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May mortgage performance data indicates that the mortgage finance industry might consider shifting priorities for a while. Black Knight, in the current edition of its Mortgage Monitor, points to the heavy prepayment risk for especially for adjustable rate mortgage (ARM) borrowers shown in the report and the growing pool of financeable mortgages. It is time, Black Knight says, for lenders and servicers to focus attention on retention so their existing customers don't refinance elsewhere. Behind both of the activities cited, of course, is the continuing retreat of interest rates. On Thursday Freddie Mac announced another 11-basis point (bp) slide in its mortgage rate, bringing it to 3.73 percent, a three-year low. The Monitor has reported in several of its recent editions about the growing pool
Housing News
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May mortgage performance data indicates that the mortgage finance industry might consider shifting priorities for a while. Black Knight, in the current edition of its Mortgage Monitor, points to the heavy prepayment risk for especially for adjustable... (read more)
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MBS Commentary
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In the week just past, bonds avoided a negative correction following the previous week's Fed-induced rally. There was plenty of back and forth, but it was all contained inside the range of yields seen on June 19th (Fed day). By the end of... (read more)
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Housing News
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Construction spending in May, dipping 0.8 percent compared to April's seasonally adjusted annual rate of $1.304 trillion to $1.294 trillion. On an annual basis, overall spending is down 2.3 percent on an annual basis and residential spending is off 1... (read more)
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Rob Chrisman
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Huh? We’re in the 3rd quarter of 2019 already? To where did the first six months fly off? I am hearing from some lenders that solid April, May, and June (aka, 2Q 2019) made up for poor 4th quarter and 1st quarter numbers. Locked pipelines are f... (read more)
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Mortgage Rate Watch
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Mortgage rates enjoyed a pleasantly flat week despite some volatility in the underlying bond market. The day-to-day changes in Treasuries and Mortgage-Backed-Securities (MBS) were noticeable, but they all took place inside the range of values seen la... (read more)
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Housing News
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A household's decision between buying a home and renting one is being increasingly determined by its student loan debt and childcare cost burdens according to results of a Freddie Mac survey of renters and homeowners. The survey of 4,000 households s... (read more)
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