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Home mortgage rates and real estate news -

Should I get a fixed- or adjustable-rate mortgage?

Read full story for latest details.

Looking for a home in Berlin or Budapest? Prepare to pay more

Europe took 11 of the top 20 spots on a ranking of cities with the largest price increases in the first quarter, according to global property agency Knight Frank.

What will your monthly mortgage payment be?

In the market for a new home? Or planning to refinance? Find out what your monthly payment will be.

Zillow buys a mortgage lender and the stock tanks

Real estate information site Zillow is no longer content to just be the place you go to in order to see what your house is worth. The company just bought a mortgage bank. But Wall Street is nervous about the move into home loans.

Is Manhattan's rental market finally cooling off?

Rent prices in Manhattan are slowing down and landlords are offering concessions as inventory on the island grows.

Housing market remains strong, despite mortgage rate worries

Homebuilder Lennar reported sales and profits that topped forecasts and indicated there is still healthy demand for new homes despite rising mortgage rates.

Was my home a good investment?

Calculate the return on your home and how it compares to returns on stocks, bonds and overall home prices.

Why West Coast home prices are surging

The hottest markets are in the West, and it's creating an affordability issue.

What to spend money on (and what to DIY) as a new homeowner

Angie Hicks, co-founder of Angie's List, talks about how to keep your costs in check as a new homeowner.

He made $400,000 flipping a house

Read full story for latest details.

How to save $9,000 on your mortgage

Read full story for latest details.

It's tough to be a homebuyer in Seattle

Read full story for latest details.

Are you ready to buy a home?

Read full story for latest details.

Home Depot's sluggish sales may be warning sign for housing

Home Deport reported sales growth that missed Wall Street's forecasts. The company specifically cited a 'slow start' to spring as a problem. Bad weather did hurt sales. But rising mortgage rates might be a bigger problem going forward.

Even rising mortgage rates won't stop homebuyers

Read full story for latest details.

Home prices are on an epic run

Real estate prices posted an annual gain of 6.3% in February, and have been rising continuously for the past 70 months.

How these hurricane-ravaged states have avoided a housing disaster -- so far

An expected deluge of hurricane-related foreclosures has so far been avoided, thanks in part to new provisions by federal agencies and regulations imposed after the financial crisis.

5 ways to afford your first home

Read full story for latest details.

London's property market is in a coma

London experienced years of booming property prices. But the market has now ground to a halt.

This Texas military town has nearly closed the black and white homeownership gap

Killeen, Texas is a relative oasis of racial parity when it comes to homeownership. The reason: Fort Hood. Real Estate

Gardens and Mountains in Australia

This luxury period-style home on more than 50,000 square feet of land has a national park out the back door and is just a 90-minute drive from Sydney.

The Challenges of Selling a Hollywood Home

In Los Angeles, an abode that has housed generations of Hollywood legends can be the ultimate status symbol, but there are complications when it is time to sell.

Hollywood Producer Joel Silver Sells Malibu Home for $38 million

Joel Silver, producer of the “Die Hard” and “Matrix” film franchises, sold his Malibu, Calif., home on Carbon Beach for $38 million.

Ziff Family Florida Compound Is Seeking Almost $200 Million

Known as “Gemini,” the nearly 16-acre estate south of Palm Beach is one of the highest priced listings in the country

An Apple Manager's Headquarters for High Jinks

A creative director crafts a San Francisco home dedicated to daring, whimsy and fun.

Japan's Creative, Ephemeral Homes

Buyers value new, highly personalized houses—forget resales. This model has one happy side-effect: a flourishing of some of the world’s most wonderfully bizarre architecture.

Soho Penthouse Seeks $29.995 Million

The seller is Jon Venetos, the former head of Surveyor Capital, which is part of hedge-fund giant Citadel.

Developers Put on the Glitz for Busy Fall Selling Season

Increasingly, developers use a wide range of splashy affairs to promote luxury residential real-estate sales in autumn, the most important sales period after spring.

Microsoft Opens Flagship Store on Fifth Avenue

Microsoft will step onto one of the world’s biggest retail stages Monday when it opens its Fifth Avenue store in Manhattan as part of its strategy to boost direct contact with consumers.

