Consumers Gloomiest in a Decade, But Still A Great Time to Sell

Posted To: MND NewsWire

The chief finding from Fannie Mae’s November National Housing Survey (NHS) was an increase in consumer pessimism. The company says respondents to the right track/wrong track question expressed the most downbeat attitude in 10 years. Seventy percent of those expressing an opinion about the direction of the economy said it was on the wrong track, a 5 point month-over-month increase. Only 22 percent chose the opposite answer. The right/wrong track question is not among the six that are used to construct Fannie Mae’s Home Purchase Sentiment Index (HPSI), but four of the six components that are decreased during the month. This brought the index down 0.8 points from October to 74.7, marking a 5.3-point year-over-year decline. Consumers still overwhelmingly think it is a good time to sell, with 74…(read more)

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Consumers Gloomiest in a Decade, But Still A Great Time to Sell
Consumers Gloomiest in a Decade, But Still A Great Time to Sell

Lower Appreciation Not Yet Reflected in Annual Gains

Posted To: MND NewsWire

While it is clear that the growth of home prices has started to slow, reports on the results of the deceleration are diverging . Earlier this week Black Knight reported its Home Price Index (HPI) was up 0.6 percent in October, today CoreLogic puts the gain at 1.3 percent. The CoreLogic report says its reported October appreciation is a full 1 percentage point lower than the peak posted for April. The annual rate of increase in the HPI for the October was 18 percent, identical to the 12-month growth it reported for September, and the highest recorded in the 45-year history of the index. Incidentally, in April the annual increase was 13 percent, showing the rapid run-up of prices over the summer and early fall. Detached properties (i.e., single-family residences) continue to appreciate at a much…(read more)

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Lower Appreciation Not Yet Reflected in Annual Gains
Lower Appreciation Not Yet Reflected in Annual Gains

MBS RECAP: Bonds Remain Under Pressure, But MBS Outperformed

Posted To: MBS Commentary

Bonds Remain Under Pressure, But MBS Outperformed Bonds managed to remain sideways during AM hours. In fact, MBS were as much as an eighth of a point higher versus opening levels by 11:30am. The tone soured in the PM hours. 10yr yields ultimately crested 1.48% and MBS lost nearly a quarter of a point day over day. The weakness is decidedly focused on Treasuries due to the auction cycle, corporate issuance, and the "risk-on" momentum in the broader market. Econ Data / Events Fed MBS Buying 10am, 11:30am, 1pm Market Movement Recap 12:31 PM moderately weaker overnight with losses extending into the 9am hour. Sideways since then with 10yr yields up 2.4bps at 1.456 and MBS down an eighth of a point. 01:20 PM A bit of weakness heading into the 1pm hour. MBS near lows, down 5 ticks (.16…(read more)

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MBS RECAP: Bonds Remain Under Pressure, But MBS Outperformed
MBS RECAP: Bonds Remain Under Pressure, But MBS Outperformed

Mortgage Rates Move Higher Again

Posted To: Mortgage Rate Watch

Mortgage rates moved higher again today thus keeping them well within the sideways range that’s been in place for the past 2 months. Omicron-related news continues having an impact on the bond market. At first, uncertainty surrounding the new variant drove demand for bonds. Higher demand means higher prices and lower yields (aka “rates”). This week, the theme has been different . While plenty of uncertainty remains, there are more headlines regarding “lower severity” of covid symptoms in omicron cases. Investors have rushed back into the stock market as a result, and bonds have suffered. Fortunately, the bonds that specifically underlie mortgages have taken less damage than US Treasuries–largely because they didn’t experience as much benefit last week. Nonetheless, rates are modestly higher…(read more)

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Mortgage Rates Move Higher Again
Mortgage Rates Move Higher Again

Better.com CEO fires more than 900 employees on Zoom call

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The CEO of Better.com laid off over 900 employees via a Zoom call. CNBC's Shep Smith reports.

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Better.com CEO fires more than 900 employees on Zoom call
Better.com CEO fires more than 900 employees on Zoom call

Long-term interest rates are stuck, we're in a global debt trap: Morgan Stanley's Sharma

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Ruchir Sharma, chief global strategist with Morgan Stanley Investment Management, joins 'Squawk Box' to discuss markets and interest rates.

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Long-term interest rates are stuck, we're in a global debt trap: Morgan Stanley's Sharma
Long-term interest rates are stuck, we're in a global debt trap: Morgan Stanley's Sharma

Sales Training, VOA, Talent Acquisition, Marketing Tools; CFPB Trends: Competing on Compliance?

Posted To: Pipeline Press

Today I head to San Diego for a California MBA board meeting, the home base of the Pacific Fleet. It’s been 80 years since Pearl Harbor, a “date that will live in infamy.” That was a terrible day. We all have bad days, but nothing in comparison to that and it is important to keep those days in perspective. The United States and our allies faced off against Japan, Germany, and Italy for the following four years. The residential lending industry is wondering if Amazon and Apple will face off against the Consumer Finance Protection Bureau. Rohit Chopra, age 39 and Director of the CFPB, faces limits in policing individual tech companies , which haven’t been subject to supervision the way banks are. People continue to write, asking about the CFPB’s reach. The CFPB’s…(read more)

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Sales Training, VOA, Talent Acquisition, Marketing Tools; CFPB Trends: Competing on Compliance?
Sales Training, VOA, Talent Acquisition, Marketing Tools; CFPB Trends: Competing on Compliance?

The 9am Bond Report – December 7, 2021

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The 9am Bond Report – December 7, 2021
The 9am Bond Report – December 7, 2021

MBS Morning: Stocks and Yields Keep Rising as Omicron Fear Continues to Moderate

Posted To: MBS Commentary

Last week's story was simple: unknowns and risks surrounding omicron prompted traders to shed risk by selling stocks and buying bonds. Unfortunately for fans of low rates, this week's story is just as simple, but in the opposite direction. It's not that Omicron is no longer a risk–just that it's not proving to be as damaging as initially feared. Things could change, but until they do, bonds face more challenges. "Supply" is compounding the situation as the scheduled Treasury auction cycle is met with elevated corporate bond issuance this week. On a somewhat positive note, the combination of supply and the bounce in stocks should be having an even more deleterious effect on the bond market. This can be seen in the chart below as stocks have recovered much more of the…(read more)

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MBS Morning: Stocks and Yields Keep Rising as Omicron Fear Continues to Moderate
MBS Morning: Stocks and Yields Keep Rising as Omicron Fear Continues to Moderate

MBS RECAP: Bonds Sell Off, But MBS Outperform

Posted To: MBS Commentary

Bonds Sell-Off, But MBS Outperform The week began decently enough with bonds holding most of last week's gains during the first 90 minutes today. Things began to go south after the 9:30AM NYSE open as bond yields followed stocks higher. 10yr yields rose roughly 8bps by the 3pm CME close to hit 1.43+. In terms of price, that's a loss of roughly 3/4ths of a point. Contrast that to MBS losses at the same time of only an eighth of a point and the outperformance becomes very clear. Econ Data / Events Fed MBS Buying 10am, 11:30am, 1pm Market Movement Recap 08:56 AM Moderately weaker overnight as risk assets bounce. Mostly flat after initial losses. 10yr up 3bps at 1.387 and MBS down an eighth. 11:41 AM Slipping slightly in the first few hours, largely in line with opening gains in stocks…(read more)

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MBS RECAP: Bonds Sell Off, But MBS Outperform
MBS RECAP: Bonds Sell Off, But MBS Outperform