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Mortgage News Daily

MBS RECAP: Bonds Extend Gains in Super Quiet Conditions

Posted To: MBS Commentary

As expected, today could be better characterized as a highly-regulated narcotic sleep aid than an interesting trading day for bond markets. The dreams were sweet, at least, with 10yr yields drifting down to their best levels of the month--just under 2bps lower at 2.238% Fannie 3.5 MBS were up by an eighth of a point in the afternoon, but pulled back just a bit by the close. Lenders passed along at least as much in terms of price improvements (day over day), so it's hard to take exception to the lack of interesting data. Bored market-watchers could discuss things like the death cross in 10yr yields (as in the attached video), or ponder the importance of political headlines (Spicer resignation... hint: not a market mover). If anything the noticeable (and I use the term very loosely) upticks...(read more)

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Mortgage Rates Lowest in July

Posted To: Mortgage Rate Watch

Mortgage rates moved lower today, setting yet another new low for the month of July. For the past 2 weeks, rates have been pushing back against a fairly abrupt spike that took place heading into the month. Concerns over the European Central Bank's (ECB's) bond buying plans sparked the move higher, but those concerns were officially put to rest as of yesterday. In simpler terms, extra demand for bonds pushes bond prices higher and rates lower. The ECB buys LOTS of bonds. This puts downward pressure on rates around the world (more so in Europe than in the US, but we still get some indirect benefit). There was some concern at the end of June that the ECB was getting closer to announcing it would buy fewer bonds (thus the rate spike heading into July). While that day will likely come eventually...(read more)

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With Expiration Looming, NAR, NAHB Applaud Flood Insurance Renewal Progress

Posted To: MND NewsWire

It remains to be seen if it passes into law, or how it will hold up during the process, but housing industry groups say an agreement has been hammered out for renewing the federal flood insurance program . Both the National Association of Home Builders (NAHB) and the National Association of Realtors® (NAR) say they have been working with the House Financial Services Committee on parameters, for, in the words of NAHB, "A viable, long-term flood insurance reauthorization bill that will keep the National Flood Insurance Program (NFIP) fiscally sound and enable home builders to provide safe and affordable housing to consumers." A flood insurance policy is required of homeowners who live in certain Federal Emergency Management Agency (FEMA) designated flood plains and have a mortgage issued...(read more)

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State-Level Changes Across the Board; Housing and Rates

Posted To: Pipeline Press

Under the heading, “What’ll they think of next?”, especially for aging Boomers, comes stairs that store energy and help the next person walk up them! State-Level Changes When lenders complain about federal regulation and oversight, at least, in theory, it originally came from one source and is uniform across the 50 states. But when a multi-state lender must contend with all 50 states doing different things, things become complicated, and expensive, in a hurry. Michigan has amended Act 79 of 1915, concerning the required statement of marital status in written instruments conveying or mortgaging real estate, effective immediately . The Act as amended requires that all written instruments conveying or mortgaging real estate, or any interest in real estate, executed and offered...(read more)

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MBS Day Ahead: Low Volume and Light Liquidity Expected. Here's What That Means

Posted To: MBS Commentary

One of the hallmarks of classic (read: old school) technical analysis is the role of volume in confirming market movements. For instance, if 10yr yields break through a key technical level, the next question many traders will ask is whether or not it happened with strong volume. While this sounds pretty smart in principle, it's trickier to apply to living, breathing markets. There are so many variables in play that it makes more sense to temper our enthusiasm for high volume moves a bit. Some of the curveballs are as follows: A high volume move could be due to a snowball of trading positions being forced through "stops" (stop-loss levels--automatic triggers to buy or sell based on certain conditions). For instance, if there are 10 buyers and sellers in an entire market for fidget...(read more)

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MBS RECAP: Markets Had ECB Almost Perfectly Pegged

Posted To: MBS Commentary

Talk about your anticlimactic conclusions! It's not that the European Central Bank (ECB) was likely to make any meaningful changes in its policy stance today, but it nonetheless served as an important opportunity to confirm or deny the notion that Draghi's late June comments were a step in the direction of a tapering announcement--perhaps later this year. Draghi essentially denied it--saying they hadn't even discussed the September meeting as a tapering announcement target, nor had they discussed it at all. That may or may not be factual. Certainly, we've seen newswires that suggest quite the opposite, such as this one from July 13th that did noticeable damage to bond markets: ECB COULD ANNOUNCE PLANS TO WIND DOWN QE AT ITS SEPT. 7 POLICY MEETING--ECB OFFICIALS Technically though...(read more)

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Mortgage Rates Hold 3-Week Lows After Central Bank Announcements

Posted To: Mortgage Rate Watch

Mortgage rates held relatively steady today, keeping them in line with the lowest levels in more than 3 weeks. There was relatively little market movement in response to the policy announcement from the European Central Bank (ECB). That's a good thing considering much of the recent gains in rates can be attributed to traders growing more optimistic about the ECB's stance. To put all this in plain English , the ECB buys bonds. This puts downward pressure on rates around the world (more so in Europe than in the US, but we still get some indirect benefit). There was some concern at the end of June that the ECB was getting closer to announcing it would buy fewer bonds. While that day will likely come eventually, today's announcement assures markets that it hasn't been discussed yet. The relatively...(read more)

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Single Security Praised by Urban Institute

Posted To: MND NewsWire

The single agency security toward which the GSEs, Fannie Mae and Freddie Mac and their regulator, the Federal Housing Finance Agency (FHFA), have been working for several years, is not yet operative, but it just got a round of applause. Linda Goodman, Codirector of the Urban Institute's (UI's) Housing Finance Policy Center, and associates Bing Bai and Jim Parrot, writing in UI's Housing Wire blog say the new security will save taxpayers millions of dollars while making the market more responsive to borrowers and lenders. The GSE's have each issued their own mortgage-backed security for more than four decades but the securities issued by Freddie Mac have historically traded at a lower price than those issued by Fannie Mae. A subsidy was often required to equalize pricing so originators would...(read more)

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Vendor and Lender News/Updates; Academy Buys First Mortgage and Cunningham

Posted To: Pipeline Press

This morning we’ve had the usual Thursday initial jobless claims economic release. At the other end of the teeter totter, here’s an amazing stat to talk about at Happy Hour tonight. It is estimated that 50% of net business formation in the United States since the recession has happened in about half of 1% of U.S. counties. That’s 20 of the 3,100 U.S. counties . Vendor News No one has definitively proven that a lender's use of vendors has decreased the cost to produce a loan. Conversely no one has proven that they aren't affective in helping produce loans in compliant, efficient, cost-effective ways. It is good to see what they are up to and see what's new out there. Wells Fargo is already testing and preparing its own digital mortgage solution by 2018 . Small lenders are already...(read more)

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