A Resnick Scion Strikes Out on His Own

With a new Chelsea condominium that’s 80% sold, Scott Resnick shows he’s up to the challenge of developing residential projects on his own.

Shopping Mall Developer Taubman Dies

A. Alfred Taubman, the self-made billionaire who cemented the enclosed shopping mall into American culture has died. He was 91.

Fannie, Freddie to Lower Fees

The Federal Housing Finance Agency is set to direct Fannie Mae and Freddie Mac to reduce mortgage fees on some borrowers.

An App That Helps Glimpse the Future

Rokitt’s augmented-reality technology helps architects and residents see a skyline’s potential.

What's the Deal

A roundup of real-estate news in the tri-state region

New York's Institutional Building Spree

Projects by schools, hospitals and others more than tripled in the first half of this year compared with a year earlier.

Stonewall Inn, Historic Gay Site, May Become New York City Landmark

The city Landmarks Preservation Commission is scheduled to hold a hearing Tuesday on designating the Stonewall Inn as an individual landmark for its pivotal role in New York City’s social history.

Red Berries Are Coming Back to New Jersey

In a sign of the changing beverage market, a longtime plant and distribution facility of juice maker Ocean Spray Cranberries Inc. will soon be home to the company Bai Brands, which produces drinks made from the coffee fruit.

Rent Regulations Expire as Deal Eludes Lawmakers

New York City’s rent regulations expired at midnight Monday as Albany lawmakers couldn’t agree on how to renew a law that afforded protection to more than two million people.

A House Made for a Sailor

The Kroeses are selling their waterside home in Westbrook, Conn., designed to complement lives spent largely on sailboats. The nautically themed home is on the market for $1.975 million.

Group Wants Parking Lots Converted to Elderly Housing

A study by the advocacy group LiveOn NY has identified 39 parking lots in the five boroughs that it says are underused and would be better used as housing for seniors.

What's the Deal: News Digest

A round-up of commercial real-estate news in the Greater New York region.

Rent a Desk, or Bathroom, in New York City With an App

A slew of innovative app-based services help New Yorkers instantly book short stints at the smallest of city spaces—a bathroom, a living room, an office. Need a pit stop? Try Airpnp.

In Franklin Lakes, People Tend to Stay Awhile

The affluent New Jersey community, population 10,600, is about 25 miles from Manhattan. Residents are drawn by its well-regarded public schools, relatively low property taxes and bucolic atmosphere.

Avison Young Hires Big to Accelerate Growth in New York

A. Mitti Liebersohn has left his longtime brokerage team at JLL to join Avison Young’s New York office.

What's the Deal: News Digest

A roundup of real-estate news in the Greater New York area.

Designers Put Cork in It

Once dismissed as cheap and ugly, cork is becoming cool as top designers create pieces that are not only sustainable, but covetable.

Five Midcentury Homes for Interiors Inspiration

Take a tour of these classic residences, including Modernist designer Eileen Gray’s 1929 villa, now open to the public after years of restoration.

Design's Best-Kept Secret: Eames Radios

Collectors are tuning into radios designed by Charles and Ray Eames—a more accessible way to own an original by the midcentury masters.

Basic Home Essentials That Are Anything But Ordinary

Even if you aren’t ready for Marie Kondo’s life-changing magic, you can still embrace the beauty of simplicity by investing in items that are functional and stylish.

Five Fresh Spring Vases

Choose the perfect vase to display those long-awaited spring flowers at their best.

Ways to Give Your House Away

Anyone inspired to donate their home to charity should know that the tax rules are complicated.

Chita Rivera on the Leap That Launched Her Dance Career

The actress/dancer was a tomboy who grew up in a lively Washington, D.C., home.

Comedian Mike Myers Lists New York Duplex for $16.95 Million

The “Austin Powers” creator purchased the 4,200-square-foot penthouse in Soho for roughly $7.9 million in 2007

Philadelphia Penthouse Is Listing for a Record $17.6 Million

Under construction, the apartment has the highest asking price in the city.

Where Luxury Homes Sell the Fastest

An analysis of home listings over a two-month period identifies San Jose, Calif., as the place where home buyers need to act quickly.

Extreme Closet Makeover

A look inside the $85,000 closet renovation of a California doctor.

