January jobs numbers from the Bureau of Labor Statistics released late last week showed a small 0.4% rise in employment. While the rise was lower than many experts had anticipated, it does represent a change in direction from December’s net job losses. While the number of workers on temporary layoff dropped in January, there was … [Read more…]
Posted To: MBS Commentary
Treasury Slide Transcends NFP; MBS Outperform Bond yields rose overnight–well before NFP came out–following the senate's passage of a budget resolution that clears the way for (eventual) passage of the $1.9 trillion stimulus package. NFP helped (then hurt, then helped again), but bonds ultimately gave in to rising rate pressures as traders began to build in a concession for next week's Treasury auction cycle. 10yr yields were up roughly 3bps on the day at the close, but MBS managed to hold roughly unchanged (further adding emphasis to the Treasury auction trepidation and budget related concerns as a bond market mover). Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Nonfarm Payrolls….. 49k vs 50k f'cast, -227k prev Unemployment %…. 6.3 vs 6.7 f'cast, 6.7 prev Avg work…(read more)
America’s affordability crisis is worsening. Its reasons are manifold, whether a product of the “k-shaped” recovery that has left 28% of renters owing back rent on their homes, or rapid house price appreciation driven by demand for new homes that rapidly outpaces supply. But what can the US mortgage industry do in the face of … [Read more…]
Today’s mortgage and refinance rates Average mortgage rates inched higher yesterday. And that meant we’ve seen four rises and one fall this week. It’s not a great outcome. But each […]
Posted To: MND NewsWire
The homeownership rate fell in the fourth quarter down 1.6 percentage points from its third quarter level but remained higher than in the same quarter in 2019 . The U.S. Census Bureau said the rate, 65.8 percent, was up from 65.1 percent a year earlier. The national rate had topped 69 percent at several points during the housing boom in 2004 and 2005 before retreating. It declined steadily through the Great Recession and into the recovery, reaching a low of 62.9 percent in the second quarter of 2016. Homeownership is consistently highest in the Midwest, and that region posted an annual increase of more than a point in the fourth quarter to 70.8 percent. The South was second at 67.7 percent, also a point higher year-over-year. The rate was 62.6 percent in the Northeast and 60.4 percent in the…(read more)
There may come a time when you need to access a large amount of cash to pay off credit card debt or fund home improvements. And when that happens, you can consider using one of…
The post Cash Out Refinance: What Is It and How Does It Work? appeared first on Crediful.
Open Mortgage, a multi-channel home lender, has brought in Lucas Allen to spearhead its forward operations department, helping the company meet customers’ service level expectations. As senior vice president of forward operations, Allen will oversee the mortgage production process for all forward loans, including managing the appraisal, disclosures, processing, underwriting, closing, and funding teams. “Lucas … [Read more…]
First Foundation is relocating its corporate headquarters to Dallas, where the tax burden is lighter and it sees more opportunity to beef up lending, add wealth management clients and pursue acquisitions of community banks.
The Association of Independent Mortgage Experts (AIME), a national trade membership association for independent mortgage brokers, has named Katie Sweeney as CEO. Before being promoted to CEO, Sweeney served as AIME’s executive vice president of strategy, where she led partnerships with top wholesale mortgage lenders and industry vendors to provide real-time support and exclusive access … [Read more…]
Also, private money is expected to return to the mortgage securitization market, according to lenders who responded to an Altisource survey.