The party is probably over for the time being when it comes to rate-and-term (i.e. "no cash out") refinancing. But even as rising interest rates steadily shrink the pool of candidates for that type of origination, other factors are encouraging refinancing of the cash-out variety. Freddie Mac says that 81 percent of all refinancing during the third quarter of this year involved a new mortgage that was at least 5 percent larger than the loan it replaced. This is the highest share for cash-out refinancing since the third quarter of 2008 and up from a 62 percent share in the third quarter of last year. However, it is still below the 89 percent cash-out share of refinancing in the third quarter of 2006. The recent dollar volume is lower as well, in fact it pales in comparison to the cash-out refinance

November 28, 2018 Download our Mobile App: Download our Mobile App: Housing News Cash-Out Refi's surge, Can't Compare to Pre-Crash Activity The party is probably over for the time being when it comes to rate-and-term (i.e. "no cash out") refinancing. But even as rising interest rates steadily shrink the pool of candidates for that type of origination, other factors are encouraging refina... (read more) Mortgage Rate Watch First Noticeable Move in Mortgage Rates in More Than a Week Mortgage rates began the day just like they've begun each of the past 5 business days: perfectly unchanged! As we discussed yesterday, the recent absence of movement is a good thing in the short term as rates are holding near their lowest levels in m... (read more) Housing News Housing Forecasts: When Cooling Isn't so Cool. With both interest rates and home prices rising it is nearly impossible to find a housing forecast that doesn't include the word " cooling ." The November outlook from Freddie Mac is no exception. The company's Economic and Housing Group, in fact, ap... (read more) Housing News New Home Sales Defy Expectations and Retreat in October New home sales were expected to make a strong showing in October; the consensus of analysts polled by Econoday was for a sharp increase from the September level of 553,000 to 575,000 units. Instead, there was a steep decline , amplified by a major up... (read more) MBS Commentary MBS Live Day Ahead: A Simple Framework For Approaching Rate Risk in the Coming Days This morning's chart looks complicated at first glance, but it's actually very simple.  It doesn't even matter if you're familiar with candlestick charts.  All you need to know is that each candlestick contains the trading range on any give... (read more) MBS Commentary MBS Live Recap: Good Vibes, But Not Much Progress Today was interesting for bond markets in the sense that it certainly FELT like a nice day with solid gains.  This has to do with the noticeable rally in the middle of the day and the fact that it was clearly tied to a specific event.  It... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.77% -0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.77% -0.01 0.00 15 Yr. Fixed 6.03% -0.01 0.00 30 Yr. FHA 6.35% 0.00 0.00 30 Yr. Jumbo 6.90% 0.00 0.00 7/6 SOFR ARM 6.25% +0.01 0.00 30 Yr. VA 6.36% 0.00 0.00 Updates Daily - Last Update: 7/22 15 Yr. Fixed Rate 6.03% -0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.75% +0.03 0.00 15 Yr. Fixed 5.92% +0.06 0.00 Updates Weekly - Last Update: 7/17 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.82% +0.05 0.62 15 Yr. Fixed 6.11% +0.07 0.66 30 Yr. Jumbo 6.81% +0.12 0.39 Updates Weekly - Last Update: 7/16 MBS / Treasuries UMBS 30YR 5.5 99.50 -0.01 Price / Yield Change MBS UMBS 5.5 99.50 -0.01 UMBS 6.0 101.36 -0.04 GNMA 5.5 99.72 -0.06 GNMA 6.0 101.28 -0.04 Pricing as of: 7/23 8:24AM EST 10 Year US Treasury 4.3574 +0.0114 Price / Yield Change US Treasury 2 YR Treasury 3.844 +0.015 5 YR Treasury 3.899 +0.014 7 YR Treasury 4.112 +0.014 10 YR Treasury 4.359 +0.013 30 YR Treasury 4.929 +0.012 Pricing as of: 7/23 8:24AM EST Latest Video Data dependence still key for the Fed: Pro Home improvement looks stronger than home construction, analyst says Did we just see a 'Powell bottom?' Around the Web Bloomberg Did Powell Just Put a Floor Under Stocks? Wall Street Weighs In CNBC After Powell comments, traders only see two more interest rate hikes Reuters Instant View: Fed's gradual rate hikes balance against risks - Powell Calculated Risk Blog A few Comments on October New Home Sales CNBC BlackRock's bond king: Fed rates could already be at neutral given the pockets of economic weakness Calculated Risk Blog New Home Sales decrease to 544,000 Annual Rate in October Reuters Fed stability report: Banks, households strong, but asset values 'elevated' NAHB Eye on Housing Some Easing of AD&C Lending, According to Builders and Developers CNBC Third-quarter GDP unrevised at 3.5%, in line with estimates NAR - Realtor.com The 4 Key Trends Home Buyers and Sellers Should Watch in 2019 Bloomberg FOMC Will Stay the Course, Goldman's Wilson Says CNBC House releases last-minute tax breaks, amid uncertainty over passage Calculated Risk Blog Real House Prices and Price-to-Rent Ratio in September

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