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Monthly Archives: October 2013
Daily Rate Update: Mortgage Rates Finally Make a Move
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| This information is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates presented in this report are averages and are subject to change without notice. You were sent this email because you opted to receive our weekly or daily email reports. Go here to manage your email preferences or here to unsubscribe from all email communications. |
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MBS Commentary – MBS RECAP: Surprisingly Unchanged After Bumpy Ride
MBS RECAP: Surprisingly Unchanged After Bumpy Ride
Posted to: MBS Commentary
Thursday, October 31, 2013 4:59 PM
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The past two days have been quite something for MBS markets–not in any meaningful way, but certainly frustrating. Reason being: BOTH days have opened at higher levels than every single session since last Tuesday’s NFP and BOTH have closed below the lowest closing levels from any of those days. I sometimes mention “inside days” (where trading ranges are contained inside the previous sessions’ range). These were two examples of “outside days,” and not just outside the previous session, but outside most of the past two weeks!
That’s not all that uncommon after holding a range that’s as narrow as most of the past two weeks, but it’s far less common to see it two days in a row. Imagine you’re a bowling pin that’s been watching gutterballs all day. Then you and your nine buddies suddenly get knocked over. Thankfully you get picked back up shortly thereafter and can get back to the business of watching gutterballs, but wait! Another strike!
These things happen in bowling and MBS, but they’re no fun for the pins or the MBS-watchers respectively. It may not have felt like it if you were watching too closely, but MBS ended up in positive territory by the end of the day.
More from MND:
- Mortgage Rate Watch: Mortgage Rates Finally Make a Move
- MND NewsWire: NAR Voices Approval of Revamped QRM
- MND NewsWire: Senate Witnesses Agree on Need for Government MBS Guarantee
- MBS Commentary: MBS MID-DAY: Rough Morning For Bond Markets Thanks to Chicago PMI
- MND NewsWire: Foreclosure Improvements Held Back by Judicial States
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MND NewsWire – NAR Voices Approval of Revamped QRM
NAR Voices Approval of Revamped QRM
Posted to: MND NewsWire
Thursday, October 31, 2013 3:07 PM
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The National Association of Realtors® (NAR) added its comments to those of other housing groups about a re-proposed definition of qualified residential mortgages (QRM). Six federal regulatory agencies redrafted an earlier version in late summer to bring it into alignment with the qualified mortgage (QM) definition already finalized by the Consumer Financial Protection Bureau (CFPB). The re-proposal is now in a period of public comment.
In its letter submitted on Wednesday NAR applauded the regulators for synchronizing the two definitions. Gary Thomas, NAR President said, “As the leading advocate for housing issues, NAR believes that aligning the QRM definition with the QM definition removes the risky product features and low- or no-documentation lending that led to increased defaults, without excluding those buyers who are unable to afford a high down payment.”
More from MND:
- MND NewsWire: Senate Witnesses Agree on Need for Government MBS Guarantee
- MBS Commentary: MBS MID-DAY: Rough Morning For Bond Markets Thanks to Chicago PMI
- MND NewsWire: Foreclosure Improvements Held Back by Judicial States
- MND NewsWire: Aging Housing Inventory Presents Bargain-Hunting Opportunities
- Pipeline Press: Suntrust Exits Wholesale; Letters from Waters & NAR; Thoughts on the MBA Conference Atmosphere
If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/10312013_qm_qrm.asp
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MND NewsWire – Senate Witnesses Agree on Need for Government MBS Guarantee
Senate Witnesses Agree on Need for Government MBS Guarantee
Posted to: MND NewsWire
Thursday, October 31, 2013 2:40 PM
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The Senate Banking Committee held a hearing on Thursday on the preferred structure of any government guarantee of mortgage-backed securities (MBA). Committee Chairman Tim Johnson (D-SD) opened the hearing saying the details of how a new guarantee should be structured is paramount to a well-functioning national market. “The government guarantee in the current system ensures that qualifying mortgages are TBA eligible, which allows borrowers to lock in their interest rates and connects loans and MBS with investors from across the country and around the globe.
More from MND:
- MBS Commentary: MBS MID-DAY: Rough Morning For Bond Markets Thanks to Chicago PMI
- MND NewsWire: Foreclosure Improvements Held Back by Judicial States
- MND NewsWire: Aging Housing Inventory Presents Bargain-Hunting Opportunities
- Pipeline Press: Suntrust Exits Wholesale; Letters from Waters & NAR; Thoughts on the MBA Conference Atmosphere
- MBS Commentary: The Day Ahead: Short Story About the last 6 Months at the FOMC
If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/10312013_secondary_market_reform.asp
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MBS Commentary – MBS MID-DAY: Rough Morning For Bond Markets Thanks to Chicago PMI
MBS MID-DAY: Rough Morning For Bond Markets Thanks to Chicago PMI
Posted to: MBS Commentary
Thursday, October 31, 2013 11:09 AM
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Bond markets began the day with promise. Technical support levels managed to hold up overnight in Treasuries. MBS began the day in positive territory and were unfazed by the as-expected Jobless Claims data. That only left Chicago PMI on the data calendar for the rest of the day–a report that can cause fairly big movement even before it’s released.