Westchester's Priciest House Is Listing For $29.5 Million

The 98-acre property in Mount Kisco, N.Y. was once owned by showman Billy Rose

Advantages of a One-of-a-Kind Home

Homes with a special feature that is no longer allowed under local building rules may give owners an edge when it’s time to sell.

The French Riviera at a Bargain

There are rare deals in glittering Cap d’Antibes, the onetime party spot of F. Scott and Zelda Fitzgerald.

Barcelona's Draw as 'Urban Resort'

Spain’s second city is luring new home buyers who like the city-and-surf lifestyle of the coastal metropolis.

After Foreclosures, Home Buyers Are Back

Many who lost their homes during the early part of the financial crisis are rebounding after credit-penalty phase.

Sportswear-Maker Puma to Open New York Flagship

Germany’s Puma has signed a lease deal to creating a marquee location on Fifth Avenue that will be the first of its kind for the company in North America.

Kushner Cos., Brookfield Near a Deal for Stake in 666 Fifth Ave.

The real estate arm of Brookfield Asset Management is in advanced talks with Kushner Cos. to buy roughly a 50% stake in 666 Fifth Ave. and invest hundreds of millions of dollars in the Manhattan office tower, which has been at the center of a controversy over possible conflicts of interest involving Jared Kushner, President Donald Trump’s son-in-law and adviser.

Sign of the Times: New Office Space Created in Retail's Tumult

Normandy Real Estate Partners’ $133 million deal for the upper portion of ABC Carpet’s flagship store is an example of office space edging into territory that once was retail’s domain.

Want to Buy a Luxury Hotel in the U.S.? Try China's Insurance Regulator

When Chinese regulators seized control of Anbang Insurance, they took ownership of more than a dozen luxury U.S. hotels. Now, as the government looks to sell, it faces a problem: The buildings likely are worth less than what Anbang paid only a couple of years ago.

Mortgage News Daily

MBS RECAP: Bonds Ignore Stocks to Hold Steady on The Week

Posted To: MBS Commentary

10yr yields ended the week at almost exactly where they began. With the exception of Tuesday, bonds closed within 1.5bps of each other on the other 4 days this week. Tuesday was only 2bps higher and gave way to an overnight rally that restored the range anyway! Long story short, for all the hullabaloo about Turkey/China/Etc. it was a really quiet week. Part of the issue is that Turkish shockwaves had their fun last week, but even then, it's not as if bonds are making big moves in the bigger picture. If bonds aren't moving, perhaps we can find something interesting to say about something that IS moving and that usually has an effect on bonds. Granted, I'll be the first to point out that the stock market should never be seen as a bond market indicator, but if we want to keep track...(read more)

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Mortgage Rates Almost Perfectly Unchanged This Week

Posted To: Mortgage Rate Watch

Mortgage rates were almost perfectly unchanged today. That leaves them right in line with last Friday's levels. I devoted a considerable number of words in yesterday's article to explaining why most other articles about mortgage rates were inaccurate yesterday. Suffice it to say that the absence of change compared to last Friday fully drives home the point I was making. In short, due to the primary source data that most news organizations use for their big mortgage story each week, the average article proclaimed a nice drop in rates. In actuality, that drop happened at the end of last week. From there, rates have barely budged. These rates aren't the worst we've seen and they're not the best. They're pretty comparable to most of the past few months. You'd have to go back to May 2018 to see...(read more)

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Fannie Mae Research: Housing, What a Drag?

Posted To: MND NewsWire

Fannie Mae's monthly Economic Development papers always have the best headlines, pithy and to the point. The August one reads. "Growth Picks Up as Expected, No Thanks to Housing." Sort of says it all. The company's Economic and Strategic Research (ESR) Team is upgrading its estimate of third quarter growth based on the acceleration of headline economic growth in the second quarter. Consumer spending and net exports drove the action although business inventories declined and dragged on growth. So too did residential investment, which had a negative impact for the fourth time in five quarters, subtracting 0.04 percentage point from the GDP. The residential investment component includes homebuilding, renovations, and brokerage commissions. Home building was lackluster, posting the largest monthly...(read more)

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MBS Day Ahead: Checking In With Bigger Picture (Treasury vs MBS)

