Mortgage News Daily
- Slightly Weaker Start Ahead of Afternoon Treasury Auction May 8, 2024One of the notions surrounding the Treasury auction cycle is that the bond trading community tends to build in a "concession" ahead of any given auction. That's a fancy word to say "rates go higher." Clearly, if that was always the case, speculators could reliably bet on it and, over time, it would get back […]
- Hedging, Community Lending, Verification, CRM, Warehouse Products; NAR Reports on Q1; FHA and USDA Changes May 8, 2024After a very long travel day filled with odd, time-sucking delays, when I arrived in Birmingham I was happy to hear Alabama on the Uber car’s radio singing, “My Home’s in Alabama.” “That my home's in Alabama, no matter where I lay my head. My home's in Alabama, Southern born and Southern bred.” Home prices […]
- Economic Data Cools Rates, Boosts Application Volume May 8, 2024Lower interest rates allowed mortgage activity to rise modestly during the week ended May 3. It was the first increase in three weeks. The Mortgage Bankers Association said its Market Composite Index, a measure of the volume of mortgage applications, rose 2.0 percent on a seasonally adjusted basis compared to the prior week and 3.0 […]
- Strong in The AM, Weaker in The PM May 7, 2024Strong in The AM, Weaker in The PM Bonds improved fairly steadily in the AM hours. After an initial glut of buying demand in the first hour of trading, there was a linear trend channel to the best level of the day right at noon ET. After that, a similarly linear trend took bonds back […]
- Mortgage Rates Just a Bit Lower as Winning Streak Hits 5 Days May 7, 2024There have been 3 winning streaks for mortgage rates in 2024 where the average rate has moved lower for at least 5 days and where the conventional 30yr fixed rate has fallen by more than 0.25%. Before today, there were only two. The present example didn't receive a notable boost from its 5th consecutive day […]
- Fee Collection, Flood Insurance, Servicing, DPA Products; Redwood and Home Equity; Agency News May 7, 2024Lynyrd Skynyrd sang, “Sweet home, Alabama, where the skies are so blue…” Through the wonders of airship transportation, today I’m off to Alabama. The skies won’t be blue all the time with some rain in the forecast, but that won’t stop attendees at the conference learning about reigning in credit costs, why rates are doing […]
- Overseas Markets Return (To Buy Bonds) May 7, 2024The theme of "waiting" amid an empty calendar will be played out by the end of the week (if it's not already played out from most of the past year spent waiting for only a handful of key events each month). Despite a few scattered events on today's calendar, none of them are worth any […]
- Uneventful Start to What May be an Uneventful Week May 6, 2024Uneventful Start to What May be an Uneventful Week Without any big ticket events or major news headlines, it was no surprise to see bonds bounce around in a narrower sideways range. Data-free Mondays are often superfluous when it comes to informing the big picture and today was no exception. It might have been even […]
- Mortgage Rates Modestly Lower to Start The New Week May 6, 2024Mortgage rates did well last week, making it almost halfway back to the lower levels seen on April 9th. Why focus on April 9th? That was the last day before the most recent Consumer Price Index (CPI). Why focus on CPI? That's the monthly economic data that matters most to rate movement these days. It's […]
- Digital HELOC, Non-QM, Diligence, CRM, Construction Products; Primer on NEXA/Kortas/Grella Case May 6, 2024Think your job has its ups and downs… How’d you like to be a lipstick tester? (You should see the rest of him!) For me it is off to Birmingham tomorrow, where no lipstick testing is on the agenda, but I am sure that one of the topics at the MBA of Alabama Conference will […]