background image

Industry News Feeds

Home mortgage rates and real estate news - CNNMoney.com

Best cities for first-time homebuyers

A recent Zillow analysis on the best markets for first-time homebuyers finds that the best deals are in the Southeast and the Midwest.

What will your monthly mortgage payment be?

In the market for a new home? Or planning to refinance? Find out what your monthly payment will be.

Where should I stash my down payment savings?

If buying a house is on your short-term to-do list, experts say keep your down payment funds liquid. Looking to buy further down the road? You have some more options.

Thinking of buying a house? Here's where to start

Read full story for latest details.

Homebuying secrets from the real estate battlefield

In the middle of your house hunt and feeling a bit overwhelmed? We talked to recent home buyers to get their tips for navigating the market.

Was my home a good investment?

Calculate the return on your home and how it compares to returns on stocks, bonds and overall home prices.

3 million first-time homebuyers have been shut out of the market

Over the past 10 years, three million first-time home buyers have been shut out of the housing market, according to a new report.

Here's how long it takes to save for a down payment

Saving for a down payment is often the biggest hurdle Millennials face when it comes to buying a home. And in some major cities, it will take at least a decade to save enough to put 20% down.

Why buying a condo at 29 was a financial windfall

Read full story for latest details.

These are the fastest-growing cities in the U.S.

Looking to make a move to a new city? Here are the 10 fastest growing large cities in the U.S., according to the Census Bureau.

First time home buyer? Here's what you need to know

Read full story for latest details.

4 things first-time homebuyers need to know

Read full story for latest details.

Good luck buying a home in this hot housing market

Read full story for latest details.

Life is good for U.S. home sellers

Read full story for latest details.

The Fed raised interest rates. Why are mortgages getting cheaper?

Despite the Federal Reserve increasing interest rates, mortgage rates have dropped to the lowest level this year.

The struggle is real for Millennial homebuyers

Read full story for latest details.

3 reasons not to buy a house this year

Read full story for latest details.

The 10 best states for retirees

It might be worth moving to a new place to find your dream retirement home. Check out these 10 states.

Donald Trump's childhood home sells ... again. For a massive profit

The New York property, which was the first home of the 45th president of the United States, was purchased on March 23 for $2.14 million -- a nearly 54% profit for the previous owner who bought it just month's earlier.

WSJ.com: Real Estate

Gardens and Mountains in Australia

This luxury period-style home on more than 50,000 square feet of land has a national park out the back door and is just a 90-minute drive from Sydney.

The Challenges of Selling a Hollywood Home

In Los Angeles, an abode that has housed generations of Hollywood legends can be the ultimate status symbol, but there are complications when it is time to sell.

Ziff Family Florida Compound Is Seeking Almost $200 Million

Known as “Gemini,” the nearly 16-acre estate south of Palm Beach is one of the highest priced listings in the country

An Apple Manager's Headquarters for High Jinks

A creative director crafts a San Francisco home dedicated to daring, whimsy and fun.

Japan's Creative, Ephemeral Homes

Buyers value new, highly personalized houses—forget resales. This model has one happy side-effect: a flourishing of some of the world’s most wonderfully bizarre architecture.

Soho Penthouse Seeks $29.995 Million

The seller is Jon Venetos, the former head of Surveyor Capital, which is part of hedge-fund giant Citadel.

Developers Put on the Glitz for Busy Fall Selling Season

Increasingly, developers use a wide range of splashy affairs to promote luxury residential real-estate sales in autumn, the most important sales period after spring.

Microsoft Opens Flagship Store on Fifth Avenue

Microsoft will step onto one of the world’s biggest retail stages Monday when it opens its Fifth Avenue store in Manhattan as part of its strategy to boost direct contact with consumers.

A Resnick Scion Strikes Out on His Own

With a new Chelsea condominium that’s 80% sold, Scott Resnick shows he’s up to the challenge of developing residential projects on his own.

Shopping Mall Developer Taubman Dies

A. Alfred Taubman, the self-made billionaire who cemented the enclosed shopping mall into American culture has died. He was 91.

