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    Mortgage News Archive
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  • Mt. Vernon License Branch Reopens
  • Man accused of robbing Key Bank
  • Hold mortgage lender accountable
  • Volume Dips During Holiday Shortened Week
  • Dealing With Personal Debt
  • Mortgage applications drop to 16-month low
  • Police seek man who robbed Wells Fargo bank, evaded dogs
  • Wachovia Bank "buy"
  • Businesses lack Latino awareness
  • U.S. Bank acquiring Wachovia trust unit
  • Union Bank opens third branch in Lee's Summit
  • Gardena City Officials Considering Bankruptcy
  • Bank to open Ranch branch
  • Historical Society to host old-fashioned Christmas
  • Condos to rise on West Side Avenue
  • China Says Banks Have Discretionary Right to Set Yuan Exchange
  • `Wheaton Bandit' in 12th bank heist
  • Temple-Inland selling part of Guaranty, slicing 250 jobs
  • League's finances scrutinized
  • New bank sets start-up standard
  • With too many blasts at the Bank, team will make left a little longer
  • A Business Education That Started at Home
  • Hurricane evacuee robs BB&T bank
  • New Image Cash Letter Service Strengthens Bank of America's Leadership Position in Post-Check 21 Payment Transformation
  • Sovereign Bank Kicks Off 6th Annual Holiday Book Drive with Reach Out and Read
  • Fitch Rates $426.5MM RALI Mtge Asset-Backed P-T Ctfs, 20-QS16
  • Fifth Third bank executive vice president Arnold resigns
  • Laredo National Bank plans construction
  • National City Bank Client Group Promotes Steven Peters to Senior Vice President
  • Joseph P. Richardson Named by Berkshire Bank as Its Director of Business Development for New York
  • Fitch Rates $276.8MM GMACM Mtge Loan Trust, Series 20-AF2
  • Mustang students rebuild Europe
  • The Bank of New York Selected as Depositary Bank for O2Micro International Limited's Listed ADR Program
  • When duo bet big on Modern Bin, everybody won
  • Kinecta Federal Credit Union
  • Credit Provider Converts Line of Credit Into 2,500,000 Shares of Common Stock
  • Bank robbers slip away from deputies
  • Fitch Rates CMSI $479.3 MM REMIC P-T Ctfs Series 20-8
  • Courting the Commercial Customer
  • Dimon adds sparkle to JPMorgan Chase
  • Make A Difference Day
  • Debt Consolidation Caution Urged
  • Decatur has opportunity to energize downtown
  • North Carolina man accused of robbing 9 area banks
  • What's/Who's new in business
  • 1st Reverse Mortgage USA Posts Highest State Growth Rate: Makes Nation’s Top 5% List
  • Business Briefs
  • Bank gets agreement to wrap up stock deal
  • EMS wants to build center on residential property
  • Holiday Light Spectacular set for PNC Bank Arts Center
  • Zions Bancorporation Ranks as Nation's Top Provider of First Mortgage Loans Under SBA's 504 Program
  • Bad Checks Circulating In St. Augustine Area
  • Bank of the West making its mark downtown
  • AmSouth Bank to branch out
  • Kinecta Federal Credit Union
  • 25 years after late brainstorm, cleaning service prosperous
  • Webster President to Make Presentation at Investor Conference
  • Plainfield helps its 'sister city'
  • Mortgage rates still climbing, 30-year hits 6.37%
  • Student loan debt consolidation opportunities for the students
  • Sky Bank could try Brooks Bros. on for size
  • High rates let air out of housing market Adjustable mortgages undergo big swings
  • Fixed-rate is the way to go
  • City taps line of credit to run Millennium Park
  • Huntington National rebrands unit
  • Teacher's Federal Credit Union offers HLPR loan
  • First Tennessee warns customers about phishing scam
  • Fifth Third Bank building new branch
  • Mortgage applications fall
  • Interest-only mortgage?
  • Bad Credit Refinance Loans
  • Trenton portion of Pro Cycling Tour history?
  • Tyco Announces Results of its Offer to Repurchase LYONs(TM) Due 2020
  • Ambassadair sold, will keep flying
  • Is Your Info Out There, or Are They Just Guessing?
  • Big shows, small shows
  • National City Bank Wins 2005 Brandon Hall Excellence in Learning Award
  • Prosperity Moves To Acquire Southern National Bank Of Texas
  • 'Helpers' prep for Christmas
  • Charter One Bank and WXYZ-TV Announce Champions in Action Program
  • Baby boomers knocking on reverse mortgage door
  • Pilot program offers incentives to new teachers
  • Webster bank robbed as tellers go to work
  • Regions Completes Changeover of Union Planters Banks
  • Police arrest cross-dressing robbery suspect
  • Bank heists climb toward new Oakland record
  • Police Searching For Elusive Bank Robber
  • Bank building to house health club
  • 'Helpers' prep for Christmas
  • Tree of Sharing gears up for the holidays
  • 17th Annual Chocolate Festival
  • Disaster Recovery Seminar to be Held in Noblesville
  • Backed by Strong Clients, GMAC Mortgage Announces Record Growth
  • Flagstar Bank Opens New Banking Center in Duluth, Georgia
  • Community to memorialize Officer Rogers
  • Longtime Brookings firm buys way into Sioux Falls
  • Short-term bills hit a 4-year high
  • American Financial Realty Trust Announces Completion of Wachovia/SouthTrust Bank Branches Acquisition
  • Wells Fargo & Company Authorizes Buyback of Up to 25 Million Common Shares
  • MapInfo Debuts Demand Insight(TM) Financial--Providing the Banking Industry with Unprecedented Accuracy in Financial Demand Forecasting; Accurately Assesses Market Opportunity and Helps Retail Banks Increase Share-of-Wallet
