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You are viewing Micro News from Friday, Dec 6, 2013 - View all recent Micro News
  • 12/6/13
    HUD ANNOUNCES NEW FHA LOAN LIMITS TO TAKE EFFECT JANUARY 1ST
    WASHINGTON – Today the Department of Housing and Urban Development (HUD) announced that it will implement new FHA single-family loan limits on January 1, 2014, as specified by the Housing and Economic Recovery Act of 2008 (HERA). Read FHA’s mortgagee letter detailing the agency’s new loan limits.

    “As the housing market continues its recovery, it is important for FHA to evaluate the role we need to play,” said FHA Commissioner Carol Galante. “Implementing lower loan limits is an important and appropriate step as private capital returns to portions of the market and enables FHA to concentrate on those borrowers that are still underserved.”

    The current standard loan limit for areas where housing costs are relatively low will remain unchanged at $271,050. The new national-ceiling loan limit for the very highest cost areas will be reduced from $729,750 to $625,500. Areas are eligible for FHA loan limits above the national standard limit, and up to the national ceiling level, based on median area home prices. Additional information and loan limit adjustments for two-, three-, and four-unit properties, and in Special Exception Areas, are noted in FHA’s mortgagee letter. An attachment to the Mortgagee Letter provides information on which counties are eligible for loan limits above the national standard. Borrowers with existing FHA insured mortgages may continue to utilize FHA’s Streamline refinance program regardless of their loan balance. The changes announced today are effective for case number assignments between January 1, 2014, and December 31, 2014.

    Full mortgagee letter HERE.
    Category: MBS, INDUSTRY
    Share:   
  • 12/6/13
    MBS At New Highs Heading Into Final Hour
    MBS are undergoing a watered-down version of a short squeeze at the moment. Whereas they hadn't been too popular compared to Treasuries in recent weeks, the 'not-too-crazy' Employment data this morning keeps risk of December tapering fairly minimal (some would debate this). This in turn keeps liquidity as high as it can be during a very illiquid time of year, and helps MBS relative to Treasuries.

    As hinted at, some market participants see today's data as suggesting a higher likelihood of tapering. In that case, the outperformance doesn't make as much sense. Whatever the case, there is solid demand for MBS from accounts other than the Fed for the first time in several sessions. Those who had been betting against mortgages are being forced back in, and any accounts that waited to do this until this afternoon are now looking at a bit higher level of urgency. That's reflected in the late-day price spike, but unfortunately, more indicative of tactical considerations as opposed to long term strategy.

    Fannie 4.0s are now up an impressive 13 ticks to 103-26 while Treasuries are still hanging around unchanged levels with 10yr yields at 2.8571
    Category: MBS, UPDATE
    Share:   
  • 12/6/13
    ECON: Consumer Sentiment Stronger Than Expected
    - Sentiment 82.5 vs 76.0 forecast
    - Current conditions 97.9 vs 90.0 forecast
    - Both at highest levels since July
    - Market Reaction: traders are probably discounting a lot of this positivity due to gas prices. Bond markets head-faked toward weaker territory but are now at better levels than those seen before the data.

    (Reuters) - U.S. consumer sentiment surged in December as Americans' outlook on the economy and job prospects improved, a survey released on Friday showed.

    The Thomson Reuters/University of Michigan's preliminary reading on the overall index on consumer sentiment jumped to 82.5 for December, up from a final reading of 75.1 in November. This was the highest reading for the index since July, and topped analyst forecasts for a reading of 76.

    "All of the improvement was among households with incomes below $75,000, with upper income households showing no gain from last month’s reading," survey director Richard Curtin wrote in a statement.
    Category: MBS, ECON
    Share:   
  • 12/6/13
    NFP Losses Almost Completely Reversed Now!
    As strange and wonderful as it is to consider, Fannie 4.0s just turned green on the day and 10yr Treasuries are close to doing the same. Maybe they will. Maybe they won't. Either way, this is a much stronger showing for bond markets than you'd ever expect after a 20k+ beat on an important NFP.

    The potential reasons for this have been excessively discussed in this week's commentary, but in general have to do with the pace of the selling pressure over the past few weeks as well as the outright levels being near the upper end of the yield range in benchmark Treasuries.

