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| 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 | ||