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Prices Hit All-Time Highs Again; Rates Move Up; Regulatory and UW Changes; Private-Label MBS

Mortgage rates moved higher today, bringing them back into the range that’s dominated the second half of the month. That means the average lender is fairly close to the highest rates in more than 2 years, officially seen on December 15th. There hasn’t been much movement since then, which is not uncommon during the winter […]

MBS RECAP: Slowest Full Day of The Year

Posted To: MBS Commentary As far as full business days go (those that aren't "early close"), today was by far and away the slowest day of the year for bond markets. In fact, it may be the slowest day of the year, period, by the time the final volume tallies are in. This has at […]

Mortgage Rates Erase Last Week's Modest Gains

Posted To: Mortgage Rate Watch Mortgage rates moved higher today, bringing them back into the range that’s dominated the second half of the month. That means the average lender is fairly close to the highest rates in more than 2 years, officially seen on December 15th. There hasn’t been much movement since then, which is […]

Reviving Private-Label MBS: a Heavy but Necessary Lift

Posted To: MND NewsWire While securitization of auto loans is about 16 percent higher than it was in 2001 and agency mortgage-backed securities (MBS) are up over 50 percent, the issuance of private-label securities (PLS) , which collapsed in the housing crisis, has not rebounded. They are down by more than 70 percent since 2001 […]

Black Knight HPI Nudges 2006 Peak

Posted To: MND NewsWire Black Knight Financial Services wrapped up the October series of national home price reports with its Home Price Index (HPI). It contained numbers nearly identical to those issued earlier in the day for the S&P CoreLogic Case Shiller National Index. Black Knight, which publicly releases numbers on a non-seasonally adjusted basis, […]

Should Fed take it easy with rate hikes?

[View:http://video.cnbc.com/gallery/?video=3000578582&__source=mnd|news|video|&par=mnd] Alan MacEachin, Navy Federal Credit Union chief economist, discusses what he thinks the Fed needs to do next, after raising rates in December. …(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it. Should Fed take it easy with rate hikes? Should […]

Consumer confidence at 113.7 in Dec.

[View:http://video.cnbc.com/gallery/?video=3000579263&__source=mnd|news|video|&par=mnd] CNBC's Rick Santelli reports the latest read on consumer confidence in December. …(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it. Consumer confidence at 113.7 in Dec. Consumer confidence at 113.7 in Dec.

Home Prices Set Second Consecutive All-Time High

Posted To: MND NewsWire Price gains in October once again accelerated on an annual basis. The S&P CoreLogic Case-Shiller National Index, which covers all nine U.S. census divisions, was up 5.6 percent compared to October 2015. It was the largest increase year-to-date in 2016. The September-to-September increase was 5.4 percent (revised from the originally reported […]

Fiscal policy good recipe for strong US dollar: Pro

[View:http://video.cnbc.com/gallery/?video=3000579236&__source=mnd|news|video|&par=mnd] Lindsey Piegza, Stifel fixed income economist, and Marc Chandler, Brown Brothers Harriman, weigh in on the dollar, rally and economy. We are going to have to see policies trickle down into the economy, says Piegza. And Chandler sees politics as the dominant theme in Europe. …(read more) Forward this article via email:  Send a copy […]

CFPB/HMDA/Reg. Z Changes; Big Bank/Lender Underwriting Changes; Upcoming Events

Posted To: Pipeline Press How has it been ten years since James Brown passed away? And now George Michael. (I guess no matter how much money you have, or how famous you are…) To keep things in perspective, the yield on the 10-year, 10 years ago, was 4.76%. And 30-year mortgage rates were 6.125%. And […]

MBS Week Ahead: Limited Data, Treasury Auctions, and Another Round of Market Closures

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, […]

Foreclosure Inventory Near 10yr Low; New Home Sales Rise, Prices "Toppy"; Rates Drift Lower; Holiday Effect on Markets

There was a slight uptick in a couple of housing distress measures in November, but the general trend continues down. Still, as Black Knight Financial Services notes in its monthly “first look” at mortgage performance data “Annual improvement in mortgage delinquency rates is beginning to slow as [the] market ‘normalizes’.” The company also says pre-payment […]

Mortgage Rates Drift Lower Ahead of Extended Weekend

Posted To: Mortgage Rate Watch Mortgage rates made their biggest move of the week today, although the competition wasn’t very stiff, considering yesterday’s microscopic improvement was the first noticeable change. Today’s improvement was certainly bigger, but still microscopic by normal standards. Few, if any lenders will be quoting lower “contract rates” today. The gains would […]