    In other words, bond markets were set up defensively for the potential of a stronger-than-expected report, thus limiting the damage.
    Category: MBS, UPDATE
    Share:   
  • 12/6/13
    ECON: Employment Situation Much Stronger Than Expected


    RTRS - U.S. NOV NONFARM PAYROLLS +203,000 (CONSENSUS +180,000) VS OCT+200,000 (PREV +204,000), SEPT +175,000 (PREV +163,000)

    RTRS - U.S. NOV JOBLESS RATE 7.0 PCT, LOWEST SINCE NOV 2008 (CONSENSUS 7.2 PCT) VS OCT 7.3 PCT (PREV 7.3 PCT)

    RTRS - U.S. LABOR FORCE PARTICIPATION RATE 63.0 PCT IN NOV VS 62.8 PCT IN OCT

    RTRS - US NOV PRIVATE SECTOR JOBS +196,000 (CONS +180,000), OCT +214,000 (PREV +212,000)

    RTRS - U.S. NOV GOVERNMENT JOBS +7,000 VS OCT -14,000 (PREV -8,000)

    RTRS - U.S. NOV AVERAGE HOURLY EARNINGS ALL PRIVATE WORKERS +0.2 (CONS +0.2 PCT) VS OCT +0.1 PCT (PREV +0.1 PCT), TO $24.15 VS OCT $24.11; NOV YEAR-ON-YEAR EARNINGS +2.0 PCT

    RTRS - U.S. NOV AVERAGE WORKWK ALL PRIVATE WORKERS 34.5 HRS (CONS 34.5 HRS) VS OCT 34.4 HRS (PREV 34.4 HRS), FACTORY 41.0 VS 40.9, OVERTIME 3.5 VS 3.4

    RTRS - U.S. NOV FACTORY JOBS +27,000 (CONS. +10,000) VS OCT +16,000 (PREV +19,000)

    RTRS - U.S. NOV GOODS-PRODUCING JOBS +44,000, CONSTRUCTION +17,000, PRIVATE SERVICE-PROVIDING JOBS +152,000, RETAIL +22,300

    RTRS - U.S. NOV AGGREGATE WEEKLY HOURS INDEX FOR ALL PRIVATE WORKERS +0.5 PCT VS OCT +0.1 PCT The unemployment rate declined from 7.3 percent to 7.0 percent in November, and total nonfarm payroll employment rose by 203,000, the U.S. Bureau of Labor Statistics reported today. Employment increased in transportation and warehousing, health care, and manufacturing.
    Category: MBS, ECON
    Share:   
  • 12/6/13
    Payrolls came in at 203k vs 180k forecast. Bond markets...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 12/6/13
    HUD ANNOUNCES NEW FHA LOAN LIMITS TO TAKE EFFECT JANUARY 1ST
    WASHINGTON – Today the Department of Housing and Urban Development (HUD) announced that it will implement new FHA single-family loan limits on January 1, 2014, as specified by the Housing and Economic Recovery Act of 2008 (HERA). Read FHA’s mortgagee letter detailing the agency’s new loan limits.

    “As the housing market continues its recovery, it is important for FHA to evaluate the role we need to play,” said FHA Commissioner Carol Galante. “Implementing lower loan limits is an important and appropriate step as private capital returns to portions of the market and enables FHA to concentrate on those borrowers that are still underserved.”

    The current standard loan limit for areas where housing costs are relatively low will remain unchanged at $271,050. The new national-ceiling loan limit for the very highest cost areas will be reduced from $729,750 to $625,500. Areas are eligible for FHA loan limits above the national standard limit, and up to the national ceiling level, based on median area home prices. Additional information and loan limit adjustments for two-, three-, and four-unit properties, and in Special Exception Areas, are noted in FHA’s mortgagee letter. An attachment to the Mortgagee Letter provides information on which counties are eligible for loan limits above the national standard. Borrowers with existing FHA insured mortgages may continue to utilize FHA’s Streamline refinance program regardless of their loan balance. The changes announced today are effective for case number assignments between January 1, 2014, and December 31, 2014.

    Full mortgagee letter HERE.
    Category: MBS, INDUSTRY
    Share:   
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  • 12/6/13
    WASHINGTON – Today the Department of Housing and Urban Development (HUD) announced that it will implement new FHA single-family loan limits on January 1, 2014, as specified by the Housing and Economic Recovery Act of 2008 (HERA). Read FHA’s mortgagee letter detailing the agency’s new loan limits.

    “As the housing market continues its recovery, it is important for FHA to evaluate the role we need to play,” said FHA Commissioner Carol Galante. “Implementing lower loan limits is an important and appropriate step as private capital returns to portions of the market and enables FHA to concentrate on those borrowers that are still underserved.”

