Personal spending up 0.2% (November)

[View:http://video.cnbc.com/gallery/?video=3000578397&__source=mnd|news|video|&par=mnd]

CNBC's Rick Santelli reports the latest read on personal income and spending in November.

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Personal spending up 0.2% (November)
Personal spending up 0.2% (November)

Decline in Cash Sales May be Leveling Off

Posted To: MND NewsWire

The share of cash sales appears to be holding fairly steady , even as investors pull back from the residential market (NAR put the investor share of sales at 12 percent in November) and sales of owned real estate (REO) and short sales decrease to low single-digit levels. CoreLogic reports that the share of home sale transactions that were all cash in September was 31.7 percent . This is only a 1.3 percentage point decrease from September 2015 and, at that rate of decline, CoreLogic now estimates the cash share will return to the pre-crash average rate of 25 percent by mid-2019. Cash sales peaked in January 2011 at 46.6 percent. Only 4.7 percent of home sales were from REO inventories in September, but 59.4 percent of those sales were all cash. Sales of existing homes (resales) had a 31.7 percent…(read more)

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Decline in Cash Sales May be Leveling Off
Decline in Cash Sales May be Leveling Off

FHFA Home Price Index Slows

Posted To: MND NewsWire

Price increases moderated slightly in October according to the Federal Housing Finance Agency’s (FHFA’s) Housing Price Index (HPI). The national index, which had recorded a 0.6 percent monthly gain in September, was up another 0.4 percent in the current reading. The price report was slightly lower than analysts were expecting. Those polled by Econoday were looking for an increase of 0.5 to 0.6 percent with a consensus around the lower number. The HPI increased by 6.0 percent from October 2015 . This also was a slight easing of the year-over-year pace reported for September of 6.1 percent. FHFA constructs its index from loans sold to or guaranteed by the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. The nine census regions posted monthly changes ranging from an 0.6 percent…(read more)

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FHFA Home Price Index Slows
FHFA Home Price Index Slows

Ellie Mae: Heavy Refi Volume Pushed Out November Closing Times

Posted To: MND NewsWire

Refinancing originations remained unchanged at 47 percent of all closed loans in November, not yet reflecting the sharp increase in interest rates that occurred after the November 8 election. The share of originations by loan type remained precisely where they were in October with conventional loans garnering a 68 percent share, FHA loans 20 percent, and VA originations 9 percent. However, Ellie Mae’s Origination Insight Report for the month pointed to slight changes in refinancing shares with those for FHA and conventional loans each increasing one percentage point to 22 percent and 58 percent respectively and VA refinancings down one point to 30 percent. The average time to close a loan increased by one day overall and for both refinancing and purchase loans. The average for all loans was…(read more)

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Ellie Mae: Heavy Refi Volume Pushed Out November Closing Times
Ellie Mae: Heavy Refi Volume Pushed Out November Closing Times

Q3 GDP up 3.5% (ann. rate), jobless claims up 21K to 275,000

[View:http://video.cnbc.com/gallery/?video=3000578368&__source=mnd|news|video|&par=mnd]

CNBC's Rick Santelli breaks down the latest numbers on real GDP, unemployment, durable good.

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Q3 GDP up 3.5% (ann. rate), jobless claims up 21K to 275,000
Q3 GDP up 3.5% (ann. rate), jobless claims up 21K to 275,000

Banks Buying Non-Banks; Lehman vs Loandepot and iMortgage

Posted To: Pipeline Press

“Hospitality is the art of making guests feel like they’re at home when you wish they were.” (Read that again – it’s pretty clever.) Millions of white and non-white people call the United States home, and the U.S. Census Bureau released the country’s top 1,000 surnames by race and Hispanic origin and those that occurred 100 or more times in the 2010 Census . The graphics show the top 15 most popular surnames and those with the largest increase and rank . Additionally, the Random Samplings blog discusses trends gathered from the tabulations. Visit the Census Bureau’s Genealogy page to see frequently occurring surnames from previous censuses. Our tax money at work, hiring computer programmers and actuarials to figure this all out! We have some news from the continuing…(read more)

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Banks Buying Non-Banks; Lehman vs Loandepot and iMortgage
Banks Buying Non-Banks; Lehman vs Loandepot and iMortgage

MBS Day Ahead: Ironically Large Number of Trees Falling in The Woods

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. — With yesterday essentially tying March…(read more)

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MBS Day Ahead: Ironically Large Number of Trees Falling in The Woods
MBS Day Ahead: Ironically Large Number of Trees Falling in The Woods
Mortgage
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Three Rate Hikes in 2017? Fannie Mae Doesn't Think So; Existing Sales Best Since Feb 2007

Despite the 3.2 percent annualized growth in the GDP in the third quarter, Fannie Mae’s economists expect the full-years growth to moderate to less than 2 percent this quarter, finishing at 1.8 percent growth for the year. In the company’s December Economic Development summary its Economic and Strategic Research Group (ESR) said their forecast does not include the effects of any new federal policies “due to considerable uncertainty about the President-elect’s policy agenda and the extent of support he will receive from the new Congress. The report acknowledges the significant increase in long term interest rates over the preceding month with the 10-year T-bill touching 2.6 percent, the highest rate since July 2015, and “presenting headwinds for housing.” The dollar is nearing a 14-year high
Three Rate Hikes in 2017? Fannie Mae Doesn't Think So; Existing Sales Best Since Feb 2007
Three Rate Hikes in 2017? Fannie Mae Doesn't Think So; Existing Sales Best Since Feb 2007
Mortgage Newsletter
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MBS RECAP: Nearly a Record-Breaking Day For Bonds

Posted To: MBS Commentary

I'll make this quick, on the chance you were enticed to read more after seeing the headline. Bond markets nearly broke 2016's record for the lowest volume on a non-holiday . The Monday following Easter Sunday was actually just a bit lighter. But either day puts any other contender to shame this year. For context, 10yr Treasury futures traded roughly 440k contracts today vs nearly 800k yesterday (the day after the election saw more than 4 million contracts!). Unlike the past 2 days, the light volume and liquidity didn't grease the skids for any noticeable momentum in prices and yields. That means the market landscape was exceptionally quiet. The only noticeable swell in tradeflows occurred at the domestic open and the European close–both adding modest gains for bonds. 10am Existing…(read more)

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MBS RECAP: Nearly a Record-Breaking Day For Bonds
MBS RECAP: Nearly a Record-Breaking Day For Bonds
Mortgage
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Mortgage Rates Edge Slightly Lower

Posted To: Mortgage Rate Watch

Mortgage rates continued the normal late-December trend of minimal movement today, but the average lender managed a microscopic improvement. This wasn’t nearly enough to change rates themselves (i.e. the “note rate” would be the same as it was yesterday on any given quote), but some quotes had slightly lower upfront costs. While they may be better than yesterday, today’s rates are still very close to the highest levels since April 2014. 4.375% remains the most prevalent conventional 30yr fixed quote for top tier scenarios. Several lenders still up at 4.5% and a few are down at 4.25%. Barring the unforeseen, lenders will have little incentive to make meaningful adjustments to rates between now and the end of the year, thus decreasing the risk and reward associated with a “lock vs float” decision…(read more)

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Mortgage Rates Edge Slightly Lower
Mortgage Rates Edge Slightly Lower
Mortgage
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