Mortgage and Finance

Mortgage News Daily

Posted To: Mortgage Rate Watch

Mortgage rates moved lower again today , solidifying yesterday's tentative break back into the "high 3's" for top tier 30yr fixed rates. In fact, in terms of end-of-day rate sheet data, today's rates are actually the lowest in more than a year and a half. The only instance of lower rates came during the morning of October 15th, before the afternoon saw rapid deterioration. All that having been said, lender pricing is highly stratified during this move because of the holiday. Not all lenders have improved pricing as much as the average lender, and the average lender hasn't improved pricing nearly as much as they would during a normal week. That generally more cautious strategy is an unfortunate reality during holiday weeks, but it does mean that if financial markets are in similar shape come...(read more)

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11/26/2014 1:47:00 PM

Posted To: MND NewsWire

In what could be a controversial move the Federal Housing Finance Agency (FHFA) has directed the government sponsored enterprises (GSEs) to allow foreclosed homeowners to repurchase their former homes at fair market value . Prior to Tuesday's directive foreclosed homeowners were required to pay Freddie Mac or Fannie Mae the entire amount that had been owed on their mortgage prior to foreclosure. This requirement applied as well to any third party who sought the buy the home for the benefit of the previous borrower/owner. This requirement had meant that the GSEs had to treat such prospective purchasers differently than others who wished to purchase the property and were allowed to do so at the fair market price as determined by the GSEs. "This is a targeted, but important policy change that...(read more)

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11/26/2014 11:22:11 AM

Posted To: MND NewsWire

Sales of newly constructed single family homes rose slightly in October compared to September and were also improved from sales a year earlier. The U.S. Census Bureau and the Department of Housing and Urban Development said today that sales in October were at a seasonally adjusted annual rate of 458,000 units, up 0.7 percent from September sales. September new home sales were originally reported at 467,000 units were adjusted down in this report to 455,000. October sales were 1.8 percent above the October 2013 estimate of 450,000 units. On a non-seasonally adjusted basis sales for the month were estimated at 37,000 units. This number was unchanged from September but was 1,000 units above the estimate one year earlier. There were approximately 212,000 newly constructed homes for sale at the...(read more)

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11/26/2014 11:18:07 AM

Posted To: MND NewsWire

While pending home sales were down slightly compared to September the National Association of Realtors® (NAR) said October was the second month in a row that its Pending Home Sales Index (PHSI) bested the previous year's numbers and called the month's activities "healthy." The PHSI was 104.1 in October, down 1.1 percent from the upwardly revised September level of 105.3. The October number is 2.2 percent higher than the 101.9 posted in October 2013 and has remained above 100, considered an average level of contract activity, for six consecutive months. The PHSI is a forward-looking indicator based on contract signings. The Index model has been found to parallel the level of closed existing-home sales in the following two months. Lawrence Yun, NAR chief economist, said, "In addition to low...(read more)

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11/26/2014 11:13:42 AM

Posted To: MBS Commentary

It might not actually be on the calendar, but in almost every way that matters, the trading day is over for bond markets. The 11:30am 7yr Treasury auction was the last thing anyone arguably needed to wait around for. This is a bit hyperbolic, of course. It's not as if no trades will be happening for the rest of the day--just that the trading environment will be increasingly illiquid from here on out. As a bit of a side note, "illiquidity" means a lack of volume at a certain price. In other words, if 50 pairs of buyers and sellers were trading the same MBS at 50 different prices, the volume could be quite high, but the liquidity would be quite low. If those same 50 pairs were instead trading at 3-4 different prices, liquidity would be high. Buyers and sellers would have an easy...(read more)

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11/26/2014 11:09:18 AM

Posted To: Pipeline Press

With Thanksgiving around the corner, here's some conversation fodder. Thanksgiving became a national holiday 151 years ago when President Lincoln declared the last Thursday of November as national day of thanksgiving. Then, President Roosevelt said Thanksgiving should be celebrated on the fourth Thursday of the month to encourage earlier holiday shopping. In Q2 of 2014, there were 115 million occupied housing units, plenty of potential destinations for Thanksgiving dinner. There are 4.4 million multigenerational households, consisting of 3 or more generations; these households will undoubtedly have to purchase a lot of food to feed their family. A little over 98% of households own a gas or electric stove which matches the percentage owning a TV - there will be plenty of games to watch. Silvergate...(read more)

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11/26/2014 8:38:32 AM

Posted To: MND NewsWire

Mortgage application volume was mixed during the week ended November 21. The Mortgage Bankers Association (MBA) reported that its Market Composite Index, a measure of the volume of applications for residential mortgages was down 4.3 percent from the previous week on a seasonally adjusted basis but rose 5.0 percent on an unadjusted basis. This discrepancy is probably accounted for by an adjustment made in date the previous week to account for the Veterans Day holiday. The Refinance Index was also down 4.0 percent compared to the week ended November 14 but the share of applications made during the week for refinancing rose from 61 percent to 63 percent. Refinance Index vs 30 Yr Fixed The seasonally adjusted Purchase Index lost 5 percent from the previous week's level but the unadjusted was 1...(read more)

