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Mortgage prepayment rates have continued to rise as interest rates move lower. Black Knight says prepayments increased by 24.31 percent in May compared to April and 32.17 percent on an annual basis. The company, in its "first look" at loan performance data for May, says the Single Monthly Mortality (SMM) rate, 1.23 percent, has more than doubled over the past four months and is at its highest level in more than two years. The national delinquency rate fell for the third consecutive month in May. There were 1.76 million loans that were at least 30 days past due but not in foreclosure, 3.36 percent of all mortgaged properties. This was the lowest level in Black Knight's records that date back to January 2000. Delinquencies fell by 3.03 percent or 52,000 loans compared to April and were down 107
Housing News
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Mortgage prepayment rates have continued to rise as interest rates move lower. Black Knight says prepayments increased by 24.31 percent in May compared to April and 32.17 percent on an annual basis. The company, in its "first look" at loan performanc... (read more)
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MBS Commentary
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In the week just past, bonds were preoccupied with central bank communications. Wednesday's Fed announcement was going to be the only game in town, but Draghi's speech at the SINTRA conference (which promised rate cuts and additional easing) se... (read more)
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Rob Chrisman
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I start the last week of June in Park City, Utah at a STRATMOR meeting and with a correction. In discussing tax laws in Saturday’s commentary I wrote, “The new law limits the deductibility of mortgage interest payments to $10,000, thereby... (read more)
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Mortgage Rate Watch
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Mortgage rates were generally flat today, depending on the lender. Some were noticeably better while others were a hair worse. In both cases, rates are very close to the lowest levels since late 2016. Changes from Friday would most likely be measured... (read more)
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Housing News
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After the housing crisis and faced with a flood of insurance claims, FHA and the Department of Justice responded with enforcement efforts against lenders that had made underwriting mistakes , levying large fines, requiring more indemnification, and b... (read more)
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Housing News
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Existing home sales broke out of a two-month slump in May, rising by 2.5 percent compared to April and beating, by a considerable margin, analysts' consensus expectations. The National Association of Realtors® said sales of single-family homes, t... (read more)
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