Renting

Apache is functioning normally

Facts: The 30-year fixed mortgage rate from Freddie Mac increased to 6.95% over the last week from 6.86%. This is the first weekly increase since May 30. At 6.95%, with 20% down, a monthly mortgage payment on a home of $400,000 is $2,118.

Positive: While mortgage rates increased this week and affordability is bleak, there is also slightly more existing inventory coming onto the market. Home buyers at higher incomes may stand a chance to have their offer accepted as moderate-income buyers are forced to the sidelines—this is especially true of first-time buyers who have been largely shut out of the market.

Negative: The lock-in impact of higher rates for a prolonged period means someone who purchased or refinanced a $400,000 home at 3% vs. 6.95% would have a monthly mortgage payment of $1,349, a difference of $769 a month. This is unfathomable for many Americans, even with life changes.

Source: nar.realtor

Apache is functioning normally

Mortgage lock volumes pulled back in June, as pervasive market sluggishness kept a grip on the housing market, according to a new report.

Rate locks finished 7.84% lower compared to May, Mortgage Capital Trading said in its latest report. On a year-over-year basis, though, volumes increased by 6.11%.  

Among loan categories, purchase locks fell 8.99%. On the other hand, the refinance market saw an 11.56% jump in rate-and-term transactions, but cash-outs inched down 0.36% between May and June. 

The latest reading comes after lock volume rose by 6.78% the previous month, with every loan type posting increases, after interest rates hit a 2024 high in early May, then slid downward. 

The June decline in activity occurred as the 30-year fixed rate hovered near 7% throughout the month, displaying less volatility than shown earlier this year. Typical seasonal patterns also contributed to the decline, with purchase momentum slowing after the initial surge in spring home buying seen every year, MCT said. 

But June’s reversal continues to show the effects of persistent market headwinds as well and suggests “a continuing stalemate between limited housing supply and higher interest rates.” 

Although last month’s interest rates were, on average, lower than May’s levels, they ran higher than what the typical homeowner holds today, according to data from Freddie Mac’s weekly Primary Mortgage Market survey.

Limited interest among homeowners to list their properties and take on higher-rate loans, in combination with still-rising prices, means mortgage activity will likely move sideways over the summer, MCT added.

“Market supply likely peaked at the start of summer, and with rates remaining steady, significant changes in volume are not expected in the near term,” the report said. 

Borrower interest in refinancing, though, has come in stronger in recent months, albeit from historically low levels, driven by buyers who made their purchases in the past year, ICE Mortgage Technology reported this week.

Lending momentum is likely to pick up when the Federal Reserve makes its first interest rate cut, a decision many mortgage industry stakeholders have been awaiting in hopes of driving demand. Investors and lenders will be closely eyeing June jobs numbers, which came out Friday, and the month’s inflation numbers for possible signs.

Should they continue to point to a slowing economy, “we could see one or two rate cuts by the end of the year,” said Andrew Rhodes, senior director and head of trading at MCT, in a press release.  

June’s Consumer Price Index data is scheduled to be released on Thursday, July 11.   

Source: nationalmortgagenews.com

Apache is functioning normally

AE Jobs, CU Patelco Ransomware Attack; Fed Primer; Jobs Data Nudges Rates Lower

<meta name="smartbanner:author" content="We now have a native iPhone
and Android app.
Download the NEW APP”>


This website requires Javascrip to run properly.