  • Bank of Montreal Plans to Double U.S. Branches
  • Managing Your Home Equity Line
  • GMAC-RFC Enters Chile Real Estate Finance Market; Launches Joint Venture with Grupo Security
  • Texas bank opens expanded Sacramento branch
  • Downtown Skating Rink Gets New Name
  • Ratings given to banks in Phila.
  • Risky home loans likely to increase
  • Friends of Christopher Guild Raises $42K for Center for Child Protection
  • Cicilline joins Bank of America executives to rename skating center
  • Lenders are starting to fill technology niche
  • Volunteer firefighters hosting toy, food drive
  • CEOs with young children tackle the job differently than their predecessors
  • Symphony Offers Two Concerts This Weekend
  • Morris mourns soldier
  • American Airlines Federal Credit Union opens new branch facility
  • Regions Bank Adds Commercial Team Members In Raleigh
  • Health news: Provident Bank supports health series
  • Chamber plans event at Commerce Bank
  • Center Bank Opens Full-Service Branch in Irvine, California; Company Now Operates 17 Full-Service Branches Nationwide
  • Old National Bank Announces $100,000 Contribution to Red Cross Tornado Relief Efforts
  • Union Bank of California Launches New Private Wealth Planning Team to Manage Services for Affluent Market
  • The Bank of New York Appointed as Trustee by Banco Industrial, S.A. Guatemala for First Diversified Payment Rights Transaction
  • AmSouth planning 5th Manatee branch
  • Beacon Council sets workshops on loans for Wilma recovery
  • National Penn Bancshares, Inc. to Present at Sandler O'Neill 2005 Financial Services Conference
  • National City Bank throws party at temporary branch
  • Australian Gold Stocks Rise; National Bank Drops on Broker Cuts
  • County Board approves sale of $6.1 million in bonds
  • GMAC Mortgage Offers Special Mortgage Services to US Hispanic Chamber of Commerce Members and Employees
  • Nashville Capital Network secures bank sponsors
  • Couvrette Designs ATM Surround Illinois Tollway Oases
  • GMAC Residential Funding Teams With ComplianceEase to Combine Technology Solutions and Add Value for Their Lender Partners; Alliance Delivers Industry's First Automated Regulatory Compliance and Investor Eligibility Audit Solution
  • Bank One officially joins Chase
  • Sovereign Bank and P&H Solutions Team Up to Change the Face of Business Banking
  • Ex-bankruptcy attorney admits defrauding clients
  • Olives expansion on Witherspoon Street approved
  • Wapahani to play at Pacers' home
  • Ohio State Department of Athletics to Honor Donors Saturday
  • What I learned at the big race
  • MacDill Federal Credit Union Brings Indirect Lending Program In-House with Teres Solutions' SAIL Software; Credit Union Uses the SAIL™ Indirect Solution to Automate Lending Program and Minimize Risk Exposure
  • US mortgage bond prepayments fell in October
  • 45FIX Makes Home Improvement As Easy As 1-2-3
  • Not too late to refinance, but do it carefully
  • InforMedix Signs Term Sheet Agreement for Manufacturing Line of Credit to Fund New Order Flow
  • Sierra Pacific Resources Utilities Increase Revolving Credit Facilities
  • Saturday night's all right for Elton
  • American Mortgage Network Funds $1.5 Billion of Mortgages in October
  • Wilbur E. Hobbs, Jr., Appointed Chief Credit Officer at Oakland's Community Bank of the Bay
  • Webster CEO to Make Presentation at Investor Conference
  • World's Largest Maker of Electronic Transaction Terminals Settles with DataTreasury; On Day of Trial, Ingenico Admits DataTreasury's Patents Are Valid and Enforceable
  • Put preferred rate in a home offer
  • Strand becomes buyer's market for home hunt
  • Provident Financial Services, Inc. to Present at ACB Community Bank Investor Conference
  • IBC appoints Eddie Aldrete as bank's public affairs chief
  • Some hassles avoided with no-fee plastic
  • Only Fundraiser to replace books destroyed in Hurricane Katrina
  • The Bank of New York Named Best Custody Bank for Sixth Consecutive Year
  • Bank of America Adds 230 Jobs in Greater Boston
  • Consumers Beware of Credit Counseling Debt Consolidation Agency
  • 1Consumers battered by wave of economic woes
  • Consider reverse mortgage before buying a mobile home
  • Old National Bank to Assist in Tornado Relief for Vanderburgh and Warrick Counties
  • Winter Haven chamber organizes economic summit
  • Second mortgage popularity increases
  • Gunman hits Bank of the West, leaves Modesto branch on foot
  • 4th Annual All Pro Dad Event Presented by the Colts
  • Development agency paid banks $4.6 million to cover bad loans
  • Stark Bank to buy Pelican Financial for up to $27 Million
  • Woman on tape sought in Allen bank robbery
  • Woman robbed at gunpoint on Wards Road
  • BOk warns members of e-mail phishing
  • PA Governor Rendell Unveils Student Mural at Department of Education
  • Scam Takes Advantage Of Bank One Name Change
  • To spur stagnant neighborhoods, new group offers cheaper money
  • HBA Upset Over Homeowner Tax-Break Proposal
  • New names, old banks
  • Guaranty Federal earnings climb 39%
  • $63,500 donated for Island education, medicine and culture
  • To spur stagnant neighborhoods, new group offers cheaper money
  • First Coral gas station in six years set to open
  • Bank Donates $100,000 For Heating Homeless Shelters
  • SunTrust Bank Increases Prime Rate
  • Associated Bank to back Packers Literacy Foundation