Posted To: MBS Commentary

It may end up being a slow, summertime Friday with the news cycle calming down relative to earlier in the week, not to mention the fact that its peak vacation season (traders take vacations too, ya know!). That gives us a moment to step back and reflect on some bigger picture trends . US rates have been playing Red Light, Green Light with global risks all year. If they had their way, they'd continue moving higher, but they slowed their roll and settled into a more gradual pace after the Italian political drama in the middle of the year. The weeks leading up to the Italian drama ended up looking like a big, temporary breakout of what would eventually become the sideways-to-slightly-higher range. Subsequent global risks haven't measured up to Italy in terms of bond market impact. Trade...(read more)

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Second Quarter Loan Performance Shows Steady Improvement

Posted To: MND NewsWire

Loan performance continued to improve in the second quarter. The overall delinquency rate on one-to-four-unit residential properties fell to a seasonally adjusted rate of 4.36 percent of all loans outstanding at the end of that period, a 27-basis point (bp) decline from the first quarter of this year. The National Delinquency Survey conducted by the Mortgage Bankers Association (MBA) found delinquencies in all stages were lower than during the first quarter; the 30-day delinquency rate dropped 2 bps while the 60-day and 90-delinquency buckets dropped by 8 and 18 bps respectively. The overall rate, however was up 12 bps from the second quarter of 2017. The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure. The share...(read more)

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Flagstar/Fed News; FHA, VA, Ginnie Program Updates; New Lender Products

Posted To: Pipeline Press

Capital markets folks know that there are billions of dollars of outstanding 5, 6, 7, and even 8% securities filled with high interest-rate loans. LOs know that they aren’t paying off/refinancing. One possible reason? Despite the headlines talking about housing appreciation outpacing wages, about 10% of all U.S. homes with a mortgage are “seriously underwater.” These are homes where the balance on the loans are 25 percent higher than the actual market value of the home. There are 5.5 million seriously underwater properties in the U.S. , but some areas are harder hit than others. In Louisiana, 21.7 percent of homes are seriously underwater, 18.5 percent in Illinois and 17.8 percent in Missouri. Some zip codes are particularly dire: 65809, in Springfield, Missouri has 81 percent...(read more)

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MBS RECAP: Bonds End Unchanged After Mid-Day Scare

Posted To: MBS Commentary

Treasuries were weaker at the start of the overnight session as renewed US/China trade negotiations propelled global equities markets higher. The hallmark of yesterday's overnight session was a sharp drop in Chinese stock futures which spilled over to US markets throughout the day. In other words, today was a reversal of yesterday. Granted, the trade-related news wasn't the only motivation, but it was definitely in play when Chinese equities opened at 9:30pm. Before that, there were some positive undercurrents in place from the morning's economic data. An exceptionally and surprisingly weak Philly Fed Index fueled a moderate rally at the that lasted until the 9:30am NYSE Open. From there, US equities took over as the key guidance-giver for bonds. Stocks spiked at the open and Treasury...(read more)

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Mortgage Rate Misinformation Run Amok!

Posted To: Mortgage Rate Watch

Be careful what you read--or perhaps, who you trust--about mortgage rates today. There's a lot of misinformation out there. Don't be mad. No one is out to get you. No one is out to intentionally deceive you (at least not when it comes to today's mortgage rate news. Rather, the misinformation is a byproduct of a few unfortunate realities that we contend with on a regular basis. The first reality is that Freddie Mac's weekly rate survey is widely relied upon by media outlets. There's nothing wrong with Freddie's data as long as you understand what you're getting. It is a stale, loosely accurate report of what a few lenders are offering on a few days of any given week. Over time (preferably, a LONG time), it does a nearly perfect job of capturing the ups and down in mortgage rates. The problem...(read more)

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Purchase Origination Share Remains at Survey High

Posted To: MND NewsWire

Purchase loans held on to the June share of 71 percent of closed loans in July which remains the highest share in the seven-year history of Ellie Mae's Origination Insight Report . Refinances also held steady, remaining at 29 percent although the percentage of refinancing through the VA gained 2 percentage points to 25 percent. Conventional and FHA stayed at 31 and 19 percent respectively. The distribution of new loans remained the same as in June as well, with 66 percent of originations going to conventional loans, 20 percent FHA, and VA loans accounting for 10 percent. The share of Adjustable Rate Mortgages (ARMs) dropped to 6.6 percent from 6.9 percent the previous month. "The purchase market remained solid in July and as we see inventories rise, we might begin to see a transition to a buyer...(read more)