AE Jobs, CU Patelco Ransomware Attack; Fed Primer; Jobs Data Nudges Rates Lower

By:
Rob Chrisman

Fri, Jul 5 2024, 11:47 AM

Before the internet, everything worked fine without it, right? Just ask the members, whether they be depositors or borrowers, of credit union Patelco, the scene of the latest (known) hack attack. Yes, it is a good reminder for companies to continue to beef up their computer systems, and have a plan in place should something happen. It is also a reminder for anyone with their money in a bank or credit union to have some of their money at a different institution. The news isn’t much better for lenders in general: According to Curinos, June 2024 funded mortgage volume decreased 13 percent year-over-year and decreased 5 percent month-over-month. The average 30-year conforming retail funded rate in June 2024 was 7.11, 1bps higher than May 2024 and 66bps higher than the same month last year. Curinos sources a statistically significant data set directly from lenders to produce these benchmark figures. We drill into this data further here. (Today’s podcast is found here and this week’s is sponsored by Bundle, the attorney-prepared legal documents company that is dedicated to the real estate, mortgage, and title industries. Fuel your operations and execution of documents from deeds to subordinations to assignments, and everything you need for any order, in one bundled price; receive 20 percent off using the code “Chrisman” at checkout. Hear an interview with realtor Clint Jordan on the latest NAR Settlement effects from a realtor’s perspective and ways he is working with loan originators to be more efficient together.)

Fed Purchase Primer

Remember when the Fed was gobbling Treasury and mortgage-backed securities? That has, of course, ended, but the Federal Reserve Open Market Committee’s activities, however, should also be of interest to every lender, its originators and borrower clients. Rates were low during the pandemic, in part, due to this constant buying. Both Treasury and mortgage rates are higher now than three years ago… is that entirely the Fed’s doing?

First, a short history lesson. The Federal Reserve has not always purchased billions of dollars of securities as it was doing in 2020 and 2021. Between mid-2007 and early 2015, it purchased approximately $3.7 trillion of Treasury and mortgage-backed securities (MBS). Purchases quieted down between mid-2017 and mid-2019, and then picked back up. The Federal Reserve owns about $2.4 trillion in Agency fixed-income securities. There’s about $12 trillion outstanding, which means the Fed is holding about 20 percent of total MBS outstanding…the proverbial 800-pound gorilla in the MBS marketplace.

Everyone knew that the Fed’s purchases (though announced well in advance), that drive up security prices and drive down rates, at some point would taper off and stop entirely as they have, depending on economic conditions. It is important for MLOs to remember that one of the purposes of the Central Bank of the U.S. is to increase the stability of our financial system. Sudden moves have the opposite impact. When the Federal Reserve began reducing its billions of daily and monthly bond purchases, thus driving up long-term rates and cutting origination volumes, lenders struggled to replace this income (when interest rates rise, banks holding the fixed portion of the contract lose money on a mark-to-market basis. In essence, a bank is receiving a lower rate than what the market is offering).

The Federal Reserve was purchasing $40 billion in mortgage bonds and $80 billion in Treasury securities each month to augment a near-zero short-term interest-rate target range. No more, and the portfolio is “running off” as borrowers refinance or sell their homes and pay off the debt.

Investors and economists watch any speeches or policy statements from the Federal Reserve for any indication that recent data, including faster-than-expected inflation and slower job growth, will change easy-money policies. Remember that many economists expected the Federal Reserve to begin lifting the target range for the federal funds rate in 2023 and to begin tapering long-term asset purchases in the first half of 2022, which is indeed what happened.


Capital Markets

Ahead of today’s June payrolls report, markets received several labor market indicators on Wednesday. There was a below-consensus ADP Employment Change report for June (150k) and a larger-than-expected increase in weekly jobless claims (+4k to 238k). Separately, Fed minutes showed officials are looking for additional evidence that inflation is cooling before cutting rates and were divided on how long to keep rates elevated. Domestic data has, of late, pointed toward a slowing economy, reinforcing the case for a rate cut. Growth and unemployment forecasts were unchanged.

Following yesterday’s break, markets return today with the release of June payrolls. Payrolls increased 206k, slightly better than expected but with a dramatic back-month revision 111k, with the unemployment rate at 4.1 percent, and average hourly earnings were +.3 percent for the month and +3.9 percent year-over-year. The only other point of interest on today’s economic calendar is New York Fed President Williams delivering remarks. After the employment data, if anyone is around to care, we begin Friday with Agency MBS prices improved from Wednesday’s close by about .250, the 10-year yielding 4.29 after closing Wednesday at 4.36 percent, and the 2-year at 4.63.

