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 MortgageNewsDaily.com provides up to the minute news for the mortgage and real estate industries.
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Most recent items from this feed:
Lowest Prices Since 10am. Potential Reprices For The Worse
Posted To: MBS Commentary After encountering support just over 100-26, MBS 4.5's rose to 100-29 alleviating some previous risk of a reprice for the worse. But moments ago, losses superseded those previous lows by about a quarter of a tick, bringing MBS back into a range that could elicit reprices for the worse. With the 10yr yield seeming to form a double top at 3.70, it's still possible that many lenders will not reprice for the worse given the already discussed factors of it being late in the day on a Friday, but more so than last post, the risks have increased for reprices to be more than merely isolated incidents. Act accordingly, but know that if next week's bond auctions are strong, we could be right back in the mix....(read more)
03/19/2010 04:18 PM
MND WEEKLY: Recapping The Week That Was in Housing
Posted To: MND NewsWire I have done this once before and got great feedback. Let me know if you found this recap useful. The Federal Open Market Committee (FOMC) met for a one day meeting on Tuesday. The FOMC is the branch of the Federal Reserve that dictates domestic monetary policy. The FOMC statement held no surprises, only a few alterations were made to the text of the release. The Board reiterated that economic conditions warranted exceptionally low rates for an "extended period". There were two changes made that relate to housing. First, the Fed inserted a few words that imply there is good reason to be concerned about the health of housing, stating: " Housing starts have been flat at depressed levels ". Secondly, the verbiage referring to the MBS Purchase Program, which is scheduled to run...(read more)
03/19/2010 03:34 PM
Mortgage Rates End Busy Week Above Lowest Levels of Year
Posted To: Mortgage Rate Watch Mortgage rates backed up a few basis points yesterday after the Treasury announced the terms of next week’s auction supply. This announcement overshadowed several economic data releases that came in close to expectations. All lenders did reprice for the worse by the end of the day, this increased consumer borrowing costs anywhere from an 0.125 to a 0.25 in discount points. The best par 30 year fixed mortgage rate did hold in the 4.75% to 5.00% range after reprices though. After yesterday’s busy economic data calendar, the schedule was empty today. Reports from fellow mortgage professionals indicate lender rate sheets to be worse today. The par 30 year conventional rate mortgage has risen to the 4.875% to 5.125% range for well quailed consumers. There are still a few lenders offering...(read more)
03/19/2010 03:24 PM
Bonds Retreat Into The Close. Any Risk Of Reprices?
Posted To: MBS Commentary 4.5's now down 3 ticks on the day at 100-27 10yr Note Yield up to 3.69 from intraday range around 3.66. No confirmation from stocks as major indexes all still in the red On of those minor sell-off's that might NOT lead to a reprice for the worse (yet) Even though it's disconcerting that the current downtrend in prices is leading us back toward the worst levels of the day, there are a few considerations that make this situation not so black-and-white. First of all, it's obviously Friday afternoon, and obviously after the technical bond market close at 3pm. The market doesn't really close at 3pm of course, but some feel it might as well. 3pm is when day over day levels are marked for comparison against each other. Volume and liquidity tend to die down between 3 and 5 unless...(read more)
03/19/2010 03:01 PM
Fannie Mae Clarifies Timing of Delinquency Buyouts. How Does this Affect Rates?
Posted To: MBS Commentary Ugly AM got prettier as 4.5's made it back to unchanged at 100-31 10yr yields actually down a bp to 3.66 (were as high as 3.7 this AM) Potentially unseen lift from Fannie delinquency buyout release If trying to recover lost YSP from this AM, still safe to wait it out. Things looked pretty bad this AM as bonds opened much worse than even an extension of yesterday's weakness would suggest. Lockers rejoiced. Floaters readied their cyanide pills. But in the previous commentary, AQ discussed a chain of events starting with a stronger dollar that has resulted in MBS getting back to unchanged on the day after commodities led stocks lower. And though there is a bit of movement, we're now approaching that "out of the woods" time of day where prices will either level off as volatility...(read more)
03/19/2010 01:37 PM
Rates Recover as Dollar Rally Weakens Commodity Stocks
Posted To: MBS Commentary Rates are staging a lackluster comeback as commodities stocks battle a strong dollar. Adding some weakness is a continued lack of liquidity in the markets. Plus health care debate rages on....much uncertainty lies ahead. The dollar is rallying and energy shares are weighing down stocks. The S&P is -0.52% at 1159, but finding stable ground at 1160 support. Here is the S&P loserboard....Georgetown should be #1 on this list, but they were omitted because they are a college basketball team, not a stock. Still, I think we can make an exception. ....and 10s are feeling some bargain buying stock lever love. Back in the 24-hour sideways trend channel after a brief bump in yields. The FN 4.5 is now flat on the day at 100-31. This is a 9 tick improvement from the intraday low price print of 100...(read more)
03/19/2010 11:48 AM
Underwriter Compensation and Production; Mortgage Insurance Update; Fannie Mae Buyout Details
Posted To: Pipeline Press Yesterday I overheard a snippet of a conversation between a father and his son, with the father trying to prove a point. "Son, how old are you?" His son replied, "Eight". The father said, "When I was your age, I was nine." Who were, and probably still are, the largest mortgage lenders/investors in 2009? There were no real surprises. HERE are the rankings Yesterday I mentioned underwriter compensation and production , and perhaps was somewhat misunderstood. First, let me go on record that I have nothing against underwriters, and in fact believe that as a group they are often under-appreciated, under-paid, over-pressured, and usually taken for granted. I received a few comments that I will certainly pass along. "I have been underwriting FHA loans for over 15...(read more)
03/19/2010 10:00 AM
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