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MBS Day Ahead: Turkey Causing Road Rage; Another Look at Moving Average Misdirection

Posted To: MBS Commentary

I found myself driving in the truck for more than an hour yesterday evening--long enough to hear the news cycle repeated several times. During that time, I was emphatically warned about this " new " and " surprising " issue of Turkey's financial crisis. Apparently this has the potential to send shockwaves through global financial markets. Other people get road rage when other drivers are less than courteous, or due to ridiculous traffic perhaps. I get road rage when news radio misses the mark on financial market movers. I explained this to the officer that pulled me over for ostensibly making menacing gestures toward other drivers. He was going to give me a ticket anyway until I pulled out the laptop to put together the following chart for him. After he saw it, he apologized...(read more)

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Construction Numbers Post Sluggish Recovery

Posted To: MND NewsWire

As analysts had predicted, both housing permits and starts recovered , albeit only slightly, in July after a poor showing the previous month. The U.S. Census Bureau and the Department of Housing and Urban Development now report that housing permits are being issued at a pace higher than in 2017, but housing starts are still lagging the earlier number. Permits for privately owned residential construction were issued in July at a seasonally adjusted annual rate of 1,311,000 units. This is an increase of 1.5 percent from the June rate of 1,292,000 (revised from 1,273,000 units). July's permitting rate is now 4.2 percent higher than that of July 2017. Analysts polled by Econoday had predicted permits would be at a rate ranging from 1,280,000 to 1,325,000. Their consensus was slightly below the...(read more)

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Tech and Vendor Updates; White Paper on Reasons for Margin Compression

Posted To: Pipeline Press

Trillions of dollars of securities are tied to LIBOR, but the London Interbank Offered Rate is scheduled to be phased out at the end of 2021. Companies servicing adjustable rate mortgages tied to LIBOR are concerned, understandably, about the transition to another index. So far, the front runner substitute seems to be the Secured Overnight Financing Rate. Floating-rate bank bonds tied to SOFR could be brought to market within months . A name to watch: TD Securities. TD Bank has aided issuance of SOFR-based bonds from the World Bank and Fannie Mae. Technology and Vendor News Lenders can now participate in STRATMOR’s Technology Insight Study, a unique STRATMOR study that gets at the heart of the mortgage technology experience from the lender’s viewpoint. perspective. Time is running...(read more)

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Economic Environment Depressing Millennal Homeownership

Posted To: MND NewsWire

It shouldn't be news to anyone that the homeownership rate of the Millennial generation continues to be anemic. While it has improved slightly since 2015, the Urban Institute's (UI's) new research shows that, at that point it was 37 percent, 8 percentage points lower than the homeownership rate of Gen Xers and baby boomers at the same age. This translates into 3.4 million fewer homeowners among these 75 million young adults. UI researchers Laurie Goodman, Jung Hyun Choi, Jun Zhu, writing in the Institute's Urban Wire blog, say that demographic and lifestyle choices, delayed marriage, increasing diversity, have played a role in the decline, it is the economic environment that has been most determinative. They cite three external factors that are hampering the generation, most of whom turned...(read more)

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MBS RECAP: Bonds Dragged Into Snowball Rally by Stocks (Not Turkey)

Posted To: MBS Commentary

Headlines continue overstating the connection between US market movements and the financial drama in Turkey. Today was especially damaging to the case for correlation as Turkish Lira improved significantly even as US stocks and bond yields sank. The conventional wisdom has been arguing for the OPPOSITE relationship lately (i.e. weaker Lira pushes bond yields and stock prices lower). US markets weren't too troubled by Turkey today. Rather, it was steep losses in Chinese stocks overnight that correlated most readily with declines in US stocks. The stock slump prompted a fair amount of bond buying demand. The trick for bonds was that traders were widely betting on rates moving higher post-Turkish-crisis. As such the unexpected buying demand set of a wave of short-covering resulting in a bit...(read more)

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Mortgage Rates Barely Lower Despite Bond Market Cues

