Mortgage Rates Jump Back To Recent Highs, More Volatility Ahead

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Posted To: Mortgage Rate Watch

Mortgage rates moved higher at their fastest pace in two weeks , after having their best day in more than 6 weeks just yesterday. The net effect for rates is not good, leaving them at their highest levels of the week and very close to 2013 highs seen in early March. While 3.625% remains as the best-execution rate for conventional, 30yr fixed loans, the costs associated with that rate (or whatever rate you're considering) are as high as they've been all week. Further increases from here start to shift the balance toward 3.75%. There's no question that the month of May has been exceptionally volatile for mortgage rates, in the context of the past 2 years anyway. Consider the "cost" side of the mortgage rate equation. Every rate has an associated cost implied. The lower the rate, the higher the...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/309217.aspx

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Mortgage Rates Move Convincingly Lower

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Posted To: Mortgage Rate Watch

Mortgage rates moved lower at their fastest pace in 6 weeks today, erasing most of the losses seen so far this week. Not all lenders have adjusted pricing at the same pace, however, and best-execution is still 3.625% for conventional, 30yr fixed loans. That means today's improvements came in the form of lower borrowing costs or increased lender credit, depending on the scenario. Today's improvements were potentially important in the bigger picture. We began talking about this yesterday, saying that: [Wednesday's] trading had the redeeming quality of NOT making a new low. We can't conclude anything from 1 session, but it does at least introduce the possibility that we're digging in at recent highs to make a range between now and next week's FOMC Minutes. This would look more likely if we see...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/309025.aspx

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Time to Buy Fannie/Freddie Stocks Yet? Mortgage Litigation Tally, Another LPS Settlement

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Posted To: Pipeline Press

"Talent hits a target no one else can hit; genius hits a target no one else can see." Hedge funds and investment banks have a lot of talent, and periodicals note how some prominent hedge funds have been buying preferred shares in Freddie Mac and Fannie Mae . And something tells me those guys don't buy stuff on whims. The preferred shares have been rallying lately as the GSEs post massive profits and the overall housing market improves. But the official stance is that it is unlikely Fannie/Freddie will be recapitalized and sold back to investors. As you would expect, the hedge funds have been lobbying Washington for the government to sell its stake in the firms . Switching gears to the FHA issue and high priced loans, I received this note relating to the FHA/HPML issue from a private mortgage...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/05152013-mortgage-litigation-bravehart.aspx

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Mortgage Rates Unchanged To Slightly Higher

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Posted To: Mortgage Rate Watch

Mortgage rates had a good day, despite the fact that the day-over-day change from yesterday is flat to slightly higher. Part of the reason for the higher average rate (by .01%) today has to do with late day negative reprices yesterday that weren't yet reflected in our daily marks. This helps the best-execution rate for conventional, 30yr fixed loans, stay in it's 3.625% zone. Lower rates continue to be viable options in some scenarios, but are increasingly costly, moving lower from 3.625%. Bond markets, including MBS (the 'mortgage-backed-securities' that most directly affect mortgage rates), have been on the back foot all month, with the latter making a new low every single day since May 1 (when MBS move lower, rates move higher). Today's trading had the redeeming quality of NOT making a new...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/308827.aspx

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Credit Unions Plan on Scaling Back non-QM Mortgages

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Posted To: MND NewsWire

Nearly half of members responding to a National Association of Federal Credit Unions survey say they are already planning to drop loans from their product line that do not meet Qualified Mortgage (QM) guidelines. Members were asked about a range of impacts anticipated under new Dodd-Frank Act rules being implemented by the Consumer Financial Protection Bureau in a survey conducted for the May Economic and CU Monitor. Respondents said they were getting a head start on complying with the new Ability-to-Repay/QM mortgage rule. A large majority, 92.9 percent, said they have seen regulatory burdens rise under the rule and 88.1 percent reported increasing compliance costs. If the regulatory and compliance issues under Dodd-Frank did not exist, 71.1 percent of the respondents said they could offer...(read more)

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Source: http://www.mortgagenewsdaily.com/05152013_qualified_mortgages.asp

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Mortgage Rates Continue Barreling Toward 2013 Highs

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Posted To: Mortgage Rate Watch

Mortgage rates began the day in promising shape, but lost their composure early and often. Despite several lenders releasing their initial rate sheets today in line with yesterday's, the afternoon brought 1-3 rounds of new rate sheets with costs significantly increased from morning offerings. The best-execution rate for conventional, 30yr fixed loans has already moved most of the way through 3.625% and some lenders are edging into 3.75% territory. Today's losses weren't a factor of any economic reports in the US (or abroad, for that matter), yet markets moved with determination. All of the more granular contributors are operating in the shadow of the FOMC issues we discussed yesterday . Today was additionally frustrating as the granular factors were particularly hard to find, having lots to...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/308625.aspx

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Housing Affordability Stays Strong, But Hinges On Low Rates

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Posted To: MND NewsWire

Housing affordability declined slightly in the first quarter of this year, but remains near historic highs according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released on Tuesday. The Index looks at the percentage of homes sold in a local area that are affordable to families earning the median income in that area during the quarter. The measure incorporates sales prices of both new and existing homes and the current interest rates on fixed and adjustable rate loans. On a national basis 73.7 percent of homes sold during the quarter (median, $184,000) were affordable to families earning the national median income of $64,400. In the fourth quarter of 2012 74.9 percent of homes met the affordability criteria. "Thanks to very favorable mortgage rates...(read more)

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Source: http://www.mortgagenewsdaily.com/05142013_housing_affordability.asp

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