Tue, May 7 2019, 8:36 AM
If you want to have more of your financial future tied to lending, PennyMac Mortgage Investment Trust (PMT) announced the pricing of an underwritten p...
Mon, May 6 2019, 5:13 PM
Today represented a classic example of the old market adage "buy the rumor, sell the news." It also offered two different takes on that strategy fr...
Mon, May 6 2019, 4:17 PM
Mortgage rates dropped noticeably this morning as financial markets opened sharply changed from Friday's latest levels thanks to Trump trade tweets ov...
Mon, May 6 2019, 9:09 AM
Welcome to May 6th, the anniversary of the first tequila hangover. (Yes, for those of you who wrote, I know that May 5 is not Mexican Independence Day...
Mon, May 6 2019, 8:59 AM
The week begins with bonds trading in much stronger territory thanks to a surprise US/China trade announcement from Trump over the weekend. This cha...
Mon, May 6 2019, 8:44 AM
Prepayment rates historically tend to increase in the spring, but this year they have been exceptionally high. The rate has risen during March in 18 o...
Fri, May 3 2019, 5:28 PM
Bond traders can book profits on bond purchases by selling, or on bond sales by buying. Today was characterized by the latter.
Logically, traders...
Fri, May 3 2019, 5:02 PM
Mortgage rates were flat today, which is a victory considering the big jobs report was stronger than expected. Typically, labor market strength--espec...
Fri, May 3 2019, 1:10 PM
Ginnie Mae has issued a formal request for input regarding changes to its II Multi-Issuer Program (GII MIP). That program represents almost a third of...
Fri, May 3 2019, 9:08 AM
On the trading desk we would always chuckle when someone would occasionally cry out, “Oh! I was working so hard I forgot to eat!” Really? One thing is...
Fri, May 3 2019, 8:22 AM
In the day just past, bonds sold off due to what appears to be market dissatisfaction with a hawkish message from the Fed. This largely came courtesy...
Thu, May 2 2019, 5:38 PM
Treasuries weakened today as traders continued to price out a friendly Fed. This wasn't necessarily destined to be the case after yesterday's Fed Ann...
Thu, May 2 2019, 5:21 PM
The government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac released their first quarter financial results on Wednesday. Both had slightly ...
Thu, May 2 2019, 5:04 PM
Mortgage rates didn't move much today, but the average lender is quoting microscopically higher rates, if anything. Week-over-week, it wouldn't be unf...
Thu, May 2 2019, 10:31 AM
2.50% has been more than just a reasonably round number marking the midpoint between 2.0% and 3.0% as far as 10yr Treasury yields are concerned. Actu...
Thu, May 2 2019, 9:28 AM
I was on a flight yesterday to Orlando for the MBAG annual conference on the coast. The plane was packed, half with 4-13-year-old passengers bound for...
Wed, May 1 2019, 5:02 PM
The overnight session was very quiet for bonds with most major markets closed for various holidays. The first meaningful movement followed the ISM Ma...
Wed, May 1 2019, 4:37 PM
Mortgage rates finally moved in a direction that wasn't "up" today. That said, it's debatable whether the direction would be best described as "lower"...
Wed, May 1 2019, 2:02 PM
Information received since the Federal Open Market Committee met in January March indicates that the labor market remains strong but and that g...
Wed, May 1 2019, 12:20 PM
Publicly and privately funded construction put in place in March had an estimated value of $1.282 trillion on a seasonally adjusted annual basis. This...
Wed, May 1 2019, 9:21 AM
Why don't you ever see the headline, “Psychic Wins Lottery?” Some people believe that economists have the ability to predict rates, bookmakers have th...
Wed, May 1 2019, 9:04 AM
Although the 10am ISM Manufacturing Report can definitely have an impact on bonds today, The 2pm FED Announcement at 2:30pm press conference is th...
Wed, May 1 2019, 8:14 AM
Despite a decline in interest rates, mortgage volume took a significant hit during the week ended April 26. The Mortgage Bankers Association (MBA) rep...
Tue, Apr 30 2019, 5:49 PM
Open up MBS Live today and you'll be greeted with plenty of reassuring green numbers and positive reprice notifications. Unfortunately, those repri...
Tue, Apr 30 2019, 5:17 PM
Mortgage rates moved up again today, despite modest improvement in the bond market (which typically coincides with lower rates). Part of the reason fo...
