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Mortgage News Daily News Feed
Posted To: Mortgage Rate WatchMortgage rates are fairly hilarious today, though they're not hilariously higher or lower than they were on Friday. Rather, the entertainment comes from the fact that rate sheets across multiple lenders are as close to the previous business day's rates as any other day of 2014. That's incredibly uncommon, but it stands to reason given the fact that markets are fairly flat and market participants increasingly tune out on big holiday weeks. Perhaps the thesis here is that while we should generally expect muted movement on a day like today, the extent to which today's movement is muted goes beyond our wildest expectations. If lenders aren't essentially saying they've tuned out for the week, it's quite the coincidence. Naturally then, last Friday's 3.875% remains firmly intact as the most prevalently...(read more)
Posted To: MBS CommentaryIt's a real snooze-fest out there, folks. Volumes were already dropping to nearly half of their recent average by Friday, and will be lucky to break the one-third mark today. Both Treasuries and MBS are having an "inside day," meaning the entirety of the trading range is taking place inside the trading range from the previous session. Pointing out inside days is a quick way for market participants to comment on the lack of volatility and momentum. Treasuries were slightly (but inconsequentially) weaker overnight, resulting in a modestly weaker open for MBS as well. Both quickly corrected into the domestic hours and have been holding in very slightly negative territory. Existing Home Sales came in quite a bit weaker than expected, but as a testament to just how broken financial...(read more)
Posted To: MND NewsWireExisting home sales in November fell far short of sales the previous month according to today's report from the National Association of Realtors® (NAR). Sales in November were at a seasonally adjusted annual rate of 4.93 million units, the lowest since May's 4.91 million unit pace and a 6.1 percent decline from the previous month. November sales were still 2.1 percent higher than a year earlier, the second consecutive month of year-over-year gains. October was a banner month for existing home sales with volume originally reported at an annual rate of 5.26 million units. Despite the slight downward revision to 5.25 million reported today October remains the best month for sales since September 2013. Existing home sales are completed transactions which include sales of single-family homes...(read more)
Posted To: Pipeline PressIt's Christmas-time, and we are all seeing plenty of logos out there. Those graphic design people are pretty clever, and plenty of logos have hidden, or not so hidden, symbols that are worth glancing through. But many know that yesterday was the Winter Solstice - and we'll see more daylight here in Northern Hemisphere going forward. This is a good thing for folks in places like Anchorage (sunrise 10:15AM, sunset 3:30PM) or Bismarck ND (sunrise 8:30AM, sunset 4:45PM). It is also the time of year when Wisconsin and Minnesota fishermen there like to say "Visit our beautiful ice holes" For a quick public service announcement, the NMLS Testing & Education Department regarding the Requirement to Issue Course Completion Certificates and Credit Bank on Time can be viewed on the NMLS Newsletter...(read more)
Posted To: MBS CommentaryThe last two weeks of December are not a time where most market participants are thinking about trading opportunistically. Rather, there tends to be a 'housekeeping' vibe, where traders are simply doing whatever it is they need to do before the end of the year, and--more importantly--before there aren't enough counterparties around to trade with. Dwindling participation will be a fact of life right from the outset this week. Morning data and afternoon Treasury auctions will keep some bond market folks around for the first three days of the week, but again, if they're not skeleton crews, they'll be trading like it. Consequently, there's nothing much to be done from a mortgage market origination standpoint other than to react as needed , assuming you're still here...(read more)