Fannie, Freddie to Lower Fees

The Federal Housing Finance Agency is set to direct Fannie Mae and Freddie Mac to reduce mortgage fees on some borrowers.

An App That Helps Glimpse the Future

Rokitt’s augmented-reality technology helps architects and residents see a skyline’s potential.

What's the Deal

A roundup of real-estate news in the tri-state region

New York's Institutional Building Spree

Projects by schools, hospitals and others more than tripled in the first half of this year compared with a year earlier.

Stonewall Inn, Historic Gay Site, May Become New York City Landmark

The city Landmarks Preservation Commission is scheduled to hold a hearing Tuesday on designating the Stonewall Inn as an individual landmark for its pivotal role in New York City’s social history.

Red Berries Are Coming Back to New Jersey

In a sign of the changing beverage market, a longtime plant and distribution facility of juice maker Ocean Spray Cranberries Inc. will soon be home to the company Bai Brands, which produces drinks made from the coffee fruit.

Rent Regulations Expire as Deal Eludes Lawmakers

New York City’s rent regulations expired at midnight Monday as Albany lawmakers couldn’t agree on how to renew a law that afforded protection to more than two million people.

A House Made for a Sailor

The Kroeses are selling their waterside home in Westbrook, Conn., designed to complement lives spent largely on sailboats. The nautically themed home is on the market for $1.975 million.

Group Wants Parking Lots Converted to Elderly Housing

A study by the advocacy group LiveOn NY has identified 39 parking lots in the five boroughs that it says are underused and would be better used as housing for seniors.

What's the Deal: News Digest

A round-up of commercial real-estate news in the Greater New York region.

Rent a Desk, or Bathroom, in New York City With an App

A slew of innovative app-based services help New Yorkers instantly book short stints at the smallest of city spaces—a bathroom, a living room, an office. Need a pit stop? Try Airpnp.

In Franklin Lakes, People Tend to Stay Awhile

The affluent New Jersey community, population 10,600, is about 25 miles from Manhattan. Residents are drawn by its well-regarded public schools, relatively low property taxes and bucolic atmosphere.

Avison Young Hires Big to Accelerate Growth in New York

A. Mitti Liebersohn has left his longtime brokerage team at JLL to join Avison Young’s New York office.

What's the Deal: News Digest

A roundup of real-estate news in the Greater New York area.

Designers Put Cork in It

Once dismissed as cheap and ugly, cork is becoming cool as top designers create pieces that are not only sustainable, but covetable.

Five Midcentury Homes for Interiors Inspiration

Take a tour of these classic residences, including Modernist designer Eileen Gray’s 1929 villa, now open to the public after years of restoration.

Design's Best-Kept Secret: Eames Radios

Collectors are tuning into radios designed by Charles and Ray Eames—a more accessible way to own an original by the midcentury masters.

Basic Home Essentials That Are Anything But Ordinary

Even if you aren’t ready for Marie Kondo’s life-changing magic, you can still embrace the beauty of simplicity by investing in items that are functional and stylish.

Five Fresh Spring Vases

Choose the perfect vase to display those long-awaited spring flowers at their best.

Ways to Give Your House Away

Anyone inspired to donate their home to charity should know that the tax rules are complicated.

Chita Rivera on the Leap That Launched Her Dance Career

The actress/dancer was a tomboy who grew up in a lively Washington, D.C., home.

Comedian Mike Myers Lists New York Duplex for $16.95 Million

The “Austin Powers” creator purchased the 4,200-square-foot penthouse in Soho for roughly $7.9 million in 2007

Philadelphia Penthouse Is Listing for a Record $17.6 Million

Under construction, the apartment has the highest asking price in the city.

Where Luxury Homes Sell the Fastest

An analysis of home listings over a two-month period identifies San Jose, Calif., as the place where home buyers need to act quickly.

Extreme Closet Makeover

A look inside the $85,000 closet renovation of a California doctor.

Westchester's Priciest House Is Listing For $29.5 Million

The 98-acre property in Mount Kisco, N.Y. was once owned by showman Billy Rose

Advantages of a One-of-a-Kind Home

Homes with a special feature that is no longer allowed under local building rules may give owners an edge when it’s time to sell.

