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Ted Beckwith
on Fri Jan 22 2021, 5:38 PM
Quick question for the experts here.. How long after the Government sponsored forbearance plans expire should we expect to see these homes actually hit the market, either as short sales or in foreclosure auctions?
Ted Beckwith
on Wed Jan 20 2021, 5:46 PM
Like I thought.. Initial over-reactionary jump followed by a drop to what will probably be the new norm and high 2's or low 3's is nothing to shake a stick at..
Ted Beckwith
on Fri Jan 15 2021, 5:30 PM
Correction.. In my head I was thinking one either but I typed one fourth..
Ted Beckwith
on Fri Jan 15 2021, 5:28 PM
Just as I predicted a week ago.. bounding around at a new level only slightly higher than the all time lows and still well below the 52 week high.. Rates spiked out of irrational fear by traders and have now dropped back down somewhat,, a quarter percent or near so as I can see.
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Fri Jan 15 2021, 4:50 PM
I mean... for anyone who got comfy with the late 2020 rate reality, yeah. It was one of only 4 or 5 short-term spikes of that size since we were on the way up in 2018. But yes, of course it's small potatoes in the big picture. I think you caught me on one of the few recent daily articles where I haven't thrown in a caveat to the effect of "everything's...
Ted Beckwith
on Wed Jan 13 2021, 7:16 PM
Is 15 basis points really "well above"?
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Tue Jan 12 2021, 7:40 PM
Given the last week's bond market losses, being able to continue writing many 30 year fixed loans with rates starting with a 2 has to be considered a win. Need to make sure there's no complacency here, the trend is definitely not in our favor at this point.
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Mon Jan 11 2021, 6:17 PM
Thanks for the heads-up, Harold. We fixed it.
Harold Monroe
on Fri Jan 8 2021, 4:44 PM
Typo in the article: Law Vegas, should be Las Vegas
Ted Beckwith
on Thu Jan 7 2021, 7:02 PM
My pleasure.. We close tomorrow and have an offer ready to go as soon as the funds are there so we'll be getting a loan soon and that extra $7 per $100k is a bit but not enough to break a deal. I'm going to bet by the time we're ready to close the rate will be off a tic, at least in the points department by which a buy down might be in order...
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Thu Jan 7 2021, 6:00 PM
Thanks for the collegial discourse, Ted. Sounds like we're actually very much on the same page. I wrote this one with you in mind: http://www.mortgagenewsdaily.com/consumer_rates/964283.aspx
Ted Beckwith
on Wed Jan 6 2021, 7:26 PM
I see you not being bias and I'm probably exaggerating some. As far as movements in rates, one or two days a trend does not make. As much as one would like to think there's no emotion on the trading floor, I've been around long enough to see on many occasions the markets correct one way or the other by amounts that exceed where they should...
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Wed Jan 6 2021, 5:57 PM
Larry, thank you for the vote of confidence. Ted, you keep thinking I'm making some political statement here, and I keep not doing that. I'm not talking about deficits and total debt (seriously... I have no idea why you're posting links about deficits because I haven't discussed that at all). I'm talking about near-term changes in...
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Larry Gray
Senior Mortgage Banker, Guarantee Mortgage
on Wed Jan 6 2021, 2:24 PM
I certainly don't see the "mistruths" that Ted Beckwith is commenting about. All I see is the usual competence by Mr. Graham in letting us know what seems to be occurring in government and the markets with reference to how it affects mortgage rates. My own view on deficits, in spite of bringing down the deficits substantially, is the Clinton...
Ted Beckwith
on Wed Jan 6 2021, 11:58 AM
Quit spreading mis-truths about deficits, total debt and political parties. This mis-truth is so prevalent that the markets even believe it. If you actually look at the record, with the exception of part of Reagan's term and part of Bush W's term, deficits have gone DOWN under Democratic Presidents and have gone UP under Republican Presidents...
Ted Beckwith
on Tue Jan 5 2021, 4:13 PM
"Simply put, more Treasury issuance = higher rates, all other things being equal." That's just it, all other things are equal or closely equal. If all countries are doing stimulus at the same time it could have a zero net effect on interest rates. There may be an initial bump but IMHO once traders see this is across the board it may not...
