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400 Years After the Mayflower Set Sail, a New Exhibit Acknowledges the U.K.'s Impact on Native American Communities

yahoo News - Wed, 09/16/2020 - 07:00

Historians are now working to make sure the impact on the Wampanoag isn't written out of the story of the Mayflower's journey


Latest Mortgage App Volume Down Over Holiday-Shortened Week

Mortgage news - Wed, 09/16/2020 - 06:33

Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) reports that mortgage applications declined during the week ending September 11, 2020. The week's results include an adjustment for the Labor Day holiday. MBA's Market Composite Index, a measure of all mortgage loan application volume, decreased 2.5 percent on a seasonally adjusted basis from the previous week. It was down 13 percent on an unadjusted basis. The Refinance Index decreased 4 percent from the previous week and was 30 percent higher than the same week one year ago. The refinance share of mortgage activity was 62.8 percent of total applications compared to 63.1 percent the previous week. The seasonally adjusted Purchase Index was down 1 percent from one week earlier and 12 percent before adjustment. The index still remained higher than during...(read more)

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What Will The Fed Do to Mortgage Rates?

Mortgage news - Tue, 09/15/2020 - 14:21

Posted To: Mortgage Rate Watch

What will the Fed do to mortgage rates ? This is actually a bit of a trick question . The Fed doesn't set mortgage rates. The Fed's policy rate applies to overnight loans between large financial institutions. The only way it directly influences mortgage rates is by serving as the basis for the PRIME rate. Home equity lines of credit (HELOCs) are often based on the Prime Rate. For all other mortgage rates, charting a connection to the Fed Funds Rate is significantly more challenging. Indeed, there are many examples of mortgage rates moving in the opposite direction. In other words, mortgage rates have often fallen after a Fed rate hike and vice versa. But the Fed Funds rate isn't the only aspect of Fed policy. It's in those other policy tools that we find much better correlation between Fed...(read more)

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MBS RECAP: Locking vs Floating Ahead of Potentially Big Fed Announcement

Mortgage news - Tue, 09/15/2020 - 13:54

Posted To: MBS Commentary

Locking vs Floating Ahead of Potentially Big Fed Announcement First thing's first: if you haven't seen the adverse market fee make it back onto rate sheets yet, that makes locking a no-brainer. If you have, then we can move on to considering the impact from the Fed Announcement. Today's video discusses the relevant considerations in detail. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) NY Fed Manufacturing 17.0 vs 6.0 f'cast , 3.7 prev Import Prices 0.9 vs 0.5 f'cast , 1.2 prev Industrial Output 0.4 vs 1.0 f'cast , 3.5 prev Market Movement Recap 08:26 AM Bonds were unchanged to start the overnight session but lost ground modestly during European hours. Stocks are up almost another 1%, but the bond weakness doesn't look too correlated...(read more)

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MBS Day Ahead: Bond Market Reiterating Importance of Tomorrow's Fed Announcement

Mortgage news - Tue, 09/15/2020 - 08:46

Posted To: MBS Commentary

In August, we witnessed a rapid acceleration in expectations for the Fed's long-awaited inflation framework shift. Although it seemed rather precipitous at the time, the framework review had been going on for more than a year with the initial round of news coverage way back in early 2019. When we first heard about it, it seemed like common sense . The Fed acknowledged it hadn't quite created the inflation it had hoped to create and perhaps the time had come to reevaluate its strategy in pursuing its dual mandate of price stability and full employment. Everything seemed to be in order there! Fed's Daly offered a sneak peek of the road ahead in June 2019 by saying the Fed would have to do a lot of good communication and credibly pursue its goals in order to adjust its inflation framework...(read more)

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MBS RECAP: Small Scale Volatility In The Bigger Picture

