Mortgage News Daily:
Mortgage Rates Still Rising, But at a Slower Pace
2/7/2023 3:35 PM
The majority of January was characterized by sharp decline in mortgage rate volatility and the lowest rates in several months, the first week of February has done its best to erase that progress.  This is a process that began in earnest after last week"s jobs report, but it continued into the current week.  Part of the reason for yesterda...Read More
Bonds Tried (And Failed) to Sustain Post-Powell Rally
2/7/2023 2:19 PM
Bonds Tried (And Failed) to Sustain Post-Powell Rally After much anticipation and defensive positioning, the bond market was finally able to hear from Powell in a less formal setting this afternoon--and importantly, AFTER last week"s jobs report.  The initial reaction was positive.  Powell said th...Read More
Core Logic Sees Smaller Home Price Losses Ahead Despite Some "At-Risk" Markets
2/7/2023 1:08 PM
The FHFA and S&P Case Shiller published home price index data last week for the month of November.  Both showed moderate month-over-month declines offset by still-high year-over-year numbers.  Today"s CoreLogic home price data paints a similar picture (but for the month of December) with a modest 0.4% decline month-over-month and a 6....Read More
Reverse, Servicing Products; Wholesaler News; Bill Cosgrove on Origination Costs
2/7/2023 8:44 AM
“Ain’t I rough enough? Ain’t I tough enough?” Ain"t I rich enough? In love enough?” So Mick Jagger sang. This can apply to many parts of life, but in this case it seems that it is not enough for CRA (Community Reinvestment Act) requirements to apply only to depository institutions. CRA battles within the states are alive and well that apply to non-...Read More
Eagerly Anticipating Powell"s Q&A
2/7/2023 8:11 AM
In the wake of last week"s strong economic data on Friday and follow-through weakness in overseas markets, traders are gearing up for additional Fed rate hikes.  They figure they can get some sort of comment on those conclusions in a Q&A session with Fed Chair Powell today (previously scheduled) at the Economic Club of Washington.  Th...Read More
Mortgage Rates Jump to Highest Levels in a Month
2/6/2023 2:34 PM
Mortgage rates were already under quite a bit of pressure on Friday following the stunningly strong jobs report in the morning.  Strong economic data is generally bad for rates.  One reason for that is the data"s impact on decisions made by the Federal Reserve.  This is especially true of the jobs report. A strong labor market sends...Read More
Suddenly Scared About Powell and Supply
2/6/2023 2:23 PM
Suddenly Scared About Powell and Supply Most of today"s market movement was in the books within the first half hour of domestic trading.  As such, the end of day thoughts don"t add much to the AM commentary.  Long story short, global markets are suddenly scared of what Powell may have to say at Tu...Read More
Black Knight Sees Home Price Gains Turning Negative Soon
2/6/2023 12:36 PM
Black Knight’s Mortgage Monitor for December highlights a continuation of recent home price declines, an overview of current loan performances, rate lock activity, and buyer use of buydowns. December saw the sixth straight monthly decline in Black Knight’s Home Price Index (HPI). The seasonally adjusted index fell 0.45 percent from November , rou...Read More
Warehouse, Credit Measuring Tools; Non-QM Products; Disaster News; Securitization Court Ruling
2/6/2023 8:50 AM
I travel a fair amount via commercial airplane. (Greetings today from Ft. Lauderdale; this afternoon it’ll be Chicago.) But forget traveling in heavier-than-air-craft: there are people who live in airplanes! Meet Jo Ann, a beautician. Let’s see this baby appraise out for a refi! But the price is right for anyone willing to make the effort, as airpl...Read More
Bonds Begin New Week on The Defensive
2/6/2023 8:47 AM
Friday"s strong jobs report and ISM data caused obvious, immediate problems for rates, but bonds held their ground fairly well all things considered.  As the new week began, Asia took its turn selling Treasuries before strong European data added to the pressure.  Traders are apprehensive about this week"s bond market supply (both Treasury...Read More