Daily Mortgage News
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Mortgage News Daily
- Wild Ride on Jobs Day as Fed Speakers Steal The Show September 6, 2024Wild Ride on Jobs Day as Fed Speakers Steal The Show We came into jobs report day expecting some clarity on the size of the Fed's impending rate cut and in hindsight, it's abundantly clear that traders felt the same way. The only catch is that the lion's share of the clarity was reserved for […]
- Mortgage Rates Drop to Lowest Levels Since April 2023 September 6, 2024Mortgage rates have a long and storied history of making big moves on the day that the big monthly jobs report comes out. In that regard, today was fairly normal. Indeed, the jobs report came out and mortgage rates made their biggest move of the week, dropping to the lowest levels since April 2023. The […]
- Fair Lending, LOS, Warehouse Tools; The VA and NAR Commission Changes; Jobs Data Confirms Rate Direction September 6, 2024“The credit card company called me to report suspicious activity... I asked what kind of suspicious activity, and they said someone made a payment.” “Well, I’ve got a job and try to put my money away. But I’ve got debts that no honest man can pay. So, I drew what I had from the Central […]
- Jobs Report Does Nothing to Resolve Fed Rate Cut Debate September 6, 2024At first glance, this morning's jobs report suggested a modest but clearly-defined increase in the likelihood of a 50bp rate cut from the Fed in 2 weeks. Headline nonfarm payrolls came in at 142k vs 160k forecast. In addition, the past 2 months were revised down by a total of 144k. As of today, that […]
- Jobs Data Poised to Influence Size of The Upcoming Rate Cut September 5, 2024Jobs Data Poised to Influence Size of The Upcoming Rate Cut Thursday ended up being fairly uneventful for bonds, with the balance of data leaving us slightly better off. ADP employment had the biggest positive impact and the selling pressure created by ISM Services was ultimately unable to argue a better case. Friday's jobs report […]
- Lowest Rates in a Year and a Half. Friday Could Take Them Even Lower (Or Cause a Big Bounce) September 5, 2024Wouldn't it be nice if you could know what was going to happen with mortgage rates before it actually happened? Since the dawn of time in financial markets, there's someone who's willing to make a seemingly compelling prediction about the future for every person who's willing to believe such things are better than 50/50 guesses. […]
- Mixed Bag Making For Mixed Morning September 5, 2024Thursday morning had the highest concentration of economic reports so far this week with ADP, Challenger, Claims, and two flavors of Services PMI data. The early employment metrics were weak. ADP, specifically, pushed yields lower at 8:15am. Jobless Claims were neither weak nor strong and bonds were free to drift sideways to slightly stronger after […]
- Product Search, Hedging, Marketing, CRM Tools; Broker Products; Title Co. Fines; Real Estate Agent Stats to Know September 5, 2024“If you were born in September, it's pretty safe to assume that your parents started their new year with a bang.” Are originators getting a “bang for their buck” when it comes to marketing to real estate agents? “Rob, have you heard that 20 percent of real estate agents account for 80 percent of transactions? […]
- Persistent Rally After Data. More Data Ahead September 4, 2024Persistent Rally After Data. More Data Ahead Wednesday ended up being almost exclusively about the Job Openings data in the morning. Bonds were fairly flat before that and rallied sharply afterward. Once the initial reaction ran its course (in mere minutes), the rest of the day was an uneventful drift in a rate-friendly direction. Yields hit the […]
- Mortgage Rates Near Recent Lows as Markets Wait For Jobs Report September 4, 2024Mortgage rates moved lower for the 2nd straight day on Wednesday with the average lender right in line with their lowest levels since August 5th. In fact, most borrowers would see little--if any difference between today's loans quotes and those from August 5th. As such, today's rates basically match the lowest in well over a […]
Mortgage Rates Start Higher, But Improve in The Afternoon
Posted To: Mortgage Rate WatchMortgage rates are only adjusted once per day by default. From there, the underlying bond market would need to improve or deteriorate by a certain amount for the average lender to go to the trouble of a mid-day reprice. A small handful of lenders did that last Friday (bonds were deteriorating), […]
August 23, 2021
Matthew Graham
MBS RECAP: Treasuries Slide Sideways as MBS Outperform
Posted To: MBS CommentaryTreasuries Slide Sideways as MBS Outperform The most notable development today was the outperformance on the part of MBS. The most obvious culprit would be the looming Treasury auction cycle logically causing more anxiety for Treasuries. There’s also the distinct steepening of the yield curve, which tends to favor MBS when it’s […]
August 23, 2021
Matthew Graham
Existing Home Sales Back on the Rise as Inventories Improve