    Posted To: Pipeline Press

    It's good to know the jumbo market is alive and well! Alive and well for Tiger Woods who just got a residential construction loan for $54.5 million on Jupiter Island in Florida, which he agreed to pay back by January 2016. Of course, folks like pediatricians are having trouble finding an 80% loan for a few million, as are self-employed borrowers like architects, CPA's, or sail makers. But there is hope! (No, I don't know the lender or the terms) OK, here goes, in no particular order, the very recent investor changes (skip to the bottom if uninterested). As always, readers should examine the bulletins themselves, but this will give you a flavor for what is happening: Fannie Mae told servicers that it updated the allowable foreclosure time frames in the states of FL, MD, NV, and NY, is monitoring...(read more)

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    Posted To: The Garrett Watts Report

    I’ve been on the road for the past three weeks, mostly performing reviews of mortgage bankers for warehouse lenders. I am happy to report that all channels of origination are doing well. I’m no longer hearing the grumblings we heard earlier in the year as record low rates have sparked a mini-refi boom throughout the country and in certain areas the purchase market is also doing well thanks to record high levels of home affordability. If one is gainfully employed and has excellent credit, it is a great time to buy a home. Referral based retail and internet retail shops are generating impressive profits. Contrary to the naysayers, the broker business is thriving and wholesale lenders are quite busy. Everyone appears to have adjusted to the new RESPA regulations and companies are settling...(read more)