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11/26/2014 7:54:34 AM

Posted To: MBS Commentary

Today exemplifies the week as a whole. All we can do is buckle up , hope for the best, and not sweat it too much if the rally stalls. Reason being: Thanksgiving weeks have a strong predisposition to be more volatile than the rest of November. With said weeks often falling at the end of the month and with a ton of economic data typically condensed into a day or two earlier in the week, it's not hard to see why. This week, in particular, is also one of the many that have arrived during a fairly epic sideways slide. In fact, essentially all of November saw 10yr yields hover in the 2.3's with yesterday being the first meaningful break into the 2.2's. That leaves us to wonder whether it's just the expected Thanksgiving-week volatility or if the sideways range is finally giving way. Let me put it...(read more)

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11/26/2014 6:32:00 AM

Posted To: MBS Commentary

The day began in fine shape, especially in light of the stronger reading on GDP. European bond market strength remains at the heart of our ability to hold ground that otherwise seems out of reach. German Bunds, Europe's 10yr benchmark, pushed down to .77% on Friday and looked like they might bounce yesterday. But today saw another rally down to .75% this time. This was significant because it happened in spite of Germany's GDP holding in positive territory today--something market participants reckoned would be negative for bonds overnight. We had a GDP reading this morning as well. Not only was it much stronger than expected, but there weren't any major caveats to the strength. Internal components were broadly stronger and "inventory-building" didn't prop up the number...(read more)

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11/25/2014 4:16:35 PM

Posted To: Mortgage Rate Watch

Mortgage rates fell more today than in recent days. Positivity was fueled chiefly by European bond market strength as serious growth concerns persist and rates push ever-closer to their mid-October lows. Domestically, a strong 5yr Treasury auction helped ignite an afternoon bond market rally that included mortgage-backed securities (MBS). When MBS improve enough in the middle of the day, lenders often release new, stronger rate sheets. This was the case today, and the improvements were good enough to bring 3.875% into the running for the most prevalently-quoted conforming 30yr fixed rate for top tier scenarios. As of this afternoon, it's just barely edging out 4.0%. That's the first time we've seen the most common top-tier rate quote in the 3's since October 21, and one of only a handful of...(read more)

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11/25/2014 2:55:00 PM

Reuters Business News

Reuters: Business News

ABUJA (Reuters) - Nigeria's National Assembly said on Wednesday oil major Shell should pay $3.96 billion for a 2011 spill at its offshore Bonga oilfield in the latest assessment of damage to the environment.

11/26/2014 2:18:37 PM

VIENNA (Reuters) - OPEC Gulf oil producers will not propose an output cut on Thursday, reducing the likelihood of joint action by OPEC to prop up prices that have sunk by a third since June.

11/26/2014 2:18:30 PM

WASHINGTON (Reuters) - Federal Reserve Chair Janet Yellen has said the tenor of economic data will decide when the U.S. central bank raises interest rates. Surprisingly, a data analysis based on Yellen's own priorities points to a rate increase by the end of this year.

11/26/2014 1:58:24 PM

NEW YORK (Reuters) - The U.S. Federal Aviation Administration proposed on Wednesday requiring a fix for Boeing Co's 787-8 Dreamliner, following "numerous reports of failures of proximity sensors" on the high-tech plane's wings.

11/26/2014 1:53:48 PM

NEW YORK (Reuters) - U.S. stocks edged up on Wednesday, boosted by tech shares, while the energy sector was once more the largest weight on the market as crude prices continued to flirt with multi-year lows.

11/26/2014 1:48:38 PM

DETROIT (Reuters) - The U.S. National Highway Traffic Safety Administration on Wednesday ordered air bag supplier Takata Corp to expand its regional recall of driver-side air bags to cover the entire United States.

11/26/2014 1:37:34 PM

BRUSSELS (Reuters) - When EU politicians call for the break-up of Google, it can sound like sour grapes, the anti-American backlash of an aging Europe envious, and fearful, of the wealth and growing power of young U.S. tech giants.

11/26/2014 12:30:41 PM

WASHINGTON (Reuters) - U.S. consumer spending rose modestly in October and a measure of business spending plans fell for a second straight month, suggesting some slowing in the pace of economic growth.

11/26/2014 12:28:03 PM

NEW YORK (Reuters) - Goldman Sachs Group Inc , Germany's BASF SE and two other big platinum and palladium dealers have been sued in the United States in what the plaintiff's law firm called the first nationwide class action over alleged price-fixing of the metals.

11/26/2014 12:24:14 PM

(Reuters) - Wal-Mart Stores Inc said it had dismissed several executives in China as part of an effort to lower costs in the country, where it has been grappling with slower sales and tough price competition.

11/26/2014 12:20:38 PM
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