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MBS RECAP: Bonds Modestly Stronger, But Sideways Theme Remains
6/22/2017 3:43 PM
Posted To: MBS CommentaryYesterday's recap went into some detail about the market phenomenon that can result in intense periods of sideways momentum (and trader apathy) during certain weeks of certain summertime months. Long-story short, this week was a great candidate for what some market participants...
Mortgage Rates Sideways to Slightly Lower
6/22/2017 2:50 PM
Posted To: Mortgage Rate WatchMortgage rates have been so little-changed in recent days that yesterday"s coverage wouldn"t need to be changed in order to apply perfectly today. Indeed, the 3rd paragraph is a word-for-word repeat. To be fair though, we would need to update yesterday"s reference to "especially ov...
FHFA Home Prices Continue Strong Gains
6/22/2017 8:38 AM
Posted To: MND NewsWireApril data from the Federal Housing Finance Agency (FHFA) indicates that, once again, there was no moderation in the pace of home price increases . FHFA"s Housing Price Index (HPI), which is based on loans sold to or guaranteed by the two GSEs, Fannie Mae and Freddie Mac, increased 0.7 percent from...
Prepayment Rate and Refinanceable Population Have Both Soared
6/22/2017 8:18 AM
Posted To: MND NewsWirePrepayments, apparently spurred by the recent retreat in interest rates, soared in May. Black Knight Financial Services, in its "first look" at the month"s mortgage performance data, said there was a 23 percent increase in prepayments, historically a good indicator of refinancing activity , from Ap...
Purchase Loans, Closing Rates Improved in May
6/22/2017 8:17 AM
Posted To: MND NewsWireOriginations are increasingly tilted toward home purchase mortgages per the latest Origination Insight Report from Ellie Mae. The May data show the share of those mortgages gained another three percentage points to represent 68 percent of all closed loans. The share of refinance originations has dr...
Multiple Vendor Updates; Internal Audit Service; Alight Raising Capital
6/22/2017 7:58 AM
Posted To: Pipeline PressThis week’s Sindeo"s closure reminds lenders of the basic premise: if you didn"t make money in 2016, what makes 2017 any different? Your competitors won"t wait for you. Correspondent, wholesale, and warehouse partners won"t "look the other way" and be too lenie...
MBS Day Ahead: Clearly a Waiting Game, but For How Long?
6/22/2017 7:53 AM
Posted To: MBS CommentaryWith the trading activity seen in the wake of last Wednesday's high-volume/high-movement day, it's clear that bond markets have been in a holding pattern ever since. As can be seen in today's chart, and as we discussed in detail on MBS Live yesterday, every subsequent t...
MBS RECAP: Summertime Sideways
6/21/2017 3:50 PM
Posted To: MBS CommentaryWith the taper tantrum in 2013 and Brexit in 2016, two of our most recent examples of summertime bond trading have been pulled very far from historical trends. Namely, the summer months tend to see narrower ranges and flatter trajectories compared to other times of the year. This u...
Mortgage Rates are Barely Budging (And That"s Great!)
6/21/2017 2:11 PM
Posted To: Mortgage Rate WatchMortgage rates have been locked in an exceptionally narrow range for most of the month of June, but especially over the past 5 days. Given that mortgage rates are determined by the bond market where trading levels move constantly throughout the day, it can be useful to consider wha...
Existing Sales Rise, Prices Peak, Time-to-Sell at New Low
6/21/2017 9:22 AM
Posted To: MND NewsWireExisting home sales weren"t expected to strengthen in May, in fact analysts were looking for a slight decline. Sales however did manage to recover from a significant April loss while inventories increased slightly and the median sales price rose to a new high. The National Association of Realtors&r...