Mortgage Rates Snap Six Day Losing Streak
Wednesday, December 30th, 2009pPosted To: a href=”/consumer_rates/”Mortgage Rate Watch/a/pThe six day streak of rising mortgage rates finally stalled out yesterday! Although mortgages started the session on a negative note, mortgage-backed securities prices managed to recovery all early losses following a slightly above average 5 year Treasury note auction. After the auction, several lenders repriced for the better which moved mortgage rates a few basis points lower. Remember, when MBS prices fall, mortgage rates rise. I think this chart will help visualize the relationship between MBS prices and mortgage rates. When MBS prices are high, mortgage rates are low. When MBS prices are low, mortgage rates are high. The economic calendar is mostly empty on this last full trading day of 2009. The normally scheduled weekly release of the Mortgage Bankers Association#39;s Loan Application…(a href=”http://www.mortgagenewsdaily.com/consumer_rates/126502.aspx”read more/a)pdiv style=”background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;”strongForward this article via email:/strongnbsp;nbsp;a href=”http://www.mortgagenewsdaily.com/channels/126502/3/forward.aspx” style=”color:#3333CC;”Send a copy of this story/a to someone you know that may want to read it./div/pimg src=”http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=126502″ width=”1″ height=”1″
MBS MORNING: Rates Rally Extends But Progress Stalls Before Auction
Wednesday, December 30th, 2009pPosted To: a href=”/mortgage_rates/blog/”MBS Commentary/a/pGood Morning All. Today is the last full trading session of 2009. In relatively high volume, the rates market was able to hold yesterday#39;s gains in overseas trading last night. As MG pointed out in MBS CLOSE last night, the move off of recent price lows/yield highs was supported with modest SEASONAL volume. I call attention to #39;seasonal#39; because although volume was above average, it was only strong relative to other post-Christmas pre-new year trading session. At the moment the 3.375% coupon bearing semi-annual 10yr TSY note is trading flat, +0-01 at 96-17 yielding 3.799%. Notice what was once RESISTANCE is now SUPPORT. Next target in 10s is 3.76 then 3.72…if momentum really picks up we will see a test of 3.68 then 3.62. If yields move higher, support is found at 3.88%. In the…(a href=”http://www.mortgagenewsdaily.com/mortgage_rates/blog/126519.aspx”read more/a)pdiv style=”background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;”strongForward this article via email:/strongnbsp;nbsp;a href=”http://www.mortgagenewsdaily.com/channels/126519/3/forward.aspx” style=”color:#3333CC;”Send a copy of this story/a to someone you know that may want to read it./div/pimg src=”http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=126519″ width=”1″ height=”1″
Wells Fargo Watching Renegotiated Home Sale Prices; RESPA Influence: Flagstar Shortens Loan Delivery Period; VA IRRRL Update
Wednesday, December 30th, 2009pPosted To: a href=”/channels/pipelinepress/default.aspx”Pipeline Press/a/pAccording to a recent report, due to the recession, Americans are eating cheap, unhealthy, fatty foods. Apparently, the recession started in 1957. (I write this as I munch on my Doritos…) Speaking of food and recessions, Tavern on the Green is going out of business - once America#39;s highest-grossing restaurant. Their last meal in Central Park will be served New Year#39;s Eve, compared to only three years ago when it was plating more than 700,000 meals annually, bringing in more than $38 million. There#39;s no recession for Lenders One . They reported that for 2009, through November, they had officially delivered $20 billion to quot;Preferred Investorsquot;. Impressive. Wells Fargo reports that it has seen an increase in quot;purchase transactions where the sales price was re-negotiated…(a href=”http://www.mortgagenewsdaily.com/channels/pipelinepress/12302009-lenders-one-tavern-green.aspx”read more/a)pdiv style=”background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;”strongForward this article via email:/strongnbsp;nbsp;a href=”http://www.mortgagenewsdaily.com/channels/126480/3/forward.aspx” style=”color:#3333CC;”Send a copy of this story/a to someone you know that may want to read it./div/pimg src=”http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=126480″ width=”1″ height=”1″
