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Posted To: MBS CommentaryHeading into the close at much stronger levels this afternoon, it would be easy to overlook the fact that bond markets were weaker overnight (following the Bank of Japan's underwhelming policy announcement) and remained in weaker territory right up to the 8:30am GDP release. Who knows how momentum would have shaped up had GDP come in stronger than expected? While a weaker economy is unfortunate, its effect on interest rates is the opposite. Bonds rallied purposefully after the +1.2 vs +2.6 percent GDP miss (not to mention the revision to the previous quarter from 1.1 to 0.8), coasting to a sideways and slightly stronger stop in the early afternoon. Things stayed sideways until 2pm, at which point month-end bond buying momentum took over, nearly matching the strength of the post-GDP gains...(read more)
Posted To: Mortgage Rate WatchMortgage rates enjoyed another strong day, falling to the best levels in exactly 2 weeks. Rates were actually set to move higher early this morning, but a much weaker-than-expected reading on Q2 GDP helped drive demand for bonds. Better buying pushes bond prices higher and rates lower. The strength in bond markets gave lenders the peace of mind needed in order to offer even better terms than yesterday. The most prevalent conventional 30yr fixed rate is quickly returning to 3.375% on top tier scenarios. Next week brings important economic data, including the big jobs report on Friday. The overall tone of that data should help determine whether rates will continue building on the past 2 days of positive momentum. The conservative approach would be to lock in the gains with rates at 2-week lows...(read more)
Posted To: MND NewsWireThe Consumer Financial Protection Bureau (CFPB) is proposing changes to its Know Before You Owe Mortgage Disclosure Act, usually referred to in the industry as TRID. CFPB said the changes are intended to formalize guidance about the rule and provide greater clarity and certainty. The Bureau is invited written comments on the changes until October 18. The TRID rule took effect on October 3, 2015 after several delays. The rule and associated disclosure forms were designed to provide borrowers with clear and consistent information about the mortgage loans they are receiving and limits changes that can be made to the original loan estimate. Proposed changes include: Tolerances for the total of payments: Prior to the implementation of TRID the total of payments disclosure was determined using the...(read more)
Posted To: Pipeline Press"Buy land - they're not making any more of it." And the reverse is happening in Louisiana. Say what you want about global warming, or inappropriate levy building, the fact is that the state is watching a football field-sized piece of land disappear under water every hour. Per the Smithsonian Magazine Louisiana is losing 75 square kilometers of coastal terrain every year. And in California this article points out a mining company is "stealing a beach. The International Monetary Fund and US regulators have given Deutsche Bank heat for risks posed by its 42 trillion euro derivatives portfolio, which among other factors contributed to it failing Federal Reserve stress tests. Analysts wonder if Deutsche Bank would do well to abandon its US businesses, but it has little else generating...(read more)
Posted To: MND NewsWireHomeownership rates, which have been declining since the end of the housing boom, hit an a ll-time low in the second quarter of 2016 . The rate at the end of the period was 62.9 percent on a non-seasonally adjusted basis compared to 63.5 percent in the first quarter and 63.4 percent in the second quarter of 2015. This information was contained in the Residential Vacancies and Homeownership report for the second quarter issued by the U.S. Census Bureau. There is some seasonality to homeownership rates and the seasonally adjusted rate for the quarter was 63.1 percent compared to 63.5 percent the first quarter and 63.6 percent a year earlier. It was also the lowest seasonally adjusted rate on record. The Census Bureau only began collecting data on homeownership in 1995 . The unadjusted rate peaked...(read more)