Jobs

“Kind Lending is seeking experienced Wholesale Account Executives in the mortgage lending industry. We are one of the fastest-growing mortgage lenders in the country, committed to building a positive and collaborative team that prioritizes people and aims to bring happiness to our valued broker partners and their borrowers. Our team believes that kindness is crucial and places great importance on providing clients with a positive experience. Check out this brief message from our Chief Production Officer of TPO by visiting here. Join the #kindmovement and grow your business by taking advantage of Kind’s expanded product offerings and best-in-class operational experience. Don’t wait! Contact Delfino Aguilar or (619) 726-0377 to kickstart your career path to kindness!”

“Mega Capital continues to expand across the country by adding AEs along with operation staff to support the growth of the organization. In recent months we have rolled out our new broker platform mPOWERs to help with ease of use for the broker. We have added improvements to our non-QM platform with MGenius getting an upgrade to help assist brokers with their NON-QM needs. On top of our great rates for conventional and government loas, we continue to improve our NON-QM offerings. 3-month bank statement program, Assets utilization, and a refi with essentially a mortgage only rating needed. Our latest offering is our MVP program- $3M Loan amounts, FICO down to 660, 40 yr. I/O’s, transferred appraisals accepted, P&L with no bank statements required, 1099 program No tax return needed and the list goes on. Please contact your local AE or Mega Capital at 818 657 2600 to partner with us. Always looking for great talent to join the team. We are always looking to add sales talent, all AE’s especially those with the NON QM background, please reach out to Ed Darrow at 818 657 2600 x340.”

A 49-state licensed mortgage lender with a large servicing portfolio and strong capital base is seeking to expand its retail footprint by partnering with large production teams or regional mortgage banks interested in a capital partnership. The goal of the relationship is to leverage back-office mortgage functions (e.g., secondary, technology, compliance, operations, and licensing) to provide you with long-term production growth opportunities. By partnering with us, you can utilize our mature systems to add loan officers and scale your operations across the U.S. If you are a strong retail loan origination team feeling constrained by layers of management, or an independent mortgage lender looking for new options for your team, we offer a compelling alternative to standard “branch” offerings. Confidential and serious inquiries can email Anjelica Nixt.

A very well capitalized, mid-sized IMB servicing 100 percent of its loans in-house without a sub-servicer, headquartered in a Rocky Mountain State, is looking to acquire smaller retail IMBs who would prefer to focus on production and at the same time gain operational efficiencies. Understanding that every company has a very unique culture, the IMB is willing to allow these IMBs to operate with a large degree of autonomy, allow you to keep your trade name, and treat you as your own company. Geography is not an issue. We believe that a larger company forcing their culture upon the company being acquired never works over the long term. The vision is for this IMB to hit $5 billion in annual volume with likeminded people, and it has no desire to grow beyond that volume as the President “wants to be big enough to be a player, yet small enough to keep our soul.” Confidential inquiries should be sent to Chrisman LLC’s Anjelica Nixt for forwarding.

 Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

Apache is functioning normally

Mortgage rates were mostly higher versus last week, according to rate data collected by Bankrate. Average rates for 30-year fixed, 15-year fixed and jumbo mortgages moved higher, while 5/1 ARM rates decreased.

Inflation has cooled somewhat, but homebuyers are still feeling crunched by high prices and rates. At the close of the Fed meeting on June 12, policymakers chose to hold rates at current levels.. The next Fed meeting concludes July 31.

“With [the June 12] announcement, the Fed confirms its higher-for-longer position on interest rates,” says Dr. Selma Hepp, chief economist at CoreLogic. “But the stance is looking more untenable as more American households continue to pull back on spending. As more economic indicators begin to confirm this and unemployment begins to rise, the Fed will then look to cut rates. What’s not clear yet is when exactly the disinflation signs will be consistent enough for the first rate cut — we hope it’s still this year.”

Often, though, the decision to buy a home isn’t based on what’s happening in the economy — it’s more personal. Depending on your situation, it might make sense to take a higher rate now and refinance later. This way you can start building equity, rather than hoping for a future of more favorable rates and home prices that might not materialize.