    The current standard loan limit for areas where housing costs are relatively low will remain unchanged at $271,050. The new national-ceiling loan limit for the very highest cost areas will be reduced from $729,750 to $625,500. Areas are eligible for FHA loan limits above the national standard limit, and up to the national ceiling level, based on median area home prices. Additional information and loan limit adjustments for two-, three-, and four-unit properties, and in Special Exception Areas, are noted in FHA’s mortgagee letter. An attachment to the Mortgagee Letter provides information on which counties are eligible for loan limits above the national standard. Borrowers with existing FHA insured mortgages may continue to utilize FHA’s Streamline refinance program regardless of their loan balance. The changes announced today are effective for case number assignments between January 1, 2014, and December 31, 2014.

    Full mortgagee letter HERE.
    Category: MBS, INDUSTRY
    Share:   
  • 12/6/13
    MBS are undergoing a watered-down version of a short squeeze at the moment. Whereas they hadn't been too popular compared to Treasuries in recent weeks, the 'not-too-crazy' Employment data this morning keeps risk of December tapering fairly minimal (some would debate this). This in turn keeps liquidity as high as it can be during a very illiquid time of year, and helps MBS relative to Treasuries.

    As hinted at, some market participants see today's data as suggesting a higher likelihood of tapering. In that case, the outperformance doesn't make as much sense. Whatever the case, there is solid demand for MBS from accounts other than the Fed for the first time in several sessions. Those who had been betting against mortgages are being forced back in, and any accounts that waited to do this until this afternoon are now looking at a bit higher level of urgency. That's reflected in the late-day price spike, but unfortunately, more indicative of tactical considerations as opposed to long term strategy.

    Fannie 4.0s are now up an impressive 13 ticks to 103-26 while Treasuries are still hanging around unchanged levels with 10yr yields at 2.8571
    Category: MBS, UPDATE
    Share:   
  • 12/6/13
    - Sentiment 82.5 vs 76.0 forecast
    - Current conditions 97.9 vs 90.0 forecast
    - Both at highest levels since July
    - Market Reaction: traders are probably discounting a lot of this positivity due to gas prices. Bond markets head-faked toward weaker territory but are now at better levels than those seen before the data.

    (Reuters) - U.S. consumer sentiment surged in December as Americans' outlook on the economy and job prospects improved, a survey released on Friday showed.

    The Thomson Reuters/University of Michigan's preliminary reading on the overall index on consumer sentiment jumped to 82.5 for December, up from a final reading of 75.1 in November. This was the highest reading for the index since July, and topped analyst forecasts for a reading of 76.

    "All of the improvement was among households with incomes below $75,000, with upper income households showing no gain from last month’s reading," survey director Richard Curtin wrote in a statement.
    Category: MBS, ECON
    Share:   
  • 12/6/13
    As strange and wonderful as it is to consider, Fannie 4.0s just turned green on the day and 10yr Treasuries are close to doing the same. Maybe they will. Maybe they won't. Either way, this is a much stronger showing for bond markets than you'd ever expect after a 20k+ beat on an important NFP.

    The potential reasons for this have been excessively discussed in this week's commentary, but in general have to do with the pace of the selling pressure over the past few weeks as well as the outright levels being near the upper end of the yield range in benchmark Treasuries.

    In other words, bond markets were set up defensively for the potential of a stronger-than-expected report, thus limiting the damage.
    Category: MBS, UPDATE
    Share:   
  • 12/6/13


    RTRS - U.S. NOV NONFARM PAYROLLS +203,000 (CONSENSUS +180,000) VS OCT+200,000 (PREV +204,000), SEPT +175,000 (PREV +163,000)

    RTRS - U.S. NOV JOBLESS RATE 7.0 PCT, LOWEST SINCE NOV 2008 (CONSENSUS 7.2 PCT) VS OCT 7.3 PCT (PREV 7.3 PCT)

    RTRS - U.S. LABOR FORCE PARTICIPATION RATE 63.0 PCT IN NOV VS 62.8 PCT IN OCT

    RTRS - US NOV PRIVATE SECTOR JOBS +196,000 (CONS +180,000), OCT +214,000 (PREV +212,000)

    RTRS - U.S. NOV GOVERNMENT JOBS +7,000 VS OCT -14,000 (PREV -8,000)

    RTRS - U.S. NOV AVERAGE HOURLY EARNINGS ALL PRIVATE WORKERS +0.2 (CONS +0.2 PCT) VS OCT +0.1 PCT (PREV +0.1 PCT), TO $24.15 VS OCT $24.11; NOV YEAR-ON-YEAR EARNINGS +2.0 PCT

