Existing Home Inventory Hits Record Low; Mortgage Rates Higher as Volatility Continues

Mortgage rates have been volatile recently, with 3 out of the past 5 business days seeing much-bigger-than-average moves. After improving nicely yesterday, rates rose quickly today by nearly the same amount. Relative to the recent landscape, this leaves us in the same territory as Thursday the 19th, on average. Throughout this volatile stretch, top tier 30yr fixed rates have averaged 4.125% during better moments and 4.25% on the bad days. The latter is slightly more prevalent today, but 4.125% is still out there. A mere eighth of a percentage point might not sound like much. It may not even BE much if considered in terms of the monthly payment change (about $14/mo on a 200k loan). But for borrowers looking to move down an eighth from today’s quotes, it would cost more than $1000 on that same
Existing Home Inventory Hits Record Low; Mortgage Rates Higher as Volatility Continues
Existing Home Inventory Hits Record Low; Mortgage Rates Higher as Volatility Continues

MBS RECAP: Afternoon Insult Added to Morning Injury

Posted To: MBS Commentary

Bond markets began the day in weaker territory following overnight weakness in European bond markets. In addition, bond buyers generally got their fill by the end of yesterday morning's snowball rally and then had nowhere to go but back toward higher yields. Put more simply, 10yr yields stalled out at a floor of 2.38+ yesterday and failed to break it again overnight. The domestic session didn't turn ugly until late afternoon when European bonds sold-off into their closing bell. Adding even more pain was the sharp improvement in equities markets. While stocks and bonds haven't necessarily been joined at the hip, both sides were waiting for a bigger move to be made over the past few days. Today's move in stocks is the most compelling attempt so far. There were other potential…(read more)

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MBS RECAP: Afternoon Insult Added to Morning Injury
MBS RECAP: Afternoon Insult Added to Morning Injury

Mortgage Rates Higher as Volatility Continues

Posted To: Mortgage Rate Watch

Mortgage rates have been volatile recently, with 3 out of the past 5 business days seeing much-bigger-than-average moves. After improving nicely yesterday, rates rose quickly today by nearly the same amount. Relative to the recent landscape, this leaves us in the same territory as Thursday the 19th, on average. Throughout this volatile stretch, top tier 30yr fixed rates have averaged 4.125% during better moments and 4.25% on the bad days. The latter is slightly more prevalent today, but 4.125% is still out there. A mere eighth of a percentage point might not sound like much. It may not even BE much if considered in terms of the monthly payment change (about $14/mo on a 200k loan). But for borrowers looking to move down an eighth from today’s quotes, it would cost more than $1000 on that same…(read more)

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Mortgage Rates Higher as Volatility Continues
Mortgage Rates Higher as Volatility Continues

Nasdaq hits all-time high

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The Nasdaq hits a record high, CNBC's Melissa Lee reports.

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Nasdaq hits all-time high
Nasdaq hits all-time high

Paulsen: We've got a great 'animal spirit cocktail' here

[View:http://video.cnbc.com/gallery/?video=3000587103&__source=mnd|news|video|&par=mnd]

Jim Paulsen, Wells Capital Management chief investment strategist, discusses the resilience in the market under the Trump administration. With CNBC senior contributor Larry Kudlow.

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Paulsen: We've got a great 'animal spirit cocktail' here
Paulsen: We've got a great 'animal spirit cocktail' here

House GOP and tax policy

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CNBC's John Harwood reports on Republican support in the House of Representatives for tax reform.

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House GOP and tax policy
House GOP and tax policy

Existing Home Inventory Hits Record Low

Posted To: MND NewsWire

Existing home sales finished out 2016 with a generally expected decline. Still, the National Association of Realtors® (NAR) said today that 2016 overall was the best year for existing home sales in a decade . Sales of existing single-family homes, townhomes, condominiums, and co-ops were at a seasonally adjusted rate of 5.49 million in December. This was down 2.8 percent from an upwardly revised (from 5.61 million) 5.65 million units in November. The month’s slide brought sales down to only 0.7 percent higher than they were a year ago compared to a 15.4 percent year-over-year increase in November. NAR estimated that sales for the year as a whole were 5.45 million units. This surpasses the 2015 total of 5.25 million and is the highest total since 2006 when sales reached 6.48 million. Analysts…(read more)

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Existing Home Inventory Hits Record Low
Existing Home Inventory Hits Record Low

Existing home sales down 2.8% (Dec.)

[View:http://video.cnbc.com/gallery/?video=3000587027&__source=mnd|news|video|&par=mnd]

CNBC's Diana Olick reports the latest read on existing home sales.

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Existing home sales down 2.8% (Dec.)
Existing home sales down 2.8% (Dec.)

Bad News for Wells, HomeStreet, Banc of California, Citi, and Others; CFPB Advisory Spots Open

Posted To: Pipeline Press

Depository banks know that, per the AARP, more than 67% of US assets are controlled by individuals age 50+, with this group representing more than 67% of all bank deposits. If you don’t think that lenders view reverse mortgages as a growth industry, you’re wrong – it may be the last chance to lend to this generation, right? There is a lot of bank M&A going on and it is not always confined to banks: Fifth Third Bank ($141B, OH) will acquire Retirement Corporation of America (RCA), a registered investment adviser providing retirement education & planning nationwide. HomeStreet Bank ($6.2B, WA) has agreed to pay $500,000 to settle SEC charges of improper hedge accounting violations, including unsupported adjustments to effectiveness testing that led to more favorable…(read more)

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Bad News for Wells, HomeStreet, Banc of California, Citi, and Others; CFPB Advisory Spots Open
Bad News for Wells, HomeStreet, Banc of California, Citi, and Others; CFPB Advisory Spots Open

MBS Day Ahead: Bonds Feeling Out Expanded Range Amid Limited Data

Posted To: MBS Commentary

Today's only significant economic data hits at 10am ET with Existing Home Sales (5.52 mln forecast vs 5.61 mln previously). Given the bigger decline in the most recent Pending Home Sales data, 5.52 mln is a bit of a bullish guess among economists. If we just applied some simple math from the Pending Sales decline, the implied number for today would be 5.47 mln. Either way, that would the series in fine shape overall , especially considering that 5.61m number from last month was the highest in nearly 10 years. Ultimately though, Existing Sales data tends to be a mild market mover at best. Preferences seem to have been shifting toward an older-school mentality where traders are actually able to avoid laughing at the notion of inflation–something that was very easy to dismiss between 2011…(read more)

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MBS Day Ahead: Bonds Feeling Out Expanded Range Amid Limited Data
MBS Day Ahead: Bonds Feeling Out Expanded Range Amid Limited Data