Posted To: Mortgage Rate Watch

Mortgage rates fell only modestly today despite a much stronger move in broader bond markets. I spend a lot of time espousing the fact that rates are based on bonds, so it's fair to wonder how days like today happen. Indeed, interest rates are based on bonds, but there are a wide variety of rates and bonds! It's a common misconception that mortgage rates are actually and firmly linked to the 10yr Treasury yield. In reality, this only appears to be the case because the bonds that underlie mortgage tend to move in the same direction as 10yr Treasuries. The magnitude of their moves is also generally the same, but there are notable exceptions. Today was one such exception. In terms of bond prices, 10yr Treasuries did twice as well as mortgage bonds (technically MBS or 'mortgage-backed securities...(read more)

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Builder Confidence Retreats Once Again

Posted To: MND NewsWire

Rising concerns about costs and labor shortages continue to take a toll on home builder sentiment according to the August Housing Market Index (HMI). The Index, a joint product of the National Association of Home Builders (NAHB) and Wells Fargo, dipped another point to 67. The HMI has been moving in a narrow range between 68 and 70 since March. The index scored an 18 year high in of 74 last December and has trended lower since. The August number is the lowest so far this year. The index is a distillation of information gathered through a monthly survey that NAHB has been conducting for 30 years. New home builder members of the association are asked to provide their , perceptions of current single-family home sales and sales expectations for the next six months as "good," "fair" or "poor." The...(read more)

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MBS Day Ahead: Foreign Markets Helping Bonds (Not Turkey)

Posted To: MBS Commentary

From New York, traders have been looking east for at least some level of inspiration from Turkish market volatility. As we've discussed exhaustively, however, that's far from the only game in town. Today brings fresh evidence. In looking east this morning, traders passed right over Turkey and continued on to China, where a sharp move lower in equities futures drove a moderately big sell-off in US equities futures. Bonds picked up some " risk-off " demand as a result, and that ultimately proved to be a good defense against a stronger Retail Sales number this morning. As the chart points out, there was a staggeringly big flattener trade just before Retail Sales. This one was actually reported on the CME's block trade screen, so there's no guesswork. Simply put, a big...(read more)

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Fulfillment, Non-QM Products; Corporate Name Changes; What is a Mirror Security?

Posted To: Pipeline Press

Bond prices and mortgage rates, like nearly every commodity, are driven by supply and demand. I mention this because early last week prices of US government bonds declined while the yield on the benchmark 10-year Treasury note increased (although it reversed itself due to turmoil in Turkey). Investors bought $34 billion of three-year Treasury notes amid relatively soft demand, with the week bringing the first sales of Treasury notes since the Treasury Department announced it is looking to increase its borrowing in the second half of 2018 to $769 billion, a 63% year-over-year increase. Just something to keep in the back of your mind if you’re hoping for lower rates, or relying on them to help your business model. Corporate Name Changes After 17 years, Georgetown Mortgage, LLC, has outgrown...(read more)

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Mortgage Applications: Purchase Volume Declines, Refis Stabilize

Posted To: MND NewsWire

It was another week of decline for mortgage applications as those for home purchase slid for the fifth week in a row. The overall volume of applications, as measured by the Mortgage Bankers Association's (MBA's) Market Composite Index, declined by 2.0 percent on a seasonally adjusted basis during the week ended August 10. On an unadjusted basis the volume lost 3 percent compared to the prior week. The seasonally adjusted Purchase Index decreased by 3 percent and was down 4 percent unadjusted. The unadjusted version was also 3 percent lower than during the corresponding week in 2017. The Refinancing Index did stabilize, remaining at the same level as the previous week. The share of total applications designated for refinancing rose 1 percentage point to 37.6 percent. Refi Index vs 30yr Fixed...(read more)

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MBS RECAP: Bonds Fight Off Sharper Retreat Ahead of Data

Posted To: MBS Commentary

Bonds began the day in moderately weaker territory as Turkish tensions eased overnight. That certainly wasn't the only game in town as far as market movers were concerned though! On several occasions throughout the day, US bond markets could be seen moving in the opposite direction to that implied by Turkish Lira, etc. We're left with the general sense that bond yields were pulled lower than they'd otherwise like to be by the Turkey-related drama from late last week, and that there's a slew of reasons for them to be gradually moving back from whence they came (2.9-3.0% range). As of this afternoon, that looks to be exactly what they have in mind. 10yr yields are heading out the door up just over 2bps, trading near 2.90%. Fannie 4.0 MBS are down an eighth of a point at 101-21...(read more)

