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Mortgage News Daily News Feed
Posted To: Mortgage Rate WatchMortgage rates managed to hold their ground in most cases today. That's a refreshing turn of events considering the forceful move higher seen on Friday afternoon and yesterday. Granted, that spike in rates followed a strong move to the lowest levels in over 5 months on Friday morning, but it was still not fun to see all of Friday's gains erased. In that sense today didn't add any additional insult to injury. Most lenders are right in line with yesterday's latest levels though there are a few who marginally increased costs. That means that borrowers would still likely be seeing the same note rates as yesterday, with Conventional 30yr fixed loans being quoted in a range from 3.75 - 3.875%. To reiterate a point made yesterday, with the exception of last Friday, rates are as low as they've been...(read more)
Posted To: MBS CommentaryBond markets came into the domestic session roughly unchanged, but soon found themselves under pressure. Before 9am, concerns over the day's corporate bond issuance along with advancing equities conspired to push Treasury yields quickly higher. That's "quick," mind you-- not "much." In other words, today's trading range was narrow for multiple sectors. 10yr yields remained between 2.028 and 2.077 with most trading happening between 2.05 and 2.03. Fannie 3.0 MBS were similarly narrow with prices ranging from 101-14 to 101-22. Even stocks had their narrowest trading range since 9/29. Along with the lack of any significant movement, we also didn't have much volume. Perhaps market participants are gearing up for the 3-day weekend (Columbus Day) or perhaps the...(read more)
Posted To: MBS CommentaryOvernight trading was inconsequential for domestic bond markets with both Treasuries and MBS hitting New York hours very close to 'unchanged.' Asian market hours saw very slight gains and European hours marked the onset of the selling pressure. The weakness persisted through 10am, at which point domestic bond markets f ound their cues to hold ground . MBS and Treasuries have been doing a lot of 'follow-the-leader' of late, where the leader could be anything from stock prices to German Bund yields to corporate bond issuance. Indeed part of the more abrupt weakness between 8:30am and 9:00am this morning was in response to the early corporate bond announcements. Apart from the supply/demand justification, a more general consideration is the aforementioned "following."...(read more)
Posted To: MND NewsWireCoreLogic said on Tuesday that its Home Price Index (HPI) including distressed sales rose on a year-over-basis for the 42 nd consecutive month in August. The HPI was up 6.9 percent compared to August 2014, the second month in a row that the annual increase was at that level. The index was up 1.2 percent compared to July. Normal 0 false false false EN-US X-NONE X-NONE As we noted last month, the differential between CoreLogic's two HPIs, one including and one excluding distressed property sales had narrowed to the point of being negligible . The company has apparently discontinued the public reporting of the latter index. Two states posted double digit annual price increases. In Colorado the HPI rose 10.4 percent and in Washington it was up 10.3 percent. The third largest increase, 9.3 percent...(read more)
Posted To: MND NewsWireA loosening of access to GSE (Freddie Mac and Fannie Mae) loans in September, contributed to a slight increase in the Mortgage Credit Availability Index (MCAI.) The Mortgage Bankers Association said that its index increased 0.3 percent in September to a reading of 126.5. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. The index has risen steadily, except for a slight downturn in July, since October 2014. The MCAI consists of four component indices. Of the four , the Conventional MCAI saw the greatest loosening , rising 1.1 percent over the month. The Conforming MCAI was up 0.8 percent. The Jumbo MCAI was unchanged over the month and the Government MCAI decreased 0.2 percent. "Credit availability increased...(read more)