Rates last updated July 5, 2024.

The rates listed above are Bankrate’s overnight average rates and are based on the assumptions indicated here. Actual rates displayed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Friday, July 5th, 2024 at 7:30 a.m. ET.

Today’s 30-year mortgage rate goes up, +0.08%

The average rate for a 30-year fixed mortgage for today is 7.08 percent, an increase of 8 basis points over the last seven days. Last month on the 5th, the average rate on a 30-year fixed mortgage was lower, at 7.05 percent.

At the current average rate, you’ll pay $670.68 per month in principal and interest for every $100,000 you borrow. That’s up $5.38 from what it would have been last week.

The 30-year mortgage is the most popular home loan, and it has a number of advantages. Among them:

  • Lower monthly payment: Compared to a shorter term, such as 15 years, the 30-year mortgage offers lower, more affordable payments spread over time.
  • Stability: With a 30-year fixed mortgage, you lock in a set principal and interest payment, making it easier to plan your housing expenses for the long term. Remember: Your monthly housing payment can still change if your homeowners insurance premiums and property taxes go up or, less likely, down.
  • Buying power: With lower payments, you might qualify for a larger loan amountor a more expensive home.
  • Flexibility: Lower monthly payments can free up some of your monthly budget for other goals, like building an emergency fund, contributing to retirement or college tuition, or saving for home repairs and maintenance.

Learn more: What is a fixed-rate mortgage and how does it work?

15-year mortgage rate moves up, +0.06%

The average rate for the benchmark 15-year fixed mortgage is 6.53 percent, up 6 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $873 per $100,000 borrowed. That may squeeze your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much faster.

5/1 ARM moves down, -0.07%

The average rate on a 5/1 adjustable rate mortgage is 6.52 percent, falling 7 basis points from a week ago.

Adjustable-rate mortgages, or ARMs, are mortgage terms that come with a floating interest rate. To put it another way, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These loan types are best for those who expect to sell or refinance before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.

While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.

Monthly payments on a 5/1 ARM at 6.52 percent would cost about $633 for each $100,000 borrowed over the initial five years, but could ratchet higher by hundreds of dollars afterward, depending on the loan’s terms.

Current jumbo mortgage rate moves upward, +0.04%

Today’s average rate for jumbo mortgages is 7.14 percent, an increase of 4 basis points over the last week. Last month on the 5th, the average rate on a jumbo mortgage was higher at 7.16 percent.

At the current average rate, you’ll pay a combined $674.73 per month in principal and interest for every $100,000 you borrow. That’s an additional $2.70 per $100,000 compared to last week.

Mortgage refinance rates

Current 30 year mortgage refinance rate climbs, +0.12%

The average 30-year fixed-refinance rate is 7.11 percent, up 12 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 7.08 percent.

At the current average rate, you’ll pay $672.71 per month in principal and interest for every $100,000 you borrow. That’s up $8.08 from what it would have been last week.

Where are mortgage rates going?

The rates on 30-year mortgages mostly mirror the 10-year Treasury yield, which changes with the market. The yield curve is a tool used by investors to predict where interest rates could be headed.

“The yield curve remains inverted — no surprise here,” says Ken Johnson of Florida Atlantic University. “Until the yield curve reverts to its normal upward slope, we will not see significant downward pressure on mortgage rates.”

Besides bond yields, the Federal Reserve’s key benchmark rate also has an impact. The Fed has held this rate at a 23-year high since July 2023.

If and when the Fed cuts interest rates depends on evolving economic data, such as inflation and the jobs market. While inflation has dropped from its height in 2022, it’s still well above the Fed’s target rate of 2 percent. Unemployment is still low, though in May it hit 4 percent for the first time since 2022.

“Much like that flight where departure keeps getting delayed 15 minutes at a time with no end in sight, the timetable for when the Fed begins to cut rates is equally uncertain,” says Greg McBride, CFA, Bankrate’s chief financial analyst.

