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Mortgage Daily News

MBS RECAP: Not The Kind of Green Day We Like

Posted To: MBS Commentary

Bonds ended in the green today, albeit just barely . Normally that wouldn't be a bad thing, but today's example leaves a bit to be desired. I should start off by saying that today could have been much worse than it was. Indeed, any time we can avoid ending in the red these days is an opportunity to count blessings. With those disclaimers out of the way, I'll get back to the lament . At the simplest level, generally negative trends generally continued. Case in point: In other words, we may have technically been in positive territory versus the 5pm levels from Friday, but we can all agree those 5pm levels were ridiculously unpleasant. The mid-day turn around occurred A) right on a pivot point with Thursday's highs B) immediately following the European close,and C) immediately...(read more)

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HUD Provides Availability Info for Shutdown

Posted To: MND NewsWire

With a stop-gap funding bill likely to be approved tonight, the following will not be germane for long, but it could serve as a template for the next potential shutdown. FHA's Office of Single Family Housing has provided a lengthy list of the availability of services, processes, and technical support, and we have cherry picked what seems to be the most important information for our audience. The FHA Resource Center's online online FAQ site has been updated to include additional information about operations and systems availability during the shutdown (use the keyword "shutdown".) It will not be updated further until the shutdown ends. The Resource Center's email ( answers@hud.gov ) and phone (800-225-5342.) will also be available to provide general, but not case specific, information, as will...(read more)

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Mortgage Rates Set Another 9-Month High

Posted To: Mortgage Rate Watch

Mortgage rates pushed up to yet another 9-month high today--something that's become all too common in the past few weeks. Just as troubling is the fact that 10yr Treasury yields--the bigger, more important neighbor that shares the street with mortgage rates--are operating at their highest levels since early 2014. Mortgage rates aren't directly tied to Treasury yields, but big momentum in Treasuries tends to spill over. Incidentally, both Treasuries and MBS (the mortgage-backed-securities that underlie mortgage rates) were roughly unchanged today. The problem is they were much weaker on Friday afternoon and mortgage lenders didn't fully adjust for that fact with Friday's rate sheets. That left them with a bit of catching up to do this morning. In other words, lenders needed to push their rates...(read more)

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