The French Riviera at a Bargain

There are rare deals in glittering Cap d’Antibes, the onetime party spot of F. Scott and Zelda Fitzgerald.

Barcelona's Draw as 'Urban Resort'

Spain’s second city is luring new home buyers who like the city-and-surf lifestyle of the coastal metropolis.

After Foreclosures, Home Buyers Are Back

Many who lost their homes during the early part of the financial crisis are rebounding after credit-penalty phase.

Excuse Me, You're Blocking My Sun

Australia’s rapid embrace of rooftop panels—now installed on one in four homes in some areas—has collided with another hot spot of investment, construction of apartments and homes.

1031 Exchange Real Estate Tax Break Faces Extinction

A much-loved tax advantage in the commercial real-estate industry is on the chopping block even as chances dim for the passage of a broad federal tax overhaul this year.

Mall Tenants Play Hardball In Lease Negotiations

Retailers, food and beverage operators and department store chains looking to renew their leases have been asking for more allowances from mall owners.

Mall Project Denied on Former Shea Stadium Site

New York’s highest court on Tuesday blocked the development of a billion-dollar shopping mall on a Citi Field parking lot in Queens, affirming a ruling that the project needs legislative approval to proceed.

Mortgage News Daily

MBS RECAP: Bonds Modestly Stronger, But Sideways Theme Remains

Posted To: MBS Commentary

Yesterday's recap went into some detail about the market phenomenon that can result in intense periods of sideways momentum (and trader apathy) during certain weeks of certain summertime months. Long-story short, this week was a great candidate for what some market participants refer to as the summer doldrums, and so far it is not disappointing. Back in the day, we might have looked forward to another weekly release of Jobless Claims data, but it hasn't been a market mover for quite some time. FHFA Home Prices were also on the data calendar, and while we've never really looked to data that old (it applies to April) for trading level guidance, the results were nonetheless interesting to housing/mortgage market folks. The FHFA clocked an increase in the annual pace of appreciation...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Mortgage Rates Sideways to Slightly Lower

Posted To: Mortgage Rate Watch

Mortgage rates have been so little-changed in recent days that yesterday's coverage wouldn't need to be changed in order to apply perfectly today. Indeed, the 3rd paragraph is a word-for-word repeat. To be fair though, we would need to update yesterday's reference to "especially over the past 5 days." That "5" would now be a "6," obviously. Any detectable difference in today's rate quotes would come in the form of slightly lower upfront costs versus yesterday. The actual interest rate quote remains unchanged. This sideways trend could easily continue for several more days. The absence of change continues to be a good thing given that rates remain very close to their lowest levels in more than 8 months. Only a handful of recent days have been any better. 4.0% is the most prevalently-quoted conventional...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

FHFA Home Prices Continue Strong Gains

Posted To: MND NewsWire

April data from the Federal Housing Finance Agency (FHFA) indicates that, once again, there was no moderation in the pace of home price increases . FHFA's Housing Price Index (HPI), which is based on loans sold to or guaranteed by the two GSEs, Fannie Mae and Freddie Mac, increased 0.7 percent from March. Further, the March Index, originally reported to have gained 0.6 percent from the previous month, was revised upward, also to 0.7 percent. There was an even larger jump in the pace of appreciation on an annual basis. The year-over-year HPI was up by 6.8 percent compared to 6.4 percent in March. For the nine census divisions, seasonally adjusted monthly price changes from March 2017 to April 2017 ranged from an 0.1 percent decline in the East South Central division to a 1.6 percent gain in...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Prepayment Rate and Refinanceable Population Have Both Soared

Posted To: MND NewsWire

Prepayments, apparently spurred by the recent retreat in interest rates, soared in May. Black Knight Financial Services, in its "first look" at the month's mortgage performance data, said there was a 23 percent increase in prepayments, historically a good indicator of refinancing activity , from April to May, bringing the incidence to the highest so far in 2017, 1.06 percent. The company said the first quarter of this year was a bad one for refinancing, with originations falling 45 percent from the fourth quarter of 2016 as interest rates took off. However, the easing of rates over the last few months may change the outlook for the second and third quarters, a projection that seems to be confirmed by the increase in prepayments. With rates back below 4 percent, Black Knight said the number...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Purchase Loans, Closing Rates Improved in May

