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Mortgage Rates: Strong Start Gives Way To Reprices For The Worse

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates made a move toward lower territory early this morning but just couldn't hold the improvements through the end of the day. The gains didn't even make it past lunch! After topping out around 11am, mortgage-backed securities prices (price up = rates down) started to lose steam with steep losses noted just after 2pm. Although the big picture significance of these unfriendly movements is muddled by a low volume holiday trading environment, lenders were still forced to reprice for the worse. With reprices behind us and our mortgage rate model updated, loan pricing remains in-line with quotes offered by lenders on Friday afternoon, which puts the best execution 30 year fixed mortgage rate at 4.875. Important Mortgage Rate Disclaimer: Loan originators will only be able to offer these...(read more)

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Source: www.mortgagenewsdaily.com

- For more real estate news visit our website at http://www.AzHomeHelp.com

The Week Ahead: Home Sales, Durable Goods, Lack of Liquidity

Hot news from AZ Home Help:

Posted To: MBS Commentary

Treasuries are gaining lost ground for the third consecutive trading day. This represents the longest stretch of improvements in December thus far. The benchmark 10-year yield is down another 6.8bps at 3.27%. The Fannie Mae 4.5 MBS coupon is +11/32 at 102-11. From AQ's MBS close on Friday.... December floaters shouldn't be comfortable yet. You should actually be pretty antsy. That's how the market will behave next week at least. The week ahead will be defined by Christmas parties, hangover headaches, out of office replies and a straight up lack of trading liquidity (can it dry up anymore???) That means the potential for price chopatility is high. Now. That isn't necessarily a bad thing. Volatility was very friendly to our cause on Thursday and Friday. But December floaters should still be pretty...(read more)

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Source: www.mortgagenewsdaily.com

- For more real estate news visit our website at http://www.AzHomeHelp.com

Banks Continue to Fail

Banks continue to fail as three more lenders have gone down the tubes...that makes 149 bank failures this year alone!  Failure to approve short sales is definitely a factor...http://bit.ly/gxSNAH

GSEs Update Loan Delivery and Appraisal Data Requirements; MERS Phase Out; Amtrust Name Change; MBA on Compensation

Hot news from AZ Home Help:

Posted To: Pipeline Press

Fannie and Freddie announced updates to the implementation dates and requirements for loan delivery and appraisal data under the Uniform Mortgage Data Program (UMDP) . The UMDP is a joint effort by Fannie Mae and Freddie Mac (the GSEs) at the direction of Federal Housing Finance Agency (FHFA) to standardize and drive data quality that benefits the entire mortgage industry. Fannie Mae and Freddie Mac understand the magnitude of the change required to achieve this important goal and its impact on a number of industry players. To facilitate its successful adoption, the GSEs have collected extensive feedback from a wide array of customers, lenders, appraisers, and other industry participants. Any company, whether or not it sells to the agencies, can pretty much use this for a template for future...(read more)

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Source: www.mortgagenewsdaily.com

- For more real estate news visit our website at http://www.AzHomeHelp.com

Appraisal Hell: What's a Home Worth These Days?

Hot news from AZ Home Help:

Posted To: MND NewsWire

One appraisal two appraisals three appraisals...where's the floor???? This statement sums up the home valuation experience for many borrowers in the current lending environment.... "They switched lenders and got another appraisal that, at $290,000, would have allowed the deal to go through. Their new lender was skeptical, and ordered up another appraisal. At the same time, the home they were selling was appraised three times, with each subsequent valuation falling." Obviously this story doesn't apply to every homeowner because not every housing market is under the same amount of downward pressure (from a cluster of distressed properties), but the general frustrations these borrowers face really hit the nail on the head on just how tough it can be to qualify for a loan nowadays. It also paints...(read more)

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Source: www.mortgagenewsdaily.com

- For more real estate news visit our website at http://www.AzHomeHelp.com

Mortgage Rates: Volatility Finally Swings In Our Favor

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Volatility has not been a friend to mortgage rates over the last 30 days, but in the last 36 hours, we've been good buddies! Today put a nice bookend on a bond market correction that began yesterday around noon. This follows a painstaking selloff that played out relentlessly through the end of November all the way into Wednesday morning. Phew. It's about time! The mortgage-backed securities (MBS) that dictate your loan pricing gained much ground today. This allowed lenders to reprice for the better which helped mortgage rates move lower into the weekend. To illustrate the volatility we have created a mortgage rate chart using our loan pricing model. On this graph you will see five different colored lines. Each line represents a different 30 year fixed mortgage note rate. The numbers on the...(read more)

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Source: www.mortgagenewsdaily.com

- For more real estate news visit our website at http://www.AzHomeHelp.com