Cashin: Horrendously low volume

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CNBC's Bob Pisani and Art Cashin, of UBS, discuss the factors impacting the market today.

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Cashin: Horrendously low volume
Cashin: Horrendously low volume

Rates Set to End Year With Glimmer of Hope

Posted To: Mortgage Rate Watch

Mortgage rates moved lower today , somewhat significantly, depending on the lender. In many cases, quotes are an eighth of a point lower compared to Tuesday morning. Some lenders made the move yesterday. For others, today did the trick. In both cases, the “effective rate” (a hypothetical rate that accounts for lender-imposed closing costs) fell at its best pace in weeks. Today’s quotes are the best since December 12th on average. 4.25% is now the most prevalent conventional 30yr fixed quote on top tier scenarios, although 4.375% remains fairly common. While I would love to tell you that this is a sign of a big shift back in a friendly direction, the gains are largely a result of the year-end bond trading environment. It’s not the same bond market that’s normally pulling the levers behind the…(read more)

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Rates Set to End Year With Glimmer of Hope
Rates Set to End Year With Glimmer of Hope

Majority of Housing Markets Have Recovered to Historical Norms

Posted To: MND NewsWire

When Freddie Mac introduced its Multi-Indicator Market Index (MiMi) in March 2014 only 11 of the 50 states plus the District of Columbia were deemed stable and in range of their historic benchmarks. That was also the case for only four of the 50 leading metropolitan areas. Further, the index itself stood at -3.08 points, indicating a week housing market overall and not much improved from the all-time low of -4.49 in late 2010 when the housing market was at its weakest. This week Freddie Mac released the most recent MiMi, covering October 2016. The index stood at 86.4, indicating a housing market “that’s on the outer edge of its historic benchmark range of housing activity.” This is a 0.42 percent improvement from September and a year-over-year gain of 5.88 percent. The index has recovered by…(read more)

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Majority of Housing Markets Have Recovered to Historical Norms
Majority of Housing Markets Have Recovered to Historical Norms

PHH Sheds More Servicing; Flood Insurance News; Jumbo, Conforming, and Appraisal Changes

Posted To: Pipeline Press

New Residential Investment Corp. (NYSE: NRZ) announced it has entered into an agreement, through its wholly-owned subsidiary New Residential Mortgage LLC (“NRM”), to purchase approximately $72 billion UPB (480,000 loans) of seasoned Agency and private-label mortgage servicing rights (“MSRs”) from PHH Mortgage Corporation . The total purchase price is approximately $612 million. In addition, associated with the MSR purchase, NRM will purchase approximately $300 million of servicer advances from PHH Mortgage, so the total transaction is $912 million. The deal excludes the Ginnie Mae (GNMA)-related MSR, which the company previously announced it had sold to Lakeview. But apparently PHH knows how to actually service loans, and concurrently with the Purchase Agreement NRM entered into a subservicing…(read more)

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PHH Sheds More Servicing; Flood Insurance News; Jumbo, Conforming, and Appraisal Changes
PHH Sheds More Servicing; Flood Insurance News; Jumbo, Conforming, and Appraisal Changes

Deciphering Fed and market signals: Pros

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Bruce Kasman, JPMorgan Chase Bank, weighs in on Federal Reserve policy and whether to expect hawkish rate moves in 2017. And Lou Brien, DRW Trading Group, provides his outlook on the markets.

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Deciphering Fed and market signals: Pros
Deciphering Fed and market signals: Pros

Time to buy down your mortgage rate?

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CNBC's Diana Olick takes a look at whether home buyers should consider buying down their mortgage rates as interest rates begin to rise.

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Time to buy down your mortgage rate?
Time to buy down your mortgage rate?

MBS Day Ahead: Limited Data, Final Auction, and Month/Year-End Buying Potential

Posted To: MBS Commentary

NOTE: This paragraph will be at the top of the Day Ahead for a few weeks. Once you've read it, feel free to skip it. The Day Ahead has long been my venue to offer deep thoughts with a mix of big-picture and near-term technical considerations. I'll still be doing that, but in posts on MBS Live and under the 'General Commentary' heading (which still shows up on MND for free, but delayed). The Day Ahead will quickly evolve into a more cut and dried run-down of the events of the day (as it should be). Some days are more interesting than others, so some posts will be almost comically short, depending on the slate of events. It will still contain charts from time to time, but generally just to lay out technical levels we should be watching. — Yesterday's surprisingly strong 5yr…(read more)

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MBS Day Ahead: Limited Data, Final Auction, and Month/Year-End Buying Potential
MBS Day Ahead: Limited Data, Final Auction, and Month/Year-End Buying Potential

Rates at 2 Week Lows; Pending Sales Reflect Downbeat Buyers; Lender/Realtor Connections

Mortgage rates moved lower today following back-to-back afternoons of improvements in underlying bond markets. Yesterday afternoon was only slightly stronger. It didn’t result in many lenders offering mid-day improvements in rate sheets. Today, however, multiple lenders put out positive reprices after a well-received Treasury auction indicated strong investor demand in the bond market (higher demand for bonds = lower rates). The average lender is back to their best levels since December 14th . Whereas 4.375% had easily been the most prevalent conventional 30yr fixed quote for top tier scenarios, 4.25% is at least as common today. All that having been said, rates were already fairly close to that tipping point. The range has been calm and narrow over the past 2 weeks. Today’s move stands out
Rates at 2 Week Lows; Pending Sales Reflect Downbeat Buyers; Lender/Realtor Connections
Rates at 2 Week Lows; Pending Sales Reflect Downbeat Buyers; Lender/Realtor Connections

MBS RECAP: Exceptionally Strong Auction Sparks Moderate Rally For Bonds

Posted To: MBS Commentary

Today was all about the afternoon's 5yr Treasury note auction, which garnered the best demand in more than 2 years and the highest percentage of indirect bidders (which generally indicates foreign demand) ever! 10yr yields were already slightly lower on the day, but they dropped another 5bps in short order. Fannie 3.5s were already up an eighth of a point on the day, but added another quarter point after the auction. It was definitely the strongest move of this late-December bond market malaise. That "late December" context is also an asterisk for the rally. In the big picture, today's volume was quite light and the size of the move, only slightly above average. Moreover, 10yr yields continue to operate above 2.50%. Until we see a big break lower (at least below the 2.42/2…(read more)

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MBS RECAP: Exceptionally Strong Auction Sparks Moderate Rally For Bonds
MBS RECAP: Exceptionally Strong Auction Sparks Moderate Rally For Bonds

The best and worst celebrity neighbors, according to Zillow

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Zillow announces the people's choice for the absolute worst celebrity neighbor.

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The best and worst celebrity neighbors, according to Zillow
The best and worst celebrity neighbors, according to Zillow