Mortgage News Daily:
Relentless Surge in Mortgage Rates
9/27/2023 4:10 PM
It"s with no great pleasure (none of any kind, for that matter) that we find ourselves in a position to report, yet again, that mortgage rates have sailed decisively to another new multi-decade high.  Today"s installment is fairly unpleasant given that the average lender actually began the day in slightly stronger territory only to be forced t...Read More
What is "Repricing" in The Broader Context, And How is it Moving Markets?
9/27/2023 2:36 PM
What is "Repricing" in The Broader Context, And How is it Moving Markets? We"ve been here before and we"ll be here again, but each time feels like a surprising new twist on what we think we know about bond market motivations.  The key word is "repricing," and we"re not talking about lender rate sheets....Read More
All Good Things Must Turn Bad
9/27/2023 11:26 AM
Normally, when the bond market is in a pervasive selling trend, we"ll see a day or two of reprieve amidst the carnage.  Frequently, such days are friendly enough to lead to questions about whether they"re evidence of a bounce.  At the very least, when trading levels are much stronger on the morning after several days of big sell...Read More
Verification, Credit, Servicing, Automated QC, POS, DSCR Products; Events and Training Fast Approaching
9/27/2023 9:44 AM
Today I head to Phoenix area for the AzAMP annual conference, and am reminded that, “Change is inevitable, except from a vending machine.” The mortgage industry is constantly changing, although Freddie and Fannie have been a somewhat stabilizing influence. But explaining to someone not in the mortgage business what they, the government sponsored en...Read More
Highest Rates in Decades Cut into Mortgage Volumes
9/27/2023 6:12 AM
The highest mortgage rates in 20+ years drove another decline in mortgage applications during the week ended September 22. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, decreased 1.3 percent on a seasonally adjusted basis from one week earlier and fell by 2.0 percent on an una...Read More
Mortgage Rates Barely Budge at Long-Term Highs
9/26/2023 3:28 PM
In terms of day-over-day changes, today"s mortgage rate movement was forgettable.  The average borrower wouldn"t see much of a difference from yesterday"s rates at the average lender.  In both cases, those rates would be at or near the highest levels since 2001. The underlying bond market experienced a bit more drama.  The early mor...Read More
Stronger Start, Weaker Finish, No Real Reason
9/26/2023 3:25 PM
Stronger Start, Weaker Finish, No Real Reason Bonds improved in the overnight session, but reversed course the moment that the US bond market hit the 8:20am CME open.  The selling wasn"t intense, but it was consistent from that point on.  10yr yields ultimate set new long term highs just over 4.56...Read More
New Home Sales at 5 Month Lows; Still Much Higher Year-Over-Year
9/26/2023 1:11 PM
August sales of newly constructed single-family homes failed to match the robust numbers from July but were significantly better than those a year earlier. The U.S. Census Bureau and Department of Housing and Urban Development said last month’s sales were at a seasonally adjusted annual rate of 675,000, the lowest since March and an 8.7 percent dec...Read More
Bond Market Continues "Repricing"
9/26/2023 11:12 AM
The seemingly never-ending sea of red continues.  And for good measure, this one began with a bit of hope in the form of an overnight rally that got 10yr yields back below 4.50%. Not one moment after the official end of the overnight session, domestic traders started selling, pausing only briefly for the 9:30am NYSE open before taking yields t...Read More
Home Price Appreciation Continues Defying The Odds
9/26/2023 10:16 AM
Home prices have resumed their upward climb despite mortgage rates that have doubled post-COVID. According to Craig J. Lazzara, Managing Director at S&P CoreLogic Case-Shiller Indices, the National Index for July hit an all-time high. That index, which covers all nine U.S. census divisions, rose 1.0 percent from the previous July, after postin...Read More