Tuesday , 17 September 2019

Mortgage News Daily

Mortgage News Daily

Junes New Home Sales Revision Was a Post-Crisis Record;Trump Trade Tweets Reignite Rate Rally

The U.S. Census Bureau and the Department of Housing and Urban Development said sales of newly constructed homes fell 12.8 percent in July to a seasonally adjusted annual rate of 635,000 units. Forecasts pinned that number at 645k. While missing the mark by 10,000 units and a 12.8 percent drop sound fairly significant, context is hugely important in this case. …

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Refi Wave Continues; Lenders May Have Capacity Restraints; Existing Home Sales 1st Annual Gain in 17 Months

The volume of mortgage applications continued to be shored up by refinancing during the week ended August 16, but overall activity was down. The Mortgage Bankers Association (MBA) said its Market Composite Index slipped 0.9 percent on a seasonally adjusted basis, perhaps not surprising after it soared 21.7 percent the previous week. On an unadjusted basis the Index fell by …

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Fannie Mae Predicts Two Additional 2019 Rate Cuts; Mortgages Outperforming Treasuries; Is It Over?

Fannie Mae used a fair number of trade-offs in while coming up with its revised outlook for the real gross domestic product (GDP) this year. The company’s economists, headed by Chief Economist Doug Duncan, upgraded its full year forecast from 2.1 percent to 2.2 percent while at the same time painting a darker picture for the second half of the …

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3-Year Low Mortgage Rates; New FHA Rule Makes Condo Buying Easier

Mortgage rates fell today as the underlying market for mortgage-backed-securities (MBS) actually did a better job of keeping pace with broader bond market gains–not something they’ve been doing very well lately! For some lenders, it was enough to get them back to August 6th’s levels, which were the best in nearly 3 years. The average lender can quote a conventional …

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Refi Spree Continues with Rates at Near 3-Year Lows, But Mortgage Market is a Mess; Global Economy Doomed?

The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage application volume, rose 21.7 percent on a seasonally adjusted basis during the week ended August 9. MBA attributed the substantial decline in interest rates at the beginning of the week for the surge of applications which were concentrated on mortgage refinancing. The Composite Index rose 20 …

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Loan Performance Responds to Slowing Economy, Natural Disasters; Rates Jump After Tariff Delay

Both the Mortgage Bankers Association (MBA) and CoreLogic issued data on recent loan performance on Tuesday. For CoreLogic the Monthly Loan Performance Report covered May, MBA’s National Delinquency Survey is for the second quarter of this year. MBA notes an increase in the overall seasonally adjusted delinquency rate to 4.53 percent of all loans outstanding at the end of the …

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