Posted To: MND NewsWire

Originations are increasingly tilted toward home purchase mortgages per the latest Origination Insight Report from Ellie Mae. The May data show the share of those mortgages gained another three percentage points to represent 68 percent of all closed loans. The share of refinance originations has dropped from 47 percent at the beginning of 2017 to a current level of 32 percent. The purchase share of Convention loans increased from 57 percent to 61 percent and the purchase share of FHA ticked up 1 point to 82 percent and VA's to 73 percent from 71. The average 30-year note rate of closed loans was down for the first time this year , to 4.33 percent from 4.41 percent in April, but that average rate was still 27 basis points higher than in May 2016. The percentage of Adjustable Rate Mortgage (ARM...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Multiple Vendor Updates; Internal Audit Service; Alight Raising Capital

Posted To: Pipeline Press

This week’s Sindeo's closure reminds lenders of the basic premise: if you didn't make money in 2016, what makes 2017 any different? Your competitors won't wait for you. Correspondent, wholesale, and warehouse partners won't "look the other way" and be too lenient when there's a lot of money at stake. Trust but verify the financial soundness of your counterparties! Here's today's second public service note. Anyone with a website knows that the Title III of the Americans with Disabilities Act (ADA) requires that businesses and nonprofit services providers make website accessibility accommodations to enable the disabled public to access the same services as clients who are not disabled. You can listen to my commentary by pressing "listen" at the top right . If you have questions about your...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

MBS Day Ahead: Clearly a Waiting Game, but For How Long?

Posted To: MBS Commentary

With the trading activity seen in the wake of last Wednesday's high-volume/high-movement day, it's clear that bond markets have been in a holding pattern ever since. As can be seen in today's chart, and as we discussed in detail on MBS Live yesterday, every subsequent trading day has fallen "inside" Wednesday's range (thus the term "inside days"). That range can be seen in the white lines. The teal lines introduce another concept: consolidation . In other words, not only have yields held inside a sideways range, they've also generally been offering lower highs and higher lows. This results in a narrowing range that implies a breakout by month-end. If we see a fairly strong break of the teal lines, it i ncreases the odds of the corresponding white line...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

MBS RECAP: Summertime Sideways

Posted To: MBS Commentary

With the taper tantrum in 2013 and Brexit in 2016, two of our most recent examples of summertime bond trading have been pulled very far from historical trends. Namely, the summer months tend to see narrower ranges and flatter trajectories compared to other times of the year. This usually starts in June and coincides with warmer weather as well as kids getting out of school. This isn't to say that the next 2.5-3 months are guaranteed to be sideways for bond markets. It's just a convenient scapegoat when we've seen trading like today's (which marks the 5th straight day locked inside the range set last Wednesday). Today brought the first major economic report of the week (depending on one's definition of "major," but it was more major than we've had up until now...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Mortgage Rates are Barely Budging (And That's Great!)

Posted To: Mortgage Rate Watch

Mortgage rates have been locked in an exceptionally narrow range for most of the month of June, but especially over the past 5 days. Given that mortgage rates are determined by the bond market where trading levels move constantly throughout the day, it can be useful to consider what's been happening with those trading levels. Long story short, they haven't been remotely close to moving any higher or lower than the highs and lows seen last Wednesday. In other words, Wednesday's range set the boundaries of the current playing field for rates, and they haven't left the field since then. In terms of actual changes in mortgage rates, we're talking about a few tenths of a percent in either direction, and that's in terms of EFFECTIVE rate (the actual interest rate plus the loan-related upfront costs...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Existing Sales Rise, Prices Peak, Time-to-Sell at New Low

