Weekly Newsletter: Sliding Sales Reflect “Dispirited” Buyers; Great Week for Rates; Most Metros Fully-Recovered; Prices Set Another All-Time High

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30 Year Fixed
4.21% -0.02
15 Year Fixed
3.40% -0.02
10YR Treasury
2.45% -0.0270
FNMA 30YR 3.5
102.38 +0.17
FNMA 15YR 2.5
102.47 +0.09
View Today’s Rates
Friday December 30, 2016
MND NewsWire – 12/28
Pending Home Sales Reflect "Dispirited" Buyers
Pending sales, which were widely expected to make a good showing in November, pulled back sharply instead. The National Association of Realtors® (NAR) said its Pending Home Sales …
Mortgage Rate Watch – 12/30
Mortgage Rates Slightly Lower to End 2016
Mortgage rates moved lower for a 3rd consecutive day to end 2016, bringing them to the lowest levels in more than 3 weeks for many lenders. December 8th was the last time rates were …
MND NewsWire – 12/29
Majority of Housing Markets Have Recovered to Historical Norms
When Freddie Mac introduced its Multi-Indicator Market Index (MiMi) in March 2014 only 11 of the 50 states plus the District of Columbia were deemed stable and in range of their historic …
MND NewsWire – 12/27
Home Prices Set Second Consecutive All-Time High
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 …

Latest Video


Should Fed take it easy with rate hikes?

House flipping returns in force

Time to buy down your mortgage rate?

More News from ‘Around the Web’

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Today’s Rates

Best Execution hdr_arrow.png
Rate Change
Current Mortgage Rates »
What are best-execution rates?
30 Yr FRM 4.21% -0.02
15 Yr FRM 3.40% -0.02
FHA 30 Year Fixed 3.75% +0.00
Jumbo 30 Year Fixed 4.23% -0.02
5/1 Yr ARM 3.05% -0.01

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.06% 1.30 +0.03
30 Yr. Fixed 3.76% 1.38 +0.03
MBA ** hdr_arrow.png
30 Yr. Fixed 4.41% 0.38 +0.13
15 Yr. Fixed 3.64% 0.34 +0.12
30 Yr. Jumbo 4.36% 0.26 +0.07
30 Yr. FHA 4.15% 0.29 +0.13
5/1 ARM 3.45% 0.26 +0.17
Freddie Mac ** hdr_arrow.png
Current Mortgage Rates »
* FHFA averages are updated monthly.
** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly.
30 Yr. Fixed 4.32% 0.50 +0.02
15 Yr. Fixed 3.55% 0.50 +0.03
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.30% 0.50 -0.02

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 99.29 +0.30
30YR FNMA 3.5 102.38 +0.17
30YR GNMA 3.0 100.92 +0.25
30YR GNMA 3.5 103.91 +0.30
15YR FNMA 3.0 102.47 +0.09
15YR FNMA 2.5 100.13 +0.25
Treasuries hdr_arrow.png
Yield Change
Current MBS / Treasury Prices »
MBS and Treasury data provided by Thomson Reuters.
Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information.
Secondary Marketing Managers:
If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information
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2 YR 1.1982% -0.0239
5 YR 1.9357% -0.0263
10 YR 2.4517% -0.0270
30 YR 3.0675% -0.0115
Prices as of: 12/30/2016 1:39PM EST

23623981

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 and terms are subject to change without notice.
© 2016 Brown House Media, Inc. All rights reserved.
Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031
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Daily Newsletter: Rates Slightly Lower to End 2016; United Shore Settlement

