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Monthly Archives: November 2020
Daily Rate Update: Mortgage Rates Hold Steady Over Holiday Weekend
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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 RECAP: Uneventful Month-End Day For Bonds, But MBS Outperform
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MBS RECAP: Uneventful Month-End Day For Bonds, But MBS Outperform
Posted to: MBS Commentary
Monday, November 30, 2020 4:19 PM
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Uneventful Month-End Day For Bonds, But MBS Outperform
Final trial results for Moderna’s vaccine (it’s still really good, by the way) failed to produce a huge reaction in markets overnight, but it did coincide with higher Treasury yields to start the day. As bonds recovered, MBS outperformed–at first, by a little. Then, by a lot. Month-end trading motivations were the only game in town when it came to assigning blame for all of the micro…
More from MND:
- MND NewsWire: Loan Limits Increase Nearly 7.5 Percent
- MND NewsWire: Dig Out the Mittens – December Offers the Best Home Buying Bargains
- MND NewsWire: October Pending Home Sales Continue Their Decline
- MBS Commentary: MBS Day Ahead: Bonds Solidifying Last Week’s Gains. Busy Data Week Ahead
- Pipeline Press: Production, Ops Jobs; VA, VA IRRRL, Non-QM Products; USDA, FHA, VA Stats
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Loan Limits Increase Nearly 7.5 Percent
Loan Limits Increase Nearly 7.5 Percent
Posted to: MND NewsWire
Monday, November 30, 2020 10:45 AM
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The Federal Housing Finance Agency (FHFA) has released the new conforming loan limits which will be in place next year for mortgages acquired by the GSEs Fannie Mae and Freddie Mac. In most of the U.S., the 2021 maximum conforming loan limit (CLL) for one-unit properties will be $548,250, an increase from $510,400 in 2020. The Housing and Economic Recovery Act (HERA) requires that the baseline CLL be adjusted each year for Fannie Mae and Freddie Mac to reflect the change in the average U.S. home price as reported by FHFA’s House Price Index (HPI). According to the seasonally adjusted, expanded data HPI published last week, house prices increased 7.42 percent, on average, between the third quarters of 2019 and 2020. Therefore, the baseline maximum CLL will increase by the same percentage. The maximum loan limit in some areas is considered high cost, that is where 115 percent of the local median home value is higher than the baseline CLL, is also established by HERA. It uses a multiple of the area median home value but sets a “ceiling” at 150 percent of the baseline loan limit. The new ceiling loan limit for one-unit properties in most high-cost areas will be $822,375 or 150 percent of $548,250. There are special provisions in HERA that sometimes provide different limits for Alaska, Hawaii, Guam, and the U.S. Virgin Islands. However, in 2021 those areas will also have the $822,373 ceiling.
More from MND:
- MND NewsWire: Dig Out the Mittens – December Offers the Best Home Buying Bargains
- MND NewsWire: October Pending Home Sales Continue Their Decline
- MBS Commentary: MBS Day Ahead: Bonds Solidifying Last Week’s Gains. Busy Data Week Ahead
- Pipeline Press: Production, Ops Jobs; VA, VA IRRRL, Non-QM Products; USDA, FHA, VA Stats
- MBS Commentary: MBS Day Ahead: Without Any Surprises, It’s Just Another Weekend Trading Day
If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/11302020_conforming_loan_limits.asp
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Dig Out the Mittens – December Offers the Best Home Buying Bargains
Dig Out the Mittens – December Offers the Best Home Buying Bargains
Posted to: MND NewsWire
Monday, November 30, 2020 10:19 AM
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While this COVID-19 positive year has certainly been an exception, spring is usually considered the optimum time, on both sides of the transaction, to buy or sell a home. A new study, by ATTOM Data Solutions, indicates that one side of the equation could be losing money. Indeed, the company says, “Buyers willing to close in December and January avoid prices well above market value.” The company looked at any calendar day over the period of 2013 to 2019 where there were 10,000 single-family or condo transactions and found 362 days that matched that criteria with the exceptions being all holidays – January 1, July 4, November 11, and December 25. They then compared the median sales prices of homes that closed on that day with the automated valuation model (AVM) for those same homes at the time of sale. There were more than 27 million single-family home and condo sales included in the seven-year analysis.