Posted To: MND NewsWire

Existing home sales weren't expected to strengthen in May, in fact analysts were looking for a slight decline. Sales however did manage to recover from a significant April loss while inventories increased slightly and the median sales price rose to a new high. The National Association of Realtors® (NAR) said completed sales of existing single-family houses, townhouses, condos, and cooperative apartments rose 1.1 percent to a seasonally adjusted annual rate of 5.62 million. This was a 2.7 percent year-over-year gain. April's sales had tumbled by 2.3 percent compared to the previous month. Those sales were revised lower still, from the original rate of 5.570 million to 5.560 million. Analysts polled by Econoday had expected sales to be in the annual range of 5.450 million to 5.650 million...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Borrower Satisfaction Survey; CRT's Help in Secondary; Credit Risk Increasing in Primary Market

Posted To: Pipeline Press

Welcome to the first day of summer. Hey, I don’t where you’re going to be exactly two months from now, but on August 21, besides marking the anniversary of Hawai’i’s statehood, there are various places to watch the total eclipse . Here's a cartoon simulator - enter a town or city and then hit the arrow on the bottom left. (If its sunny for you all day, sorry.) Servicing News Lien releases and assignments are critical to moving loans into the secondary market and present a specific set of compliance challenges for servicers and investors. MetaSource's latest whitepaper tackles "The 3 Biggest Mistakes Servicers & Investors Make". In a servicing-related matter, the California Department of Business Oversight issued a brief bulletin for licensees to be able to identify...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Refis Take Another Step Toward 50% of All Mortgage Apps

Posted To: MND NewsWire

The volume of applications for refinancing expanded for the third consecutive time during the week ended June 16. The Mortgage Bankers Association (MBA) said the increase offset another down week for purchase mortgages, giving overall mortgage volume a slight uptick from a week earlier. The MBA's Market Composite Index, a measure of overall application volume, increased 0.6 percent on a seasonally adjusted basis from the week ended June 9. On an unadjusted basis however, the Composite Index dipped 0.4 percent. The Refinance Index gained 2 percent from the week before, putting it at its highest level since last November. The share of applications that were for refinancing rose to 46.6 percent from 45.4 percent. Applications for purchase mortgages declined for the fifth time in the last six weeks...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

MBS Day Ahead: Oil's Impact on Markets: a Slippery Slope

Posted To: MBS Commentary

Here we are again with oil falling into new lows for the year and suddenly, it's the inspiration for everything according to most mainstream financial media. Slippery puns aside, don't fall for it! Sure, oil prices matter. And they can even have varying levels of impact on stocks and bonds--exactly as the mainstream financial news claims. But there is quite a wide range of variation, and it's been far from consistent over time. One of the biggest issues is that the watershed moment for oil in late 2014 and early 2015 wasn't all about oil. It was just as much about European QE (which was a battle during late 2014 and finally enacted in early 2015). Massive expansion of monetary policy in Europe that coincided with potential contraction in the US had profound effects on currency...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

MBS RECAP: Bonds Erase Yesterday's Weakness Without Much Help

Posted To: MBS Commentary

Today had no significant news or events on the calendar, thus leaving traders to watch other traders for cues. To some extent, several Fed speakers got some attention, but the best we can do here is to pick out only the comments that reinforce the rally and tell you about those. And that doesn't seem very fair, considering the there were Fed comments that argued for bond market weakness. Treasuries improved modestly overnight with help from Europe (friendly comments from Bank of England president and weak inflation in Germany). The spillover was minimal , however. Gains improved during domestic hours when US traders and European traders were active at the same time. After Europe was out of the day, so were bond market gains. Yes, it really looks that simple: slight strength in Europe +...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Rates Fall Slightly to Remain Near 8-Month Lows

Posted To: Mortgage Rate Watch

Mortgage rates were steady to slightly lower today, with underlying bond markets essentially erasing the damage seen yesterday. This was neither here nor there for the mortgage world as most lenders didn't adjust rates much higher yesterday (despite bond weakness). Thus, they didn't have much to do today when bonds strengthened. In general "bond market strength" = lower rates and vice versa. There were no significant economic reports or major market-moving headlines today--at least not for rates. Oil prices and political headlines might make the evening news, but neither were directly responsible for the bond market improvement. The absence of change continues to be a good thing given that rates remain very close to their lowest levels in more than 8 months. Only a handful of recent days have...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Rise in Purchase Mortgages Boosts Credit Risk