Ted Beckwith
on Tue Dec 29 2020, 5:38 PM
As evidenced by the massive government borrowing over the last year(s?) interest rates continue to be at all time lows. There seems a disconnect from the two at this point in the economy and maybe these are now decoupled from one another? It seems that maybe government debt doesn't matter as much as it once was thought to matter, especially if all...
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Tue Dec 15 2020, 6:52 PM
Yep, I've never seen such a wide spread of true top tier rates. There are exceptionally competent, busy lenders at 2.875% for a flawless vanilla conventional refi and other lenders who are identical in almost every way that are offering 2.375%. Clock is ticking on that though...
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Larry Gray
Senior Mortgage Banker, Guarantee Mortgage
on Tue Dec 15 2020, 3:30 PM
I don't recall you ever showing such a large spread in the rates, Matt! 2.325 to 2.625 for 30 yr. fixed, and adding to that...another .250 in rate for a refinance loans? Then, based on your usual polling of brokers around the country you list the 2.80 median rate. I know colleagues raise a big fuss whenever they think our company is not competitive...
Mattie Mae Financial Services
on Mon Dec 14 2020, 5:35 PM
As a mortgage loan originator we maintained the same loan pricing to help out clients. I agree with the accuracy of this article.
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Mon Dec 14 2020, 5:17 PM
Try not to infer any political bias there, TB. I don't have any. It is true though. Any time one party controls House/Senate/POTUS, it's easier to spend money. Spending money increases Treasury issuance which, in turn, has a direct supply/demand implication for for bond prices. Higher supply = lower prices = higher yields/rates. Same was true...
Ted Beckwith
on Mon Dec 14 2020, 9:32 AM
"...a democratic sweep is the outcome that would likely push rates significantly higher." This is merely conjecture and opinion. Can you provide actual data and proof that this statement is, in fact, true?
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Tue Dec 8 2020, 6:19 PM
Great thoughts, MG. This is a chance for the folks who didn't pull the trigger last summer to still grab great rates. Love your point about looming epic improvement not being likely.
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Tue Nov 24 2020, 5:18 PM
Think it's ill advised to make blanket statements like "no purchase should take over 30 days to close." I just had an FHA loan where assigned appraiser took 30 days just to get appraisal back, client couldn't get accurate insurance quote until we had appraisal (it was a relatively unique property). Needless to say closing took over...
WN
on Fri Nov 20 2020, 7:26 AM
If your Lender is taking 50+ days to close a Purchase, You need to find another lender!! No reason it should take more than 30!
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Tue Nov 10 2020, 3:44 PM
It was a fluke and completely my fault. Fixed now.
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Mon Nov 9 2020, 4:22 PM
It was great to see MBS sell off less than treasuries, but that can't last forever. If anyone's waiting to see where rates are trending, the answer is "not down" to any significant degree.
H Sanders
on Mon Nov 9 2020, 3:50 PM
What is the deal with the 1% drop in 30 yr jumbo rates that seems to have happened on Nov 6? http://www.mortgagenewsdaily.com/mortgage_rates/daily.aspx. It doesn't seem to be a fluke because it didn't immediately recover today. What's the story with that?
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Wed Nov 4 2020, 7:28 PM
Great points, MG. Given MBS' massive improvements today, have to anticipate the lenders who were stingy today will ease tomorrow. Definitely nice to still be writing loans with rates staring in the 2's for many borrowers!
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Wed Nov 4 2020, 4:12 PM
Thank you David
David Stroud
on Mon Nov 2 2020, 6:45 PM
I love the analysis. Thank you!
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Fri Oct 30 2020, 10:01 AM
It really only signifies that this is where the mortgage origination community is operating. The Fed will buy what's put in front of them. I suppose we could say that the Fed could have abstained and thus made life harder for mortgage rates, but if their goal is to provide accommodation via bond purchases, that accommodation is more effective if...
Jerry Kopensky, REALTOR
on Fri Oct 30 2020, 12:05 AM
Great article. I had a feeling that UMBS 1.50% did exist, but only as a shell awaiting an application. Could this signify where the Fed would like to see mortgage rates?
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Mon Oct 19 2020, 2:09 PM
Typo, yes. Fixed. Thank you!
Mike Smith
on Thu Oct 15 2020, 2:23 PM
Is this a typo? I can't make sense of Jann Swanson's assertion that: "The average loan size slipped to $ 319700 from $222,500...."
