Renting

Refinancing Volume Surges on Slight Rate Drop

Posted To: MND NewsWire

Borrowers looking to refinance were quick to take advantage of a slight drop in interest rates last week. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, jumped 8.1 percent on a seasonally adjusted basis during the week ended January 29, and was up 10 percent on an unadjusted basis. The index had declined in each of the two previous weeks. The Refinance Index increased 11 percent from the previous week, also reversing two weeks of losses, and was 60 percent higher than the same week one year ago. The refinance share of mortgage activity increased to 71.4 percent of total applications from 70.7 percent the previous week. The seasonally adjusted Purchase Index ticked up 0.1 percent and was 8 percent higher on an unadjusted…(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 have never been this low – CNN

Mortgage rates have never been this low  CNN

MBS RECAP: Bad Vibes Persist For Bonds and Rates

Posted To: MBS Commentary

Bad Vibes Persist For Bonds and Rates Bonds began the day in weaker shape, thus keeping the threat of an ongoing correction alive. After a fairly sideways morning, MBS dropped more sharply in the afternoon. Treasuries maintained a gentle, but clear selling trend throughout the day. Moreover, yields easily broke up and over the 1.125% pivot point without a second though. Taken together, this is bad news for rates as it easily reinforces the negative short term trend we've been following. In turn, that negative short-term trend is part of a broader negative trend in the bigger picture. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm ADP Employment 174 vs 49 f'cast, -78 prev ISM Services PMI 58.7 vs 56.8, highest in 2 yrs ISM Employment Index highest since Feb 2020 Market Movement…(read more)

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

Mortgage Outlook: A Slight Uphill Climb for February Rates – Opelika Auburn News

Mortgage Outlook: A Slight Uphill Climb for February Rates  Opelika Auburn News

MBS RECAP: Treasury Slide Transcends NFP; MBS Outperform

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)

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

Mortgage rates hit a fresh record low ahead of Fourth of July weekend – MarketWatch

Mortgage rates hit a fresh record low ahead of Fourth of July weekend  MarketWatch

Mortgage and refinance rates today, Feb. 6, and rate forecast for next week

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 […]

Homeownership Rising Despite Seasonal Volatility

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)

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

Refinance demand jumps 105% annually, as mortgage rates set 15th record low of 2020 – CNBC

Refinance demand jumps 105% annually, as mortgage rates set 15th record low of 2020  CNBC