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Mortgage rates rose by the smallest amount of the week today, but they rose nonetheless. That caps a streak of 5 straight days spent moving in an unfriendly direction. The caveat is that we continue to deal with an overall range that is generally very narrow. Between last week's lows and this week's highs, there's scarcely more than .125% in rate. And the biggest single-day movement (Wednesday) only saw an effective rate increase of 0.07%. Each of the remaining days was 0.03% or less. That big move on Wednesday was due to comments from NY Fed President Dudley on the likelihood of a Fed rate hike in March. Markets have remained somewhat tuned in to Fed speakers since then, but even when Yellen today confirmed that a March hike was likely, there wasn't much of a response. Bottom line , financial
Mortgage Rate Watch
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Mortgage rates rose by the smallest amount of the week today, but they rose nonetheless. That caps a streak of 5 straight days spent moving in an unfriendly direction. The caveat is that we continue to deal with an overall range that is generally ver... (read more)
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Rob Chrisman
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For me the last few weeks included travel to events in Florida, Texas, Southern California, and now The Mortgage Collaborative’s event in Arizona. And although I wouldn’t describe the mood as “vivacious” out there ("keeping ou... (read more)
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Housing News
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The shifting of the mortgage market toward more purchases as well as declining origination volumes are expected to boost the incidence of mortgage fraud in 2017 according to CoreLogic. The company's Fraud Index is already on the move. It shot up to 1... (read more)
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MBS Commentary
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As you're likely aware, rates have been in a very well-behaved consolidation range since mid-November. The trendlines connecting the "lower highs" and "higher lows became especially linear in 2017. After challenging the lower boundary of ... (read more)
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MBS Commentary
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You couldn't swing a dead cat without hitting a news story about the Snapchat IPO or a friend/colleague asking if you were going to buy some. While it's tempting to explain lower stock and bond prices by saying that everyone sold assets in orde... (read more)
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MBS Commentary
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Economic data was stronger this morning with the best ISM Manufacturing "business activity" reading since 2011. Along with comments from Fed's Powell, this kept the pressure on rates heading into the afternoon.
Then, in a classic case of "... (read more)
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