This has to do with ISM Chicago (purveyors of the data) making it available to their subscribers 3 minutes before the official 9:45am release. On the occasions where the report is significantly stronger or weaker than expected, this almost always results in a noticeable reaction at 9:42-9:43. Such was the case today–so much so, in fact, that we put out a heads-up just before the release.
That heads-up could scarcely prepare us for the magnitude of the beat. It was the biggest improvement in more than 30 years for the data series–AND on the month of the government shutdown. The net effect is that MBS have given back all their gains from this morning, and Treasury yields are about 3 bps higher than yesterday. If those stats don’t seem too troubling, keep in mind that they were nearly 4bps lower on the day before the data. MBS were up over 10 ticks–and stably too! It’s not the end of the world in the bigger picture, but it was certainly an abrupt mid-day adjustment.
(READ THE FULL POST)
More from MND:
- MND NewsWire: Foreclosure Improvements Held Back by Judicial States
- MND NewsWire: Aging Housing Inventory Presents Bargain-Hunting Opportunities
- Pipeline Press: Suntrust Exits Wholesale; Letters from Waters & NAR; Thoughts on the MBA Conference Atmosphere
- MBS Commentary: The Day Ahead: Short Story About the last 6 Months at the FOMC
- MND NewsWire: California is Sellers’ Market as Over-List Price Sales Soar
If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/mortgage_rates/blog/329952.aspx
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MND NewsWire – Foreclosure Improvements Held Back by Judicial States
Foreclosure Improvements Held Back by Judicial States
Posted to: MND NewsWire
Thursday, October 31, 2013 9:38 AM
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Completed foreclosures in September totaled 51,000 nationwide, down 39 percent from a year earlier when banks repossessed 84,000 homes. CoreLogic said, in its September National Foreclosure Report, that the number of foreclosures last month was virtually identical to that in August.
By way of comparison, CoreLogic said that in what might be considered a more normal market, the period from 2001 to 2006, there were an average of 21,000 foreclosures completed each month. The approximately 4.6 million foreclosures completed in the 60 months since the financial crisis began in September 2008 average 76,700 per month.
In September the foreclosure inventory, that is the number of homes in some stage of foreclosure, stood at approximately 902,000, down one third from 1.4 million one year earlier. The inventory decreased by 3.3 percent from August to September. The inventory in September represented approximately 2.3 percent of mortgages homes in the U.S., down from 3.2 percent in September 2012.
“The foreclosure inventory continues to decline, now standing at an early 2009 level,” said Mark Fleming, chief economist for CoreLogic. “Just over 900,000 properties remain in the inventory, two thirds of them in judicial states where the foreclosure process is typically slower. Consequently, the pace of overall improvement in the inventory will slow down and distressed assets will cast a long shadow over housing markets in states with judicial foreclosure.”
More from MND:
- MND NewsWire: Aging Housing Inventory Presents Bargain-Hunting Opportunities
- Pipeline Press: Suntrust Exits Wholesale; Letters from Waters & NAR; Thoughts on the MBA Conference Atmosphere
- MBS Commentary: The Day Ahead: Short Story About the last 6 Months at the FOMC
- MND NewsWire: California is Sellers’ Market as Over-List Price Sales Soar
- MBS Commentary: MBS RECAP: Early Sparkle on ADP; Late day Fade on FOMC
If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/10312013_corelogic_foreclosures.asp
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MND NewsWire – Aging Housing Inventory Presents Bargain-Hunting Opportunities
Aging Housing Inventory Presents Bargain-Hunting Opportunities
Posted to: MND NewsWire
Thursday, October 31, 2013 7:33 AM
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America’s housing inventory is aging and that perhaps could present an opportunity for bargain-hunting homeowners. RealtyTrac’s Aging Homes Analysis shows that more than 70 percent of the housing stock in the U.S. was built prior to 1990 and that these older homes constituted 60 percent of the homes sold so far in 2013.
“The high percentage of homes that are at least 20 years old and likely in need of some major repairs is eye-opening,” said Jake Adger, chief economist at RealtyTrac. “However, given the low inventory of homes available for sale in today’s market, this challenge of aging U.S. housing supply can also be an opportunity for buyers looking for a bargain and homeowners looking to update their living space and improve the value of their homes.”