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Wed Oct 14 2020, 5:56 PM
With all due respect to the MBA, as Matthew Graham has consistently noted, rates were definitely lower for much of August than they are now. Perhaps MBA was looking at rates for loans closed, not started, which would make sense because they would have been originated in July/August. Fannie/Freddie's new .5% refinance fee is certainly impacting rates...
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Wed Sep 30 2020, 8:23 PM
When rates are at/near all time lows, there's a lot more room for them to rise than drop further. I've been locking my loans sooner than later, there's something to be said for not losing sleep wondering if rates will rise.
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Tue Sep 29 2020, 4:52 PM
I'm seeing rates at/slightly below last August's levels, especially for purchases. Had a client at 3% call me about refinancing today. Didn't make sense for him, but would have if he were at 3.375%.
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Fri Sep 25 2020, 2:28 PM
Does this count as early September? Is is clear and emphatic enough? http://www.mortgagenewsdaily.com/consumer_rates/954005.aspx And to be fair, we've been talking about this since early August. And when it was delayed, we immediately warned that it wouldn't take long for the fee to return.
Satish Agra
on Tue Sep 22 2020, 7:08 PM
Wish this news came begining of september than later after rates changed already.
thomas paulson
on Sat Sep 19 2020, 9:04 AM
Is this due to loans moving into delinquncy or because the loans are now being paic current?
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Kent Schrader
Mortgage Loan Officer, Assurance Financial NMLS# 70876
on Fri Sep 18 2020, 8:37 PM
Agree with the comments made, but feel the 8000 lb gorilla in the room is the slack in the economy that hasn't yet been realized due to Fed stimulus and the aforementioned Fed asset purchases. With so many businesses shut down or operating at losses, it is too soon to talk about a long term recovery. Few businesses can operate for long at 50% or...
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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Fri Sep 18 2020, 8:50 AM
I've warned about this from the beginning. It's not as bad as it was in early August, but it's definitely happening at more than a few lenders.
Ly Pham
on Thu Sep 17 2020, 5:50 PM
adverse fee doesn't apply to loans for Purchase, but my borker quotes higher rates across the board since Monday
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Tue Sep 15 2020, 7:49 PM
Betting/planning on rates dropping when they're already very near record lows, with a new .5% refi tax being added to boot, seems ill advised. I've been locking my loans early since this spring, and it's served my clients well so far.
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Fri Sep 11 2020, 1:44 AM
I'm seeing the .5% "refi tax" coming back into play on rate sheets. Remember, lenders have to pay it on refinances over 125K on loans sent to Fannie/Freddie Dec 1 or later. Since the delivery process can take place several weeks after closing, to be safe, most lenders are adding the charge back in sooner rather than later. Pricing still...
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Wed Sep 9 2020, 4:49 PM
Pricing is steady for the moment, but we won't be able to avoid FHFA's new refinance "tax" forever. Time is of the essence for clients considering refinancing!
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Tue Sep 8 2020, 4:08 PM
That cost does (or will) apply to borrowers refinancing with new loans of 125K+, Eric. When FHFA initially announced it with no notice, and would have applied to a huge number of loans that lenders had already guaranteed pricing on. Due to this, pricing worsened on all loans, not just refinances. Now that the fee has been postponed until Dec 1 deliveries...
Eric
on Mon Sep 7 2020, 12:56 PM
Why should borrowers who aren’t refinancing (conventional loan seekers) be responsible to covering this fee with a higher rate? Why not put the refi fee only on the refi borrowers
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Ted Rood
Mortgage Banker, The Federal Savings Bank
on Mon Sep 7 2020, 11:00 AM
If CFPB really wanted to deter these abhorrent practices, they'd ban offending lenders from doing VA loans. It would only take a couple of those for the industry to pay attention and start complying. Token fines aren't effective if lenders have already closed thousands of VA loans.
 

More From MND

Mortgage Rates:
  • 30 Yr FRM 2.80%
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  • 15 Yr FRM 2.30%
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  • Jumbo 30 Year Fixed 3.30%
MBS Prices:
  • 30YR FNMA 4.5 108-16 (-0-02)
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  • 30YR FNMA 5.0 110-15 (-0-01)
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  • 30YR FNMA 5.5 111-08 (-0-01)
Recent Housing Data:
  • Mortgage Apps 1.06%
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  • Refinance Index 1.40%
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  • Purchase Index 1.81%
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