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30 Year Fixed
4.21% -0.02
15 Year Fixed
3.40% -0.02
10YR Treasury
2.45% -0.0289
FNMA 30YR 3.5
102.39 +0.19
FNMA 15YR 2.5
102.47 +0.09
View Today’s Rates
Friday December 30, 2016
Mortgage Rate Watch – 12:27PM
Mortgage Rates Slightly Lower to End 2016
Mortgage rates moved lower for a 3rd consecutive day to end 2016, bringing them to the lowest levels in more than 3 weeks for many lenders. December 8th was the last time rates were …
Pipeline Press – 9:15AM
Updates on 2nds; Pricing/Fee Changes; United Shore Settles with DOJ on FHA violations
Overheard: “I have a feeling that my ‘check liver’ light may come on this weekend.” I guess drinking helps some people forget, and it’s been a rough week …
MBS Commentary – 8:57AM
MBS Day Ahead: (And Maybe "The Recap" Too): Limited Data, Early Close, No Major Expectations
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 …
MND NewsWire – 9:32AM
Majority of Housing Markets Have Recovered to Historical Norms
When Freddie Mac introduced its Multi-Indicator Market Index (MiMi) in March 2014 only 11 of the 50 states plus the District of Columbia were deemed stable and in range of their historic …

Latest Video


‘It’s inevitable’: OPEC will cheat on output cuts, says analyst

Chicago PMI (Dec.) 54.6 vs. 57.6 (Nov.)

The year of the smart home

More News from ‘Around the Web’

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Today’s Rates

Best Execution hdr_arrow.png
Rate Change
Current Mortgage Rates »
What are best-execution rates?
30 Yr FRM 4.21% -0.02
15 Yr FRM 3.40% -0.02
FHA 30 Year Fixed 3.75% +0.00
Jumbo 30 Year Fixed 4.23% -0.02
5/1 Yr ARM 3.05% -0.01

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.06% 1.30 +0.03
30 Yr. Fixed 3.76% 1.38 +0.03
MBA ** hdr_arrow.png
30 Yr. Fixed 4.41% 0.38 +0.13
15 Yr. Fixed 3.64% 0.34 +0.12
30 Yr. Jumbo 4.36% 0.26 +0.07
30 Yr. FHA 4.15% 0.29 +0.13
5/1 ARM 3.45% 0.26 +0.17
Freddie Mac ** hdr_arrow.png
Current Mortgage Rates »
* FHFA averages are updated monthly.
** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly.
30 Yr. Fixed 4.32% 0.50 +0.02
15 Yr. Fixed 3.55% 0.50 +0.03
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.30% 0.50 -0.02

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 99.20 +0.22
30YR FNMA 3.5 102.39 +0.19
30YR GNMA 3.0 100.98 +0.31
30YR GNMA 3.5 103.95 +0.34
15YR FNMA 3.0 102.47 +0.09
15YR FNMA 2.5 100.13 +0.25
Treasuries hdr_arrow.png
Yield Change
Current MBS / Treasury Prices »
MBS and Treasury data provided by Thomson Reuters.
Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information.
Secondary Marketing Managers:
If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information
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2 YR 1.2022% -0.0199
5 YR 1.9357% -0.0263
10 YR 2.4498% -0.0289
30 YR 3.0659% -0.0131
Prices as of: 12/30/2016 1:23PM EST

23623981

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 and terms are subject to change without notice.
© 2016 Brown House Media, Inc. All rights reserved.
Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031
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Weekly Rate Report: Rates Drop Nicely to End 2016, But Don’t Read Into It

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weeklyrateheader.png
30 Year Fixed
4.21% -0.02
15 Year Fixed
3.40% -0.02
10YR Treasury
2.45% -0.0270
FNMA 30YR 3.5
102.36 +0.16
FNMA 15YR 2.5
102.45 +0.08
View Today’s Rates
Rates Drop Nicely to End 2016, But Don’t Read Into It
December 30, 2016
Market Summary
Mortgage rates moved appreciably lower this week, but not because of any news or economic data (the stuff that typically influences rates). Instead, this week’s improvement was all about the year-end trading environment, which sees traders making compulsory trades as a matter of housekeeping.

The year-end environment also makes for much lower volume and participation (i.e. fewer buyers and sellers of the bonds that influence mortgage rates). That can make for quick moves that happen for no apparent reason.

Despite the underlying justification for the move, lenders adjusted rate sheets accordingly, with the average conventional 30yr fixed quote reaching 4.25% on top tier scenarios.

A major caveat to all of this week’s positivity is that is has no bearing on January’s momentum, and should be viewed strictly in a late December vacuum. In other words, this week’s strength isn’t a harbinger of the big bounce lower that we’ve been hoping for, and rates have at least a 50% chance of bouncing right back up next week.