Mortgage news - Mon, 09/14/2020 - 14:42

Posted To: MBS Commentary

Small Scale Volatility In The Bigger Picture The adverse market fee continues to dominate lock/float consideration for those who haven't seen it return yet. For everyone else, the decision has most to do with Wednesday's Fed announcement which presents the biggest binary risk we've seen from a scheduled event in a while (hint: binary means it could be good or bad for rates/bonds). Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) Market Movement Recap 08:26 AM Bonds were almost perfectly unchanged overnight despite stocks gaining roughly 1% fairly quickly. 10yr yields are just a hair under 'unchanged' and 2.0 UMBS are in a similar stance (not enough liquidity yet to pin them down... could be down 0.09, up 0.03, or somewhere in between). 02...(read more)

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Lenders Upbeat About Profits, Loan Demand

Mortgage news - Mon, 09/14/2020 - 12:01

Posted To: MND NewsWire

Mortgage lenders had an excellent second quarter in terms of profitability according to the Mortgage Bankers Association, and Fannie Mae's Lender Sentiment Survey for the third quarter indicates they expect that situation to continue. Forty-eight percent of respondents believe their profit margins will increase compared to Q2 while 37 percent say profits will be about the same. Only 15 percent believe there will be a decline. Lenders said consumer demand had remained strong across all loan types, GSE-eligible, non-GSE-eligible, and government, and in some cases hit new highs. More lenders reported that demand for purchase loans grew both for the prior three months and the next three months and refinance mortgage demand remained extremely strong in the third quarter on both a look-back and look...(read more)

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MBS Week Ahead: Lots of Data But Focus is On The Fed

Mortgage news - Mon, 09/14/2020 - 07:34

Posted To: MBS Commentary

Bonds have been consolidating aggressively for an entire month . 10yr yields have been perfectly contained between 0.63 and 0.73 with one brief occasion following Fed Chair Powell's Jackson Hole speech. Actually, the volatility on that day had more to do with the release of the Fed's updated inflation framework, and it was this, more than anything, that set the stage for the consolidation leading into the current week. Why? The Fed is obviously feeling a few things: They feel like they would have done things differently in the past few years if they knew then what they know now. Specifically, they have expressed some remorse about raising rates too quickly and/or too soon. Hindsight is definitely 20/20 in that regard considering popular opinion was that the Fed had waited too long to...(read more)

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Sales, Valuation, Rehab Products; Non-QM Moves in Primary and Secondary; Capital Markets

Mortgage news - Mon, 09/14/2020 - 07:27

Posted To: Pipeline Press

People can accomplish a lot in a day. And lenders are continuing to hire like mad dogs (if mad dogs had HR departments), especially non-bank lenders. The Mortgage Bankers Association reports that nonbank mortgage bankers and brokers’ collective payrolls expanded by nearly 2% on a consecutive-month basis and were up 9% from a year ago in the Bureau of Labor Statistics’ latest report. The industry employed an estimated 323,300 in July , preliminary figures show. (If anyone tells you, “A half a million people are in this business,” tell them to inform the BLS.) Speaking of jobs, a friend of mine who is homeschooling her kids told me, “My child just said ‘After March through June, and now this, I hope I don't have the same teacher next year’.... I'm offended...(read more)

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Pandemic Pushing Gen Z and Millennials to Move Back Home

Mortgage news - Mon, 09/14/2020 - 07:15

Posted To: MND NewsWire

It was a phenomenon 12 years ago that ended with a huge decline in homeownership among Millennials, and now it is happening, for the same reason to Gen Zas a huge surge in unemployment sends young adults home to live with their parents. The root cause this time, of course, is vastly different; a deadly virus rather than a general slowdown in the economy coupled with mortgage defaults and delinquency. The Pew Research Center has found that the share of 18- to 29-year-olds living with their parents now constitutes a majority of that age group, surpassing the share in the Great Recession and even topping the previous peak during the Great Depression. Three Pew Center analysts, Richard Fry, Jeffrey S. Passel, and D'Vera Cohn found, using Census Bureau data, that in July 26.6 million or 52 percent...(read more)

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