Posted To: MND NewsWireExisting homes sales posted the second consecutive increase in July after breaking out of a slump in June that had endured for four months. The National Association of Realtors®, (NAR) said sales of pre-owned single-family houses, town houses, condominiums, and cooperative apartments rose to a seasonally adjusted annual rate of 5.99 million […]
August 23, 2021
Jann Swanson
MBS Week Ahead: What is Jackson Hole (And What it Isn’t)
Posted To: MBS CommentaryThe Fed’s annual Jackson Hole symposium has often served as a venue for the Fed Chair to offer a sneak preview of impending policy changes or simply to provide a more candid assessment of how the Fed may react to potential changes in employment and inflation heading into the new year. While […]
August 23, 2021
Matthew Graham
Ops, MLO jobs; Whole Loan Sales, Jumbo, QC, Home Buying Education Products; Freddie and Fannie Changes
Posted To: Pipeline PressFires in California, floods in Tennessee, hurricanes in New York, COVID hospitalizations seemingly everywhere written up by the press. The “fun” never ends. Here in Orange County, at the California MBA’s Western Secondary, the talk in the hallways is focused not so much on huge shifts, because it looks like Freddie, Fannie, […]
August 23, 2021
Rob Chrisman
Rates Stuck in The Middle
Posted To: Mortgage Rate WatchRates are on hold until the next chapter is written in the complex saga of covid versus the market. This isn’t to say rates perfectly flat–simply that the prevailing momentum has been sideways for the past few weeks. Since mortgage rates only change once or twice a day, we can use […]
August 20, 2021
Matthew Graham
MBS RECAP: Moderate Weakness For Uneventful Reasons
Posted To: MBS CommentaryModerate Weakness For Uneventful Reasons Bonds lost some ground today with 10yr yields up roughly 2bps heading into the 3pm CME close and 2.0 MBS down an eighth of a point. Viewed holistically, the week was very calm and yields ended right in the middle of the range (1.22-1.30% in the narrowest […]
August 20, 2021
Matthew Graham
Fannie Mae Says COVID-19 Surge Won’t Impact Growth. Probably.
Posted To: MND NewsWireFannie Mae’s economists provided a mixed forecast this month. The baseline view of the company’s Economic and Strategic Research (ESR) group is for the recent virus surge to drag modestly on consumers’ services consumption in the near term and modestly worsen supply chain disruptions abroad, but they don’t think it will prevent […]
August 20, 2021
Jann Swanson
Although Dwindling, Serious Delinquencies Still a Concern
Posted To: MND NewsWireThe federal foreclosure moratoria expired at the end of July and, with some 1.45 million borrowers seriously delinquent on their mortgages but not in foreclosure, Black Knight says, “potential foreclosure activity in the coming months warrants close observation.” The majority of those seriously delinquent mortgages, however, are still in active forbearance plans. […]
August 20, 2021
Jann Swanson
Sales Mgt., MLO Jobs; HELOC, Warehouse, Blockchain, Licensing Tools; News on Jumbo and Non-QM Products
Posted To: Pipeline PressWho wants to work on a Friday in summer? Not me! I was pleased to find the Type The Alphabet Game , which times you on how fast you type the alphabet. Fun, and doesn’t take much time. For something different, and some of you may need a tissue when reading it, […]
August 20, 2021
Rob Chrisman
MBS Day Ahead: Random Volatility Risks As Traders Tune Out
Posted To: MBS CommentaryIt’s a good time to revisit the primer on illiquidity unless the term is 2nd nature for you ( here it is ). Illiquidity is definitely a factor today as traders have undoubtedly targeted it as a perfect candidate for a 3-5 day weekend due to the absence of any relevant events […]
August 20, 2021
Matthew Graham
Fannie’s New Rental History Credit Boost Not as Simple as it Sound
Posted To: MND NewsWireIt seemed like a simple solution for expanding the credit profile of many first-time homebuyers, but Fannie Mae’s new plan to utilize rent payment history to that end will not immediately remedy the situation. Linda Goodman and Jun Zhu, in a new post on the Urban Institute’s (UI’s) Urban Wire blog, say […]
August 19, 2021
Jann Swanson
Builders Pull Back on Housing Starts
Posted To: MND NewsWireIt seemed like a simple solution for expanding the credit profile of many first-time homebuyers, but Fannie Mae’s new plan to utilize rent payment history to that end will not immediately remedy the situation. Linda Goodman and Jun Zhu, in a new post on the Urban Institute’s (UI’s) Urban Wire blog, say […]
August 19, 2021
Jann Swanson
MBS RECAP: Bonds Finally Have a Boring Day
Posted To: MBS CommentaryBonds Finally Have a Boring Day 10yr yields traded in a range of less than 3bps during the domestic session today. From 10:30am on, that range narrowed to only 1bp. We haven’t had a day like this in a while–3+ weeks at the very least. When things are flat and boring, there’s […]
August 19, 2021
Matthew Graham
Mortgage Rates Near 2-Week Lows
Posted To: Mortgage Rate WatchMortgage rates were slightly lower today as the bond market improved for the 2nd straight day. When bonds prices move higher, bond yields (or rates) move lower, all other things being equal. In the current case, bonds were generally cautious heading into yesterday’s reading of the minutes from the most recent […]
August 19, 2021
Matthew Graham
