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Mortgage News Today
Mortgage Rates Improve For a 3rd Straight Day, Nearing All-Time Lows Again
01/27/2012 By MBN News
Posted To: Mortgage Rate Watch Mortgages Rates continued their march into better territory today, capping a 3 day effort of improvement following Wednesday's FOMC Announcement. At this point, rates have not only solidified their re-entry into 3.875% Best-Execution levels, but some lenders are once again competitively priced … [Read More...]
AG Holder Announces Structure of MBS Fraud Unit
01/27/2012 By MBN News
Posted To: MND NewsWire The formation of the Residential Mortgage-Backed Securities Working Group tasked with investigating mortgage fraud is now official. The new office, which will be part of the Administrations Financial Fraud Enforcement Task Force (FFETF) was first announced by President Obama in his State of the Union … [Read More...]
MBS End Week Near All Time Highs, But Benchmark Rally Momentum is Slowing
01/27/2012 By MBN News
Posted To: MBS Commentary The trading day is rapidly growing uneventful and charts suggest that quite a few market participants already have one or more feet out the door for the weekend. The only real pop of volume and volatility was seen around this morning's GDP report, which was generally a mild boon to bond markets. … [Read More...]
LPS: Mortgage Originations Among Highest Quality Ever in 2010-2011
01/27/2012 By MBN News
Posted To: MND NewsWire The Lender Processing Services (LPS) Mortgage Monitor Report for December show improvement in a number of the metrics it tracks. Many measures of delinquency rates are down, inventories are clearing in some states, and recent loan originations are "among the best quality on record." The overall … [Read More...]
What Should the Government do to Address the Inventory of Foreclosed Properties?
01/27/2012 By MBN News
Posted To: Voice of Housing Economists calculate that the decline in home prices has cost American homeowners approximately $7 trillion in home equity. Compounding this problem is the fact that the inventory of homes available for sale remains high and there is potential for a significant volume of “shadow inventory” to … [Read More...]
California Says "No Thanks"; FHA Compare Ratio, and Lender FHA Changes not to be Ignored
01/27/2012 By MBN News
Posted To: Pipeline Press "The trouble with quotes on the internet is that it's difficult to determine whether or not they are genuine." So said Abraham Lincoln. But here is one I received yesterday from Steve S., the president of Residential Mortgage Group in Minnesota: "In thinking about the mortgage programs being … [Read More...]
The Day Ahead: GDP, Consumer Sentiment, and Euro Headline Potential
01/27/2012 By MBN News
Posted To: MBS Commentary Volume in the overnight session was just under recent averages but respectable overall. 10yr Treasuries rose as high as 1.9681 after a relatively strong Italian debt auction. Beyond that, there was no major driver of trade as it seems bond markets have opted to shy away from overly aggressive … [Read More...]
Remodelers See Business Improving
01/26/2012 By MBN News
Posted To: MND NewsWire Like their home-building counterparts, remodelers who are members of the National Association of Home Builders (NAHB) are displaying more confidence in their industry than they have in years. The NAHB's Remodeling Market Index (RMI) for the fourth quarter of 2011 which measures remodelers' sentiments … [Read More...]
Mortgage Rates Continue To Solidify Bounce Back To Lows
01/26/2012 By MBN News
Posted To: Mortgage Rate Watch Mortgages Rates over the past two days have done much to make ground lost leading up to Yesterday's FOMC Announcement. After further improvements today, rates further solidified their reentry into 3.875% 30yr Fixed Best Execution levels. (for detail on what that means, READ THIS POST from a … [Read More...]
MBS Trade Calmly Near Multi Month Highs
01/26/2012 By MBN News
Posted To: MBS Commentary The "flatness" of MBS prices is simply uncanny considering that Fannie 3.5's are currently right at their highest levels since late September, and considering the volatility earlier in the week. While it's true that the volatility was definitely expected ahead of the FOMC announcement, the extent … [Read More...]
