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Mortgage News Daily

• MBS RECAP: Friendly Fed Wins Out Over Econ Data Bounce July 18, 2019
  Posted To: MBS CommentaryIt was a tale of two market movers today as afternoon Fed comments completely reversed an earlier reaction to super strong economic data. The Philly Fed survey blew expectations out of the water and handily crushed last month's numbers across the board. Given that the market holds this report in higher-than-average regard, […]
• Mortgage Rates Lowest This Week Despite Stronger Economic Data July 18, 2019
  Posted To: Mortgage Rate WatchEconomic data and mortgage rate movement go hand in hand. A stronger economy puts upward pressure on rates. A contracting economy helps rates move lower. While this is far from the only source of inspiration, it's indirectly linked to other major sources of inspiration (like Fed policy). Paradoxically, rates managed to […]
• MBS Day Ahead: Bonds Consider New Resistance as Week Winds Down July 18, 2019
  Posted To: MBS CommentaryIn the day just passed, bonds enjoyed one of their best rally days in recent weeks as the stock market endured its 2nd weakest day since May. Stocks weren't the exclusive motivation, but there's no way to pin down cause and effect without descending into conjecture. Leading suspects include a technical bounce […]
• Construction, Broker Products; Lender Flood News; State Farm/Rocket Mortgage July 18, 2019
  Posted To: Pipeline PressThere’s a lot going on out there! Rocket Mortgage is creating new technology that will allow the State Farm agents to offer a Rocket Mortgage loan as a licensed loan originator. Some accounting staff believe their prayers have been answered regarding CECL. The Financial Accounting Standards Board voted Wednesday to propose to […]
• June Closing Rates Highest in 8 Years July 18, 2019
  Posted To: MND NewsWireClosing rates for mortgage loans were at the highest level in June since Ellie Mae began collecting the data in 2011. The company, in its June Origination Insight Report , said 76.8 percent of all loans closed , up from a rate of 75.6 percent the previous month. Closing rates on purchase […]
• NAR Reports Sharp Drop in International Home Purchases July 18, 2019
  Posted To: MND NewsWireThere was a huge decline in foreign investment in U.S. real estate during the 12 months ending with the first quarter of 2019. The National Association of Realtors® (NAR) said the reduction was evident in both the purchases of resident (i.e. recent immigrants) and non-resident foreign buyers and explained the drop as […]
• Mortgage Rates Drop as Bond Gains Accelerate July 17, 2019
  Posted To: Mortgage Rate WatchMortgage rates improved today, depending on the lender and the time of day! Underlying bond markets were only modestly stronger in the morning. As such, the average lender only offered modest improvements over yesterday's rates at first. But as the day progressed, market volatility favored bonds. Once bonds improved enough, many […]
• MBS RECAP: Stocks' Mini-Meltdown Helps Bonds Rally Big July 17, 2019
  Posted To: MBS CommentaryWhat began as a rather unassuming summertime Wednesday quickly turned in to one of the biggest rally days in weeks for bonds. 10yr yields moved more than 6bps lower to end the day well under the important 2.06% technical level and Fannie 3.0 MBS gained a quarter of a point. Although there […]
• June Construction Numbers Tried to Hang on, But Failed to Impress July 17, 2019
  Posted To: MND NewsWireThe residential construction numbers in June were expected to come in largely in the same neighborhood as in May. Analysts however got it only half right. While starts fell fractionally, permits took a dive, falling by 6.1 percent compared to the previous month. The U.S. Census Bureau and Department of Housing and […]
• Comp, Broker, Compliance Exam Products; F&F Changes; The Fed and Rates July 17, 2019
  Posted To: Pipeline PressI encounter plenty of people in the mortgage biz, from part-time receptionists to owners, who are focused on helping consumers. It’s a good thing! And they ask me about consumer education. (“Have you ever heard of a class for anyone on home buying or the home loan process?”) One solution, and this […]