Wednesday , 23 October 2019

Mortgage News Daily

Mortgage News Daily

Home Sales Pull Back From 18-Month Highs; Brexit Rocking Bond Markets; CFPB Constitutionality

Sales of existing homes, which had posted advances in both July and August, fell back in September. The National Association of Realtors® (NAR) said sales of single-family houses, townhouses, condominiums, and cooperative apartments were completed at a seasonally adjusted annual rate of 5.38 million in September compared to a rate of 5.490 million in August, a decline of 2.2 percent …

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FHA For Non-Conventional Purchases; Residential Investment Back in Black; Brexit Impact?

More than a quarter of new home purchases in 2018 were financed through non-conventional sources. Data from the Census Bureau’s Survey of Construction shows that, while the new home market was dominated by loans from Fannie and Freddie Mac, other funding accounted for 28.6 percent of new home purchases. Danushka Nanayakkara-Skillington analyzed the data for an entry in the National …

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Single Family Construction Improves, Multi-Family Not So Much; Brexit Brings Volatility Risk to Rates

After posting some of the best results in a year the previous month, all three construction indicators fell back in September . The U.S. Census Bureau and the Department of Housing and Urban Development said housing starts and completions of residential units were especially weak as were the numbers posted in the Northeast. Permits for residential construction declined by 2.7 …

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Builder Confidence at Best Levels Since 2018; Refis Still Strong Despite Purchase Decline

The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), which has held in the mid-to-upper 60 range since May, finally got moving this month. The Index, a measure of home builder confidence in the market for newly constructed houses, jumped up 3 points to reach 71, the highest level since February 2018 . NAHB Chair Greg Ugalde …

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Rates Change Course to End Higher; FTHB Stats Depend on Age; Moving Averages Suck

Mortgage rates ended higher for the 4th straight business day on Tuesday, but that wasn’t necessarily destined to be the case this morning. After last week’s US/China trade announcements put upward pressure on rates heading into the 3-day weekend, some of the positivity was backtracked over the weekend. This pushed stock prices and bond yields (aka “rates”) lower to start …

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Mortgage Rate Confusion; Homebuying Index Falls From Record Highs; Why Prices Might Rise

Mortgage rates were sharply higher today as the underlying bond market faced heavy selling pressure for a variety of reasons. When investors are more interested in selling bonds, prices move lower and yields (aka RATES) move higher. By the end of the day multiple lenders had recalled their rate sheets and reissued higher rates. The average lender was easily at …

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Refis up Another 10% as Rates Revisit Recent Lows

Declining interest rates made for another strong week for mortgage applications . The Mortgage Bankers Association (MBA) said its Market Composite Index rose 5.2 percent on a seasonally adjusted basis during the week ended October 4.. This was on top of an 8.1 percent increase during the week ended September 27. On an unadjusted basis the index gained 5.0 percent. …

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FHFA Seeks Help in Recapitalizing Fannie/Freddie; Record Jumbo Credit; Rates Back at Lows

Wow, maybe they really mean it this time. The Federal Housing Finance Agency (FHFA) has issued a request for proposals from contractors who would develop a “roadmap” for recapitalizing the government sponsored enterprises (GSEs) as a prelude to releasing them from conservatorship . According to the request’s statement of work, the contractor will be expected to “provide financial institutions, capital …

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