Daily Mortgage News
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Mortgage News Daily
- Straightforward Gains After Important Inflation Data July 26, 2024Straightforward Gains After Important Inflation Data While today's monthly core PCE headline may have technically been higher than the median forecast, a vast majority of forecasters abstained from submitting updated guesses to data aggregators after yesterday's quarterly PCE data. Had they been compelled to do so, the forecast would almost certainly have risen to 0.2 from […]
- Inflation Data Continues Paving The Way For (Eventual) Rate Cuts July 26, 2024This week's most important economic data was the PCE price index which is the gold standard of big picture inflation measurement. For those hoping to see rates drop, it was important for PCE to confirm the progress seen in the CPI data (the other major inflation index that came out 2 weeks ago). Spoiler alert: […]
- DPA, Virtual Assistant, Non-QM products; Events, Training, and Webinars July 26, 2024The only thing constant is change. After 53 years, Southwest Airlines is ending its 100 percent open seating policy! (I don’t mind lining up.) People and companies have to adjust… Time waits for no one. What were concerts like in 1964, 60 years ago? Here’s an interesting chart that shows where the U.S. Government pegged […]
- Bonds Rallying Despite Higher Core PCE July 26, 2024After yesterday's quarter over quarter core PCE price index came in 0.2% higher than expected, we knew today's monthly PCE data would have to include higher numbers divided across the months of April, May, and June in some unknown proportion. If April and May were not revised, it suggested an unrounded monthly core PCE of 0.37 […]
- Lots of Competing Motivations Causing Volatility In a Narrow Range July 25, 2024Lots of Competing Motivations Causing Volatility In a Narrow Range Today marked an uptick in the importance of economic data for the week and it had obvious consequences for volatility. Of particular importance was the higher reading in quarterly PCE prices. Because this is the first look at Q2 data, it's one of 4 days […]
- Mortgage Rates Inch to Another Short Term High July 25, 2024Mortgage rates continue moving in very small steps from day to day--something that's been the case since the Consumer Price Index (CPI) more than 2 weeks ago. Unfortunately, more of those steps have been higher in the past week, and today is no exception for most lenders. This is counterintuitive to those who closely follow […]
- Strong Start Despite Data Driven Volatility July 25, 2024It was easy to question the notion of "data dependence" in the first half of the week, largely because there wasn't much in terms of meaningful economic data. There were also several instances of mystery movement in bonds, forcing analysts to focus on curve trading as a thematic driver. What is curve trading? In not so […]
- Hedging, VOE, DPA Products; Wholesaler and Program Changes; STRATMOR Ops Workshop July 25, 2024As lenders continue to deal with change (the latest rumors have Flagstar is selling its mortgage group to Mr. Cooper; rumor only, ask your rep for real information), many people took note when ex-President Trump claimed, during his recent speech, that, “mortgage rates have quadrupled” during the Biden Administration. So, if Agency 30-year fixed rate […]
- Mortgage Rates Move Up To 2 Week Highs After Starting Out Flat July 24, 2024Mortgage rates technically moved up to the highest levels in 2 weeks today, but that sounds a bit more dramatic than it actually is. Rates have largely held inside a narrow range close to the lowest levels in 6 months during that time. Today's weakness in the bond market just happened to nudge the average […]
- Whatever Happened to Bonds Being Data Dependent? July 24, 2024Whatever Happened to Bonds Being Data Dependent? Bonds began the day in stronger territory and remained stronger through mid-day despite AM volatility. Some of the volatility was driven by economic data with S&P Global Services PMI coming in higher than expected. Most of the day's movement, however, was driven by "something else," and something else […]
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