Tue, Apr 30 2019, 4:55 PM
Freddie Mac's April economic forecast focuses on interest rates and their impact on housing as the company's Economic & Housing Research Group revises...
Tue, Apr 30 2019, 11:03 AM
The yield curve--technically a reference to the full spectrum of Treasury yields versus duration/maturities (i.e. 2, 3, 5, 7, 10, 30 years), but often...
Tue, Apr 30 2019, 10:44 AM
The S&P CoreLogic Case-Shiller Indices for February continue to show a slowdown in home price gains on a year-over-year basis although all of the mont...
Tue, Apr 30 2019, 10:10 AM
Pending home sales posted a second solid performance in 2019 , with home purchase contract signings in March recovering from their slight dip in Febru...
Tue, Apr 30 2019, 9:02 AM
Well, we’ve sailed through another perfectly good month. Wasn’t it just New Years? There are plenty of interesting things going on in residential lend...
Tue, Apr 30 2019, 8:13 AM
CoreLogic says that, while the incidence of mortgage fraud has remained relatively stable in recent quarters, income fraud remains a growing problem. ...
Mon, Apr 29 2019, 5:58 PM
Friday was pretty great for bond markets. It was a solid day of gains at the end of a week where we'd already had two other solid days of gains. A...
Mon, Apr 29 2019, 5:29 PM
Mortgage rates moved up today, but at a fairly tame pace in the bigger picture. The rest of the week, however, may not be as tame. There are multiple ...
Mon, Apr 29 2019, 10:28 AM
Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 8.0 percent in March, growing from 3.0 percent the...
Mon, Apr 29 2019, 9:55 AM
This is a very big weak in terms of economic data and its relationship with bond market trading levels. In a nutshell, yields dropped sharply into a ...
Mon, Apr 29 2019, 9:08 AM
When I was a kid in California, as with my parents and their parents, and their parents, flowers and fruits had seasons. Roses bloomed in the spring. ...
Fri, Apr 26 2019, 7:09 PM
Mortgage rates improved again today, keeping the week-over-week move decidedly friendly. For more on the weekly move, see the in-depth discussion in y...
Fri, Apr 26 2019, 11:44 AM
GDP was hotly anticipated this week and rightfully so. The trading reaction has been the week's most volatile and has carried the most volume. Parad...
Fri, Apr 26 2019, 10:06 AM
Both homeownership and vacancy rates were essentially unchanged in the first quarter of this year according to data released on Thursday by the U.S. C...
Fri, Apr 26 2019, 9:26 AM
M&A is rampant, big and small, and is expected to continue throughout 2019. There’s a constant stream of individual branch or small company moves, but...
Thu, Apr 25 2019, 5:05 PM
The bond market took a pass today as traders generally let supply considerations and positioning rule the day. Supply considerations came courtesy of...
Thu, Apr 25 2019, 4:38 PM
Mortgage rates held fairly steady today with the average lender unchanged to just slightly higher on the day. That's fairly good news considering yest...
Thu, Apr 25 2019, 2:13 PM
Home flipping, buying a property with the intent to sell it in a short period of time at a profit, is more popular than almost ever , but a study by C...
Thu, Apr 25 2019, 10:35 AM
Here's a quick recap of the past year or so. Bond yields were near long-term highs in the first part of 2018 following the passage of the tax bill ...
Thu, Apr 25 2019, 9:22 AM
In low down payment and HFA news, HUD, dba the FHA, has agreed to a 90-day stay in implementation of Mortgagee Letter 19-06 (regarding down payment as...
Thu, Apr 25 2019, 8:14 AM
The declining interest rates earlier in the year along with increased refinancing made themselves felt in March as prepayment activity surged. Black K...
Wed, Apr 24 2019, 5:15 PM
Here come those "global growth concerns" again! It's nothing too huge or scandalous, but today's scorecard offered several anecdotes that fueled a do...
Wed, Apr 24 2019, 4:39 PM
Mortgage rates moved lower at their best pace in several weeks today, with the average lender making it back to levels not seen since April 12th. The ...
Wed, Apr 24 2019, 10:45 AM
Conventional wisdom, according to the Urban Institute (UI), holds that small mortgages are riskier than large ones. That may be one reason that only o...
Wed, Apr 24 2019, 9:19 AM
We can go years at a time without so much as a mention of Australia--at least not as it relates to the global economy. But now for the 2nd time in as...
