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: 30 Yr. Fixed 6.27% -0.04%   6.13% 7.26% 15 Yr. Fixed 5.82% -0.01%   5.6% 6.59% 30 Yr. Jumbo 6.20% -0.02%   6.14% 7.45% Compare Mortgage Rates from Local Lenders for Feb 28, 2019 Mortgage Rates Not Interested in Any of Today's Drama Wed, Feb 27, 2019 5:54PM 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 Lighthizer on US/China trade policy. Mortgage rates are determined by the bond market, and the bond market could make a case for caring about any of these three events. Interestingly enough, almost all of the day's bond market movement arrived BEFORE any of the testimonies. Unfortunately, the movement in question was bad for rates , but the damage was... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.27% -0.04 0.00 15 Yr. Fixed 5.82% -0.01 0.00 30 Yr. FHA 6.00% -0.03 0.00 30 Yr. Jumbo 6.20% -0.02 0.00 7/6 SOFR ARM 5.71% -0.01 0.00 30 Yr. VA 6.02% -0.03 0.00 Updates Daily - Last Update: 10/15 Freddie Mac Rate Change Points 30 Yr. Fixed 6.30% -0.04 0.00 15 Yr. Fixed 5.53% -0.02 0.00 Updates Weekly - Last Update: 10/9 Mortgage Bankers Assoc. 30 Yr. Fixed 6.43% -0.03 0.60 15 Yr. Fixed 5.77% +0.01 0.79 30 Yr. Jumbo 6.60% +0.06 0.44 Updates Weekly - Last Update: 10/8 UMBS 30YR 5.0 99.72 +0.04   95.05 99.96 UMBS 30YR 5.5 101.09 +0.01   97.47 101.28 10 YR Treasury 4.029 +0.001   3.932 4.780 MBS Live Day Ahead: Biggest Threat To The Range, But There's a Catch Thu, Feb 28, 2019 9:53AM 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) MBS Live Recap: Lots of Sound and Fury, But Little Significance Wed, Feb 27, 2019 5:41PM  "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 our case, it often serves to highlight a different sort of futility --the one where market-watchers attempt ... (read more) MBS Price Change UMBS 4.5 97.76 +0.07 UMBS 5.0 99.73 +0.05 UMBS 5.5 101.10 +0.01 GNMA 4.5 97.74 +0.04 GNMA 5.0 99.96 +0.13 GNMA 5.5 100.97 +0.07 Pricing as of: 10/15 6:03PM EST US Treasury Yield Change 2 YR Treasury 3.496 +0.013 5 YR Treasury 3.619 +0.015 7 YR Treasury 3.803 +0.005 10 YR Treasury 4.031 +0.002 30 YR Treasury 4.625 -0.005 Pricing as of: 10/15 6:03PM EST Other News This Isn't Your Father's Cash Out Refi Thu, Feb 28, 2019 11:37AM 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 cr... (read more) A Surprise in Pending Sales Kicks Off 2019 Wed, Feb 27, 2019 10:27AM 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 , climbing to 103.2 in January from 98,7 in December. It was the first gain in four months. The surge was not enough ho... (read more) Non-QM Products; Personnel Moves; Lender Profit Study; PennyMac/MCT API Bidding News Thu, Feb 28, 2019 9:13AM 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 poverty estimates for Hispanics were first published in 1972. Nice! We can balance this good news versus&helli... (read more) 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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