Posted To: MND NewsWire

New home purchase mortgages became a little riskier in the first quarter of 2017 per CoreLogic. The company said its Housing Credit Index (HCI), which measures trends in six mortgage credit risk attributes, edged up to 105.6, a 3.6-point increase from the same quarter in 2016. This puts the HCI at about the same level as its average score of 105.9 over the period of 2001 to 2003, a period that CoreLogic considers a normal baseline for credit risk . The six attributes measured by the HCI are: borrower credit score, debt-to-income ratio (DTI), loan-to-value ratio (LTV), investor-owned status, condo/co-op share and documentation level. The slight loosening in the credit index during the past year was partly due to a shift in the mix of purchase versus refinance originations because purchase loans...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

MBA Objects to FHFA Non-Bank Servicer Proposal

Posted To: MND NewsWire

Mortgage Bankers Association President and CEO David H. Stevens, has released a statement objecting to one of the three recommendations made this week by the Federal Housing Finance Agency (FHFA) in its annual report to Congress. FHFA said it intends to ask Congress to allow it to add certain regulated counterparties, specifically non-bank servicers , to its examination schedule. The agencies said that its regulated entities, Fannie Mae and Freddie Mac (the GSEs) and the Federal Home Loan Banks, contract with third parties for services to support the secondary mortgage market . "While oversight of these counterparties is important to safety and soundness of FHFA's regulated entities" the reports says, "it is currently exercised only through contractual provisions where possible." FHFA says...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Hedging Economic Bets

Posted To: MND NewsWire

Fannie Mae's Economic and Strategic Research Team hedged a few bets in its June economic summary. It laid out some wild cards while predicting that the current expansion, which marks its eight-year anniversary this month and is the third longest of the post-World War II area, should continue its moderate growth next year. One of those wild cards is the potential for fiscal stimulus. Fannie's team says the odds the Congress will enact major pieces of legislation, including health care, tax reforms, and infrastructure investment, by the end of this year have diminished, r educing the possibility of any meaningful impacts from fiscal stimulus before 2018 . Another fiscal policy uncertainty this year is the need to raise the debt ceiling, probably in November, to avoid a government shutdown and...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Reverse Mortgage Primer; LO Jobs and Products

Posted To: Pipeline Press

“People who don’t give up attract other people’s attention.” As do people whose humor is stuck in 4th grade – like mine usually is. For example . Reverse Mortgages - Attracting Forward Lenders Given that 10,000 people a day are turning 62 (the minimum age to take out a reverse mortgage), plenty of "forward" lenders are looking at the channel, or are fostering divisions to capture the business & revenue. Reverse mortgages are a "costly blessing" to older people who have valuable homes, but not a lot of ready money . They allow people to borrow money to spend now, that only must be repaid (plus interest) when they, or their estate, finally sells their home. Real estate agents and financial planners are often offered help by lenders doing reverse mortgages: "We...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

MBS Day Ahead: Still Fighting to Hold The Range

Posted To: MBS Commentary

The week continues to offer little by way of scheduled economic data/events to stir the pot, thus leaving us to observe the underlying biases among traders (if there are any). So far, those biases are hard to detect. Most options are being left open . Yields have broken back above the 2.17% pivot point, thus leaving the "bounce" option on the table. This refers to a longer-term bounce off the lowest zone of yields achieved in the past 8 months. On the other hand, yields remain in the recent downtrend marked by the parallel lines below, thus leaving the "rally" option on the table. The rise in rates over the past 4 days could easily be seen as a natural correction inside the confines of that range. Now, we'd simply be looking for a supportive/ceiling bounce at the upper...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