-Matt Graham, Mortgage News Daily

30 Year Fixed Rate Mortgage
30?w=360
Week in Review
Rates shown below are based on the 30 Year Fixed Rate Mortgage

Beginning Average: 4.33%
Ending Average: 4.21%
Weekly Change: -0.12%
Yearly Change: +0.23%

Friday, December 23, 2016 : 4.33% (-0.02%)
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 instead be seen in the form of slightly lower closing costs.

More detail: “Mortgage Rates Drift Lower Ahead of Extended Weekend”

Tuesday, December 27, 2016 : 4.36% (+0.03%)
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 holiday season. As for the contract rates, themselves, 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.

More detail: “Mortgage Rates Erase Last Week's Modest Gains”

Wednesday, December 28, 2016 : 4.30% (-0.06%)
Mortgage rates moved lower today following back-to-back afternoons of improvements in underlying bond markets. Yesterday afternoon was only slightly stronger. It didn’t result in many lenders offering mid-day improvements in rate sheets. Today, however, multiple lenders put out positive reprices after a well-received Treasury auction indicated strong investor demand in the bond market (higher demand for bonds = lower rates).

More detail: “Mortgage Rates Lowest in 2 Weeks After Treasury Auction”

Thursday, December 29, 2016 : 4.23% (-0.07%)
Mortgage rates moved lower today, somewhat significantly, depending on the lender. In many cases, quotes are an eighth of a point lower compared to Tuesday morning. Some lenders made the move yesterday. For others, today did the trick. In both cases, the “effective rate” (a hypothetical rate that accounts for lender-imposed closing costs) fell at its best pace in weeks.

More detail: “Rates Set to End Year With Glimmer of Hope”

Friday, December 30, 2016 : 4.21% (-0.02%)
Mortgage rates moved lower for a 3rd consecutive day to end 2016, bringing them to the lowest levels in more than 3 weeks for many lenders. December 8th was the last time rates were lower. As of yesterday, 4.25% regained the status of the “most prevalent” conventional 30yr fixed quote on top tier scenarios. Quite a few lenders remain at 4.375% and a scant few are down to 4.125%.

More detail: “Mortgage Rates Slightly Lower to End 2016”

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Today’s Rates

Best Execution hdr_arrow.png
Rate Change
Current Mortgage Rates »
What are best-execution rates?
30 Yr FRM 4.21% -0.02
15 Yr FRM 3.40% -0.02
FHA 30 Year Fixed 3.75% +0.00
Jumbo 30 Year Fixed 4.23% -0.02
5/1 Yr ARM 3.05% -0.01

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.06% 1.30 +0.03
30 Yr. Fixed 3.76% 1.38 +0.03
MBA ** hdr_arrow.png
30 Yr. Fixed 4.41% 0.38 +0.13
15 Yr. Fixed 3.64% 0.34 +0.12
30 Yr. Jumbo 4.36% 0.26 +0.07
30 Yr. FHA 4.15% 0.29 +0.13
5/1 ARM 3.45% 0.26 +0.17
Freddie Mac ** hdr_arrow.png
Current Mortgage Rates »
* FHFA averages are updated monthly.
** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly.
30 Yr. Fixed 4.32% 0.50 +0.02
15 Yr. Fixed 3.55% 0.50 +0.03
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.30% 0.50 -0.02

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 99.25 +0.27
30YR FNMA 3.5 102.36 +0.16
30YR GNMA 3.0 100.95 +0.28
30YR GNMA 3.5 103.91 +0.30
15YR FNMA 3.0 102.45 +0.08
15YR FNMA 2.5 100.11 +0.23
Treasuries hdr_arrow.png
Yield Change
Current MBS / Treasury Prices »
MBS and Treasury data provided by Thomson Reuters.
Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information.
Secondary Marketing Managers:
If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information
2 YR 1.2022% -0.0199
5 YR 1.9373% -0.0247
10 YR 2.4517% -0.0270
30 YR 3.0675% -0.0115
Prices as of: 12/30/2016 1:35PM EST

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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.

