Monthly Archives: June 2015

Consumer Expectations Match Home Price Performance -Case-Shiller

Posted To: MND NewsWire

House prices continued to increase in April but the gains lost a bit of momentum compared to the previous month, reversing the acceleration noted by S&P Dow Jones/Case Shiller Indices last month. The company’s National index and both of its multi-city composites posted slightly lower year over year increases in figures released today than in the March report. The U.S. National Home Price Index which covers all nine census divisions rose 4.2 percent from April 2014 to April 2015. In March the annual gain had been 4.3 percent . On a month-over-month basis the index was up 1.1 percent on a non-seasonally adjusted basis and was unchanged when adjusted. The 10-City Composite Index gained 4.6 percent on an annual basis and the 20-City was up 4.9 percent. The respective increases in March had…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.


Source: Mortgage News Daily

MBS Day Ahead: Passing the Time Until Greece's Big Day

Posted To: MBS Commentary

It's a big day for Greece. No, not today, when the country will 'default' on it's €1.7 bln payment to the IMF. No, not July 5th when the Greek people will vote for a European reform package that's no longer on the table (rumor is it'll have to be conducted more slowly due to funding anyway). Rather, the big day is July 20th , when Greece owes its first real debt this month. Assuming the payment to the IMF is missed, there's no major consequence in the near term. Greece simply owes the IMF. Even ratings agencies commented today that it would not be classified as a true default. What we don't know at the moment is how the ECB will handle Greece's emergency liquidity assistance (ELA). This is Greece's allowance, for all intents and purposes. If something…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.


Source: Mortgage News Daily

MBS RECAP: Bonds Back to Best Levels With Help from Stocks

Posted To: MBS Commentary

Nothing like some good, old-fashioned 'stock lever' to restore one's faith in classic market paradigms. That's the one where traders " sell stocks, buy bonds ," or vice versa. There was certainly plenty of stock selling today as S&P futures fell more than 40 points from Friday's close. In fact, it was the biggest day of S&P losses since 2011. Up until the time that the pervasive weakness took over in stocks, bond markets were selling off. That doesn't mean they were in negative territory, just that they were heading that direction after a huge initial pop to the best levels in a week. Stocks were part of the overnight trend as well. S&P futures fell 40 points at the open and erased more than 20 points of that weakness by the time the NYSE open rolled…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.


Source: Mortgage News Daily

Mortgage Rates Erase One Day of Losses. More Volatility Ahead

Posted To: Mortgage Rate Watch

Mortgage rates spiked to the highest levels of the year on Friday after hovering close to them for several days. But news out of Europe over the weekend caused major movement in financial markets at the start of the day. One of the biggest beneficiaries was the US bond market where Treasuries yields and mortgage rates fell appreciably. Interestingly enough, today’s appreciable improvement perfectly counteracted Friday’s appreciable weakness, leaving the average lender right in line with Thursday’s latest rate sheet offerings. This brings the most prevalently-quoted conventional 30yr fixed rate back to 4.125% for top tier scenarios, though a few lenders are .125% higher or lower. Coming into this week, we knew it would be volatile, and the volatility likely isn’t over . Any time there is a such…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.


Source: Mortgage News Daily

MBS MID-DAY: Bond Gains Accelerate into Afternoon

Posted To: MBS Commentary

The early morning hours for US bond markets were somewhat disheartening as gains steadily evaporated into the 10am hour. Up until that point, it looked as if markets priced in the worst case scenario and gradually calmed down from there. But starting at 10am, calmness faded abruptly as equities began giving up in their attempt to push off the opening lows. The mass exodus in stocks has benefited bonds, with both MBS and Treasuries in a linear, positive trend since then. Both are also at their best levels of the domestic trading session. For Fannie 3.5s, that's 21 ticks higher at 102-28. 10yr yields are down 13bps at 2.344 (overnight lows were 2.292 right at the start of European bond futures trading). Current levels are roughly in line with the early overnight levels in terms of Treasuries…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.


Source: Mortgage News Daily