The Day Ahead: Equities Off Before Manufacturing Data
Wednesday, December 30th, 2009pPosted To: a href=”/news/”MND NewsWire/a/pSix days of equity gains came to a halt yesterday but the losses were trivial as the Dow slipped 0.02% and the Samp;P 500 fell 0.14%. This morning, however, equity markets are seeing real losses as traders lock in profits and prepare for the New Year. One hour before the bell, the Dow looks to open 46 points lower at 10,4and futures on the Samp;P are 5 points off to 1,116. Commodities are also weaker with WTI Crude oil falling 17 cents to $78.70 per barrel and Gold trading $6.01 lower to $1,090.82. Reporters from Business Week point out that oil prices are 77% higher now compared to the start of the year, marking the fastest annual climb in ten years. In addition, oil prices have tripled over the past decade. Data coming out today is unlikely to have a major impact. Only one release is scheduled…(a href=”http://www.mortgagenewsdaily.com/12302009_day_ahead_chicago_pmi.asp”read more/a)pdiv style=”background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;”strongForward this article via email:/strongnbsp;nbsp;a href=”http://www.mortgagenewsdaily.com/channels/126471/3/forward.aspx” style=”color:#3333CC;”Send a copy of this story/a to someone you know that may want to read it./div/pimg src=”http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=126471″ width=”1″ height=”1″
Debt Consolidation Refi Loans - Cash Out and Reduce Debts
Wednesday, December 30th, 2009Debt consolidation refi loans reduce your debt sooner by lowering the interest rate on your principa
MBS CLOSE: Slow At First, Gains Accelerate Into Close
Tuesday, December 29th, 2009pPosted To: a href=”/mortgage_rates/blog/”MBS Commentary/a/pIt took a while for markets to decide just what to do after the 5 year auction results at 1pm. Whether there was any actual level of quot;indecisionquot; present is unknown and perhaps unimportant. More likely, what we see in today#39;s charts is the effect of a quot;short covering opportunityquot; being exercised amidst the generally duration-positive month end trading sessions. Talk about quot;duration-positive!quot; Whoo… 2s v 10s approaching 260#39;s again is pretty much unheard of these days. Sure, from a historical standpoint, it#39;s about as steep as the Matterhorn looks on a 5-year-old#39;s first trip to Disney, but in the context of the recent 280#39;s we#39;ve seen, to close out the day at 271.4 is quite the flattener. But, of course, we#39;d be neglecting our own…(a href=”http://www.mortgagenewsdaily.com/mortgage_rates/blog/126399.aspx”read more/a)pdiv style=”background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;”strongForward this article via email:/strongnbsp;nbsp;a href=”http://www.mortgagenewsdaily.com/channels/126399/3/forward.aspx” style=”color:#3333CC;”Send a copy of this story/a to someone you know that may want to read it./div/pimg src=”http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=126399″ width=”1″ height=”1″
MORTGAGE JOB POSTING: GSE Loan File Auditors Needed
Tuesday, December 29th, 2009pPosted To: a href=”/channels/voiceofhousing/default.aspx”Voice of Housing/a/pAs we#39;ve discussed several times in the recent past , the GSE#39;s are actively investigating non performing loan files for breaches of representations and enforcing warranties. What has traditionally been viewed by originators and lenders as a low frequency, moderate severity event (quot;a cost of doing businessquot;) - loan buyback requests are now multi-billion dollar contingent liabilities that command substantial financial and operational resources. Consider that the GSEs alone have roughly $400 billion of non performing loans in aggregate and that equates to roughly 3.5 million files that are in the queue to be reviewed. If you assume that 50% of those files will be contested by the defending originator - theoretically, you are looking at well over 5 million files that will need…(a href=”http://www.mortgagenewsdaily.com/channels/voiceofhousing/126364.aspx”read more/a)pdiv style=”background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;”strongForward this article via email:/strongnbsp;nbsp;a href=”http://www.mortgagenewsdaily.com/channels/126364/3/forward.aspx” style=”color:#3333CC;”Send a copy of this story/a to someone you know that may want to read it./div/pimg src=”http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=126364″ width=”1″ height=”1″
