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MBS RECAP: For Bonds, Worst Day Since Late June ECB Scare
(Mortgage News Daily) - 21 hours, 7 minutes ago...
Posted To: MBS CommentaryBonds sold off aggressively today, for a combination of reasons that are tremendously unsatisfying in a traditional market-watching sense. For example, it would be nice if we could point to something tidy and logical like all-time high stock prices, or the stronger Consumer Confidence data, but at the very best, these were merely supporting actors in a subtler, more complex drama. Actually, it's only complex inasmuch as it's not the first thing most market-watc...
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Mortgage Rates Spike, Erasing Last Week's Gains
(Mortgage News Daily) - 21 hours, 7 minutes ago...
Posted To: Mortgage Rate WatchMortgage rates moved abruptly higher today, erasing the improvement seen last week. An entire week's worth of movement may or may not be worth stressing out about depending on your perspective. On one hand, we're only talking about a change of roughly 0.06% in terms of the "effective rate" on the average 30yr fixed loan. That'll cost you about $7/month on a $200k loan. On the other hand, last week was the best in more than 2 months. While er...
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Unsealed Court Docs Paint Fannie/Freddie as Congressional Cash Cow
(Mortgage News Daily) - 21 hours, 7 minutes ago...
Posted To: MND NewsWireUnless one follows the Fannie Mae/Freddie Mac conservatorship drama on a regular basis, it is easy to get lost in the legal weeds. MND has dipped in and out periodically, and it is time for another update. To briefly reprise. When the two government sponsored enterprises (GSEs) were placed in government conservatorship in 2008 each were given access to multi-billion-dollar lines of credit from the U.S. Treasury. Under the terms of their Senior Preferred Stock Agreement (SP...
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6th Straight Record High For Home Prices -Case-Shiller
(Mortgage News Daily) - 21 hours, 7 minutes ago...
Posted To: MND NewsWireThe S&P CoreLogic Case-Shiller National Home Price Index hit another new record in May, the sixth consecutive month it did so while the Federal Housing Finance Agency reported another increase in its annual Housing Price Index (HPI) Case-Shiller's National index, which covers all nine U.S. census divisions, rose 5.6 percent on an annual basis, the same increase it posted in April. The index is now at 190.61, besting last month's record high of 180.50. On a mo...
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Credit Underwriting Changes; Exec Comments on Margins and Volume; Ally's Offer
(Mortgage News Daily) - 21 hours, 7 minutes ago...
Posted To: Pipeline PressLenders cutting margins in a diminishing mortgage marketplace. You bet. Does one lender want 100% market share? Perhaps. Here’s the latest example: Ally Home announced their Price Match Guarantee to give consumers peace of mind that they’re getting the best rate possible (see here for full release). "...If a consumer finds a better price at another lender, all they have to do is let their Ally Home loan advisor know..." What about the cost to produc...
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MBS Day Ahead: Recent Rally Under Threat Ahead of Fed
(Mortgage News Daily) - 21 hours, 7 minutes ago...
Posted To: MBS CommentaryAfter enjoying a nice rally since July 10th, bond markets are taking the 2 days leading up to tomorrow's Fed announcement to book some profits and get back to neutral territory. Unfortunately, getting back to neutral means "selling bonds" if the prevailing trend had been positive. As discussed in this primer on MBS Live , there are long and short positions. Long positions mean "buying" in the hope that bond prices will rise and yields will fall. ...
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MBS RECAP: Slowest Day of The Year for Bonds
(Mortgage News Daily) - 21 hours, 7 minutes ago...
Posted To: MBS CommentaryHow's that for an exciting headline? At least it's an " extreme ," technically--just not the sort of extreme that would pique our interest (but still better than the extremes that would peak our interest rates)! Seriously though, trading volumes were easily the lowest since the December 2016 holiday season. Talk turned to political headline risk with Kushner testifying in a closed Senate session today and Manafort/Trump Jr. set for more closed-door qu...
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Rates Begin Week Unchanged at July's Lows
(Mortgage News Daily) - 21 hours, 7 minutes ago...
Posted To: Mortgage Rate WatchMortgage rates held steady today, which leaves them in line with the lowest levels in July. In underlying bond markets (bond movement directly impacts lenders' rate offerings), it was an exceptionally quiet day--especially for mortgage-related bonds. Activity should increase somewhat as the week progresses. That's a typical pattern for most weeks--all other things being equal (Mondays and Fridays tend to be slower)--but we'll also get events that tend...
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Fannie/Freddie Joint Venture Flying Too Far Under Radar -UI
(Mortgage News Daily) - 21 hours, 7 minutes ago...
Posted To: MND NewsWireMost of the major proposals for reforming the housing finance system rely on two steps to minimize the risk that any one or two institutions, and in today's environment that would mean the GSEs Fannie Mae and Freddie Mac, can pose to the mortgage market. Current proposals require that any institution that issues mortgage-backed securities guaranteed by the government share most of the related credit risk with others in the private market, and that there be a governmen...
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Existing Home Sales Weakness Blamed on Same Old Problem
(Mortgage News Daily) - 21 hours, 7 minutes ago...
Posted To: MND NewsWireExisting home sales slipped in June, with the blame again placed on low levels of inventory . The decline in sales, announced on Monday by the National Association of Realtors® (NAR), was anticipated, as pending home sales have decreased in each of the previous three months, ticking down by 0.8 percent in May. NAR said sales of existing single-family houses, townhouses, condos and cooperative apartments were down 1.8 percent in June, to a seasonally adjusted annual rat...
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