© 2016 Brown House Media, Inc. All rights reserved.
Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031

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Daily Rate Update: Mortgage Rates Slightly Lower to End 2016

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dailyrateheader.png
30 Year Fixed
4.21% -0.02
15 Year Fixed
3.40% -0.02
10YR Treasury
2.45% -0.0289
FNMA 30YR 3.5
102.38 +0.18
FNMA 15YR 2.5
102.45 +0.08
View Today’s Rates
Mortgage Rates Slightly Lower to End 2016
December 30, 2016
Mortgage rates moved lower for a 3rd consecutive day to end 2016, bringing them to the lowest levels in more than 3 weeks for many lenders. December 8th was the last time rates were lower. As of yesterday, 4.25% regained the status of the “most prevalent” conventional 30yr fixed quote on top tier scenarios. Quite a few lenders remain at 4.375% and a scant few are down to 4.125%.

While this is all good news in the context of the past few weeks, 2016 nonetheless ends with one of the worst 2-month losing streaks in the history of mortgage rates. Specifically, the 5 weeks following the election were the worst 5 weeks on record, going back to the Spring of 1987.

For anyone considering locking or floating into the 3-day weekend (markets and mortgage lenders are closed on Monday, by the way), it’s important to remember that nothing about this week’s momentum is guaranteed to carry over into the new year.

To repeat yesterday’s thoughts, the recent gains are largely a result of the year-end bond trading environment. It’s not the same bond market that’s normally pulling the levers behind the scenes. Volume is lower and participants are in shorter supply. Trading considerations differ from other times of the year. It can all add up to unexpectedly quick moves and the APPEARANCE of new momentum that is subsequently erased in the new year.

Again, that’s not to say a big bounce toward higher rates is guaranteed next week, but it’s at least an equal possibility. Whatever the case, the past 2 days of gains can’t be viewed as the sign of a new trend.

Today’s Best-Execution Rates

  • 30YR FIXED – 4.25-4.375%
  • FHA/VA – 4.0%
  • 15 YEAR FIXED – 3.375-3.5%
  • 5 YEAR ARMS – 3.0 – 3.5% depending on the lender


Ongoing Lock/Float Considerations

  • Rates had been trending higher since hitting all-time lows in early July, and exploded higher following the presidential election
  • Some investors are increasingly worried/convinced that the decades-long trend toward lower rates has been permanently reversed, but such a conclusion would require YEARS to truly confirm
  • With the incoming administration’s policies driving a large portion of upward rate momentum, mortgage rates will be hard-pressed to make significant improvements until after Trump takes office. Rates can move for other reasons, but it would take something big and unexpected for rates to move appreciably lower.
  • We’d need to see a sustained push back toward lower rates (something that lasts more than 3 days) before anything less than a cautious, lock-biased approach makes sense for all but the most risk-tolerant borrowers.
  • As always, please keep in mind that the rates discussed generally refer to what we’ve termedbest-execution(that is, the most frequently quoted, conforming, conventional 30yr fixed rate for top tier borrowers, based not only on the outright price, but also ‘bang-for-the-buck.’ Generally speaking, our best-execution rate tends to connote no origination or discount points–though this can vary–and tends to predict Freddie Mac’s weekly survey with high accuracy. It’s safe to assume that our best-ex rate is the more timely and accurate of the two due to Freddie’s once-a-week polling method).

30 Year Fixed Rate Mortgage
30?w=360
15 Year Fixed Rate Mortgage
30?w=360&p=15YRFRM

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Today’s Rates

Best Execution hdr_arrow.png
Rate Change
Current Mortgage Rates »
What are best-execution rates?
30 Yr FRM 4.21% -0.02
15 Yr FRM 3.40% -0.02
FHA 30 Year Fixed 3.75% +0.00
Jumbo 30 Year Fixed 4.23% -0.02
5/1 Yr ARM 3.05% -0.01