Forecast on FHA Compare Ratios; MetLife Chatter; Importance of Contingency Plans for Lenders
01/26/2012 By MBN News
Posted To: Pipeline Press I was speaking to my 88-year old dad the other day on the way to Costco for a hot dog lunch. (No, this is not elder-abuse - he actually likes them.) I told him, "Dad, I am helping a company with a HUD license" and he replied, "How could a whole company have head lice?" Ah, to be 88.. Read more … [Read More...]
MBS Reach Yesterday’s Highs Following (And In Spite Of) Morning Data
01/26/2012 By MBN News
Posted To: MBS Commentary Although the important economic releases this morning were either in-line with expectations or better (Home Sales missed expectations, but it's not an "important economic release" as far as being a market-mover), bond markets have bucked the historical tendency toward weakness in such scenarios. … [Read More...]
Distressed Property Sales, Discounts Steady in Third Quarter
01/26/2012 By MBN News
Posted To: MND NewsWire Sales of distressed homes, those in some stage of foreclosure or bank owned (REO), accounted to 20 percent of all U.S. Read More: Distressed Property Sales, Discounts Steady in Third Quarter … [Read More...]
Housing Industry Reacts to State of the Union
01/26/2012 By MBN News
Posted To: MND NewsWire Housing featured prominently in President Obama's State of the Union speech on Tuesday night. The President made two specific proposals, one to deal with the ghosts of housing past, the other to provide expanded credit to homeowners View original post here: Housing Industry Reacts to State of the … [Read More...]
The Day Ahead: Thursday’s Data and Treasury Auction Follow a Big Act
01/26/2012 By MBN News
Posted To: MBS Commentary Bond markets improved in the overnight session. The pace was slow at first as German, French, and Italian economic data were all close to consensus estimates More: The Day Ahead: Thursday's Data and Treasury Auction Follow a Big Act … [Read More...]
Mortgage Rates Return To Historic Lows Following FOMC Announcement
01/25/2012 By MBN News
Posted To: Mortgage Rate Watch Mortgages Rates spent 2 days at 4.0% in terms of rounded average "Best-Execution" rates (for detail on what that means, READ THIS POST from a few days ago). Today, that rounded average has returned to 3.875%. Although the underlying average isn't as low as it's ever been (3.88 vs 3.82), … [Read More...]
MBS Get Big Boost From FOMC Verbiage Shift
01/25/2012 By MBN News
Posted To: MBS Commentary Let's cut right to the chase... Although the 5yr auction earlier today was strong and although there were several paragraphs-worth of content in today's FOMC statement, today has been almost exclusively about one thing: a shift in verbiage of the FOMC statement from suggesting low fed funds rates … [Read More...]
FHFA: House Prices Rose 1% in November
01/25/2012 By MBN News
Posted To: MND NewsWire The Federal Housing Finance Agency's (FHFA) Home Price Index (HPI) rose 1.0 percent from October to November reflecting an increase in U.S. housing prices on a seasonally adjusted basis More: FHFA: House Prices Rose 1% in November … [Read More...]
Pending Home Sales Decline in December, Remain Above a Year Ago
01/25/2012 By MBN News
Posted To: MND NewsWire Pending home sales fell off of the 19-month high reached in November according to figures released on Wednesday by the National Association of Realtors® (NAR), but were still higher than one year ago. NAR's Pending Home Sales Index (PHSI) dropped from 100.1 in November to 96.6 in December, a decline … [Read More...]
Refi Plan for Gon-government Loans? Chalk Another One up for MERS
01/25/2012 By MBN News
Posted To: Pipeline Press In last night's speech President Obama asked for creation of special unit of federal prosecutors to further investigate mortgage lending practices that led to the housing crisis. Visit link: Refi Plan for Gon-government Loans? Chalk Another One up for MERS … [Read More...]
Applications Fall 5% during Holiday Shortened Week
01/25/2012 By MBN News
Posted To: MND NewsWire Mortgage applications were down during the week ended January 20 according to the Weekly Mortgage Applications Survey conducted by the Mortgage Bankers Association (MBA). The Market Composite Index, a measure of application volume fell 5 percent on a basis that was adjusted seasonally and to account … [Read More...]
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