More from MND:
- MND NewsWire: October Pending Home Sales Continue Their Decline
- MBS Commentary: MBS Day Ahead: Bonds Solidifying Last Week’s Gains. Busy Data Week Ahead
- Pipeline Press: Production, Ops Jobs; VA, VA IRRRL, Non-QM Products; USDA, FHA, VA Stats
- MBS Commentary: MBS Day Ahead: Without Any Surprises, It’s Just Another Weekend Trading Day
- Pipeline Press: High level Ops, Implementation Jobs; Demographics for MLO’s: Who’s Locking and Who’s Not?
If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/11302020_housing_affordability.asp
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October Pending Home Sales Continue Their Decline
October Pending Home Sales Continue Their Decline
Posted to: MND NewsWire
Monday, November 30, 2020 9:59 AM
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Pending home sales, which ended a four-month streak of gains in September with a 2.2 percent decline, slipped further in October. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI), a measure based on contracts signed during the month to purchase existing single-family homes, townhomes, condos, and cooperative apartments, was down 1.1 percent compared to the previous month. The index, now at a 128.9 level, remains 20.2 percent higher than in October 2019. Analysts had been expecting a rebound in the forward-looking indicator. Those polled by Econoday had forecast over a range of a 1.0 percent increase to 3.9 percent with a consensus of 2.0 percent. Trading Economics had predicted a 1.0 percent gain. “Pending home transactions saw a small drop off from the prior month but still easily outperformed last year’s numbers for October,” said Lawrence Yun, NAR’s chief economist. “The housing market is still hot, but we may be starting to see rising home prices hurting affordability.”
More from MND:
- MBS Commentary: MBS Day Ahead: Bonds Solidifying Last Week’s Gains. Busy Data Week Ahead
- Pipeline Press: Production, Ops Jobs; VA, VA IRRRL, Non-QM Products; USDA, FHA, VA Stats
- MBS Commentary: MBS Day Ahead: Without Any Surprises, It’s Just Another Weekend Trading Day
- Pipeline Press: High level Ops, Implementation Jobs; Demographics for MLO’s: Who’s Locking and Who’s Not?
- MND NewsWire: Forbearances Trending Slightly Higher, Well Below 2020 Peak Levels
If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/11302020_pending_sales.asp
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MBS Day Ahead: Bonds Solidifying Last Week’s Gains. Busy Data Week Ahead
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MBS Day Ahead: Bonds Solidifying Last Week’s Gains. Busy Data Week Ahead
Posted to: MBS Commentary
Monday, November 30, 2020 10:08 AM
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Thanksgiving week can’t ever be fully trusted to provide an accurate glimpse of market momentum. In this year’s case, it didn’t really say much anyway. Bonds lost ground at first, but ultimately rallied back to unchanged levels on the week. Most of the move happened on Friday’s abbreviated session, thus raising even more questions about the gains remaining intact this morning. So far, so good in that regard! Now we move on to digesting the typically active data calendar on the first week of any given month, culminating in Friday’s jobs report.
More from MND:
- Pipeline Press: Production, Ops Jobs; VA, VA IRRRL, Non-QM Products; USDA, FHA, VA Stats
- MBS Commentary: MBS Day Ahead: Without Any Surprises, It’s Just Another Weekend Trading Day
- Pipeline Press: High level Ops, Implementation Jobs; Demographics for MLO’s: Who’s Locking and Who’s Not?
- MND NewsWire: Forbearances Trending Slightly Higher, Well Below 2020 Peak Levels
- Mortgage Rate Watch: Mortgage Rates Little-Changed But The Fed Raises Some Doubts
If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/mortgage_rates/blog/961183.aspx
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Production, Ops Jobs; VA, VA IRRRL, Non-QM Products; USDA, FHA, VA Stats
Production, Ops Jobs; VA, VA IRRRL, Non-QM Products; USDA, FHA, VA Stats
Posted to: Pipeline Press
Monday, November 30, 2020 8:27 AM
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Thank you to Tracy C. sent, “An unemployed court jester is nobody’s fool.” There are millions of unemployed U.S. citizens, and the CFPB, HUD, and other federal agencies have partnered to encourage homeowners who are struggling financially, unemployed or not, as a result of the COVID-19 National Emergency to take control of their mortgage loans with resources to support customers and clients. Click here to access the CFPB’s online toolkit. Every MLO should send it to their clients to forward to friends who may be strained: 2.7 million homeowners are in forbearance plans. And the strain is apparent in Ginnie Mae loans. Versus the MBA’s forbearance numbers Fannie Mae and Freddie Mac loans in the latest survey (3.35 percent), Ginnie Mae loans in forbearance are more than double that at 7.73%. More below on government-backed loan stats and program changes.
