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Mortgage Daily News

MBS RECAP: New Fed Vice Chair Helps Rates and Stocks

Posted To: MBS Commentary

We haven't heard much out of new Fed Vice Chair Richard Clarida since he accepted the position, but what we heard today was good. Well, at least the bond market reaction was good. His comments ended up setting the tone for the day. So what did he say? Nothing too complicated... Whereas Fed Pres Bostic was talking about a "neutral rate" of 2.5-3.5 yesterday, Clarida said we're close to a neutral range NOW. That certainly seemed to be the biggest deal among his comments, but it was perhaps just as significant that he noted evidence of global economic slowing. Stocks and bonds both rallied from there on out. The fact that the shorter end of the yield curve led the charge was especially telling (that's where we'd expect to see a bond market rally driven by shifts in Fed...(read more)

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Mortgage Rates Lowest in a Month

Posted To: Mortgage Rate Watch

Mortgage rates hit their lowest levels of THE month yesterday, and the lowest levels in A month today. It's a bit of a technicality, really. As of yesterday, there were a few days in mid-to-late October that saw lower rates. Today's drop means we'd need to go back to early October to see anything lower. What's the significance of being at the lowest levels in a month? None, really. It's just really fun to be able to say such things in an environment where such things haven't been easily said for quite some time! Perhaps more relevant and more tangible is the fact that we can say rates are nearly an eighth of a percentage point lower on the week, and that's a decent move regardless of the environment. Next week brings the Thanksgiving holiday, which tends to make mortgage lenders set rates more...(read more)

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New Home Sales, Prices Faded in October

Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) notes that applications for the purchase of new homes declined by 2.1 percent in October compared to the same month in 2017. Those applications were also 11 percent lower than in September. The information, taken from responses to MBA's Builder Application Survey, does not include any adjustment for seasonal patterns. Based on the survey results and other assumptions including about market coverage, MBA estimates that new single-family home sales were at a seasonally adjusted rate of 673,000 in October, an increase of 4.7 percent from the September sales rate of 643,000 units. On an unadjusted basis, the MBA projects 53,000 new home sales occurred during the month, up by 6 percent from 50,000 sales in September. Conventional loan applications accounted...(read more)

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1582 Route 9
Moreau, NY 12828
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Michael Pugh, Licensed Real Estate Broker
Email: mpugh@betterwayrealty.com

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