Running Your Own Mortgage Shop: Plan Your Work then Work Your Plan
Tuesday, December 29th, 2009pPosted To: a href=”/channels/community/default.aspx”Community Commentary/a/pldquo;Efforts and courage are not enough without purpose and direction.rdquo; This is a great quote by John F. Kennedy. Owners of small mortgage banking and brokering companies are passionate, energetic and motivated. It takes a certain personality and genetic code to own and operate a business in the mortgage lending space. We deal with a plethora of external and internal issues constantly in an attempt to be profitable all while not taking on too much risk. External issues include volatile interest rates, regulatory minefields and moronic competitors. Internal issues include inadequate liquidity, human resource challenges and cutting edge technology costs. We sometimes might even make business decisions that push the envelope to ensure our survival. As we look at Kennedyrsquo;s quote,…(a href=”http://www.mortgagenewsdaily.com/channels/community/126363.aspx”read more/a)pdiv style=”background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;”strongForward this article via email:/strongnbsp;nbsp;a href=”http://www.mortgagenewsdaily.com/channels/126363/3/forward.aspx” style=”color:#3333CC;”Send a copy of this story/a to someone you know that may want to read it./div/pimg src=”http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=126363″ width=”1″ height=”1″
MBS LUNCH: Bonds Improving Slightly After Auction
Tuesday, December 29th, 2009pPosted To: a href=”/mortgage_rates/blog/”MBS Commentary/a/pAuction Results Are As Follows: 5-YEAR NOTES YIELDS High 2.665 pct Median 2.600 pct Low 2.538 pct PRICE/ACCEPTANCES Price 99.813909 Accepted at high 31.16 pct Bid-to-cover ratio 2.59 AMOUNTS TENDERED AND ACCEPTED (dollars) Total accepted 42,000,036,500 Total public bids tendered 108,683,366,500 Competitive bids accepted 41,890,770,000 Noncompetitive bids accepted 109,266,500 Fed add-ons 1,244,773,200 Primary Dealer Tendered 75,720,000,000 Primary Dealer Accepted 17,995,580,000 Direct Bidder Tendered 7,101,000,000 Direct Bidder Accepted 5,457,370,000 Indirect Bidder Tendered 25,753,100,000 Indirect Bidder Accepted 18,437,820,000 (44% indirect) ————————————————————————————————- Overall, a middle-of-the-road auction with the median…(a href=”http://www.mortgagenewsdaily.com/mortgage_rates/blog/126332.aspx”read more/a)pdiv style=”background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;”strongForward this article via email:/strongnbsp;nbsp;a href=”http://www.mortgagenewsdaily.com/channels/126332/3/forward.aspx” style=”color:#3333CC;”Send a copy of this story/a to someone you know that may want to read it./div/pimg src=”http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=126332″ width=”1″ height=”1″
SP/Case-Shiller: Home Prices Lose Seasonal Support. Momentum Moderating
Tuesday, December 29th, 2009pPosted To: a href=”/news/”MND NewsWire/a/pStandard and Poor#39;s released the Case Shiller Home Price Index this morning. The Samp;P/Case-Shiller Home Price Indices are constructed to accurately track the price path of typical single-family homes located in each metropolitan area provided. Each index combines matched price pairs for thousands of individual houses from the available universe of arms-length single family homes sales data. The indices have a base value of 100 in January 2000; thus, for example, a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical home located within the subject market. In last month#39;s release, U.S. home prices, as measured by the 20 city index rose by 0.3% on a month over month basis, less than the 0.8% gain the market was anticipating. The 10-city…(a href=”http://www.mortgagenewsdaily.com/12292009_s_p_case_shiller_hpi.asp”read more/a)pdiv style=”background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;”strongForward this article via email:/strongnbsp;nbsp;a href=”http://www.mortgagenewsdaily.com/channels/126358/3/forward.aspx” style=”color:#3333CC;”Send a copy of this story/a to someone you know that may want to read it./div/pimg src=”http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=126358″ width=”1″ height=”1″
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