Average Mortgage Rates

Rate Points Change
FHFA * hdr_arrow.png
15 Yr. Fixed 3.06% 1.30 +0.03
30 Yr. Fixed 3.76% 1.38 +0.03
MBA ** hdr_arrow.png
30 Yr. Fixed 4.41% 0.38 +0.13
15 Yr. Fixed 3.64% 0.34 +0.12
30 Yr. Jumbo 4.36% 0.26 +0.07
30 Yr. FHA 4.15% 0.29 +0.13
5/1 ARM 3.45% 0.26 +0.17
Freddie Mac ** hdr_arrow.png
Current Mortgage Rates »
* FHFA averages are updated monthly.
** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly.
30 Yr. Fixed 4.32% 0.50 +0.02
15 Yr. Fixed 3.55% 0.50 +0.03
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.30% 0.50 -0.02

Secondary Markets

MBS hdr_arrow.png
Price Change
30YR FNMA 3.0 99.22 +0.23
30YR FNMA 3.5 102.38 +0.18
30YR GNMA 3.0 100.96 +0.29
30YR GNMA 3.5 103.95 +0.34
15YR FNMA 3.0 102.45 +0.08
15YR FNMA 2.5 100.11 +0.23
Treasuries hdr_arrow.png
Yield Change
Current MBS / Treasury Prices »
MBS and Treasury data provided by Thomson Reuters.
Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information.
Secondary Marketing Managers:
If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information
2 YR 1.2022% -0.0199
5 YR 1.9373% -0.0247
10 YR 2.4498% -0.0289
30 YR 3.0667% -0.0123
Prices as of: 12/30/2016 1:21PM EST

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About This Report
Mortgage News Daily is a trusted source of mortgage rate market data and analysis, with over 1 million readers each month. Unlike many rate surveys, our survey is conducted on a daily basis and is designed to bring you the most current and accurate rate data available. We use a proprietary formula to calculate averages based on best-execution rates from top lender’s rate sheets, also taking into account feedback from hundreds of mortgage market professionals around the country.
© 2016 Brown House Media, Inc. All rights reserved.
Brown House Media Inc. – 19706 One Norman Blvd – Cornelius, NC 28031
View this Report in your Web Browser | Forward to a Friend | Subscribe
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.

Updates on 2nds; Pricing/Fee Changes; United Shore Settles with DOJ on FHA violations

Updates on 2nds; Pricing/Fee Changes; United Shore Settles with DOJ on FHA violations

Posted to: Pipeline Press
Friday, December 30, 2016 8:14 AM

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Overheard: “I have a feeling that my ‘check liver’ light may come on this weekend.” I guess drinking helps some people forget, and it’s been a rough week for celebrity deaths with George Michael, Carrie Fisher, Debbie Reynolds, and now…Pan Pan. The world’s oldest male panda has died in China aged 31. His more than 130 descendants account for a quarter of the world’s captive-bred panda population. While we’re on foreign news, UK mortgage approvals posted a 9% year-on-year fall in November, the British Bankers Association said. The decline puts Britain on track to have fewer total mortgage approvals for all of 2016 than in 2015.

United Shore Financial Services will pay $48 million to settle allegations brought by the Department of Justice, which accused United Shore of violating the False Claims Act by “knowingly originating and underwriting” mortgages that did not meet Federal Housing Administration standards, the DOJ announced. The settlement makes United Shore just the latest in a long line of mortgage lenders that settled with the DOJ over alleged FHA lending violations.

(READ THE FULL POST)

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MBS Day Ahead: (And Maybe “The Recap” Too): Limited Data, Early Close, No Major Expectations

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MBS Day Ahead: (And Maybe "The Recap" Too): Limited Data, Early Close, No Major Expectations

Posted to: MBS Commentary
Friday, December 30, 2016 8:57 AM

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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…

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MBS RECAP: Another Strong Day, But Don’t Get Too Excited

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MBS RECAP: Another Strong Day, But Don’t Get Too Excited

Posted to: MBS Commentary
Thursday, December 29, 2016 4:33 PM

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Bonds made solid gains again today, both before and after another strong Treasury auction. Fannie 3.5s picked up more than a quarter of a point and 10yr yields hit the lowest levels since Fed day.

Days like today are frustrating because they’re positive and meaningful for the origination community (those not on vacation), but that have little, if any implication beyond the next 22 hours.

The year-end trading environment is like a much more surreal version of the month/quarter-end trading environment. It’s basically a week where a smaller-than-normal number of traders…

(READ THE FULL POST)

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