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For most lenders, mortgage rates improved again today, adding to the 3-week lows achieved yesterday. We normally view mortgage rate movement primarily as a function of the bond market, but the bond market says rates should only be falling modestly from their recent highs. What gives? This is a 2 part issue. First , there's a difference between the overall bond market and the bonds that underlie mortgages. So-called mortgage-backed securities (MBS) did a better job of holding their ground in August when compared to the broader bond market via the quintessential 10yr Treasury yield. Second, and more importantly, the delay of the recently announced adverse market fee (an abrupt hit to all conventional refinances that unintentionally also affected purchase rates) is responsible for the lion's share
Mortgage Rate Watch
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For most lenders, mortgage rates improved again today, adding to the 3-week lows achieved yesterday. We normally view mortgage rate movement primarily as a function of the bond market, but the bond market says rates should only be falling modestly fr... (read more)
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Housing News
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Construction spending as a whole was essentially flat in July, but residential spending showed significant growth. The U.S. Census Bureau reported that total expenditures from both public and private sources were at a seasonally adjusted annual rate ... (read more)
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Housing News
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It has been rumored since the first wave of the coronavirus struck in some of the densely populated urban centers, especially in New York and New Jersey. Now, however, there is substantiation of a population shift from the National Association of Hom... (read more)
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MBS Commentary
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New Month, New Trend?
We often see a clear bias toward strength or weakness during any given month in the bond market. If July clearly marked a trend toward lower rates and August was the compl... (read more)
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Housing News
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Home prices grew in July by the fastest rate in nearly two years, a 5.5 percent annual gain. According to CoreLogic's Home Price Index (HPI), the month-over-month change was 1.2 percent. The company said it was "The one-two punch of strong purchase d... (read more)
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Rob Chrisman
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There’s a fine joke about bowling balls and tennis balls and golf balls which I won’t repeat here, but let’s go down the scale of “numerical magnitude.” Today, the NY Federal Reserve Trade Desk is set to surpass $1 trill... (read more)
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