While the Fed bases its decisions on rate changes due to broader economic factors, your rate is also affected by personal finances. Depending on your credit score, down payment, debts and income, you could be quoted a rate that’s higher or lower than the trend.

What current rates mean for you and your mortgage

Mortgage rates fluctuate daily, but it appears that, for now, they will remain above the historical lows of recent years. If you’re shopping for a mortgage, it might be wise to lock your rate when you find an affordable loan. If your house-hunt is taking longer than anticipated, revisit your budget so you’ll know exactly how much house you can afford at prevailing market rates.

Keep in mind: You could save thousands over the life of your mortgage by getting at least three loan offers, according to Freddie Mac research. You don’t have to stick with your bank or credit union, either. There are many types of mortgage lenders, including online-only and local, smaller shops.

“All too often, some [homebuyers] take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming,” says Mark Hamrick, senior economic analyst for Bankrate. “But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”

More on current mortgage rates

Methodology

Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).

The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.

Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.

Source: bankrate.com

Apache is functioning normally

June’s housing market data shows a mixed bag for prospective homebuyers as prices hit a new all-time high but monthly mortgage payments decreased, a report from Redfin said. 

U.S. house values reached a peak in June with the median home sale price coming in at $397,954, the biggest increase since March. This led to a 5% decline in pending sales, the real estate brokerage reported.

With the new record, affordability is even more out of reach for many potential homeowners. The affordability crunch is unlikely to change by the end of 2024, according to First American Data & Analytics’ Real Home Price Index. 

“Unfortunately, inflation has proven stubborn and led to the Federal Reserve’s ‘higher-for-longer’ stance on interest rates, contributing to an elevated outlook for mortgage rates, while house prices have once again demonstrated their ‘downside stickiness,'” said chief economist Mark Fleming at First American Financial, First American Data & Analytics’ parent company. 

Redfin found that June’s pending home sales posted their biggest decline since February, as the median sale price rose 5% from last year.

The good news for prospective homeowners, however, is that more new listings are on the market for them to choose from, Redfin reported. Also, monthly housing payments decreased by nearly $100 from their peak in April. 

New listings jumped 10% in June, the biggest increase seen in two months. Over 100,000 new listings landed on the market, a 9.9% increase year-over-year. 

As of July 2, the daily average 30-year fixed mortgage rate sat at 7.13%. The latest metric is up from a three-month low of 6.97% that was seen three weeks earlier. Fortunately, the current number is still a ways away from a five-month high of 7.52% in early May. 

“While affordability is likely to remain constrained for the remainder of 2024, mortgage rates are expected to come down in 2025, which would be welcome news for potential home buyers,” Fleming continued. 

Source: nationalmortgagenews.com

Apache is functioning normally

The bond market will close at 2pm instead of 5pm today as a part of the Independence Day holiday (fully closed tomorrow).  With only a few hours left, it’s off to as good of a start as we could ask for, at least in terms of the bond market.  The economy is another story.  ISM Services is today’s biggest data headline and it was much weaker than expected and much weaker than last time.  Especially notable was the big drop in business activity from 61.2 to 49.6, the first sub-50 reading since the initial lockdowns in 2020. This builds a case for broader economic shift though the timing odd in juxtaposition to last month’s reading which was the highest in more than year.  Bonds reacted decisively with the highest data-driven volume since the big jump in jobless claims and the big miss in PPI on Thursday, June 13th.

Source: mortgagenewsdaily.com

Apache is functioning normally

LOS ANGELES (AP) — The average rate on a 30-year mortgage dipped this week to just below 7% for the first time since mid April, a modest boost for home shoppers navigating a housing market dampened by rising prices and relatively few available properties.

The rate fell to 6.94% from 7.02% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.57%.

This is the third straight weekly decline in the average rate. The recent pullbacks follow a five-week string of increases that pushed the average rate to its highest level since November 30. Higher mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting homebuyers’ purchasing options.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also declined this week, trimming the average rate to 6.24% from 6.28% last week. A year ago, it averaged 5.97%, Freddie Mac said.

