Mortgage and Finance


Mortgage News Daily

Posted To: MBS Commentary

It came right down to the wire . The best 3pm closing level for 10yr yields was previously seen on May 1st at 2.117. We hovered near those levels for much of the day today, but ultimately hit 2.095 by 3pm. Even though bonds continue to trade until 5pm, most market participants regard 3pm as the close of business. Most charting software treats 3pm levels as closing levels, and most analysts/strategists publish their end-of-day wraps just after 3pm. There's a very good reason for this. The hours at the Treasury pit at the CME run from 8:20am to 3pm (or 7:20am to 2pm local time). This is why we often see tradeflow fluctuations at those times. When it comes to month-end, there's an even bigger glut of last-minute business to attend to, and it can make for a noticeable amount of volatility...(read more)

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5/29/2015 3:30:09 PM

Posted To: Mortgage Rate Watch

Mortgage rates moved lower again today , making this the 7th straight day where rates have either held steady or improved. Over that time, no single day stands out as clearly better than the others. Instead, the gains have been slow, steady, and varied by lender to a greater degree than normal. Despite the slow and steady pace, the improvement has been meaningful. Not only are today's rates the lowest in more than three weeks, they also bring 3.875% back into the picture as the most prevalently-quoted conventional 30yr fixed rate. That said, there are still quite a few lenders at 4.0%. If things continue to improve, 3.75% will come even faster. This has to do with the structure of the mortgage-backed-securities (MBS) market, upon which lenders' rate sheets are based. When a loan is written...(read more)

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5/29/2015 2:00:00 PM

Posted To: MND NewsWire

A Florida law firm and its several affiliates which had already been shuttered by the State of Florida and the Consumer Financial Protection Bureau (CFPB) were ordered on Friday to pay a total of $27.7 million in damages and penalties. The judgment arose out of a lawsuit filed by CFPB and the Florida Attorney General against Hoffman Law Group (formerly Residential Litigation Group) and its operators Michael Harper, Benn Willcox, and attorney Marc Hoffman and affiliated companies operating as Nationwide Management Solutions, Legal Intake Solutions, File Intake Solutions, and BM Marketing Group, all based in North Palm Beach, Florida. The Hoffman Law Group was allegedly set up to create the perception that consumers who were trying to save their homes from foreclosure would receive specialized...(read more)

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5/29/2015 11:57:22 AM

Posted To: MND NewsWire

The Definitive Analysis of Negative Game Changers Emerging in Real Estate or D.A.N.G.E.R report prepared for the National Association of Realtors® (NAR) by author Stefan Swanepoel is blunt in addressing vulnerabilities of the Association itself. Swanepoel is especially critical of NAR's leadership, a criticism he levels at state and local associations as well, but we will summarize his review of NAR as of more general interest. A discussion of the reports methodology and its critique of brokers and agents is available here . Swanepoel ranks the 10 dangers to NAR in order of magnitude but it is easier to discuss them in groups (that means that the numbers below won't all be in order) starting with some structural issues with the Association. 1. The Decision-Making Structure becomes a Hindrance...(read more)

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5/29/2015 11:53:44 AM

Posted To: MBS Commentary

Today has quickly become the 3rd day of exceptionally calm trading relative to a heretofore tumultuous month. The even-keeled vibes began right from the start of the overnight session with 10yr yields trading in a 2.12-2.14 range during Asian hours. The onset of European trading brought even more stability and 10's narrowed to a ridiculously tight 1bp range until the GDP data. By that time, MBS had begun the day 1 tick higher. After GDP, both MBS and Treasuries had a small, but quick rally. It's not unfair to say the day ended 10 minutes later. We're at the exact same trading levels despite a bit of reaction to the Chicago PMI data at 9:45am. Even then, bonds simply rallied and returned to previous levels. In terms of technical levels, the lower bound for 10yr yields looks like...(read more)

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5/29/2015 11:15:06 AM

Posted To: Pipeline Press

According to the U.S. Census Bureau, there are now ten cities that have a population of greater than 1 million with California and Texas each home to three of these cities. San Jose, CA has now been added to the top 10 most populous cities, which also includes Los Angeles and San Diego. New York is still the most populated city and gained 52,700 people, whereas half of the 10 cities with the largest population gains in 2013 to 2014 were in Texas: Houston, Austin, San Antonio, Dallas and Fort Worth. For the top 15 fastest growing cities, 8 were located in the West and 4 were in California. New Orleans returned to the list of the 50 most populous cities for the first time since Hurricane Katrina in 2005. According to a survey conducted by the American Land Title Association (ALTA), 92 percent...(read more)