More from MND:
- MBS Commentary: MBS Day Ahead: Without Any Surprises, It’s Just Another Weekend Trading Day
- Pipeline Press: High level Ops, Implementation Jobs; Demographics for MLO’s: Who’s Locking and Who’s Not?
- MND NewsWire: Forbearances Trending Slightly Higher, Well Below 2020 Peak Levels
- Mortgage Rate Watch: Mortgage Rates Little-Changed But The Fed Raises Some Doubts
- MBS Commentary: MBS RECAP: Fed Minutes Hurt MBS, But Not Quite As Badly As It Seemed
If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/channels/pipelinepress/11302020-usda-home-loans.aspx
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MBS Day Ahead: Without Any Surprises, It’s Just Another Weekend Trading Day
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MBS Day Ahead: Without Any Surprises, It’s Just Another Weekend Trading Day
Posted to: MBS Commentary
Friday, November 27, 2020 9:21 AM
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For the US bond market, the day after Thanksgiving is frequently a reflection of the EU bond market. Strength in EU bonds translated to 10yr yields improving by 2bps (.862%). To be more precise, EU markets and US futures markets were still open yesterday. Stocks and bond yields (both at home and in the EU) moved moderately lower.
As of this morning, EU bond markets were mostly holding yesterday’s gains despite a full recovery in equities futures (S&P). US bonds are siding with EU bonds as opposed to the “risk-on” vibes suggested by the stock market…
More from MND:
- Pipeline Press: High level Ops, Implementation Jobs; Demographics for MLO’s: Who’s Locking and Who’s Not?
- MND NewsWire: Forbearances Trending Slightly Higher, Well Below 2020 Peak Levels
- Mortgage Rate Watch: Mortgage Rates Little-Changed But The Fed Raises Some Doubts
- MBS Commentary: MBS RECAP: Fed Minutes Hurt MBS, But Not Quite As Badly As It Seemed
- MND NewsWire: Freddie Mac on Track For 25% More Loans This Year, Most of Them Refis
If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/mortgage_rates/blog/961093.aspx
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High level Ops, Implementation Jobs; Demographics for MLO’s: Who’s Locking and Who’s Not?
High level Ops, Implementation Jobs; Demographics for MLO’s: Who’s Locking and Who’s Not?
Posted to: Pipeline Press
Friday, November 27, 2020 8:04 AM
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Left over pumpkin pie for breakfast today? Have you begun your company’s Holiday Cookbook yet? (Help corporate culture by sending an email, ad a recipe, send it on to someone else working from home, keep it going.) Remember when “flexible” working arrangements made the news? For example, flexible work arrangements (think gig employment, independent contractors, and freelancers… and robots?) accounted for 94 percent of the net employment growth in the United States from 2005 to 2015. How the government regulates the treatment of these people will have broad reaching effects across the entire economy. Jared Kushner and Ivanka Trump know a little something about employment, and homes. They are expanding their “cottage” by the Trump National Golf Club in Bedminster. In the plans are four new pickleball courts, a relocated heliport, and a spa and yoga complex, the New York Times reported. I am sure that the rumors are false of one of them telling the other, “Stop complaining about your life. There are literally people living in Illinois.”
More from MND:
- MND NewsWire: Forbearances Trending Slightly Higher, Well Below 2020 Peak Levels
- Mortgage Rate Watch: Mortgage Rates Little-Changed But The Fed Raises Some Doubts
- MBS Commentary: MBS RECAP: Fed Minutes Hurt MBS, But Not Quite As Badly As It Seemed
- MND NewsWire: Freddie Mac on Track For 25% More Loans This Year, Most of Them Refis
- MND NewsWire: New Home Sale Refuse to Back Down From 14-year highs
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Funding! Home Loans, Reverse Mortgage, Grants, Business Loans. 