MBS RECAP: Fed's Dudley Smacks Down Bond Bulls

Posted To: MBS Commentary

Right out of the gate this morning, NY Fed President William Dudley set a rather negative tone for bond markets with several comments that essentially smacked down some of the recent low-rate momentum. Here are the newswires in question, with each followed by a bit analysis: "VERY CONFIDENT" THAT THERE IS "QUITE A LONG WAYS TO GO" IN THIS ECONOMIC EXPANSION The "age" of the current economic expansion is one of the talking points for bond bulls. They argue that we've now been creating more jobs for a longer period of time than almost any other economic expansion in history. Dudley says that's no big deal. FLATTENING YIELD CURVE NOT A NEGATIVE SIGNAL FOR U.S. ECONOMY Normally a flattening (and ultimately, "inverted") yield curve is a sign of a shift...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Mortgage Rates Fairly Steady to Begin Week

Posted To: Mortgage Rate Watch

Mortgage rates were mostly flat again today, despite bond market weakness (lower bond prices generally mean higher rates). Between MBS (the mortgage-backed-securities that underlie mortgage rate movement) and US Treasuries (the risk-free benchmark for all US debt/bonds), the latter fared worse. In other words, mortgage bonds outperformed Treasuries. That's one of the reasons we didn't see much movement in mortgage rates today. The other reason was as simple as the shape of market movement on Friday. Bonds improved throughout the course of the day but most lenders didn't adjust rate sheets to reflect that improvement. As such, today's weaker bond market levels ended up being fairly close to those that were in effect when lenders last set rates on Friday morning. The absence of change continues...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Tear-Downs Accounted for 10% of 2016 Housing Starts

Posted To: MND NewsWire

In some areas, they are called "scrape-offs," but the usual term is tear-down ; demolishing an existing home to build a new one in its place. Tear-downs, not to be confused with in-fill building where a house is erected on a vacant lot in a developed neighborhood, are often just a matter of replacing an aged or decaying property with a new home. But not always. Tear-downs can be a builders' staple in desirable towns where buildable land is at a premium and housing prices are rising. There can be a tipping point where the land is worth more to a builder than the house sitting on it will bring from an owner-occupant or an investor. The National Association of Home Builders (NAHB) just issued a report on tear-downs and estimates there were 79,300 single-family homes removed in 2016 to allow erection...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

MBS Day Ahead: Bonds Still in Limbo, Despite Recent Victories

Posted To: MBS Commentary

The past 3 trading sessions marked 3 of the 5 lowest closes for 10yr yields in 2017. Friday's strength did a nice job of pushing back against a potential bounce that took shape after last week's Fed announcement. That strength helped build the sense that bond markets were staging or "hanging-out" near the year's best levels , but still mulling the decision to break convincingly lower. After all, we did see the year's best levels on Wednesday morning, so there's a case to be made for not setting the bar too high when it comes to what a bond rally must look like. On the other hand, we have yet to see a "confirmed" close under "the gap" (an important technical zone from 2.15-2.17%). "Confirmation" would mean 2 consecutive closes under...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Upcoming Events; M&A Discussion; Jobs and Housing Driving Rates?

Posted To: Pipeline Press

Winston Churchill said that, “If the present tries to sit in judgement on the past, it will lose the future.” No argument there in mortgage banking. Upcoming events Finastra, formerly D+H, will be hosting a joint, complimentary webinar on June 29th at 1PM CT with Gartner's Craig Focardi on Emerging Technology Trends in Mortgage Lending and Finastra's Head of Retail Lending Product Management, Steve Hoke. "This one hour live event will help you to learn about the emerging trends in the mortgage market around cloud systems, paperless workflows, RegTech and multi-channel mortgage fulfillment including mobile." Zelman & Associates is offering up a short conference call for its institutional investor clients on Monday to discuss key takeaways from our May homebuilding survey. If...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.


Gaithersburg
6 Montgomery Village Avenue, Suite 305
Gaithersburg, MD 20879
Phone: 301.921.2667
Fax: 301.921.9190
Rockville
11333 Woodglen Drive, Suite 105
Rockville, MD 20852
Phone: 301.816.1717
Fax: 301.816.0992
Bowie
4201 Northview Drive, Suite 204
Bowie, MD 20716
Phone: 301.352.8000
Fax: 301.352.7794

© CLASSIC SETTLEMENTS INC. 2017