Biggest Construction Boom Since 2006; Best 2 Weeks For Rates in a Year

Residential construction recovered in March after a serious decline the prior month. The U.S. Census Bureau and Department of Housing and Urban Development said all three measures rose, with housing starts hitting a 15 year high . Some regional increases topped 100 percent. Permits for residential construction were issued at a seasonally adjusted annual rate of 1.766 million in March, a 2.7 percent increase from February’s rate of 1.720 million. The latter is an upward revision from the 1.682 million permits originally reported for February, erasing some of the near 11 percent loss originally reported. The permitting rate for the month was 30.2 percent higher than in March 2020. There was some disagreement among analysts polled by Econoday and Trading Economics in forecasting the month’s results
Biggest Construction Boom Since 2006; Best 2 Weeks For Rates in a Year
Biggest Construction Boom Since 2006; Best 2 Weeks For Rates in a Year

MBS RECAP: Still a Decent Week Despite Friday Slide

Posted To: MBS Commentary

Still a Decent Week Despite Friday Slide Thursday morning was exceptionally strong for bonds–perhaps too strong, with too much influence from artificial factors like short-covering and tech-triggered algos. Today's modest weakness reinforces a more sober assessment of the recent trend, and although rates aren't as low as yesterday, that trend is still in good shape. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Housing Starts 1.739m vs 1.613m f'cast Building Permits 1.766m vs 1.75m f'cast Market Movement Recap 09:12 AM Modestly stronger overnight, but weaker since 8am. There is no clear connection with any calendar event. Domestic traders simply showing up to sell today (booking profits on recent long positions, hedging new corporate issuance , or re-shorting bonds after…(read more)

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MBS RECAP: Still a Decent Week Despite Friday Slide
MBS RECAP: Still a Decent Week Despite Friday Slide

Best 2 Weeks For Rates in Nearly a Year

Posted To: Mortgage Rate Watch

The bond market has been pointing toward higher rates since last August. Mortgage rates were able to defy that trend at first, but finally began spiking in the new year. February and March were two of the worst back-to-back months in years. The higher rates went, the more likely it became that we’d see at least some sort of push back in the other direction. Anticipation and anxiety were running high as rates hit long term peaks at the end of March. Now 2 weeks in, April is clearly the month we were hoping it would be. Rates haven’t dropped this quickly since the pandemic began What’s with the change of heart? The bond market (which dictates rates) has a few quintessential sources of motivation. “The economy” is at the top of that list. Indeed, a brighter economic outlook (due to vaccines, falling…(read more)

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Best 2 Weeks For Rates in Nearly a Year
Best 2 Weeks For Rates in Nearly a Year

Big bull call on the homebuilders

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The "Halftime Report" traders debate Wells Fargo's bullish call on the homebuilders

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Big bull call on the homebuilders
Big bull call on the homebuilders

Fed Gov. Waller: Inflation could run at 2.5% for 2021

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Federal Reserve governor Christopher Waller joins CNBC's Steve Liesman to discuss the economy and the Fed's response to the pandemic.

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Fed Gov. Waller: Inflation could run at 2.5% for 2021
Fed Gov. Waller: Inflation could run at 2.5% for 2021

Housing Starts Reach Highest Levels Since 2006

Posted To: MND NewsWire

Residential construction recovered in March after a serious decline the prior month. The U.S. Census Bureau and Department of Housing and Urban Development said all three measures rose, with housing starts hitting a 15 year high . Some regional increases topped 100 percent. Permits for residential construction were issued at a seasonally adjusted annual rate of 1.766 million in March, a 2.7 percent increase from February’s rate of 1.720 million. The latter is an upward revision from the 1.682 million permits originally reported for February, erasing some of the near 11 percent loss originally reported. The permitting rate for the month was 30.2 percent higher than in March 2020. There was some disagreement among analysts polled by Econoday and Trading Economics in forecasting the month’s results…(read more)

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Housing Starts Reach Highest Levels Since 2006
Housing Starts Reach Highest Levels Since 2006

COVID-19 Forbearance Decline Hits Mid-Month Lull

Posted To: MND NewsWire

There was little change in the number of active forbearance plans over the past week, but Black Knight reminds, in its regular Friday report, that this it was simply another mid-month lull as servicers finished processing the prior month’s expired plans. Even so, the number of plans did decline for the seventh straight week , even if it was by a mere 1,000 loans or 0.04 percent. There are 380,000 plans set to expire at the end of April so Black Knight says the possibility remains of further improvement over the next two weeks. Even with the minimal decline of the past week, the number of outstanding plans is still down by 296,000 (11.4 percent) over the last month. As of April 13, there were 2.3M homeowners in COVID-19 related forbearance plans, representing 4.4 percent of all mortgage holders…(read more)

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COVID-19 Forbearance Decline Hits Mid-Month Lull
COVID-19 Forbearance Decline Hits Mid-Month Lull

New Home Purchase Applications Ramping up for Spring

Posted To: MND NewsWire

True to tradition, new home sales appear to have moved higher in March as the calendar closed in on the start of the spring market. The Mortgage Bankers Association (MBA) estimates sales of newly constructed homes increased by 7 percent compared to February and are 12 percent higher than a year earlier. This change does not include any adjustment for typical seasonal patterns. Based on the application data, MBA forecasts that home sales were at a seasonally adjusted annual rate of 714,000 units in March. This is a decline of 4.5 percent from the February rate of 748,000 units. On an unadjusted basis, the forecast is for 72,000 new home sales in during the month, an increase of 10.8 percent from 65,000 sales in February. “New home purchase application activity is typically strong in March, and…(read more)

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New Home Purchase Applications Ramping up for Spring
New Home Purchase Applications Ramping up for Spring

Lock Desk, MLO, Underwriter Jobs; POS, Workflow, Digital Tools; Agency's Trend: Not Our Friend?

Posted To: Pipeline Press

Suddenly everyone’s ruminating on upcoming mergers and acquisitions (and there will definitely be some), but in the lower management ranks, lenders are already shifting their hiring practices , and taking a careful measure of production and productivity. Will we ever run out things to measure? The median age (half above, half below) of owner-occupied homes across the U.S. is 39 years, according to the latest data from the 2019 American Community Survey . (New York has the oldest owner-occupied homes at a median age of 60 years while Nevada has the newest at a median age of 23 years.) Why should every loan originator care about the age of housing in their area? As a lender, do you have a renovation product, or 2 nd ? The age of the housing stock is an important remodeling market indicator…(read more)

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Lock Desk, MLO, Underwriter Jobs; POS, Workflow, Digital Tools; Agency's Trend: Not Our Friend?
Lock Desk, MLO, Underwriter Jobs; POS, Workflow, Digital Tools; Agency's Trend: Not Our Friend?

The 9am Bond Report – April 16, 2021

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The 9am Bond Report – April 16, 2021
The 9am Bond Report – April 16, 2021