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    Posted To: Voice of Housing

    It seems our economy is unable to promote a significant level of consumer spending without some sort of Federal Assistance. Given that this is an election year where the outcome has the potential to be especially significant, it is reasonable to anticipate that lawmakers returning to Washington after their Labor Day recess will be motivated to enact legislation to stimulate economic activity. One idea being circulated is to re-authorize the recently expired Homebuyer Tax Credits. While that may seem like a step in the right direction, it is not. In fact, just talking about another homebuyer tax credit could slow sales in the here and now as consumers put off purchase plans in hopes they too will be able to benefit from such incentives. More importantly, we must stop attempting to apply short...(read more)

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    Posted To: MBS Commentary

    Interest rates are modestly higher this morning after equities closed nearly 3% higher Wednesday. Ninety minutes before the opening bell, S&P 500 futures are just below yesterday's high at 1081.25 and the benchmark 10-year Treasury note is -0-04 at 100-09 yielding 2.593% (+1.3%). The October delivery FNCL 4.0 is -0-02 at 102-27. A busy economics calendar carries the potential to shift market sentiment in the day ahead. At 8:30, initial jobless claims are anticipated to rise 2k to show that 475,000 Americans filed for first-time unemployment benefits in the final week of August. The labor news comes one day before the official monthly numbers are released. The report should give further context to yesterday’s mixed data ― the ADP report showed 10k private jobs disappeared in the month...(read more)

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    Posted To: Mortgage Rate Watch

    Mortgage rates had a great day yesterday. This is the message we communicated to readers... ATTENTION: Mortgage Rates Hit New Lows If you've been floating your loan or have yet to apply for a refinance because it just didn't seem worth the hassle, congratulations, mortgage rates hit new lows today, it's now worth the hassle! If you've refinanced in the last 20 months, there is a darn good chance your refinance option is back in the money, again! The best 30 year fixed mortgage rates have fallen into the 4.125% to 4.375% range for well-qualified consumers. Some lenders will even go as low as 3.875% if the borrower is willing to pay points. Although the 4.125% quote isn't being offered by the large retail banks (sorry retail L.Os), the smaller mortgage bankers and independent brokers do have...(read more)

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    Posted To: MND NewsWire

    The Census Bureau today released Construction Spending data for July 2010. Residential construction spending includes remodeling, additions, and major replacements to owner occupied properties subsequent to completion of original building. It includes construction of additional housing units in existing residential structures, finishing of basements and attics, modernization of kitchens, bathrooms, etc. Also included are improvements outside of residential structures, such as the addition of swimming pools and garages, and replacement of major equipment items such as water heaters, furnaces and central air-conditioners. Maintenance and repair work is not included. The value of all construction put in place in the U.S. on an annualized basis was $805.2 billion compared to a rate of $813.1 billion...(read more)

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    Posted To: MND NewsWire

    The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending August 27, 2010. The MBA's loan application survey covers over 50% of all U.S. residential mortgage loan applications taken by retail mortgage bankers, commercial banks, and thrifts. The data gives economists a snapshot view of consumer demand for mortgage loans. In a low mortgage rate environment, a trend of increasing refinance applications implies consumers are seeking out a lower monthly payment. If consumers are able to reduce their monthly mortgage payment and increase disposable income through refinancing, it can be a positive for the economy as a whole (creates more consumer spending or allows debtors to pay down personal liabilities like credit cards). A falling trend of...(read more)

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    Posted To: Pipeline Press

    Rates continue to trend lower, helped yesterday by the release of the FOMC meeting's minutes which alluded to the possibility of the Fed reinvesting in MBS's. (But heck, as one trader told me, low mortgage rates are helping agency-qualified borrowers, not others in the economy like renters who can't qualify, not those that don't have jobs or those that simply pay cash for houses .) "A few members worried that reinvesting principal from agency debt and MBS in Treasury securities could send an inappropriate signal to investors about the Committee's readiness to resume large-scale asset purchases," the Fed said in the report, referring to mortgage-backed securities. The minutes from the August 10 meeting made it clear that the Fed is far from ready to restart Quantitative Easing Round 2. It didn...(read more)