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Mortgage Rates Edge Higher Ahead of Retail Sales Data

Posted To: Mortgage Rate Watch

Mortgage rates were sideways to slightly higher today, depending on the lender. With the exception of the past two days, this leaves us at the best levels in more than 3 weeks. In general, that move was made possible by financial drama in Turkey, but caveats abound. It's taken a massive amount of pain in Turkish markets/currency to result in a fairly modest move for US interest rates in the bigger picture. Moreover, US rates continue paying attention to multiple sources of inspiration. Turkey was just one among many in that regard, and even then, only when Turkish market movement was its most extreme. More so than yesterday, today brought some hope that the worst is over for Turkey. While that's good for Turkey, it's not good for rates in the US, all other things being equal. That said, it...(read more)

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Florida, Houston Delinquencies Still Reflecting 2017 Storms

Posted To: MND NewsWire

The effects of Hurricane Irma continue to be felt in the Southeast, with Florida the only state to report an increase in its delinquency rate in May. The rate in the state was up 1 percentage point compared to May 2017 and gave Florida the third highest rate in the nation at 6.2 percent. CoreLogic, in its Loan Performance Insights Report, said the rest of the nation continues to improve, although Texas, still impacted by Hurricane Harvey, saw rates remain the same as a year earlier. The national rate was 4.2 percent compared to 4.5 percent in May 2017, the lowest rate for a May in 12 years and within 0.1 percent of the previous low in May 2006. The rate is also well below the pre-crisis period of 2000 to 2006 when the share of delinquent mortgages averaged 4.7 percent. Within the national number...(read more)

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MBS Day Ahead: With or Without Turkey, Bonds Face Same Challenges

Posted To: MBS Commentary

Turkish Lira bounced in the overnight session--not in any epic fashion, but enough to result in a bit of spillover for stocks/bonds. 10yr yields rose as high as 2.9022 before cooling back down. Notably, yields fell even as Lira maintained its token recovery. This simply reiterates yesterday's point that US markets have their own agenda . Although they may periodically pay some attention to big swings in Turkey, they have already shown an ample willingness to trade against the grain of Lira volatility. With that in mind, the recent floor around 2.85% looks like the next major technical level for 10yr yields, whether we're looking at US markets keeping a close eye on Turkey or not caring at all. In other words, this was a bounce that bonds had decided on yesterday, independent of further...(read more)

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New Bankruptcy Products; Remote Training This Week; Agency Changes Continue

Posted To: Pipeline Press

A Zen master visiting NYC approaches a hot dog vendor and says, "Make me one with everything." The hot dog vendor fixes a hot dog and hands it to the Zen master, who pays with a $20 bill. The vendor puts the bill in the cash box and closes it. "Excuse me, but where’s my change?" asks the Zen master. The vendor responds, "Change must come from within." Most believe that, despite thoughtful and continuous efforts by those in the industry, there won’t be any change coming from Congress this year, perhaps even next, on Freddie and Fannie’s status. There’s not a lot of urgency, nor is it an election issue, nor, it can be argued, are consumers being hurt by current policies and procedures. The FHFA and industry will be adjusting things as time goes on regarding guidelines...(read more)

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MBS RECAP: Mismatch Between Headlines and Bonds

Posted To: MBS Commentary

Another day, another chance for market watchers and pundits of all types to make mountains out of Turkish molehills. Yes, the financial crisis in Turkey is important and it's still a thing , but no... it's not the most important market mover for bonds or stocks at the moment. There's only a very small possibility that it's even the biggest risk to the global financial market. Stocks and bonds agreed today, as neither covered any special new ground despite another big drop in the value of Turkish currency. There were also some unsubstantiated headlines that caused a bit of intraday volatility--but that was mostly limited to Turkish markets. 10yr Treasuries, for instance, were unchanged to slightly weaker . Same story for MBS. Had domestic markets been taking any compelling cues...(read more)

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