While cold snaps and ice storms across the country might make spring feel years away, it is actually just around the corner. With March and warmer weather comes the onset of the spring buying season. A nationwide real estate market that’s already white hot is expected to somehow get hotter. Real estate agents will be … [Read more…]
Just because the Fed is staying put doesnât mean that mortgage rates, and prices of MBS, are staying put as well, writes Vice Capital Markets Principal Chris Bennett
Today’s mortgage and refinance rates Finally, average mortgage rates edged lower yesterday. It had been more than a week since the previous fall. And it made up only about one-tenth […]
Posted To: MBS Commentary
Given recent temperature trends, we're well within our right to expect actual bears to be in hibernation. How about bond market bears? They've eaten their fill so far this winter–enough that we might expect them to go quietly into the night simply due to oversold technicals. Surely, a visit to the pre-covid all-time lows in 10yr yields would be enough to satisfy bearish appetites, right? Or perhaps that's entirely too obvious and the market will continue to punish traders who try to catch the falling knife (of bond prices) too soon. With apologies for mixing metaphors, today's early price action suggests the knife is still in the air and that the bears are refusing to hibernate just yet. When will this change or what will it take for things to change? Rates have been consolidating…(read more)
States Title announced $150 million in debt financing to be used towards modern home closing technology. The debt is from HSMC Bermuda.
The post States Title raises $150M for home closing tech appeared first on HousingWire.
Mortgage loan application volume fell 5.1% week over week, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. The MBA’s composite index posted a 5.1% seasonally adjusted decline. On an unadjusted basis, it was down 4% week over week. “Expectations of faster economic growth and inflation continue to push Treasury yields … [Read more…]
A no-closing-cost refinance or home purchase saves you money upfront But your rate will be higher. Learn when a no-cost mortgage is a good idea.
There’s no precedent for the winning streak enjoyed by mortgage rates in the 2nd half of 2020. We’ve never seen so many new record lows in the same year, and we never spent as much time at those lows (not even close). All of the above makes it easy to get lulled into a false sense of low-rate security, but it’s time to wake up. Actually, the alarm has been going off for a while now. Previous posts pointed out the disconnect between the bond market and mortgage rates on multiple occasions in 2020. Near the end of the year, we warned against complacency in no unspecific terms . Following the Georgia senate election, we’ve been tracking a surge in bond market volatility based on the expectation that it would increasingly spill over to the mortgage rate world. ( Read More: 1/8/21: Have We Seen
Posted To: MND NewsWire
The Urban Institute (UI) says the surge in foreclosures predicted as the COVID-19 pandemic drove unemployment to the highest level since the Great Depression may not materialize, even when the current forbearances end. Two UI researchers, Michael Neal and Laurie Goodman, say that even vulnerable homeowners may be spared, and they think they have identified the reasons. Mortgage forbearance rates peaked at 8.55 percent of active mortgage in June 2020 and began to fall when unemployment rates did. Since October, however, both unemployment and forbearance rates have flattened. This has heightened concern that many homeowners could face foreclosure later this year. The authors say about a quarter of the 2.7 million borrowers who remain in forbearance plans are continuing to make their payments…(read more)
Mortgage rates are still meager, historically speaking, but 3.375% or higher may be enough to slow the home price growth rate â which, right now, is simply too hot. The days on the market went from 43 days last year to 21 days currently.
The post Existing home sales are still too hot appeared first on HousingWire.