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    Posted To: MBS Commentary

    Stocks are rallying and the bond market is taking a beating after a much better than expected read on the manufacturing sector. The August ISM Manufacturing Index came in at 56.3 vs. economist estimates for a read of 53.0. The "Prices" index rose 4 points to 61.5 from 57.5, quelling deflationary fears and giving bond traders a reason to fade the rally. Stocks were up before 10am data but didn't take flight until after ISM flashed. S&P futures are currently up 27 handles at 1075.25. The bull flattener is unwinding again. The 2s/10s curve is 9bps steeper at 209bps. The long bond is 14.7bps higher at 3.668%. The 7-year note is +12.5bps at 2.046%. The 10yr note is +12.3bps at 2.593%. Volume was heavy into the downtrade. Although production MBS coupons are performing much better than their benchmark...(read more)

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    Posted To: MBS Commentary

    Production MBS coupon prices hit new record highs yesterday, pushing mortgage rates through the 4.25% barrier to new lows. "Rate sheet influential" MBS coupons were led higher by longer dated Treasuries, which benefitted from month-end allocations and a continued correction from the sell off seen last Friday. The new all-time price high for the front month FNCL 4.0's is 103-19. The October delivery FNCL 4.0 went out +0-10 at 103-07. Yield spreads ended the session wider (nominally) vs. duration adjusted benchmarks. The 10 yr note went out +0-17 at 101-12 yielding 2.47% (-6bps). The 2s/10s curve bull flattened back down to 200bps. It should be noted that Treasuries rallied regardless of a modest bid for equities. The S&P closed +0.03% at 1049.27. A hint of better pricing to come was offered...(read more)

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    Posted To: MBS Commentary

    The first day of September looks to open strongly while investors await key data on employment and manufacturing. About ninety minutes before the opening bell, S&P 500 futures are up nearly 12 points to 1,060 and Dow futures are jumping 75 points higher at 10,081. Interest rates are moving higher in the wake of improved sentiment in equities. The 10 year Treausry note is -0-10 at 101-01 yielding 2.507%. The October delivery FNCL 4.0 is -0-02 at 103-05. European stocks are also about 1.5% higher and Asian markets finished stronger (a notable exception being China’s Shanghai index, which fell 0.6%). At 8:15, the ADP Employment Report is anticipated to show that 18,000 private jobs were created in August, according to economists polled by Reuters. Investors will be watching the numbers...(read more)

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    Posted To: MBS Commentary

    Yesterday we heard banks were buying back MBS hedges. This means lock desks were actively reducing their pipeline coverage (forward hedges) to account for an expected increase in fallout. More fall out = less deliverable loans = added hedging costs unless you replace the production with similar paper before settlement, READ MORE Looking back, this was a hint of strong pricing to come. Just in case you haven't seen the headline yet, this is what we told consumers today: ATTENTION: Mortgage Rates Hit New Lows I actually felt the need to apologize to retail L.Os in that post because I know those headlines might make their lives miserable. It is what it is though, the FNCL 4.0 hit a new price high and loan pricing reflects it. On average, rebate was 30.2bps better vs. yesterday. HERE is a full...(read more)

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    Posted To: Mortgage Rate Watch

    If you've been floating your loan or have yet to apply for a refinance because it just didn't seem worth the hassle, congratulations, mortgage rates hit new lows today, it's now worth the hassle! If you've refinanced in the last 20 months, there is a darn good chance your refinance option is back in the money, again! The best 30 year fixed mortgage rates have fallen into the 4.125% to 4.375% range for well-qualified consumers. Some lenders will even go as low as 3.875% if the borrower is willing to pay points. Although the 4.125% quote isn't being offered by the large retail banks (sorry retail L.Os), the smaller mortgage bankers and independent brokers do have access to loan pricing that will allow them to offer new rate lows. So this brings us full circle on the advice we offered consumers...(read more)

