Mortgage Rates Lower For 7th Straight Day; All-Time Lows Continue

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Posted To: Mortgage Rate Watch

Mortgage rates began moving lower last Thursday and since then have fallen every single day, crossing into new all-time lows in the process. Today simply continues that trend and makes for newer, slightly lower all-time lows. We began in neutral territory but market improvements throughout the day led several lenders to reprice for the better. Despite the overall gains, you might not see the same thing today, depending on your lender. This has to do with the roll-out of increased Guarantee Fees ( read more HERE ). Many lenders have already priced these increases into their rate sheets, but for instance Wells Fargo, the nation's largest mortgage lender, took their "G-Fee" hit today for lock timeframes of 30 days Even before the positive reprices in the afternoon, Best-Execution rates for 30yr...(read more)

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Source: www.mortgagenewsdaily.com

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Freddie and Fannie Can Earn a Profit, Right? And their Double-secret "High Risk" Watch List of 300 lenders

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Posted To: Pipeline Press

"Rob, I'm a new LO in Connecticut. What's the scoop on this news about loans in my state being more expensive than others for home loans?" Under the FHFA's proposal, Fannie & Freddie would hike fees between 15 and 30 basis points on lenders in Connecticut, Florida, Illinois, New Jersey, and New York. During a foreclosure those states apparently have considerably longer time frames to obtain marketable title than the national average as well as costs that range between 9 and 18 percentage points above the national average. State specific pricing , especially for aggregator's servicing released premiums, have been around a long time. (In fact, it is not hard to remember the days when newspapers would publish the average rates in different areas of the U.S., rather than a national average...(read more)

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Source: www.mortgagenewsdaily.com

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MBS RECAP: Generally A Repeat Performance Of Yesterday

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary With the arrival of slightly more important pieces of data and events, volume picked up slightly again today, though the overall calm theme of the week persisted. Both MBS and Treasuries began the day in better territory thanks to Asian and European trading, but only MBS were able to maintain the overnight gains throughout the session. An ugly 10yr TIPS auction took its toll on the Treasury complex with 1pm clearly standing out as the turning point of the day for 10yr yields. 10's are heading toward 5pm in roughly the same shape as yesterday. MBS MADE the "same shape" as yesterday in terms of charts, but simply at another quarter of a point higher in price. Most lenders put out their best rate sheets ever. MBS Pricing Snapshot Pricing shown below is delayed...(read more)

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Source: www.mortgagenewsdaily.com

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Five States Targeted for Additional G-Fee Increases

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Posted To: MND NewsWire

A federal regulator is proposing that five states with higher than average foreclosure costs pick up part of the tab for those foreclosures through higher Fannie Mae and Freddie Mac guarantee fees ( g-fees ). According to a press release late yesterday from the Federal Housing Finance Agency (FHFA) the size of the g-fee adjustments "are intended to reflect the disparity in costs as compared to the national average." Under the proposal, the two government sponsored enterprises (GSEs) would hike fees between 15 and 30 basis points on lenders in Connecticut, Florida, Illinois, New Jersey, and New York . Those states each have considerably longer time frames to obtain marketable title than the national average as well as costs that range between 9 and 18 percentage points above the national average...(read more)

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Source: www.mortgagenewsdaily.com

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MBS RECAP: Further Gains Amid Another Uninspired Session

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary If we must be " drifting " at the moment, there are certainly worse ways to go about it. The current drift has seen MBS trade tight ranges every day this week --much tighter than we'd expect, in fact, given the massive volatility at the end of last week. It's not that massive volatility wasn't to be expected if the Fed ended up announcing MBS-specific QE3 (which they did). It's just that we would have expected things to wind down in a bit more linear a fashion that the abrupt drop-off in volatility that we've seen. Today was the widest trading range of the week at 10 ticks, but even without an unprecedented Fed announcement targeted at MBS--even without anything very meaningful at all happening for mortgage markets, this would STILL be a narrow trading...(read more)

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Source: www.mortgagenewsdaily.com

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The Day Ahead: Economic Data Focuses On Housing, But Will Markets Focus On Data?

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Posted To: MBS Commentary

To hear the story told by NAHB's index yesterday, the housing market is in the best shape since June 2006 --the major caveat being that sales EXPECTATIONS over the next six months accounted for a lion's share of the improvement. Today we'll have a chance to hear from 3 other reports on housing , as well as the weekly MBA Applications figures. Taken together (or even individually, with the exception of the MBA data), these reports certainly pack more market moving punch than yesterday's data, but whether or not they conjure up any market-based response is another story. Certainly, it's possible that today's Housing Starts, Building Permits, and Existing Home Sales data will move the needle more than we've seen it moved by economic data thus far this week. But any such movement will be muted...(read more)

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Source: www.mortgagenewsdaily.com

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Mortgage Lending Fell 10% in 2011 to Lowest Point in 16 Years

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Posted To: MND NewsWire

Data on lending activity during 2011 at 7,632 financial institutions that are covered by the Home Mortgage Disclosure Act ( HDMA ) was released today and showed continued heavy reliance on FHA-backed mortgage loans. The data came from the Federal Financial Institutions Examination Council ( FFIEC ) and covered banks, savings associations, credit unions, and mortgage companies. The activity monitored including mortgage applications, originations, purchases and sales of loans. The total number of originated loans of all types and purposes reported fell by about 780,000, or 10 percent, from 2010 , in part because of a 13 percent decline in refinancing . Home purchase lending also fell, but by a more modest 5 percent. The FHA-related lending that increased several years ago with the onset of problems...(read more)

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Source: www.mortgagenewsdaily.com

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