Home Price Appreciation Better Than Expected -CoreLogic

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Posted To: MND NewsWire

CoreLogic said on Tuesday that its Home Price Index (HPI) including distressed sales rose on a year-over-basis for the 42 nd consecutive month in August. The HPI was up 6.9 percent compared to August 2014, the second month in a row that the annual increase was at that level. The index was up 1.2 percent compared to July. Normal 0 false false false EN-US X-NONE X-NONE As we noted last month, the differential between CoreLogic's two HPIs, one including and one excluding distressed property sales had narrowed to the point of being negligible . The company has apparently discontinued the public reporting of the latter index. Two states posted double digit annual price increases. In Colorado the HPI rose 10.4 percent and in Washington it was up 10.3 percent. The third largest increase, 9.3 percent...(read more)

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Source: http://www.mortgagenewsdaily.com/10062015_corelogic_hpi.asp

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MBS RECAP: Running Out of Ways to Say "Post-NFP Knee-Jerk."

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Posted To: MBS Commentary

Here it is the end of Monday and markets are still stuck on the same old thoughts and strategies that existed last week even before the NFP release. At the time, traders were feeling like the bond rally had already shown perplexing staying power and that there was a high bar for NFP to help extend the rally. In other words, traders were leaning toward cashing in the recent gains or looking for an entry point to bet on rates moving higher. Friday at 10am marked that moment and nothing else important or interesting has happened since (relatively). The fact that traders are tuned out from economic data and other calendar events is evident in the extent to which bonds and stocks are following each other. If today's ISM Non-Manufacturing data was able to come out as weak as it did without stocks...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/517084.aspx

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Upcoming Events and Training; TRID Implementation Facts and Rumors

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Posted To: Pipeline Press

"Well I know a pretty little place in Southern California, down San Diego way. There's a little café, where they play guitars all night long babe, you can hear them in the back room strumming..." With another national MBA conference coming up in two weeks (with its inevitable social events) mortgage bankers are reminded that life is just "a constant battle between wanting a six pack and wanting a six pack." But in something totally non-mortgage related this headline grabbed my attention: " Researchers Make Artificial Cells That Can Replicate Themselves ." What could possibly go wrong? Didn't any of those guys watch "Jurassic Park"? Our own government's FHA is offering up free online upcoming trainings are available for registration: Webinar 11.1 HUD Loss Mitigation - Home Retention Options...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/10052015-implementing-trid.aspx

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Wages and Rates Buoy Affordability Amid Rising Home Prices

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Posted To: MND NewsWire

Even though home prices have increased in a more or less uninterrupted pattern since early 2012 a joint report form RealtyTrac and Clear Capital puts buying a home in the first quarter of 2015 at the most affordable level in two years. RealtyTrac analyzed Q1 2015 average weekly wage data from the Bureau of Labor Statistics, average condo and single-family home prices taken from publicly recorded sales deed data in 582 U.S. counties, and average interest rates for 30 year fixed rate mortgages from Freddie Mac's Primary Mortgage Market Survey. Clear Capital analyzed data from its Home Data Index to determine counties at highest risk and lowest risk based on affordability and potential for price growth. Since bottoming out in the first quarter of 2012, the average U.S. home price has risen 24...(read more)

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Source: http://www.mortgagenewsdaily.com/10012015_realtytrac_home_affordability.asp

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Mortgage Rates Remain Lower After Volatile Reaction to Jobs Data

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Posted To: Mortgage Rate Watch

Mortgage rates had a wild day today . If you've spoken to a mortgage originator about rates any time in the past 24 hours, it's important to understand just how immense the swings have been. Let's start with the good news. The average conventional 30yr fixed rate quote thundered to its best levels in more than 5 months this morning, making it easily to 3.75% for almost any lender and even as low as 3.625% for quite a few lenders. This, after the big jobs report came in significantly weaker than expected. The bad news is that the afternoon saw a fairly substantial reversal in the bond markets that underlie mortgage rates. When those trading levels begin losing ground, mortgage lenders are increasingly at risk of recalling rate sheets and sending out new, higher rates (aka "mid day reprice")...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/516509.aspx

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Hoped-For TRID Leniency Won't Stop Lawsuits; Banks Declining; MI Updates; Rates Decline on Job Data

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Posted To: Pipeline Press

TRID arrives tomorrow, put into business practice on Monday. And the industry wonders if, since under the Dodd-Frank financial reform law the CFPB can impose civil money penalties of $5,000 per day per violation, $25,000 per day for reckless violations, and $1 million per day for knowing violations, companies and individuals should be terrified of losing their savings or their company's balance sheets. What will lenders be responsible for right out of the gate? And what about the myriad of rules that force lenders to do things that are against rules set out by other regulators? Are we having fun yet? The CFPB sent a communication in direct response to the MBA's and industry stakeholders' request for a definition of the Good-Faith Compliance Standard , in regards to the Know Before You Owe TILA...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/10022015-trid-lawsuits.aspx

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Mortgage Rates Lowest Since April Ahead of Big Jobs Report

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Posted To: Mortgage Rate Watch

Mortgage rates can seemingly do no wrong this week. They fell again today--this time making it firmly into territory not seen since late April. At current levels, many lenders have moved on to quoting conventional 30yr fixed rates of 3.75% on top tier scenarios. 3.875% is nearly ubiquitous, and you'd be more likely to see 3.625% before 4.0%. In other words, we're not merely dabbling in the upper reaches of the "high 3's." Rates are legitimately in the 3% range--for now. Today's improvements, and indeed some of the improvements earlier this week have NOT been captured by Freddie Mac's weekly Primary Mortgage Market Survey --the industry standard for mortgage rate tracking. While the survey is highly accurate over the long haul, its methodology doesn't allow it to capture all of the movement...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/516172.aspx

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