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Mortgage News Daily News Feed
Posted To: MBS CommentaryMost of the conceptual analysis of today's action was already covered in the Mid-Day . There were no significant developments into the afternoon, but bond markets continued to rally in linear path. If there had been any argument to be made for connectivity between stock prices and bond yields, it went out the window in the afternoon as stocks swung wildly lower and higher without so much as a passing glance from bond markets. 10yr Treasuries hit their official 3pm close 3bps lower at 2.58. Fannie 3.5s are 9 ticks higher and still climbing with an hour left. These levels are notably in line with those seen before this week's FOMC events. In fact, MBS just ticked to their best levels of the week. Most lenders released positive reprices in the afternoon, but rates remained in line with...(read more)
Posted To: Mortgage Rate WatchMortgage rates moved slightly lower today after hitting the highest levels in more than 4 months yesterday. There were no significant economic events providing guidance today. This actually makes the strength more meaningful as the absence of big-ticket events left bond markets to their own devices. In that sense, the rally was more of a conscious choice. Rate quotes fell back in line with those seen on Monday. Most borrowers will see the changes in the form of closing costs as the move wasn't big enough to affect rates themselves. 4.25% remains to most prevalently quoted conforming 30yr fixed rate for top tier scenarios. This week ends on a bittersweet note. On one hand, Friday's loan costs improved at the best pace of the entire month. On the other hand, not only was it a small improvement...(read more)
Posted To: MND NewsWireIn its latest Mortgage Lender Sentiment Survey Fannie Mae detected an interesting switch in attitudes and opinions in two areas. The third-quarter survey, the third since Fannie Mae originated the series last March, found that large lenders expect to see their underwriting standards ease over the next three months. Perhaps not coincidentally, the share of lenders of lenders, regardless of the size of the institutions they represent, who expect the demand for purchase mortgages to go up over the next three months dropped by 26 to 33 percentage points depending on the mortgage type. The largest decline in expectations was for GSE-eligible loans where the percentage of respondents expecting borrower demand to increase fell from 54 percent in the second quarter to 21 percent. The other categories...(read more)
Posted To: MBS CommentaryBoth MBS and Treasuries are back in line with trading levels from the close of business on Tuesday. Today's gains have been moderate during the domestic session, but border on extreme if we cound the overnight session. For example, 10yr yields were as high as 2.655 and are now down into the 2.5's. That's not the kind of movement we typically see on a day without any significant events to motivate trade. So what's motivating trade then? As I said in Wednesday's commentary after the Fed announcement, there have been other factors in play that could easily outweigh the anticlimactic response to the Fed. Several of these factors are now conspiring to give us a boost. We'll talk more about these in the coming week, but here's a short list for now. First up on the 'short'...(read more)
Posted To: Pipeline PressArrgghh... I read in Pirate Quarterly that you could take the entire human population of the earth, put it inside of Texas, and it would still be less crowded than New Yorrrrk City. (So I checked. NYC is 469 square miles, 8.3 million people, so 17,700 people per square mile! Texas is 268,820 square miles, which at 17,700 people per square mile would accommodate 4.75 billion people.) But there are 7.2 billion of us. Fortunately Alaska is twice the area of Texas, so at least we can say one state would hold the earth's population at the same density as Manhattan. For something a little more relevant, check out this cool mortgage map . It shows lending trends over the last several years here in the United States (click on "interactive map" in the text to watch it). In 2002 I remember looking out...(read more)