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Getting a Mortgage Soon? Read This Now!

Mortgage news - Fri, 09/11/2020 - 15:10

Posted To: Mortgage Rate Watch

If you're in the mortgage process currently or if you will be soon, there is a tremendously important development to be aware of. The net effect is that rates are about to go up and, in some cases, they already have . The culprit is the new "adverse market fee" announced for all refinances guaranteed by Fannie Mae or Freddie Mac on or after December 1st. To hit that date with some lenders, your loan would need to close by mid-to-late October! Given the high demand for mortgages, new loans will take at least that long in many cases. The fee will result in rates moving higher by 0.125-0.25% (or in additional closing costs equal to 0.5% of the loan amount). While that might not sound significant, this is the biggest change of its kind, ever . We already had a sneak preview of the fallout when...(read more)

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MBS RECAP: 2 Different Approaches Depending on Adverse Market Fee

Mortgage news - Fri, 09/11/2020 - 15:05

Posted To: MBS Commentary

Lock Decisions Still Hinge on Adverse Market Fee Without any significant volatility in the bond market, mortgage rate strategy is still all about the return of the adverse market fee. In cases where it's already back, the outlook is more neutral, but still cautious ahead of next week's Fed announcement. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) Consumer Price Index (CPI) 0.4 vs 0.3 f'cast Core Annual CPI 1.7 vs 1.6 f'cast Market Movement Recap 08:46 AM Bonds were flat to slightly weaker overnight but have rallied back to positive territory after this morning's CPI data. Looks like a few traders were on guard for higher inflation. Both MBS and Treasuries are just barely on the friendly side of 'unchanged.' Stock futures are...(read more)

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Almost 20 Million Homeowners are Prime Refi Candidates

Mortgage news - Fri, 09/11/2020 - 11:12

Posted To: MND NewsWire

Freddie Mac's Mortgage Market Survey published yesterday reported a 7-basis point decline in the 30-year mortgage rate over the previous week and reported that the resulting rate, 2.86 percent, was a new record low. Black Knight reports that this new rate has had a big impact on the pool of refinance candidates. The company says there are now 19.3 million "high quality" refinance candidates, the largest number ever. This is 43 percent of all active 30-year mortgages. Black Knight defines a refinanceable loan as one where the homeowner has a credit score of at least 720, at least 20 percent equity in the home, and the potential for a 75-basis point reduction in their mortgage interest rate. These homeowners have potential savings averaging $299 per month , a national aggregate of $5.8 billion...(read more)

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Weekly Forbearance Totals Decline

Mortgage news - Fri, 09/11/2020 - 09:02

Posted To: MND NewsWire

The number of loans in forbearance continued to dwindle over the last week, with almost 66,000 fewer homeowners in plans. Over the last 30 days the decline has totaled 238,000 or 6.0 percent. Black Knight says that, as of September 8, about 3.7 million plans are still active, 7 percent of the mortgages in servicer portfolios. This is a 22 percent decline from the peak of 4.7 million in late May. The remaining plans represent $789 billion in unpaid principal. At the beginning of September there were 2 million plans that were set to expire during the month and servicers have already reduced that number to 1.7 million as they assess loans for extending or terminating their plans. The week's decline was primarily driven by GSE loans , which fell by 36,000 loans to 1.39 million or 5.0 percent of...(read more)

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MBS Day Ahead: Why Were MBS Almost a Quarter of a Point Weaker This Morning?!

Mortgage news - Fri, 09/11/2020 - 07:39

Posted To: MBS Commentary

There's nothing quite like the visual (and visceral) impact of opening up MBS Live in the morning only to see a big drop in the blue line. Today is one of those days. For those who haven't gotten around to it yet, let's get it out of the way. The sooner we do, the sooner I can explain why this isn't as bad as it looks. In fact, it's not bad at all... The first clue here is that the chart shows 0-00 as the day-over-day change and he previous close price is the same as the current price (despite the line on the chart looking like it's MUCH lower than the previous close price). This is not an error. It's the roll! The word "roll" has a few meanings around here. For those who participate in MBS markets at a higher level, "dollar rolls" are actual...(read more)

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Jumbo, 2nd Lien, MERS QC Audit Products; U.S. Economy Motoring Onward

Mortgage news - Fri, 09/11/2020 - 07:08

Posted To: Pipeline Press

Plenty of people tell me that I should “head down to Clown Town.” I never know quite how to take that. But now we have Zoom Towns ,” and thank you to Carol K. for sending this along. And I am planning on living in one since… it’s my lucky day! I just received an email which I cut and pasted stating, “I am Barrister Charles Anthony, I am contacting you to assist retrieve his huge deposit Mr. Alexander left in the bank before its get confiscated by the bank. Get back to me for more details.” I will be sure to reach out. No more staggering out of bed at 4AM! No more people reminding me when the quotation mark goes outside the period instead of inside the period! Speaking of grammar, why is there a silent “c” in indict, or a silent “b”...(read more)

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Current Conditions : 72F, Clear - 6:25 AM CDT Jul. 8

Local Weather - Mon, 07/08/2013 - 05:25
Temperature: 72°F | Humidity: 74% | Pressure: 29.96in (Rising) | Conditions: Clear | Wind Direction: ENE | Wind Speed: 3mph

Monday as of Jul. 8 4:00 AM CDT

Local Weather - Mon, 07/08/2013 - 03:00
Monday - Partly cloudy. High of 97F. Winds from the SSE at 5 to 15 mph.

Monday Night as of Jul. 8 4:00 AM CDT

Local Weather - Mon, 07/08/2013 - 03:00
Monday Night - Partly cloudy. Low of 66F. Winds from the SSE at 5 to 15 mph.

Tuesday as of Jul. 8 4:00 AM CDT

Local Weather - Mon, 07/08/2013 - 03:00
Tuesday - Partly cloudy. High of 97F. Winds from the South at 10 to 15 mph.

Current Conditions : 79F, Clear - 2:25 AM CDT Jul. 8

Local Weather - Mon, 07/08/2013 - 01:25
Temperature: 79°F | Humidity: 54% | Pressure: 29.92in (Rising) | Conditions: Clear | Wind Direction: SE | Wind Speed: 5mph

Current Conditions : 71F, Clear - 5:25 AM CDT Jul. 7

Local Weather - Sun, 07/07/2013 - 04:25
Temperature: 71°F | Humidity: 57% | Pressure: 29.88in (Rising) | Conditions: Clear | Wind Direction: SSE | Wind Speed: 2mph

Sunday as of Jul. 7 4:00 AM CDT

Local Weather - Sun, 07/07/2013 - 03:00
Sunday - Clear in the morning, then partly cloudy. High of 100F. Winds from the SE at 5 to 10 mph.

Sunday Night as of Jul. 7 4:00 AM CDT

Local Weather - Sun, 07/07/2013 - 03:00
Sunday Night - Partly cloudy. Low of 73F. Winds from the SE at 10 to 15 mph.

Monday as of Jul. 7 4:00 AM CDT

Local Weather - Sun, 07/07/2013 - 03:00
Monday - Partly cloudy with a chance of a thunderstorm and a chance of rain. High of 102F. Winds from the SE at 5 to 15 mph. Chance of rain 20%.
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