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Mortgage News Daily

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Cliff Deal Pressures Mortgage Rates; Shadow Inventory; To be Frank
Posted to: Daily Newsletter
Wednesday, January 2, 2013 5:01 PM

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Jan 2, 2013 2:48PM

Mortgage Rates Pressured Higher After Fiscal Cliff Deal

Mortgage rates moved to their highest levels since December 19th this morning after Congress passed a last-minute bill softening the blow of the Fiscal Cliff. The legislation has been and may continue to be characterized as some sort of "deal" that averts the impending Cliff. While that's true in the short term, the most obvious "yeah but" is the fact that spending cuts were merely delayed. Markets reacted as-expected to the presence of a "deal" (in the sense that "something" was better than "nothing...

Jan 2, 2013 12:12PM

Shadow Inventory Decline Continues, Currently at 7.2 Month Supply

The residential shadow inventory of distressed homes continues to shrink according CoreLogic's monthly report for October. The improvement is across all metrics; number of units, months supply, dollar volume and transition rates. The inventory as of October was 2.29 million units or a 7.2 month supply at the current absorption rate. The number of units in the inventory represented a 12.3 percent decrease from October 2011 when the inventory consisted of 2.62 million units, an 8.6 month supply. The...

Micro News

4:16 PM:

Leaking Slightly Lower After Late Day Stock Rally

12:28 PM:

MBS At Best Levels Of The Day. Positive Reprice Potential

10:19 AM:

ECON: Construction Spending Lower Than Expected, Residential Spending Improves

10:10 AM:

ECON: ISM Manufacturing Index Slightly Higher Than Expected

9:59 AM:

Bond Markets Open In Predictably Weaker Territory

9:09 AM:

ECON: Markit PMI Rises Slightly From Preliminary Reading

3:41 PM:

MBS Close Mid-Range, Stocks Rally On Tax Agreement

10:10 AM:

MBS Back To Lows After More Cliff Headlines

Around the Web

Video News

Bill Gross Reacts to Tax Deal

Housing Higher on 'Fiscal Cliff' Agreement

Santelli's Midday Bond Report

Today's Comments

Ted Rood

"Locked a 15 year this PM at 2.75%. With rates this good, I'm hesitant to float as the potential for improvement, while there, is less than the potential..."

Jason Harris

"I don't see them requiring bank LO's to pass licensing tests. The biggest banks have way too many personal bankers selling 1st lien portfolio loans..."

Ted Rood

"Gosh, MIke, sorry you are so offended. Not sure why you would think there's a limited pool of folks eligible to refi with HARP, FHA and VA streams..."

Today's Q&A

"Can LO commissions be returned? "

"I haven't paid my second mortg in over 3yrs. Will it be off credit in 7 yrs?"

"3 unit jumbo non owner purchase, $900,000 on the loan, 70 LTV,Strong borrower. Who will consider? "

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More From MND

Mortgage Rates:
  • 30 Yr FRM 3.63%
  • |
  • 15 Yr FRM 2.92%
  • |
  • Jumbo 30 Year Fixed 3.60%
MBS Prices:
  • 30YR FNMA 4.5 108-30 (-0-02)
  • |
  • 30YR FNMA 5.0 110-22 (0-03)
  • |
  • 30YR FNMA 5.5 111-26 (-0-02)
Recent Housing Data:
  • Mortgage Apps 10.03%
  • |
  • Refinance Index 11.33%
  • |
  • Purchase Index 8.43%