Mortgage rates are influenced by several factors, including how the bond market reacts to the Federal Reserve’s interest rate policy and the moves in the 10-year Treasury yield, which lenders use as a guide to pricing home loans.

Treasury yields have largely been easing since Federal Reserve Chair Jerome Powell said earlier this month that the central bank remains closer to cutting its main interest rate than hiking it.

Still, the Fed has maintained it doesn’t plan to cut interest rates until it has greater confidence that price increases are slowing sustainably to its 2% target.

Until then, mortgage rates are unlikely to ease significantly, economists say.

After climbing to a 23-year high of 7.79% in October, the average rate on a 30-year mortgage stayed below 7% this year until last month. Even with the recent declines, the rate remains well above where it was just two years ago at 5.25%.

Last month’s rise in rates were an unwelcome development for prospective homebuyers in the midst of what’s traditionally the busiest time of the year for home sales. On average, more than one-third of all homes sold in a given year are purchased between March and June.

Sales of previously occupied U.S. homes fell in March and April as home shoppers contended with rising mortgage rates and prices.

This month’s pullback in mortgage rates has spurred a pickup in home loan applications, which rose last week by 1.9% from a week earlier, according to the Mortgage Bankers Association.

“May has been a better month for the mortgage market, with the last three weeks showing declining mortgage rates and increasing applications,” said MBA CEO Bob Broeksmit. “Rates below 7% are good news for prospective buyers, and MBA expects them to continue to inch lower this summer.”

Source: apnews.com

Apache is functioning normally

A federal judge delayed the effective date of the Federal Trade Commission’s near-total ban on noncompete agreements, the first salvo in the high-stakes legal fight over how much freedom workers should have to switch jobs within an industry.

U.S. District Judge Ada Brown in Dallas sided with the U.S. Chamber of Commerce and a Texas-based tax firm that claimed in a lawsuit the agency lacks authority to devise rules defining unfair methods of competition. The groups warned the unprecedented rule would invalidate 30 million employment contracts in a move that “amounts to a vast overhaul of the national economy.”

The ban was set to take effect nationally Sept. 4. It will now be on hold until August for the groups that seek to permanently strike the rule from the books, while the judge considers the merits of their suit.

Brown said in her ruling Wednesday that the challenge to the measure is “likely to succeed on the merits,” and that the public interest weighed in favor of temporarily blocking the rule.

The FTC approved the new rule in April, arguing that noncompete agreements unfairly block workers from switching jobs and undermine labor competition. The ban is backed by labor organizations AFL-CIO and the Service Employees International Union, Democratic senators and attorneys general from California, Illinois and 17 other states.

“The FTC stands by our clear authority, supported by statute and precedent, to issue this rule,” Douglas Farrar, a spokesperson for the agency, said in a statement. “We will keep fighting to free hardworking Americans from unlawful noncompetes, which reduce innovation, inhibit economic growth, trap workers, and undermine Americans’ economic liberty.”

READ MORE: Rule for a day: FTC noncompete ban hit with immediate lawsuitWill New York’s potential non-compete ban push advisory firms out of the state?The deets on noncompetes: Advisors clash with firm owners and trade groups on contract clausesCan advisors expect much from ban on non-competes? Probably notWells Fargo hit with nonsolicit lawsuit over $5M in client accounts

The rule would ban most noncompete agreements, including those of senior executives. Existing agreements for executives who earn more than $151,164 a year in a “policy making position” would remain in place under the FTC’s ban, while those binding lower-level workers would become unenforceable.

Business groups argue the FTC’s rule is overly broad and limits the ability of companies to protect confidential information. The ban would impact businesses and people across the workforce — everyone from doctors to tax professionals to hair stylists — and shift the balance of power between bosses and staff.

“This ruling is a big win in the Chamber’s fight against government micromanagement of business decisions,” the Chamber of Commerce’s chief counsel Daryl Joseffer said in a statement. “The FTC’s blanket ban on noncompetes is an unlawful power grab that defies the agency’s constitutional and statutory authority and sets a dangerous precedent where the government knows better than the markets.”

