Mortgage Matters: Borrowers/sinners: Some is forgiven
BofA will forgive principal in a few mortgage modifications; will the practice spread?
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Mortgage Matters: Why do rates continue to fall?
Rates fall again, even as the Fed withdraws, and the mortgage world tries to figure out why.
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Mortgage Rates On Hold At Best Levels Of Year
Lenders repriced for the better yesterday afternoon following a late day sell-off in stock markets which pushed mortgage-backed security prices to new record highs. Once new rate sheets were distributed, loan officers were able to offer the most aggressive pricing of the year to borrowers who had not yet locked-in their mortgage rate. At the end of the day, most mortgage investors were offering well-qualified consumers 4.5% rates on conventional 30 year fixed loans. No new headline economic reports were released today. The only event on the schedule was the first of three Treasury auctions. At 1pm, the Treasury Department announced the results of the $36 billion 3-year note auction. Strong, stable demand for our nation’s debt is one of several factors that have attributed to record low…(read more)
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Par Mortgage Rates Near Record Lows. Total Borrowing Costs Unchanged
Mortgage rates held steady near the best levels of the year yesterday as both benchmark Treasury yields and mortgage-backed securities prices moved sideways despite a late day rally in stocks. The economic calendar was a bit busier today. First out was the Weekly Mortgage Bankers Association Applications Index. The Mortgage Bankers Association application survey covers over 50% of all US residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a look into consumer demand for mortgage loans. In a low mortgage rate environment, a trend of increasing refinance applications implies consumers are seeking out a lower monthly payment which can increase disposable income and consumer spending (or give consumers a chance to pay down other…(read more)
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Stock Rally Forces Lenders To Recall Rate Sheets. Mortgage Rates Higher
Mortgage borrowing costs moved higher yesterday morning as stocks rallied and investors sold their flight to safety positions in Treasuries. Rising benchmark yields pushed mortgage-backed securities prices lower and forced lenders to increase consumer borrowing costs by a few basis points. However things turned around for us shortly after the 10-year Treasury note auction. Stocks fell to the lows of the day which helped MBS prices recovery their losses and allowed lenders to reprice for the better. Mortgage rates were back to the lows of the year after new rate sheets were issued. We have a few economic data releases to discuss. First out today were Weekly Jobless Claims. Released by the Department of Labor, this report provides three measures of the health of the job market: Initial Jobless…(read more)
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Economic Data Makes Rare Appearance in Mortgage Rate Market
Mortgage rates are down. Mortgage rates are even lower! Mortgage rates are at new 2010 lows!! Mortgage rates are HIGHER!!! That's the most economical way to describe the directional movements of mortgage rates this week. Although the road was rocky (lots of reprice watching), mortgage rates generally carried strong momentum all the way into Thursday morning. Then the storm clouds rolled in and stocks went on a tear yesterday afternoon which forced lenders to reprice for the worse. The damage wasn't terrible but mortgage loan pricing definitely took a hit yesterday. To remind readers, as MBS prices move lower, consumer borrowing costs move higher. The week came to a close on an interesting note, economic data actually moved markets today! Two scheduled economic reports made top news…(read more)
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How Did The Employment Report Affect Mortgage Rates?
Mortgage rates held steady near the lowest levels of the year yesterday. That was a dominant theme this week. Regardless of volatility in the stock and bond markets, MBS prices moved quietly sideways in a tight range. Mortgage pricing did manage to improve a few basis points though, only after lenders passed along pricing gains that were due last week though. Unfortunately the rebate offered up wasn't sizable enough to push the par 30yr fixed mortgage rate another 0.125% lower to 4.50%. Not until today at least… The Bureau of Labor Statistics published the official Employment Situation report this morning. Released on the first Friday of every month, the official Employment Situation report provides an in-depth look into the health of the driving force behind consumer spending: THE JOB…(read more)
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Mortgage Rates Ride Stocks To New 2010 Lows
Mortgage rates moved in a tight range leading up to the release of the Employment Situation report last week. Friday morning came, the data diasspointed market participants, stocks sold off, a flight to safety ensued and mortgage-backed security prices closed at record highs. This allowed lenders to reprice for the better which pushed mortgage rates back to the lows of 2010. A flight to safety occurs when investors are nervous about owning risky assets like stocks, but do not want to miss out on earning a return on their funds so they allocate money into risk-free U.S Treasury debt to provide a safe-haven AND an investment return. To remind readers, as benchmark Treasury yields fall, prices of mortgage-backed securities move higher, which allows lenders to offer lower mortgage rates. As Treasury…(read more)
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Mortgage Rates Improve But End Session Under Pressure
Mortgage rates moved a few basis points higher for the second day in a row yesterday after several lenders were forced to reprice for the worse. The culprit was a modest stock market rally which led investors to sell their "flight to safety" positions. A flight to safety happens when investors are nervous about owning risky assets like stocks, but do not want to miss out on earning a return on their funds, so they allocate money into risk-free U.S Treasury debt to provide a safe-haven AND an investment return. To remind readers, as benchmark Treasury yields fall, prices of mortgage-backed securities move higher, which allows lenders to offer lower mortgage rates. As Treasury yields rise, mortgage-backed security prices are led lower, which forces lenders to push mortgage rates higher…(read more)
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Mortgage Rates Approaching Record Lows Thanks To Continued Flight to Safety
Mortgage rates extended their recent rally yesterday as stocks slide and investors continued to flock to risk averse assets like U.S. government guaranteed Treasury debt. Much like Tuesday, it was an "up and down" day in financial markets. Mortgage rates were initially indicated higher at the beginning of the day but that didn't last long and mortgage-backed security prices ended up closing at their highest levels of 2010. Several reprices were reported during the most volatile hours of the trading session. Mortgage rates ended the day priced near their most aggressive levels of the year. READ MORE There is no economic data scheduled to be released tomorrow, so today is the last day of the week for market participants to digest economic news. First to be released were Weekly Jobless…(read more)
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