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Fannie Mae's April Economic Developments summary is, like Freddie Mac's, relatively optimistic only because they see the impact of the pandemic as being very short lived. However, in the interim, some of the numbers they forecast are hard to hear. In March, as the COVID-19 crisis loomed, Fannie's Economic and Strategic Research Group reduced outlook for economic growth over the entire year from 2.2 to 1.8 percent. They now expect it to contract by 3.1 percent. Much of the negative impact from the pandemic is expected in the current quarter and it will be a lulu, a reduction of 25.3 percent on top of a projected loss of 3.3 percent in Quarter 1. Based on an end to the social distancing orders in late May and a gradual resumption of business activity in June, there will be above average growth
Housing News
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Fannie Mae's April Economic Developments summary is, like Freddie Mac's, relatively optimistic only because they see the impact of the pandemic as being very short lived. However, in the interim, some of the numbers they forecast are hard to hear. In... (read more)
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Housing News
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It is only a little more than a month into the COVID-19 crisis, but mortgage forbearances are already adding up. Black Knight has begun tracking that activity extrapolating an estimate of the active mortgage universe from a sample of loans. The compa... (read more)
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MBS Commentary
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If I accidentally jinxed it, the damage was already done in yesterday's MBS Huddle video, so we might as well talk about it. "Talk about what," you might ask? The clockwork-like tendency for MBS prices to close higher on Fridays vs Thur... (read more)
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Housing News
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Declining interest rates in March pushed the refinance share of closed loans higher again according to information in Ellie Mae's March Origination Insight Report . The average rate for all 30-year fixed-rate mortgages closed during the month was the... (read more)
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Rob Chrisman
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While in captivity, watching the time, and waiting for release , can seem like forever. We’re always waiting for something, whether it is the CFPB rolling out its proposal for new non-QM guidelines near the end of May, or Ginnie rolling out eNo... (read more)
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Mortgage Rate Watch
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Mortgage rates had a reasonably calm and logical day--not something we've been able to say very often recently. It was calm in the sense that today's average rates didn't fall too far from yesterday's and intraday movement wasn't too extreme. It was ... (read more)
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