MBS RECAP: The Holiday Effect is Real

Posted To: MBS Commentary As expected, bonds did nothing today , apart from a possibly detectable response to the inflation-expectation components of the Consumer Sentiment data. Inflation expectations are indeed something the Fed considers when it comes to the rate hike outlook, and if consumers are expecting lower prices, it doesn't make a strong case […]

Markets feel a lot like 1980: Pro

[View:http://video.cnbc.com/gallery/?video=3000578763&__source=mnd|news|video|&par=mnd] Peter Boockvar, The Lindsey Group, and Hans Olsen, Stifel Wealth & Investment Management, talk about regulations and market valuations. The market is pricing to perfection and Trump hasn't come up against K Street yet, says Olsen. …(read more) Forward this article via email:  Send a copy of this story to someone you know that may […]

November new home sales up 5.2%

[View:http://video.cnbc.com/gallery/?video=3000578802&__source=mnd|news|video|&par=mnd] CNBC's Rick Santelli reports the latest data out for new home sales in November and consumer sentiment. …(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it. November new home sales up 5.2% November new home sales up 5.2%

Foreclosure Inventory Below 500k for 1st Time in Nearly 10 Years

Posted To: MND NewsWire There was a slight uptick in a couple of housing distress measures in November, but the general trend continues down. Still, as Black Knight Financial Services notes in its monthly “first look” at mortgage performance data “Annual improvement in mortgage delinquency rates is beginning to slow as [the] market ‘normalizes’.” The […]

New Home Sales Rise, but Prices Looking "Toppy"

Posted To: MND NewsWire New home sales continued their recent pattern of advancing and retreating in alternate months. The Census Bureau and Department of Housing and Urban Development said that sales of newly constructed homes were on the offense in November, rising 5.2 percent after a 1.9 percent loss in October. Sales were estimated at […]

Compliance and Regulatory Trends; DOJ Wishes Barclays a Merry Christmas

Posted To: Pipeline Press We’ve passed the Winter Solstice, and we can look forward to more daylight in the Northern Hemisphere from here on out. (Good news for readers in Fairbanks, AK, where the sun now sets at 2:40 in the afternoon.) The amount of daylight isn’t the only thing changing. Any lender whose entire […]

MBS Day Ahead: Early Close Today and Fully Closed on Monday

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, […]

2016 a Great Year for Housing, 2017 a Wild Card; Cash Sales May Be Leveling Off; Calmest Week For Rates

This year, with less than two weeks left to go, is shaping up to be the best year for housing in a decade according to Freddie Mac’s Economic & Housing Research Group. Their year-end wrap up and forecast however, sees a more mixed picture for 2017. This year saw home sales through November at the […]

MBS RECAP: Market and Rate Sheet Apathy Bordering on Comical

Posted To: MBS Commentary This is coming out a bit earlier than normal, and I promise to revise and/or put out another recap if by some miraculous turn of events, bond markets exhibit signs of life in the next 2 hours. Actually, to be fair, most analysts/traders/etc. mark the end of the bond market trading […]

First look at Q1 GDP forecast

[View:http://video.cnbc.com/gallery/?video=3000578463&__source=mnd|news|video|&par=mnd] CNBC's Steve Liesman dives into the details of the latest economic indicators, including Q4 GDP tracking and Q1 GDP forecast. …(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it. First look at Q1 GDP forecast First look at Q1 GDP forecast

Dollar could see its longest yearly win streak since 1984

[View:http://video.cnbc.com/gallery/?video=3000578480&__source=mnd|news|video|&par=mnd] CNBC's Jackie DeAngelis and the "Futures Now" traders discuss the trade in the U.S. dollar and whether we'll see another annual gain for the greenback. …(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it. Dollar could see its longest yearly win […]

Rates Close to Capping Calmest Week in Years

Posted To: Mortgage Rate Watch Mortgage rates did nothing today. They did less than nothing . This week is already easily on track to be the calmest since the election. And if tomorrow is similarly lifeless, it will be one of the calmest weeks ever. Oftentimes, I’ll note that it’s the AVERAGE effective rate that’s […]

2016 Best Year in a Decade for Housing; 2017 is a Wild Card

Posted To: MND NewsWire This year, with less than two weeks left to go, is shaping up to be the best year for housing in a decade according to Freddie Mac’s Economic & Housing Research Group. Their year-end wrap up and forecast however, sees a more mixed picture for 2017. This year saw home sales […]

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. …(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it. 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 […]

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 […]

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, […]