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Mortgage rates dropped quickly today. This wasn't necessarily destined to be the case this morning, but after the Fed released its most recent policy announcement, mortgage-backed bonds improved significantly, thus allowing lenders to offer lower mortgage rates via mid-day price changes. Bonds loved what the Fed had to say because the announcement unequivocally committed to ongoing bond purchases in amounts equal to what we've seen in recent weeks. In a nutshell, the Fed will continue to be the single biggest buyer of new mortgage debt. When demand for that debt is strong, mortgage bond prices move higher. When prices move higher, rates move lower. Today's mortgage rate move is NOT related to the Fed forecasting near-zero rates through 2022. Those forecasts pertain to the Fed Funds Rate which
Mortgage Rate Watch
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Mortgage rates dropped quickly today. This wasn't necessarily destined to be the case this morning, but after the Fed released its most recent policy announcement, mortgage-backed bonds improved significantly, thus allowing lenders to offer lower mor... (read more)
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Housing News
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Home equity reports have not been particularly interesting over the last few years. Home prices kept rising, owners kept whittling down their loan-to-value (LTV) ratios and avoiding the serial cash-out refis we have seen in earlier boom times. With t... (read more)
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Rob Chrisman
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Despite the early stages of quarantine and captivity seeming to drag, the year is rushing along. They always do. The Chairman of the Federal Reserve tells us not to expect a “V-shaped” recovery, details in Capital Markets section below. W... (read more)
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Housing News
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Lenders, responding to increasing unemployment rates and other risks, tightened lending standards in May, sending the Mortgage Bankers Association's (MBA's) Mortgage Credit Availability Index (MCAI) into a tailspin. The index dropped 3.1 percent to 1... (read more)
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Housing News
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The Mortgage Bankers Association (MBA) says that mortgage application volume rose significantly during the week ended June 5 as many states began to lift restrictions on individuals and businesses imposed in response to the COVID-19 pandemic. MBA's M... (read more)
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MBS Commentary
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Bonds Back in Business; More New All-Time Low Rates
What a difference a week makes! Last week, the order of the day was to lament the negative momentum shift that took bond yields up and out of establis... (read more)
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