Wednesday , 13 November 2019

Mortgage News Daily

Mortgage News Daily

New Home Sales Surge; Rates Change Course, Heading Higher; Application Volume Retreats

New home sales in August reclaimed part of July’s sharp loss. The Census Bureau and Department of Housing and Urban Development said sales nationwide of newly constructed single-family houses was at a seasonally adjusted annual rate of 713,000 units. This was 7.1 percent higher than the adjusted July rate , originally estimated at a 12.8 percent loss, but revised upward …

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Reports at Odds Over Home Price Trends; Rates Hold Weekly Lows

Both the S&P CoreLogic Case-Shiller indices and the Federal Housing Finance Agency’s (FHFA’s) House Price Index (HPI) were released on Tuesday. The Case-Shiller Indices showed prices generally slowing while FHFA’s were more stable. The Case-Shiller National Index, covering all nine U.S. census divisions, was up 3.2 percent on an annual basis in July, the same increase as reported in June. …

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Foreclosures at an 18 Year Low; NAR Upbeat on Homebuyer Optimism

Foreclosure starts hit an 18-year low in August and were down 23 percent compared to the previous August. Black Knight, in its First Look at August loan performance data, said there were 36,200 starts during the month, a 7.65 percent month-over-month decline. It was the fewest foreclosure starts since December 2000. Starts were only one indication of the general improvement …

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Homeowner Equity Reaches All-Time High in Q2; Rates End Week Near Best Levels

Total home equity, not surprisingly, increased again in the second quarter of the year. CoreLogic’s quarterly Homeowner Equity Insights report, which looks only at properties with one or more mortgages, puts the aggregate increase at $428 billion year-over-year, a 4.8 percent gain. The company says that 63 percent of residential properties have a mortgage. “Home values have continued to rise …

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2018’s Housing Slump Now Fully Erased; Fannie Upbeat on Construction; Think The Fed Cut Mortgage Rates?

Here is exactly what yesterday’s Fed rate cut did to mortgage rates: ABSOLUTELY NOTHING! No Fed rate cut (or hike) will EVER do ANYTHING directly to mortgage rates because the Fed doesn’t set mortgage rates. Don’t let the caps-lock fool you into thinking I’m some angry guy with a keyboard who’s simply ranting for some self-serving purpose. Of all the …

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Fed Cut Doesn’t Matter to Mortgages; Construction Numbers Surge

One of the greatest potential sources of confusion for prospective mortgage borrowers is the relationship between the Fed and mortgage rates. While the Fed’s policy changes absolutely have a big impact on all sorts of interest rates (including mortgages), a drop in the Fed’s policy rate DOES NOT result in lower mortgage rates. In fact, the OPPOSITE was true today. …

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Rates Recover Modestly, But Uncertainty Remains Ahead of Fed Day

Mortgage rates closed out their worst week since 2016 on Friday as the bond market underwent a classic correction after its best month since 2011. The bigger and more sustained a drop in rates, the bigger the potential correction. There were, however, some actual market fundamentals underpinning the rate spike. Some investors are worried that central banks (like the Fed) …

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