Posted To: Mortgage Rate Watch Yesterday marked the first time since late January that Best-Execution Mortgages Rates stood at 4.0% on average, as opposed to what had been the prevailing average of 3.875%. Rates improved today for most lenders, several of whom once again are offering 3.875% as a "best-execution rate" (learn more about what that means in this previous post with more detailed discussion about Best-Execution calculations ). View post: Mortgage Rates Improve But Remain On Fence … [Read more...]
Freddie Mac: Economy on Slow, Steady, Path to Recovery
02/22/2012 By
Posted To: MND NewsWire In the February Economic Outlook from Freddie Mac's Office of the Chief Economist is projecting a slow, steady path to recovery as the economy, it says, continues to build on the momentum it displayed at the end of last year. The report cites 243,000 new jobs in January, an unemployment rate falling to 8.3 percent and an increase in job openings to 3.4 million in December as indications of improvement. More: Freddie Mac: Economy on Slow, Steady, Path to Recovery … [Read more...]
A Call to Action – FHFA’s Strategic Plan for Fannie Mae and Freddie Mac
02/22/2012 By
Posted To: Voice of Housing Yesterday the Federal Housing Finance Agency (FHFA) issued to Congress its Strategic Plan for Fannie Mae and Freddie Mac Conservatorships. Acting Director DeMarco and FHFA staff are to be soundly commended for their work in developing and publishing the Plan See the article here: A Call to Action - FHFA’s Strategic Plan for Fannie Mae and Freddie Mac … [Read more...]
MBS, Treasuries Extend Gains, Giving Pause to Technical Gloom
02/22/2012 By
Posted To: MBS Commentary From a technical standpoint, the past few sessions have been a fairly gloomy scene for MBS and Treasuries--our two representatives from those camps being Fannie 3.5 30yr Fixed MBS and good old 10yr Treasury Notes. The technical gloominess should be fairly evident in the upper sections of each chart below Continued here: MBS, Treasuries Extend Gains, Giving Pause to Technical Gloom … [Read more...]
NAR: Existing Home Sales and Inventories Improved in January
02/22/2012 By
Posted To: MND NewsWire There was more good news from the National Association of Realtors® (NAR) on Wednesday as they reported that the sales of existing homes rose in January, marking three months out of the last four where sales improved. Inventories of homes for sale were also improved and NAR disputed the need for a program to rent foreclosed properties Total sales of existing homes including single family houses, condominiums, and cooperative apartments, increased 4.3 percent to an … [Read more...]
MERS Has Second Court Win in Month
02/22/2012 By
Posted To: MND NewsWire For the second time in just under a month the Mortgage Electronic Registration System ( MERS ) has won a significant court victory. More here: MERS Has Second Court Win in Month … [Read more...]
Inspector General Looks at GSE’s as Legal Costs Pass $100 Million
02/22/2012 By
Posted To: MND NewsWire Both before and after they were placed into conservatorship the two government sponsored enterprises Fannie Mae and Freddie Mac (the Enterprises) spent large amounts of money to defend themselves and former senior executives in class action lawsuits and other legal matters. For example, in cases arising out of alleged accounting malpractices in the 2004 to 2006 period, Fannie Mae has advanced $99.4 million for the legal defense of three of its former senior executives. … [Read more...]
Fannie and Freddie Future Plans; NMLS Licensee Stats on the Rise
02/22/2012 By
Posted To: Pipeline Press Under the title, "Too much time on one's hands", anyone involved in the residential construction/remodeling business might find this, uh, interesting . View article: Fannie and Freddie Future Plans; NMLS Licensee Stats on the Rise … [Read more...]
Mortgage Applications Slow as Average Rates Rise
02/22/2012 By
Posted To: MND NewsWire Mortgage applications decreased during the week ended February 17 according to the Weekly Mortgage Applications Survey released this morning by the Mortgage Bankers Association (MBA), The Market Composite Index measuring the volume of applications decreased 4.5 percent on a seasonally adjusted basis and 3.6 percent unadjusted from the week ended February 10. The Refinancing Index declined 4.8 percent while the volume of applications for home purchases decreased 2.9 … [Read more...]
The Day Ahead: Existing Home Sales and Week’s Most Important Auction
02/22/2012 By
Posted To: MBS Commentary As readers may be aware, we're rather fond of being close to utterly dismissive of 2yr Treasury Note Auctions as significant market moving events for the sections of the MBS Coupon Stack that most directly apply to lender's rate sheets. This has been true since the original "2013 verbiage" hit the streets in the August 2011 FOMC Announcement. Ah, those were the days.. Taken from: The Day Ahead: Existing Home Sales and Week's Most Important Auction … [Read more...]
