Mortgage News Daily

Mortgage News Daily

Rates Hit New Long-Term Lows, Then Bounce; Robust Summer Sales Outlook; Google’s Housing Fix; New Fixer Upper Loan

Mortgage rates plunged today as the bond market extended its positive reaction to yesterday’s Fed announcement. The Fed doesn’t set mortgage rates, but the market’s expectation of Fed rate-setting policy has a major impact. In other words, because the Fed generally confirmed the market’s suspicion that rate cuts could be warranted in 2019, traders were willing to push rates even …

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Rates Mixed Despite Positive Reaction to Fed; More Owners Think It’s Time to Sell

Mortgage rates reacted favorably to today’s Federal Reserve announcement and press conference–today’s key events. But that doesn’t mean every lender is in better shape than yesterday. The morning hours saw the bond market (which dictates rates) at weaker levels. Weaker bonds = higher rates, all other thing being equal. It wasn’t until the 2pm Fed announcement that bonds began to …

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Construction Numbers Better Than They Look; Nice, European Surprise for Rates Ahead of Fed Day

Residential construction figures had been expected to, at a minimum, hold the fort in May after a mixed report in April. While revisions to the April report somewhat skewed the numbers changes to both permits and starts were only fractional. The Census Bureau and the Department of Housing and Urban Development said permits for privately owned housing units were issued …

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Gloomier Economy But Brighter Housing; Builder Confidence Stumbles; Rate Risks Increase This Week

Freddie Mac’s forecast for June sees more dark clouds than usual , but few of those are on the housing front. The company’s Economic and Housing Research Group notes that some of those gathering clouds, concerns about global growth and the lingering trade problems, have pushed long-term interest rates to their lowest level since the fall of 2017, 3.82 percent …

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Housing Leaders Talk Reform; Great Week for Rates; Could FHA’s Permanent MI be Changed?

Attendees at the Ginnie Mae Summit commemorating the agencies 50 th anniversary on Thursday heard from both Dr. Ben Carson, Secretary of the Department of Housing and Urban Development (HUD) and Dr. Mark A. Calabria, newly confirmed director of the Federal Housing Finance Agency (FHFA). Each addressed their plans for updating their respective housing finance components. Calabria spoke first to …

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Affordable Housing Initiative; New Home Sales Seen Rising; Rates Easing Toward Lows; Lenders are Happy

The Mortgage Bankers Association (MBA) released its regular monthly estimates for new home sales on Thursday and also announced a new initiative to promote affordable housing. The initiative, to be headed by Steven O’Connor, MBA’s Senior Vice President for Public Policy and Industry Relations, is intended “to help develop stronger and more effective affordable housing partnerships in both the policy …

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Equity is on the Rise, Slightly Faster Than Home Prices; Rates Finally Bounce; Good Times Over?

The increase in homeowner equity has slightly exceeded the pace of housing appreciation. CoreLogic says that the 63 percent of homeowners nationally who have a mortgage on their property saw their equity grow by 5.6 percent between the first quarter of 2018 and the same quarter in 2019. The national increase in the value of homeowner equity aggregates to nearly …

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