Builders See Business Getting Better - Just not Right Now

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Posted To: MND NewsWire

Despite a revival of demand for new homes, builders are facing constraints that are eroding their confidence in the market for new single family homes. The National Association of Home Builders (NAHB) Housing Market Index (HMI) produced jointly with First American Title dropped in its April, along with two of its three component indices. NAHB said that the drop in the composite from 44 to 42 comes as builders face increasing costs for building materials and rising concerns about the supply of developed lots and labor. "Many builders are expressing frustration over being unable to respond to the rising demand for new homes due to difficulties in obtaining construction credit, overly restrictive mortgage lending rules and construction costs that are increasing at a faster pace than appraised...(read more)

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Source: http://www.mortgagenewsdaily.com/04152013_nahb_builder_confidence.asp

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Mortgage Rates Fall After Three Days Spent Moving Higher

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Posted To: Mortgage Rate Watch

Mortgage rates finally moved lower today, after rising moderately during the first 3 days of the week. Today's changes are fairly small when viewed against the damage done since last Friday, but last Friday's rates were exceptional. While not quite as good as the offerings seen from last Thursday through this Wednesday, today's rates are still among the best of the year. It's interesting to note that the best and worst rates in 2013 are separated by only 0.25% (3.5-3.75%) with most days averaging 3.625%. The b est execution ( what is this? ) for 30yr Fixed loans had begun edging up toward 3.625% yesterday after hitting 3.5% late last week, and today's improvement undoes some of that movement, keeping 3.5% in play. With the recent fluctuations in rates--more importantly with the recent variations...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/303982.aspx

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The Day Ahead: Is the Bond Market Waiting for Retail Sales?

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Posted To: MBS Commentary

Thursday was an enjoyable day for bond market bulls as both Treasuries and MBS managed to open in positive territory and hold those gains without the same sorts of mid-day meltdowns seen in the previous three sessions. This then, is probably the beginning of a sideways consolidations we'd been hoping for following the NFP rally (and subsequent bounce). But whereas the best case scenario ceiling for 10yr yields would naturally be the long term pivot points around 1.83%, a big data surprise this morning could adjust that upward. One thing Thursday's session did tell us is that Bond markets aren't overly eager to jump back on the rally wagon. Take a look at 10yr yields 2 days of upwardly biased consolidation. If you noticed that the preceding chart, in fact, contained more than the advertised...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/304043.aspx

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Some Astute Concerns About Disparate Pricing, Assumable Loans, and the CFPB Complaint Database

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Posted To: Pipeline Press

Well, the rate lock renegotiation discussion continues, and here is one angle that I hadn't seen raised. "Lately we have been working/wrestling with the complex issue of 'disparate pricing.' After reading your commentary I am concerned that renegotiating a borrowers rate will not only cost us money on the execution side but also exposes us to charges, fines and lawsuits related to giving a non-protected borrower a better rate than a protected borrower simply because one forced me to renegotiate and the other didn't. Do you think there is any merit to this concern?" Let's hope the answer isn't that mortgage bankers have to drop the rates on their entire pipeline to avoid CFPB accusations of disparate pricing. Yesterday the commentary noted how the " assumability " of some loans will impact not...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/04122013-flood-insurance-disparate.aspx

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Wells Fargo Continues Record Earnings Streak, Despite Slip in Mortgage Business

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Posted To: MND NewsWire

Wells Fargo beat analysts' expectations and brought in record high earnings for the first quarter of 2013 even though its mortgage earnings declined . The company reported net income of $5.2 billion for the quarter or $0.92 per share compared to $4 billion and $0.75 in the first quarter of 2012. The bank's chief financial officer Tim Sloan said this was the 13 th consecutive quarter that per share earnings had grown and the 8 th when those earnings set new records. The new results beat fourth quarter earnings by a penny but was four cents higher than analysts' consensus. Mortgage banking non-interest income was $2.8 billion, down $274 million from the fourth quarter. The company said it had retained on balance sheet 1-4 family conforming first mortgage loans of $3.4 billion, forgoing approximately...(read more)

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Source: http://www.mortgagenewsdaily.com/04122013_wells_fargo_bank.asp

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Mortgage Rates Back Near Lows Of The Week

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Posted To: Mortgage Rate Watch

Mortgage rates finally extended yesterday's move lower, falling at an even quicker pace today. Weaker Retail Sales data contributed to a morning rally that was already underway in European trading overnight. Mortgage Lenders adjusted rate sheets lower to a greater extent than we typically see after such market movements, easily putting 3.5% back in force as the b est execution ( what is this? ) for 30yr Fixed loans. For many lenders, this means the best rate sheet offerings of the week, though some are not quite back to Monday's levels. Friday's lows remain elusive, but then again, so do the trading levels that spawned them. Yesterday, we commented on bond market strength (where "stronger" = "lower rates") being surprisingly reassuring. That had to do with Treasuries and MBS ("mortgage backed...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/304175.aspx

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MBS MID-DAY: Overnight Session Weak Data Fuel Bond Market Rally

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Posted To: MBS Commentary

MBS Live : MBS Morning Market Summary Bond markets began the day in slightly better territory after the European session traded "risk-off." German debt rallied, peripheral debt and equities weakened as the risk rally of the past week finally turned a corner. There was buzz about hiccups in the Cyprus bailout process, but the move was certainly technical as well. Bond markets were stronger after Retail sales, but met resistance as equities markets came online. The stock lever was a bit of a drag on bond markets heading into later morning data, and the opposite was true until just a few minutes ago. Weaker-than-expected Consumer Sentiment data confirmed a bounce off the highs for stocks, which then flushed lower over the next hour. Bond markets resisted the move at first, but 10's eventually...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/304114.aspx

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