing contributed to growth as well, rebounding strongly in the second quarter from sharp drops in the previous two quarters The company's Economic and Strategic Research Team, headed by Doug Duncan, chief economist, see a variety of global factors slowing growth and...(read more)

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10/24/2014 8:59:24 AM

Posted To: MND NewsWire

September appears to have been another month in which loan performance improved and the states continued to slog through the overhang of delinquent mortgages left over from, in some cases, the early days of the housing crash. Black Knight Financial Services released a "first look" at its data for the month showing overall improvement in delinquency and foreclosure metrics. The inventory of delinquent loans - those for which one or more payments have been missed but the loan is not yet in foreclosure - declined by 3.90 percent or 117,000 loans in September, nearly reversing a huge 146,000 delinquent loan increase in August. This brought the 30+ day rate down to 5.67 percent and was a 12.22 percent drop representing 388,000 fewer loans compared to September 2013. Of the 2.88 million loans that...(read more)

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10/24/2014 8:57:26 AM

Posted To: Pipeline Press

According to Zillow Real Estate Research, home ownership rates among millennials have declined over the past four decades mainly due to changing family structures. Zillow honed in on marital status and employment rates to determine how many young adults are purchasing homes. Its staff found that the homeownership rate is above historical levels for young married couples that are engaged in full time employment, as well as single young adults working full time - but has declined since the recession. The homeownership rate has declined over the past four decades among married couples, where only one spouse is working full time and the other is unemployed. The homeownership rate among married couples where one spouse is working full time and the other spouse is working part time has slightly declined...(read more)

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10/24/2014 8:55:30 AM

Posted To: MBS Commentary

We approached Thursday's session with a mainstream viewpoint and alternative, more bullish possibilities to consider. The mainstream viewpoint (among analysts, strategists, traders, etc) generally held that rates would be moving higher after last week's big rally. From there, specifics weren't as unanimous, but I saw a lot of calls for Treasury yields to make it to the 2.4-2.6% range before potentially bouncing back for another rally. That's still entirely possible, but the more bullish alternative would be for the post-rally correction to be shorter-lived, and to sputter out somewhere near "the gap" between 2.26 and 2.28 created on the morning of October 14th (The previous Friday closed at 2.28 and the 14th opened at 2.26, making for an uncommon gap in yields). As...(read more)

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10/24/2014 5:22:02 AM

Posted To: Mortgage Rate Watch

Mortgage rates did as expected and departed their recently more stable range today. Unfortunately, we got the less enjoyable of the two potential departures with rates moving higher at a moderate pace. At the same time, the world's most widely-followed weekly check on rates from Freddie Mac indicated a move in the other direction! The discrepancy is a result of Freddie's survey methodology. It's not that the data is inaccurate --simply stale . Here's what it means when Freddie says rates were lower this week: Human survey respondents chiming in at some point between Sunday and Monday this week reported lower rate quotes to Freddie than they did at some point between Sunday and Wednesday last week. Given that Freddie tells us they receive more responses earlier on in their survey periods AND...(read more)

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10/23/2014 3:38:00 PM

Posted To: MBS Commentary

Today was decidedly negative for bond markets. 10yr yields found no solace in "the gap" from 2.26 to 2.28 and instead moved right through to 2.30. There are other potentially supportive ceilings overhead, but we would have liked to have seen stronger support at the gap in order to maintain a more bullish stance. In simpler terms, it's OK that rates have been moving higher. It's a normal aftershock following big moves like that seen last Wednesday. It would have been even more OK if they'd stopped moving higher yesterday. The fact that they did not suggests a defensive approach heading into next week's FOMC Announcement and Treasury auction cycle. On a positive note, we did get some good information about current trading motivations. US bond markets opted to follow...(read more)

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10/23/2014 3:33:00 PM

Posted To: MND NewsWire

Builders who engage in home remodeling continue to display confidence in their market the National Association of Home Builders (NAHB) said today. NAHB's Remodeling Market Index (RMI) rose from 56 in the second quarter of 2014 to 57 in the third quarter. NAHB described the current index reading as a "high water mark" and said it was the sixth consecutive quarter that the reading has been above the benchmark of 50. This indicates that more remodelers report a higher level of activity compared to the previous quarter than those who see activity as down. The RMI averages responses about current activity with those about future expectations for work. Both current and future responses are based on calls for bids, amount of work committed for the next three months, backlog of jobs, and appointments...(read more)

