MBS RECAP: Surprisingly Quiet Quarter-End Trading. No Objections Here

Posted To: MBS Commentary

Surprisingly Quiet Quarter-End Trading. No Objections Here The last trading day of any given month (especially if it's also the end of a quarter) can often see elevated volatility without any obvious motivation (here's why). While that was sort of the case for Treasuries today, even they were fairly calm in the bigger picture. MBS barely budged by comparison. With rates at all time lows, no objections here! Econ Data / Events 11:30-11:50 AM (ET) – Fed 30yr UMBS Buying Case Shiller Home Prices (Apr): +0.3 vs +0.5 f'cast, +0.5 prev Consumer Confidence: 98.1 vs 91.8 f'cast, 85.9 prev Market Movement Recap 08:04 AM Both stocks and bonds are unchanged after a quiet overnight session. Both found something to like in yesterday's release of today's Powell testimony on the pandemic…(read more)

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MBS RECAP: Surprisingly Quiet Quarter-End Trading. No Objections Here
MBS RECAP: Surprisingly Quiet Quarter-End Trading. No Objections Here

Best Month Ever For Mortgage Rates

Posted To: Mortgage Rate Watch

Mortgage rates managed another slight improvement today, which means the average lender is offering new all-time low rates for the 4th time this month. Even if rates had lurched unexpectedly higher today, June still would have gone down as the best month in the history of the mortgage market with many lenders now offering conventional 30yr fixed rates under 3% on top tier scenarios. The low rate environment has been made possible first and foremost by the economic contraction resulting from coronavirus. In and of itself, however, that still likely wouldn’t be sufficient to get rates as low as they are. The rest of the heavy lifting has been done by the Federal Reserve, which stepped in when markets were experiencing the height of their recent volatility in early March 2020. The Fed helped restore…(read more)

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Best Month Ever For Mortgage Rates
Best Month Ever For Mortgage Rates

Powell: Fed committed to using all tools available

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Federal Reserve chairman Jerome Powell and Treasury Secretary Steven Mnuchin testify on the coronavirus response.

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Powell: Fed committed to using all tools available
Powell: Fed committed to using all tools available

Consumer confidence index comes in better than expected in June

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CNBC's Rick Santelli breaks down the latest read on consumer confidence, which beat expectations.

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Consumer confidence index comes in better than expected in June
Consumer confidence index comes in better than expected in June

Home Prices "Remarkably Stable" in April

Posted To: MND NewsWire

Home prices continued to hold up on a national basis in April. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, covering all nine U.S. census divisions, reported a 4.7 percent annual gain in April, up from 4.6 percent in March. The National Index posted a 1.1 percent month-over-month increase before seasonal adjustment and an 0.5 percent gain after it. The 10-City Composite appreciated at an annual rate of 3.4 percent, unchanged from the March rate while the 20-City Composite’s annual increase rose to 4.0 percent from 3.9 percent the previous month. The 10-City and 20-City measures had monthly increases of 0.7 percent and 0.9 percent respectively before seasonal adjustment and both posted 0.3 percent increases after adjustment. In April, all 19 cities (excluding Detroit for…(read more)

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Home Prices "Remarkably Stable" in April
Home Prices "Remarkably Stable" in April

Servicing, Inspection, Loss-mit Products; CFPB's Structure to Change; Ginnie Adjusts Pooling Requirements

Posted To: Pipeline Press

Some days you don’t learn much, other days you learn a lot (skip the ad). We’ve learned that COVID is driving our economy, not fundamental economic news, and at this point virologists have better forecasts than economists. Appearing with Treasury Secretary Mnuchin today before Congress, it is believed that Fed Chairman Powell will state that there won’t be an economic recovery until the threat disappears. We are reminded that low rates come with a cost . Temporary layoffs can easily become permanent reductions. I’ve learned that many lenders are having their best June ever , volume-wise, and I’ve heard some say their June income could equal up to six months of income during a “normal” period. Margins are high in an effort to continue to control volume…(read more)

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Servicing, Inspection, Loss-mit Products; CFPB's Structure to Change; Ginnie Adjusts Pooling Requirements
Servicing, Inspection, Loss-mit Products; CFPB's Structure to Change; Ginnie Adjusts Pooling Requirements

Paychex small business report indicates employment is steady in June

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Small business activity is an important indicator of the overall direction of the economy. The latest small business employment report from Paychex showing that employment held steady in June and weekly earnings improved as Main Street opened back up. Marty Mucci, CEO of Paychex, joins "Squawk Box" to discuss.

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Paychex small business report indicates employment is steady in June
Paychex small business report indicates employment is steady in June

Record Surge in Pending Home Sales; Rates Staying Near Record Lows

Lawrence Yun, chief economist for the National Association of Realtors® (NAR), predicted last month that April’s home sales contract activity “will be the lowest point for pending sales.” That turns out to have been a huge understatement–at least for now. This morning’s release of NAR’s Pending Home Sales Index (PHSI) showed the number of those contracts for purchasing existing single-family houses, condos, townhomes, and cooperative apartments did indeed explode in May, soaring by 44.3 percent to 99.6. It was the greatest single month increase since NAR started tracking pending sales in 2001. Every major region recorded an increase in month-over-month activity, while the South also had a year-over-year increase in pending transactions. The PHSI had suffered two straight months of declines
Record Surge in Pending Home Sales; Rates Staying Near Record Lows
Record Surge in Pending Home Sales; Rates Staying Near Record Lows

Powell: Recovery path is 'extraordinarily uncertain'

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CNBC's Dominic Chu reports Fed Chairman Jerome Powell's comments on the economy.

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Powell: Recovery path is 'extraordinarily uncertain'
Powell: Recovery path is 'extraordinarily uncertain'

Mortgage Rates Continue at All-Time Lows, But Caveats Remain

Posted To: Mortgage Rate Watch

Mortgage rates were unchanged to slightly lower today, bringing the average lender right in line with all-time lows . Averages aside, several lenders are slightly higher than they were on Friday. Either way, the movement was minimal over the weekend. Beyond that, no conversation about all-time low rates would be complete without several of these recently relevant caveats: 1. Different borrowers will see different pricing. This sort of goes without saying, but it’s much more pronounced than it has been before coronavirus. Specifically, we’re talking about the big differences in mortgage rate quotes for borrowers with certain combinations of risk factors. These include things like investment properties, cash-out, higher loan-to-value ratios, and the like. The all-time low rates seen in 2012 …(read more)

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Mortgage Rates Continue at All-Time Lows, But Caveats Remain
Mortgage Rates Continue at All-Time Lows, But Caveats Remain