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Mortgage Market Looking For a Better Week For Two Reasons
Last week was unpleasant in the mortgage world, to say the least. Rates suffered a double whammy due to the surprise 50bp LLPA on refis and the trend breakout in the broader bond market. Ideally, lenders will have priced in the worst of the LLPA drama last week. Combine that with a potentially supportive reversal in bonds, and this could be a much better week.
Econ Data / Events
20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th)
NAHB Builder Confidence 78 vs 73 f'cast , 72 prev
NY Fed Manufacturing 3.7 vs 15.0 f'cast , 17.2 prev
Market Movement Recap
10:30 AM Bonds opened slightly stronger as they continue lowering the defenses raised to last week's heavy supply. Gains faded a bit at the 9:30am NYSE open, but both MBS and Treasuries are now back to their best levels of the day.
02:20 PM Bonds improved until 12:25pm ET, and have slowly been giving back some of the gains since then. MBS and Treasuries are both still in positive territory. UMBS 2.0s are up an eighth after being up nearly a quarter point earlier. 10s are down 2.6bps at .6833, up from lows of .6671
MBS Commentary
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Mortgage Market Looking For a Better Week For Two Reasons
Last week was unpleasant in the mortgage world, to say the least. Rates suffered a double whammy due to the surprise 50bp LLPA on refis and the ... (read more)
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Rob Chrisman
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Out in California and parts of the West it’s “hotter than Satan’s house cat.” California is once again having rolling power outages, and an opinion piece by the ex-CEO of Wells Fargo doesn’t paint an improving picture on... (read more)
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Housing News
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Builders have tied their 32-year old record for confidence as measured by the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The Index, which has been conducted by NAHB for 35 years, jumped by 6 points in August to 78 a... (read more)
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Mortgage Rate Watch
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Some mortgage companies have generated buzz by advertising 30yr fixed rates of 1.99%. While it is possible to obtain such a rate, there is definitely a catch. Rates are certainly low in the big picture. Up until this week, they were as low as they've... (read more)
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Housing News
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Two entities, Black Knight and the Mortgage Bankers Association (MBA) have been tracking loans in forbearance plans since the start of the pandemic. They have diverged a bit in their numbers over the last half year, but both agree, in their most rece... (read more)
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Housing News
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The Mortgage Bankers Association (MBA) is predicting another strong month for new home sales. The association says its Builder Application Survey (BAS) data for July 2020 shows mortgage applications for new home purchases increased 39 percent compare... (read more)
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