    RTRS - U.S. NOV AVERAGE WORKWK ALL PRIVATE WORKERS 34.5 HRS (CONS 34.5 HRS) VS OCT 34.4 HRS (PREV 34.4 HRS), FACTORY 41.0 VS 40.9, OVERTIME 3.5 VS 3.4

    RTRS - U.S. NOV FACTORY JOBS +27,000 (CONS. +10,000) VS OCT +16,000 (PREV +19,000)

    RTRS - U.S. NOV GOODS-PRODUCING JOBS +44,000, CONSTRUCTION +17,000, PRIVATE SERVICE-PROVIDING JOBS +152,000, RETAIL +22,300

    RTRS - U.S. NOV AGGREGATE WEEKLY HOURS INDEX FOR ALL PRIVATE WORKERS +0.5 PCT VS OCT +0.1 PCT The unemployment rate declined from 7.3 percent to 7.0 percent in November, and total nonfarm payroll employment rose by 203,000, the U.S. Bureau of Labor Statistics reported today. Employment increased in transportation and warehousing, health care, and manufacturing.
    Category: MBS, ECON
    Share:   
  • 12/6/13
    Payrolls came in at 203k vs 180k forecast. Bond markets...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 12/6/13
    ECON: Consumer Sentiment Stronger Than Expected
    - Sentiment 82.5 vs 76.0 forecast
    - Current conditions 97.9 vs 90.0 forecast
    - Both at highest levels since July
    - Market Reaction: traders are probably discounting a lot of this positivity due to gas prices. Bond markets head-faked toward weaker territory but are now at better levels than those seen before the data.

    (Reuters) - U.S. consumer sentiment surged in December as Americans' outlook on the economy and job prospects improved, a survey released on Friday showed.

    The Thomson Reuters/University of Michigan's preliminary reading on the overall index on consumer sentiment jumped to 82.5 for December, up from a final reading of 75.1 in November. This was the highest reading for the index since July, and topped analyst forecasts for a reading of 76.

    "All of the improvement was among households with incomes below $75,000, with upper income households showing no gain from last month’s reading," survey director Richard Curtin wrote in a statement.
    Category: MBS, ECON
    Share:   
  • 12/6/13
    ECON: Employment Situation Much Stronger Than Expected


    RTRS - U.S. NOV NONFARM PAYROLLS +203,000 (CONSENSUS +180,000) VS OCT+200,000 (PREV +204,000), SEPT +175,000 (PREV +163,000)

    RTRS - U.S. NOV JOBLESS RATE 7.0 PCT, LOWEST SINCE NOV 2008 (CONSENSUS 7.2 PCT) VS OCT 7.3 PCT (PREV 7.3 PCT)

    RTRS - U.S. LABOR FORCE PARTICIPATION RATE 63.0 PCT IN NOV VS 62.8 PCT IN OCT

    RTRS - US NOV PRIVATE SECTOR JOBS +196,000 (CONS +180,000), OCT +214,000 (PREV +212,000)

    RTRS - U.S. NOV GOVERNMENT JOBS +7,000 VS OCT -14,000 (PREV -8,000)

    RTRS - U.S. NOV AVERAGE HOURLY EARNINGS ALL PRIVATE WORKERS +0.2 (CONS +0.2 PCT) VS OCT +0.1 PCT (PREV +0.1 PCT), TO $24.15 VS OCT $24.11; NOV YEAR-ON-YEAR EARNINGS +2.0 PCT

    RTRS - U.S. NOV AVERAGE WORKWK ALL PRIVATE WORKERS 34.5 HRS (CONS 34.5 HRS) VS OCT 34.4 HRS (PREV 34.4 HRS), FACTORY 41.0 VS 40.9, OVERTIME 3.5 VS 3.4

    RTRS - U.S. NOV FACTORY JOBS +27,000 (CONS. +10,000) VS OCT +16,000 (PREV +19,000)

    RTRS - U.S. NOV GOODS-PRODUCING JOBS +44,000, CONSTRUCTION +17,000, PRIVATE SERVICE-PROVIDING JOBS +152,000, RETAIL +22,300

    RTRS - U.S. NOV AGGREGATE WEEKLY HOURS INDEX FOR ALL PRIVATE WORKERS +0.5 PCT VS OCT +0.1 PCT The unemployment rate declined from 7.3 percent to 7.0 percent in November, and total nonfarm payroll employment rose by 203,000, the U.S. Bureau of Labor Statistics reported today. Employment increased in transportation and warehousing, health care, and manufacturing.
    Category: MBS, ECON
    Share:   
 
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