About one in five Americans is bound by a noncompete agreement, a March 2022 Treasury Department report found. In some industries, including technology and health care, it’s even higher. Studies found as many as 45% of primary care physicians and 35% to 45% of tech workers are bound by noncompete clauses.

As noncompete agreements have fallen out of favor in a number of states, many companies hit by rivals with talent raids have fought back with lawsuits, alleging that former employees took proprietary information when they defected. 

President Joe Biden supports the FTC ban and his administration has made competition issues a key part of his economic policy.

Brown’s decision could be appealed to the conservative 5th Circuit Court of Appeals in New Orleans. The appeals court has become a favorite for conservative opponents of Biden’s policies related to federal regulatory power, guns, abortion and social media regulation.

Source: nationalmortgagenews.com

Apache is functioning normally

Orderly, Logical Rally as Bonds Reiterate Data Dependence

By:
Matthew Graham

2 Hours, 48 Min ago

Orderly, Logical Rally as Bonds Reiterate Data Dependence

Today’s recap isn’t any different than the morning commentary.  The jobs report was demonstrably softer than the previous installment across the board, despite the top line nonfarm payroll count being just a hair higher than expected for the most recent month.  By the time revisions are considered, the labor market trend went from looking alarmingly resilient to predictably softer.  In other words, this is the jobs report trend that conventional wisdom expects with interest rates at these levels. The bond market took the opportunity to calmly confirm its adherence to the Fed’s “data dependent” guidance with an orderly rally of moderately large size.  All in all, it was a perfectly agreeable jobs report day, and one that leaves a blank canvas for next week’s CPI data.

    • Nonfarm Payrolls
      • 206k vs 190k f’cast
      • last month revised down to 218k from 272k
    • Unemployment Rate
      • 4.1 vs 4.0 f’cast, 4.0 prev
    • Wages
      • 0.3 vs 0.3 f’cast, 0.4 prev

08:47 AM

Modestly stronger overnight with additional gains after NFP.  10yr down 6.2bps at 4.298.  MBS up 6 ticks (.16).

11:26 AM

best levels of the day.  10yr down 8.3bps at 4.277.  MBS up 9 ticks (.28).

03:20 PM

Drifting sideways at best levels, perfectly in line with the previous update.

 Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.

Source: mortgagenewsdaily.com

Apache is functioning normally

Mortgage rates are beginning to ease slightly, with the 30-year fixed mortgage rate hovering around 6.86%. Will Americans with mortgage payments reap the benefits?

Yahoo Finance Reporter Dani Romero joins Wealth! to explain why mortgage rates may be easing but monthly mortgage payments may be rising for thousands of homeowners.

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Nicholas Jacobino

Video Transcript

Mortgage rates have come down recently still remaining near that 7% level but easing in the last few weeks, but for many homeowners, they could soon see their monthly payments rising.

Yahoo.

Finance reporter Danny Romero is here with why, why, why are you doing this to them?

Danny Brad.

A shockwave may be coming for many homeowners.

Data from Intercontinental Exchange shows that more than 100,000 loans will reset in the next 12 months.

Now these are homeowners that have an arm loan and adjustable rate mortgage loan which can offer temporary relief for homeowners who want to avoid paying higher mortgage rates.

But they also come with the risk.

Homeowners have a fixed period usually between 57 or 10 years.

Then the rate on an arm loan adjust based on market conditions.

Now, due to rates staying high, many arm loan holders are experiencing an unpleasant shock of higher monthly housing payments.

About 1.7 million homeowners have bought homes with an adjustable rate mortgage since 2019.

And that’s according to data from Intercontinental Exchange.

Now, remember an adjustable loan can make sense for home buyers comfortable taking risks of interest rate increases or those who plan to move and refinance before that fixed rate expires.

Now, it’s also very key to pay close attention to those details of your loans.

Otherwise things can really turn ugly.

Brad.

Source: finance.yahoo.com