The average price at which these 23-year-old plus homes sold, while lower than those more recently constructed, was not dramatically so. Homes built prior to 1990 sold this year for an average price of $233,211 while newer homes had an average sale price of $256,292.
More from MND:
- Pipeline Press: Suntrust Exits Wholesale; Letters from Waters & NAR; Thoughts on the MBA Conference Atmosphere
- MBS Commentary: The Day Ahead: Short Story About the last 6 Months at the FOMC
- MND NewsWire: California is Sellers’ Market as Over-List Price Sales Soar
- MBS Commentary: MBS RECAP: Early Sparkle on ADP; Late day Fade on FOMC
- Mortgage Rate Watch: Mortgage Rates Start Lower, but End Higher After Fed Announcement
If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/10312013_home_sales.asp
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Pipeline Press – Suntrust Exits Wholesale; Letters from Waters & NAR; Thoughts on the MBA Conference Atmosphere
Suntrust Exits Wholesale; Letters from Waters & NAR; Thoughts on the MBA Conference Atmosphere
Posted to: Pipeline Press
Thursday, October 31, 2013 7:44 AM
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I am 100% positive that this announcement is not the last one like it we’ll see in the next several months, if not days. “SunTrust Mortgage to Exit Broker Lending Effective December 31, 2013. Several weeks ago, SunTrust Mortgage, like many competitors, announced that we will realign our business to a smaller overall mortgage market. As mortgage lending has become more complex and increased interest rates have reduced refinance volume, we must sharpen our business focus on a few key areas. To this end, we will cease Mortgage Broker Lending, effective December 31 of this year. We will stop accepting new applications from Brokers on and after October 30, 2013. This was a difficult decision, given how long we have been in Broker Mortgage Lending and the loyal relationships we have developed.” Loans were to have been registered by yesterday, locked by 11/8, credit package by 11/12, and funded by 12/13.
Let’s continue looking at the MBA conference earlier this week in Washington. (Next year’s is in Las Vegas.) I had the good fortune to moderate a panel during the conference on purchase business. Aldo C. writes, “Great job moderating the panel. I was disappointed that you were wearing a BLUE suit! Didn’t you call for change last week? I showed up in a white suit and thought you would join me. (Nobody else did either.) So much for Hope and Change.” Superb.
“Rob, yesterday you mentioned rumors about lenders – what are folks at the conference saying?” I tend to disregard what others are saying – they have too much tact and common sense. My two cents was that the mood of the conference was very good. And why not, with most of the companies there having record 2012s and first half of 2013s? And many in the business are optimistic about the future – people still need home loans, right? Vendors were excited about their QM offerings, like Coester Appraisal’s new automated artificial intelligence based appraisal review system (see tomorrow).
More from MND:
- MBS Commentary: The Day Ahead: Short Story About the last 6 Months at the FOMC
- MND NewsWire: California is Sellers’ Market as Over-List Price Sales Soar
- MBS Commentary: MBS RECAP: Early Sparkle on ADP; Late day Fade on FOMC
- Mortgage Rate Watch: Mortgage Rates Start Lower, but End Higher After Fed Announcement
- MND NewsWire: Administration Officials Call for Up or Down Vote on Mel Watt Confirmation
If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/channels/pipelinepress/10312013-suntrust-maxine-waters.aspx
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MBS Commentary – The Day Ahead: Short Story About the last 6 Months at the FOMC
The Day Ahead: Short Story About the last 6 Months at the FOMC
Posted to: MBS Commentary
Thursday, October 31, 2013 1:13 AM
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A quick note about yesterday: The post-FOMC sell-off surprised many market-watchers. It was a bit surprising at first, but less so when taking a step back and considering that MBS and Treasuries both did just about everything they could to end up back on the other end of the week-long post-NFP trading range.
As for the surprise, we’ve discussed for several weeks now that this FOMC statement wasn’t likely to offer any policy changes and might even give some guidance in the form of a more economically bearish tone. After all, employment metrics continue to worsen and there’s another looming fiscal battle coming up in Q1-2014.
More from MND:
- MND NewsWire: California is Sellers’ Market as Over-List Price Sales Soar
- MBS Commentary: MBS RECAP: Early Sparkle on ADP; Late day Fade on FOMC
- Mortgage Rate Watch: Mortgage Rates Start Lower, but End Higher After Fed Announcement
- MND NewsWire: Administration Officials Call for Up or Down Vote on Mel Watt Confirmation
- MBS Commentary: Differences Between Past and Current FOMC Statements
If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/mortgage_rates/blog/329900.aspx
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Funding! Home Loans, Reverse Mortgage, Grants, Business Loans. 