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10/23/2014 12:09:08 PM

Posted To: MND NewsWire

The percentage of American homeowners a mortgage that was seriously underwater fell to 15 percent in the third quarter of 2014 RealtyTrac said on Thursday. There were 8.1 million properties with mortgages that met the company's definition of seriously underwater - where the combined loan amount of the homes mortgage(s) is at least 25 percent higher than the properties market value. The combined market value of negative equity in these properties is an estimated $1.4 trillion. In the second quarter of 2014 there were an estimated 9.1 million residential properties in a negative equity situation or 17 percent of all mortgaged homes . The new third quarter figures were the lowest since RealtyTrac began following the issue in the first quarter of 2012. Negative equity, which is a leading indicator...(read more)

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10/23/2014 12:06:09 PM

Posted To: MBS Commentary

Treasury yields moved steadily into the important gap between 2.26 and 2.28 this morning and had been holding their ground just under 2.28 for nearly an hour until breaking higher just after 11:45am. The technical follow-through has been moderately bad , but disappointingly steady. 2.296 had been a potential turning point, but a weaker-than-expected 30yr TIPS auction just provided an additional measure of weakness, bringing yields up to 2.30. MBS continue to hold up better than Treasuries during the selling trend, but that's little consolation when prices are down between 3/8ths and 1/2th a point. Also unfortunate this morning is that we've seen a reversal in the recent trend of Treasuries holding firmer in the face of rising stock prices. Today it's Treasury yields that are outpacing...(read more)

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10/23/2014 11:20:04 AM

Posted To: Pipeline Press

"I've decided to sell my Hoover ... well, it was just collecting dust". While we're talking about dust, if you think the drought in California is only a problem for pool owners and golf courses, think again - especially when you go to buy a head of lettuce or a bunch of carrots and the price is 10% higher than a year ago. Yes, look for crop prices to be impacted. Besides campaigning there is little going on in Congress, but the Mortgage Bankers Association along with other industry trade groups urged the Senate to pass H.R. 5461 , which would add corrections to the Dodd-Frank Act and improve upon the definitions provided for points and fees . H.R. 5461, which recently passed the House with strong support, contains four proposals that would rectify inadvertent consequences of the Dodd-Frank...(read more)

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10/23/2014 8:45:22 AM

Reuters Business News


Reuters: Business News

BRUSSELS (Reuters) - France and Italy renewed their commitment to reform their economies on Friday in the hope of winning more time to bring their public finances in order but the ECB's president warned more needed to be done to avoid "a relapse into recession".






10/24/2014 8:58:54 AM

WASHINGTON (Reuters) - Sales of new U.S. single-family homes rose to a six-year high in September, but a sharp downward revision to August's sales pace indicated the housing recovery remains tentative.

10/24/2014 8:41:03 AM

DETROIT (Reuters) - Ford Motor Co on Friday reported a 34 percent drop in third-quarter profit, and revenue fell due to the cost of introducing the F-150 pickup truck.






10/24/2014 8:39:22 AM

(Reuters) - Rebekah Brooks, the former head of News Corp's British newspaper division who was at the center of a phone hacking scandal, is visiting New York this week, exploring possible jobs, a company spokesman said on Friday.

10/24/2014 8:39:02 AM

NEW YORK (Reuters) - U.S. stocks were little changed on Friday, as disappointing earnings from Amazon were offset by gains in Microsoft after its quarterly results.






10/24/2014 8:24:38 AM

FRANKFURT (Reuters) - Deutsche Bank is bracing to pay almost 1 billion euros ($1.3 billion) for Libor-related fines as it nears a deal with U.S. and UK authorities to settle allegations it attempted to manipulate the benchmark interest rate, two sources familiar with the matter said on Friday.

10/24/2014 7:44:48 AM

CHICAGO (Reuters) - Robust U.S. consumer and business demand plus strong growth in Asia drove a higher-than-expected quarterly profit at package delivery company United Parcel Service Inc and its top executive said that after a challenging holiday period last year the firm is ready for the 2014 peak season.

10/24/2014 7:17:35 AM

(Reuters) - Procter & Gamble Co said it would exit its Duracell battery business, likely through a splitoff into a separate company, as it looks to focus on faster-growing brands.

10/24/2014 6:10:36 AM

ZURICH (Reuters) - Swiss authorities have searched the offices of private Bank J. Safra Sarasin as part of a probe led by German prosecutors into dividend stripping, an investment strategy that can be used to help clients avoid taxes, a Zurich prosecutor said.

10/24/2014 5:48:48 AM

LONDON (Reuters) - World stocks dipped on Friday, as European bank stress test results due at the weekend and New York City's first case of Ebola prompted investors to lock in profits after the best week for shares in well over a year.






10/24/2014 3:22:24 AM
 
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