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Bonds Bounce Despite Stronger Data
Thu, 28 Sep 2023 20:11:34 GMT

Bonds Bounce Despite Stronger Data Bonds lost ground overnight and logically added to the losses after the morning's Jobless Claims data.  Dovish comments from Fed's Goolsbee helped push back in the other di..[read more]

Small Reprieve in Rate Rout
Thu, 28 Sep 2023 19:28:00 GMT

The past few days have seen rates surge to new multi-decade highs with the average lender quoting 7.6+ for top tier conventional 30yr fixed scenarios. Not too much has changed today apart from the direction of the movement and the fact that modest ga..[read more]

NAR Calls for End to Rate Hikes as Pending Sales Drops Again
Thu, 28 Sep 2023 16:47:14 GMT

Pending home sales failed to add a third month onto the mini rally it staged in June and July. The National Association of Realtors (NAR) said its Pending Home Sale Index (PHSI) declined 7.1 percent to 71.8 in August and is now down 18.7 percent fro..[read more]

A Different Kind of Day So Far
Thu, 28 Sep 2023 16:09:53 GMT

Bonds lost ground modestly overnight.  Contrast that to the past few trading sessions that have seen gains in Europe followed by selling in the US.  Then at the start of the domestic session, economic data added to the weakness, but not bef..[read more]

Hedging, TPO and Broker Programs; Servicing, QC, Consulting Products; CFPB Report on Lending; STRATMOR and MortgageCX
Thu, 28 Sep 2023 14:23:10 GMT

Seen on someone's laptop here in Phoenix: "If Pete Davidson can date a Kardashian, you can be a homeowner.' From a business viewpoint, if you think mortgages are bad, try NFTs. I don't know what I was thinking, sinking my entire 401(k) into that sect..[read more]

Relentless Surge in Mortgage Rates
Wed, 27 Sep 2023 21:10:00 GMT

It's with no great pleasure (none of any kind, for that matter) that we find ourselves in a position to report, yet again, that mortgage rates have sailed decisively to another new multi-decade high.  Today's installment is fairly unpleasant giv..[read more]

What is "Repricing" in The Broader Context, And How is it Moving Markets?
Wed, 27 Sep 2023 19:36:18 GMT

What is "Repricing" in The Broader Context, And How is it Moving Markets? We've been here before and we'll be here again, but each time feels like a surprising new twist on what we think we know about bond market..[read more]

All Good Things Must Turn Bad
Wed, 27 Sep 2023 16:26:50 GMT

Normally, when the bond market is in a pervasive selling trend, we'll see a day or two of reprieve amidst the carnage.  Frequently, such days are friendly enough to lead to questions about whether they're evidence of a bounce.  At the very ..[read more]

Verification, Credit, Servicing, Automated QC, POS, DSCR Products; Events and Training Fast Approaching
Wed, 27 Sep 2023 14:44:07 GMT

Today I head to Phoenix area for the AzAMP annual conference, and am reminded that, "Change is inevitable, except from a vending machine.' The mortgage industry is constantly changing, although Freddie and Fannie have been a somewhat stabilizing infl..[read more]

Highest Rates in Decades Cut into Mortgage Volumes
Wed, 27 Sep 2023 11:12:00 GMT

The highest mortgage rates in 20+ years drove another decline in mortgage applications during the week ended September 22. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, decrease..[read more]

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