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Mortgage
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Vacancy Rate Near Historic High. America Has a "Home Problem"
Posted To: MND NewsWire As we have pointed out over the last few weeks , America has a homelessness problem; over a million individuals and families are temporarily or chronically homeless. While the statistics don't fully address this aspect, there is at least anecdotal indication that some of these people are in shelters or on the street because their own home or one they were renting was foreclosed. There is also purely anecdotal information that a lot more homeowners are hanging on by their fingernails; savings and unemployment exhausted, legal remedies gone, as lenders churn through a backlog of pending foreclosures and subsequent evictions. In other words, the problem could well get worse. It is also clear that the country is deep into what we are going to abuse poetic license to call a "home problem...( read more ) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Can Mortgage Rates Go Any Lower?
Posted To: Mortgage Rate Watch Well, here we are on "hump day" and mortgage rates are still detached from the price fluctuations of the secondary mortgage market. Instead, the ups and downs of consumer borrowing costs continue to be driven primarily by the capacity constraints of major lenders, the market makers for mortgage rates. One misconception is record low mortgage rates have drawn out a hoard of "fence sitting" borrowers who are bustling with excitement to refinance. Yes, media coverage of record low mortgage rates has attracted attention from some homeowners, but the crowds just don't compare to the mini-frenzy we witnessed in early 2009. This tells us the capacity constraints of major lenders are not totally due to an increase in loan applications. With the larger lenders allocating newly...( read more ) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS Prices Hit New Record High After 5-Year Note Auction
Posted To: MBS Commentary Mortgages are on a serious run... Front-month TBA levels set yet another new record high this morning and yield spreads continued to tighten vs. benchmarks (thx swaps!). While the street more than likely sees the current coupon in the +55/10s range, my weighting on the 4.0 has the current coupon closer to +68/10s. No matter how you slice it, mortgage valuations are rich, and everyone still wants to own agency MBS cash flows. READ WHY . It looked like we might see some directional movement yesterday, but that was a false alarm vols quickly deflated. After a few rounds of profit taking in the mid-morning hours, buyers quickly re-flooded the market, looking to take advantage of the slightest bit of weakness. In terms of origination flows, 4.50 coupons are still the most active 30yr paper. That...( read more ) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Refinance Demand Takes a Break While Purchase Apps Search for Bottom
Posted To: MND NewsWire The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 23, 2010. The MBA's loan application survey covers over 50% of all U.S. residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a snapshot view of consumer demand for mortgage loans. In a low mortgage rate environment, a trend of increasing refinance applications implies consumers are seeking out a lower monthly payment. If consumers are able to reduce their monthly mortgage payment and increase disposable income through refinancing, it can be a positive for the economy as a whole (creates more consumer spending or allows debtors to pay down personal liabilities like credit cards). A falling trend of purchase...( read more ) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
FHA Ready to Reduce Seller Concessions. HUD Invites Industry Comment Before Implementation
Posted To: MND NewsWire HUD is preparing to implement a few new policies that will no doubt affect your pipeline/loan application process. Last week, HUD and the FHA invited public comment on three of those policy changes, which are part of FHA's strategy to "strengthen their capital reserves". The proposed changes which are either tweaks to other recent revisions or have been telegraphed by FHA and HUD in earlier Congressional testimony, notices to lenders, or press releases will: Update the combination of credit and down payment requirements for new borrowers Reduce allowable seller concessions from six to three percent. Tighten underwriting standards for manually underwritten loans FHA has been scrambling to strengthen its financial situation since an audit late in 2009 showed that the capital ratio...( read more ) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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