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    Posted To: MND NewsWire

    The Standard & Poor's/Case-Shiller U.S. National Home Price Index was up 4.4 percent in the second quarter of 2010, more than recovering from the 2.9 percent loss that was suffered in the first quarter, but the index committee warned that recent housing indicators "point to more ominous signals as tax incentives have ended and foreclosures continue." On a month to month basis, the 10-city index improved 1.0 percent to 161.04 and the 20-city index rose 1.0 percent to 147.97. The year over year 10-City and 20 City Composite Indices for June marked the first time in 16 months that the increase in annual returns moderated, pointing to a possible deceleration in home price returns. In May the YoY increase in the 10-City Composite was 5.4 percent, in June it was 5.0 percent. The 20-City figure...(read more)

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    Posted To: MBS Commentary

    While 2 of the 3 top tier data sets released this morning failed to improve on a month to month basis, 2 of those 3 were better than economists were expecting. Consumer Confidence perked up and beat consensus forecasts while Chicago PMI was a downer all around. Equity market seem to be focusing on the better than expected headlines vs. the month over month deteriorations, specifically the large uptick in Consumer Confidence. I say that because Consumer Staples and Consumer Discretionaries are leading the broader market higher. I would also point toward technical support at S&P 1040 as a reason to buy. This is where volume accumulated and stocks reversed course after a weak Chicago PMI print at 945am. S&Ps are currently +6.00 at 1051. Trading volume has already surpassed yesterday's...(read more)

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    Posted To: Pipeline Press

    I was talking to a correspondent rep yesterday, and he said, "I just got the best question from a client. The client (not a mortgage banker or broker) asked, "Hey, we have a borrower that up until now has been using a social security number that was 'not issued by the Social Security Administration'. They now have a green card and a valid SS number - can we go back and transfer the old income on the invalid SS# for the last few years in qualifying the borrower for a new loan?" Ha - you just can't make this stuff up. I realize that it is almost September, but it is interesting to see what the agencies did for MBS issuance in July . Fannie Mae issued over $42 billion in MBS, up 6.4% from June, and the highest level of MBS issuance since February. Freddie, however, dropped slightly from June to...(read more)

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    Posted To: MBS Commentary

    Recap of Yesterday After experiencing a sizable sell off on Friday, the bond market spent the day yesterday in recovery mode. Prices of U.S. Treasuries rallied across the curve with the long end leading the way. The 10 year TSY note went out +1-00 at 100-26 yielding 2.53% (-11.6bps). The 7 year note was the star performer, rallying 25/32 in price to a yield of 1.969% (-12.3bps). Trading volume was below average and position squaring/short covering was noted. Trading volume in stocks was also apathetic, based on my records equity futures experienced their lowest volume day of the year on Globex. This is indicative of an indecisive market, something that should continue as we draw closer to the release of the Employment Situation Report on Friday. The day started slow in TBA land as dealers attempted...(read more)

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    Posted To: MBS Commentary

    I sat down to write "The Week Ahead" last night and drew a blank. Not that it was a tedious task outlining the events that held the potential to move mortgage rates, that was the easy part. My frustrations arose when formulating an outlook. Allow me to think out loud for a moment... We've just come off a week that ended with a scary sell off, but that sell off wasn't exactly unexpected though. The "rate sheet influential" end of the yield curve was/is extremely overbought and positions skewed largely toward the LONGS . If not for pure position squaring purposes, Treasuries were due a correction and it happened. The bond market is clearly still searching for directional guidance though. This is evident via added chopatility around econ data, specifically at the price highs and lows. It is also...(read more)

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    Posted To: Mortgage Rate Watch

    Last week ended on a very sour note for mortgage rates... After a better than expected read on 2nd quarter GDP and a not so scary speech from the Federal Reserve Chairman, the 10 year Treasury note yield rose 16.6 basis points and mortgage-backed securities prices fell significantly. This forced lenders to reprice for the worse, which increased mortgage rates. Although consumer borrowing costs rose by about 10 basis points on the week (0.10% of the loan amount), the best 30 year fixed mortgage rates remained in a range between 4.25% and 4.50%. The economic calendar is quite busy this week. The most influential report will be released on Friday; the Employment Situation Report. Because this data provides an in-depth look at the health of the driving force behind consumer spending, the labor...(read more)

