The share of cash-out refinances spiked in 2017 and 2018 in a manner similar to what happened just before the Great Recession. The share jumped to 50 percent in 2017 and 61 percent in 2018, the highest since 2006. In two posts in CoreLogic's Insights blog however Arthur Jobe maintains that the current surge is nothing like that earlier one. They differ by credit quality, dollar volume, and borrower characteristics and therefore present much less risk this time around. The volume of both cash-out and non-cash-out loans increased in 2015 and 2016 as borrowers enjoyed a two-year window when decreasing interest rates and continued home-price growth offered ideal conditions for refinancing. In 2014, when the spike in cash-out refinances started, the volume had fallen to a 17-year low. Jobe says

February 28, 2019 Download our Mobile App: Download our Mobile App: Housing News This Isn't Your Father's Cash Out Refi The share of cash-out refinances spiked in 2017 and 2018 in a manner similar to what happened just before the Great Recession. The share jumped to 50 percent in 2017 and 61 percent in 2018, the highest since 2006. In two posts in CoreLogic's Insights... (read more) Rob Chrisman Non-QM Products; Personnel Moves; Lender Profit Study; PennyMac/MCT API Bidding News Lenders need to be aware of the myriad of things that indirectly impact our business. The poverty rate declined overall in 2017 but the rate among Hispanics had one of the largest year-to-year drops across demographic groups and was the lowest since ... (read more) MBS Commentary MBS Live Day Ahead: Biggest Threat To The Range, But There's a Catch As many of you are likely tired of hearing, bonds have been locked in an increasingly narrow trading range for weeks.  The bounces at the boundaries have been almost perfectly well behaved.  In other words, since setting the lines for the... (read more) Mortgage Rate Watch Mortgage Rates Not Interested in Any of Today's Drama At one point today, there were three apparently important events dominating the newswires simultaneously. These included the Fed Chair's congressional testimony, the Cohen congressional testimony, and--you guessed it--congressional testimony from Lig... (read more) Housing News A Surprise in Pending Sales Kicks Off 2019 Expectations were high for a strong pending home sales report to christen the New Year. Those expectations were more than satisfied. The National Association of Realtors® (NAR) says its Pending Home Sales Index (PHSI) jumped 4.6 percent , climbin... (read more) MBS Commentary MBS Live Recap: Lots of Sound and Fury, But Little Significance  "Full of sound and fury, signifying nothing" That's one of my favorite lines from some old book I read, or maybe it was a play (hint: it was a play!), because it operates so well outside Macbeth's lamentation of the futility of life.  In... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.73% +0.06% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.73% +0.06 0.00 15 Yr. Fixed 5.97% +0.06 0.00 30 Yr. FHA 6.25% +0.06 0.00 30 Yr. Jumbo 6.84% +0.04 0.00 7/6 SOFR ARM 6.33% +0.04 0.00 30 Yr. VA 6.26% +0.06 0.00 Updates Daily - Last Update: 7/2 15 Yr. Fixed Rate 5.97% +0.06% Rate Change Points Freddie Mac 30 Yr. Fixed 6.77% -0.04 0.00 15 Yr. Fixed 5.89% -0.07 0.00 Updates Weekly - Last Update: 6/26 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.88% +0.04 0.63 15 Yr. Fixed 6.11% -0.03 0.74 30 Yr. Jumbo 6.88% +0.07 0.60 Updates Weekly - Last Update: 6/25 MBS / Treasuries UMBS 30YR 5.5 99.92 +0.08 Price / Yield Change MBS UMBS 5.5 99.91 +0.07 UMBS 6.0 101.61 +0.05 GNMA 5.5 100.05 +0.09 GNMA 6.0 101.46 +0.05 Pricing as of: 7/3 4:47AM EST 10 Year US Treasury 4.2553 -0.0245 Price / Yield Change US Treasury 2 YR Treasury 3.770 -0.018 5 YR Treasury 3.847 -0.020 7 YR Treasury 4.034 -0.023 10 YR Treasury 4.258 -0.022 30 YR Treasury 4.785 -0.023 Pricing as of: 7/3 4:47AM EST Latest Video Here's why one trader sees the rate rally fading Rising auto loan delinquencies usually leads to higher unemployment rate, s... Art Cashin: Why the next week or so is critical to markets Around the Web CNBC After slow start, tax refunds are ticking up, with the average check now more than $3,000 Bloomberg U.S. Consumer Comfort Rises as Personal Finance Outlook Improves Reuters U.S. economic growth in 2018 misses Trump's 3 percent target NAHB Eye on Housing Strong Owner Household Formations in 2018 Calculated Risk Blog Q4 GDP: Investment NAR - Realtor.com Mortgage Rates Stay Subdued as Housing Reform Issues Grab the Spotlight CNBC Most millennial homeowners have buyer's remorse, a new survey shows consumerfinancemonitor.com This week's podcast: a discussion of the CFPB's annual report on servicemember complaints Calculated Risk Blog HVS: Q4 2018 Homeownership and Vacancy Rates Reuters Brexit riddle goes on: May's deal, delayed no-deal or referendum? Calculated Risk Blog Weekly Initial Unemployment Claims increased to 225,000 CNBC Fed's Clarida emphasizes 'patient' approach to further rate hikes CNBC Ray Dalio, manager of the world's biggest hedge fund, lowers his odds of a recession

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