Mortgage Rates Back to 4 Percent After Yellen

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Posted To: Mortgage Rate Watch

Mortgage rates maintained their upward momentum today, rising to the highest levels since late September after Janet Yellen confirmed the Fed's rate hike outlook. Bond markets (which include the mortgage-backed securities that most directly affect mortgage rates) began adjusting for that outlook last week after the Fed announcement. Markets saw a roughly 1 in 3 chance of a December rate hike before that announcement, and better than 50 percent afterward. The Fed Funds Rate is a short-term lending rate that does not directly dictate longer term rates like most mortgages rates, but it's common to see the entire spectrum of rates move higher in anticipation of a Fed rate hike. Clearly that anticipation increased last week, and only gathered steam into the current week. With Yellen scheduled to...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/526968.aspx

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Return to Normal Slows for Distressed Sales

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Posted To: MND NewsWire

Sales of distressed properties, an increasingly negligible portion of all home sales, slipped even further in August. Sales of lender owned or REO properties constituted a 6 percent share and short sales accounted for another 3.3 percent. The combined total of 9.3 percent was down 0.4 percentage points from July and was 2.3 percentage points lower than the share in August 2014. The share of REO sales was the lowest since September 2007 when it was 5.2 percent however the short sale share has remained in the 3-4 percent range since mid-2014. While the share of distressed sales has diminished significantly since peaking at 32.4 percent in January 2009 the rate of decline seems to have slowed. As recently as June CoreLogic was projecting that the share of distressed sales would return to a pre...(read more)

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Source: http://www.mortgagenewsdaily.com/11042015_corelogic_distressed_sales.asp

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Mortgage Rates Continue Pushing Into 1-Month Highs

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Posted To: Mortgage Rate Watch

Mortgage rates rose at a quicker pace today, bringing them up to the highest levels in more than a month. October saw several of the more aggressive lenders get close to offering rates of 3.625% on top tier 30yr fixed scenarios. Those same lenders are all now easily back to 3.875% . Some of them are up to 4.0%. The move up to 3.875% might not seem significant on paper, but the past week has seen rates move up at the fastest pace since early June--itself only one of a handful of similar examples in 2015. The more troubling consideration is that the recent lows now run the risk of being cemented as a longer-term floor. With expectations for a December rate hike from the Fed, longer term rates (like mortgages) will have a hard time committing to any significant move lower unless something happens...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/526439.aspx

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Mortgages? There (should be) an App for that

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Posted To: MND NewsWire

Mortgage lenders may be missing out on an opportunity to offer consumers something they are asking for - a wider use of mobile technology in the mortgage process. Fannie Mae says its National Housing Survey (NHS) has shown a desire on the part of consumers to shop and apply for a mortgage via their mobile devices. At the same time the company's Mortgage Lender Sentiment Survey (MLSS) indicates that lenders still favor more traditional channels such as using loan officers, brick and mortar branches, and third party partnerships. Steve Deggendorf, Fannie Mae's Director of Business Strategy, writes in the FM Commentary blog that mobile devices are increasing used for a variety of financial transactions including bill payments and banking but are less common in the mortgage space. He says the lower...(read more)

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Source: http://www.mortgagenewsdaily.com/11032015_mortgages_and_technology.asp

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Mortgage Rates Slightly Higher to Start Volatile Week

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Posted To: Mortgage Rate Watch

Mortgage rates continued slightly higher today, after hitting 1-month highs late last week. In general, the mortgage rate environment has been under pressure since last week's Fed Announcement. To reiterate a frequent point, the Fed doesn't control or set mortgage rates. That said, MBS (the mortgage-backed-securities that most directly influence rates) do tend to move in concert with US Treasuries and both tend to move toward higher rates when the Fed is expected to tighten policy. In other words, markets are "pricing-in" a rate hike for December after last week's Fed announcement. That means by the time the Fed actually hikes its policy rate, mortgage markets (and other bonds) will already have moved toward higher rates. In fact that's one of the key reasons we're not currently at all-time...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/525788.aspx

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Refi Credit Scores Falling Due to Burnout, Not Credit Availability

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Posted To: MND NewsWire

Purchase lending in June was at its highest level since the beginning of the housing crisis and early reports from the third quarter indicate that this trend is continuing . Black Knight Financial Services said today that the 15 percent annual increase in the whole of the second quarter of this year and the apparent 11 percent increase in the third quarter were driven primarily by high credit borrowers, those with credit scores of 700 or better. Only 20 percent of purchase loans in that quarter went to borrowers with lesser scores. At the same time refinancing is dropping among high-credit borrowers, indicating that there is a refinance "burn-out" after such a prolonged period of low rates. This is tipping average credit scores lower. This, Black Knight says in its latest Mortgage Monitor based...(read more)

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Source: http://www.mortgagenewsdaily.com/11022015_black_knight_mortgage_monitor.asp

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Mortgage Rates Highest in a Month Today

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Posted To: Mortgage Rate Watch

Mortgage rates continued heading higher at a fairly quick pace today, extending the move that began after yesterday's Fed Announcement. That might come as somewhat of a surprise if you've read basically any other article about mortgage rates today. Reason being, Freddie Mac releases its weekly rate report on Thursdays and the rest of the free world promptly publishes articles conveying the data. The only problem is that Freddie's rate report isn't intended to provide an up-to-the-minute glimpse at recent mortgage rate movement. It's not only of no use to consumers actively engaged in the mortgage process, but it can even be downright misleading. Freddie's data is intended as a long term tracking tool. It relies on lender rate quotes that come in mostly on Monday and Tuesday. Even if rates have...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/524376.aspx

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