Monthly Archives: June 2015

MBS RECAP: Bond Markets Hear Dueling Banjos From Europe and US; Weaker in the PM

Posted To: MBS Commentary

European and US headlines did their rendition of 'dueling banjos' this afternoon. On the European side, we had potentially fake news out of a country that may only exist in the movies and history books. The Prime Minister of Malta is cited as saying Greece could cancel the referendum if they can make a deal with creditors. Why we're hearing this from the Maltese PM is anyone's guess. On the US side, Fed Vice Chair Fischer (the respected one, not the crazy ex-Dallas Fed pres. who says "feral hogs" and "monetary cocaine") said that we're basically at full employment and that we have to hike sooner vs later because of a lag in impact of monetary policy. He went on to say the Fed would try to let us know when that's coming in order to minimize international…(read more)

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Source: Mortgage News Daily

Mortgage Rates Modestly Lower as Risks Increase

Posted To: Mortgage Rate Watch

Mortgage rates had their 2nd straight day of improvements today–something that’s been uncommon since the beginning of May. Additionally, the slight drop in rates was belied by the market movement. The bond markets that inform lenders rate sheets actually pointed to higher rates by the end of the day. That means the improvements were more to do with the overhang from yesterday’s strength. In other words, yesterday’s underlying market conditions where so strong, and so abrupt, that lenders couldn’t fully price them into rate sheets. That left some additional room to lower rates today despite the counter-arguments being made in bond markets. The most prevalently-quoted conventional 30yr fixed rate for top tier scenarios remains at 4.125%. A few lenders are on either side of that by an eighth…(read more)

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Source: Mortgage News Daily

MBS MID-DAY: Infinitely Calmer Day; Bond Markets Holding Range

Posted To: MBS Commentary

Although MBS are just barely into positive territory and Treasuries are just now getting back to unchanged levels after morning weakness, today is about as positive as it can be. Reason being, simply holding near unchanged levels means bonds are attempting to confirm yesterday's sharp improvements. Either that or it's the last day of the month and there's additional demand for bonds as a result. Even then, it's not too difficult to accept the past 2 days as an 'in trend correction.' There were all the following reasons: – recent run to weakest levels of the year – Greece-related uncertainty – massive weakness in Asian equities markets – supportive month-end environment for bond markets Long story short, there were more than a few reasons that the big move made sense…(read more)

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Source: Mortgage News Daily

Originator Census Survey; Another Lender Purchased; It's All About Greece?

Posted To: Pipeline Press

“One.” That is the extra second that June 30 th has today to correct clocks for the earth’s rotation. “330,820.” That is the number of times America’s net worth could travel around the earth if dollar bills were place end to end. How much money is that? American’s net worth is now $84.9 trillion. We could travel to the sun and back 42 times on the backs of a first quarter climb in stocks and home prices. This is an increase from $83.3 trillion in the final months of last year with stock portfolios rising $487 billion and home values increasing by $503 billion. These rising home prices are helping to rebuild Americans’ ownership of their homes. Home equity was equal to 55.6 percent of the value of U.S. housing in the first quarter, the highest ratio in more than eight years (36.9% during the…(read more)

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Source: Mortgage News Daily

Price Gains Accelerating Again -Black Knight

Posted To: MND NewsWire

Home prices rose 1.0 percent in April. Black Knight Financial Services said its Home Price Index for the month was at $248,000 compared to $245,000 in March. The HPI posted a +4.9 percent change from April 2014 when it stood at $236,000. Nationally the HPI is now within 7.6 percent of the peak value it reached in July 2006 of 268,000. Several states have already established new high-water marks for prices including Colorado and Texas which have done so nearly monthly for over a year. In April both New York and Tennessee also set new price peaks. Among the largest metropolitan areas Austin, Dallas, Houston, and San Antonio all hit new peaks along with Columbus, Ohio, Denver, Honolulu, Nashville, San Francisco and San Jose. Both Boston and Portland, Oregon are now less than 0.75 percent away…(read more)

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Source: Mortgage News Daily