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5/29/2015 8:52:38 AM

Posted To: MBS Commentary

Just yesterday morning, I noted that bond markets may be seeing the light at the end of the tunnel for May. Indeed, things have been going well enough this week compared to recent weeks. Even the big financial media outlets are chiming in with headlines such as " Call it a Sign the Worst Is Over in the Treasury Market Selloff ." I wholeheartedly agree that the worst is over... for the month of May! We have absolutely no way to know what the beginning of June will bring. Yes, yes, yes, there is just as good a chance that we continue to see resilience and support kick in near recent levels. And that could indeed set the stage for a more meaningful push lower. But the important possibility--the one that's not as fun to entertain and that's not as prevalent in the past 2 years...(read more)

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5/29/2015 5:33:17 AM

Posted To: Mortgage Rate Watch

Mortgage rates barely budged today. Those that budged moved almost imperceptibly lower from yesterday's latest rate sheets. In general, there was simply very little movement in underlying markets and lenders' rate sheets matched the tone. Ironically, Freddie Mac's weekly rate survey results came out this morning indicating higher rates. Keep in mind that the Freddie survey receives most of it's responses early in the week and then reports on Thursday mornings. That means that any changes in rates over the intervening days are not captured in the data. In the current case, it's not that rates have moved significantly lower in the past few days, but more to do with the fact that last week's Freddie survey didn't capture the brunt of the rise in rates that occurred on Tuesday. Think about it this...(read more)

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5/28/2015 3:44:00 PM

Posted To: MBS Commentary

There's 'month-end' and then there's 'month-end.' In a general sense, this entire week can be referred to as month-end as far as bond markets are concerned. It's a time where money managers are adjusting portfolios to match adjustments made in the indices they're forced to follow. On a related note, other traders are also making compulsory trades. These trades must be made some time before the official 'month-end' which is closing time tomorrow. Compulsory trading activity like this is helping bond markets keep a more even keel as the week winds down. Additionally, Treasury debt supply has been successfully auctioned as of this afternoon and dealers no longer have to budget for the bids they're forced to make. Corporate debt supply is ongoing, but...(read more)

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5/28/2015 3:39:51 PM

Posted To: MBS Commentary

After the last visit to May's weakest levels (last Wednesday morning), MBS and Treasuries have been in a fairly linear trend back toward stronger levels . But as we approach those levels, bond markets are visibly having second thoughts . It's all right here in this easy-to-read chart: I would hesitate to read too much more into the current state of affairs. There are logical reasons for a positive correction within the range. Those reasons have existed for a few weeks now and the light at the end of the tunnel in terms of May's debt supply (Treasuries and Coroporate debt) helped them translate into the move we've seen over the past week. It continues to be the case that Europe's participation is required when it comes to mounting any major offensive back toward lower rates...(read more)

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5/28/2015 10:12:17 AM

Reuters Business News


Reuters: Business News

(Reuters) - Investment bank Stifel Financial Corp is in advanced negotiations to acquire Barclays Plc's U.S wealth management unit, according to three people familiar with the situation.







5/29/2015 8:26:18 PM

NEW YORK (Reuters) - Shares of U.S. automakers may finally be able to accelerate.

5/29/2015 6:31:45 PM

(Reuters) - U.S. stocks closed lower on Friday as data showed the economy contracted in the first quarter but indexes still posted gains for the month.







5/29/2015 4:55:09 PM

(Reuters) - Investment bank Stifel Financial Corp is in advanced negotiations to acquire Barclays Plc's U.S wealth management unit, according to three people familiar with the situation.

5/29/2015 4:51:00 PM

WASHINGTON (Reuters) - The U.S. economy contracted in the first quarter as it buckled under the weight of unusually heavy snowfalls, a resurgent dollar and disruptions at West Coast ports, but activity already has rebounded modestly.







5/29/2015 3:31:00 PM

DETROIT (Reuters) - General Motors Co is recalling about 375,000 heavy duty pickup trucks equipped with passenger-side air bag inflators made by Takata Corp , the U.S. automaker said.

5/29/2015 3:18:38 PM

(Reuters) - Bank of America Corp agreed with U.S. regulators to improve its compliance practices and pay a fine for violations in lending rules toward military personnel.







5/29/2015 2:58:56 PM

(Reuters) - Discount retailer Dollar Tree Inc agreed to sell 330 Family Dollar Stores Inc stores to private equity firm Sycamore Partners to get antitrust approval for its $8.5 billion takeover of Family Dollar.

5/29/2015 2:54:48 PM

NEW YORK (Reuters) - Crude oil prices jumped almost 5 percent on Friday, their biggest rally in 1-1/2 months, as a steady U.S. dollar and a bigger than expected drop in U.S. oil rigs in operation set off a renewed rush of bullish bets.







5/29/2015 1:43:36 PM

(Reuters) - Intel Corp has resumed negotiations to buy smaller chip maker Altera Corp and is close to a $16 billion acquisition agreement, people familiar with the matter said on Friday.







5/29/2015 12:37:03 PM
 
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