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    Posted To: MND NewsWire

    In the wake of a full week full of bad economic news, especially housing indicators, Secretary of Housing and Urban Development (HUD) Shaun Donovan appeared on CNNs Sunday morning news and interview program State of the Union . Host Ed Henry prefaced the interview with July housing numbers - a 27 percent decline in existing home sales and new home sales at their lowest levels since 1963 . "Many analysts," Henry said, "believe that housing started this whole financial crisis. We saw some pretty grim headlines this week sparking some fears about a double dip recession." He asked Donovan, what he could say to reassure Americans that this will not happen. Donovan said that the dip in house sales in July was not unexpected because it would mark the end of the homebuyers' tax credit that had been...(read more)

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    Posted To: MBS Commentary

    Led by a corrective bounce in Treasury prices, rate sheet influential MBS coupons have rallied more than 8 ticks from where they opened at the session lows. This is not reflective of concentrated demand for agency MBS, as evidenced via wider production MBS coupon yield spreads, as much as mortgages are playing follow the leader with a bull flattening benchmark yield curve. Although it is normal for MBS to lag a TSY rally, there also looks to be some localized weakness in the MBS market as dealers are attempting to distribute the $3+ billion in new loan supply that was offered by originators on Friday. The October delivery FNCL 4.0 is currently +0-13 at 102-24. Bid wanted... Treasuries are retesting the Friday sell off. The September expiry 10 year TSY futures contract is +0-30 at 126-03. The...(read more)

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    Posted To: MND NewsWire

    The first Conservator's Report on the Enterprises' Financial Performance issued by the Federal Housing Finance Agency on Thursday makes an argument that the Government Sponsored Enterprises' role in the housing market was and still is vital. It also paints a picture of their fall prior to being placed in federal conservatorship in the fall of 2008. Some observers are already pointing to it as a map for the eventual reorganization of the two government sponsored enterprises. Another way of viewing the report is that is presents a strong argument for leaving the GSEs in charge. According to the report, in 2003, 62 percent of all mortgages originated in the country were conventional/conforming loans. Another 20 percent or so were FHA or jumbo loans; only 8 percent were subprime and...(read more)

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    Posted To: Pipeline Press

    Few people feel that mortgage banking is a non-profit proposition. And even though we still have seven months until the compensation rules change/may change, loan officer pay seems to be on the front burner for many originators . For example, Nationstar , a wholesale company calling on brokers, just told their clients that starting last week it will "cap the Broker's Net Yield Spread Premium (YSP) to the following: Fixed-rate loan products - 3%, ARM loan products - 2%. Nationstar is defining Net YSP as the following: Gross YSP less any and all investor and Nationstar price adjustors. If brokers want to credit fees for the borrower, the fees must be deducted from the broker's Max YSP of 3% on Fixed-rate loan products and 2% on ARM loan products." MND alluded to this HERE It...(read more)

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    Posted To: MBS Commentary

    Economic Calendar The first Friday of a new month is upon us, that means the official Employment Situation Report is just ahead. Because this data provides an in-depth look at the health of the driving force behind consumer spending, the labor market, investing sentiment is highly dependent on the findings of the two surveys that make up the Employment Situation Report: Non-Farm Payrolls and the Household Survey. With that in mind, leading up to the release the market will likely be hesitant to head too far in either direction without adequate confirmation and acceptance of that move. From Reuters : U.S. August payrolls and unemployment data on Friday. Payrolls are forecast to have fallen by about 99,000, according to Reuters polling, a smaller fall than the 131,000 in July. After the recession...(read more)

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    Posted To: MBS Commentary

    A brief market wrap and a few observations heading into the weekend... The October Delivery FNCL 4.0 went out -0-17 at 102-11. Rate sheet influential mortgages, which were trading at extreme oversold spread levels this week, performed well against Treasuries and swaps today, but huge price declines forced lenders to reprice for the worse, pushing mortgage rates higher. As would be expected, originator pipeline hedging picked up today. Over $3bn in new loan production was sold forward in the TBA market, mostly in 4.0 and 4.5 30 year paper. While the damage seems dramatic, after the dust settled, you can see the FNCL 4.0 has landed right back in the middle of it's month long range. Steep MBS price declines were a direct result of a correction in the long end of the benchmark yield curve....(read more)

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