May2021

Highest Inflation in Decades, But Housing Has a Bigger Problem

Posted To: Mortgage Rate Watch Inflation is bad for interest rates and it’s at the highest levels in decades. But the housing market has a far bigger problem. Actually, it’s not hard for a problem to become bigger than rates right now considering we’re still at levels that would have[…]

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MBS RECAP: Decent Gains Despite Hotter Inflation Data

Posted To: MBS Commentary Decent Gains Despite Hotter Inflation Data While there was nothing especially memorable about today's trading action itself, the fact that 10yr yields ended 2.5bps lower despite a core PCE reading of 3.1% is surely worth remembering. It stands as evidence that the bond market is indeed[…]

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MBS Day Ahead: Bonds Are Believing The Transitory Inflation Narrative

Posted To: MBS Commentary When we pondered the possibility (or frankly, the likelihood) of core inflation numbers hitting 3.0%+ several months ago, there was no way to know exactly how the bond market would react. We got our first glimpse from the ultra-hot CPI numbers 2 weeks ago when bonds[…]

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MBA, U/W, AE, Construction Lending Jobs; Multimedia, Jumbo, Warehouse, Rental Products; Lenders React to GSE Changes

Posted To: Pipeline Press Traffic is already bad out there! Here’s a sign on a beekeeper’s truck: “If you see me running, things have gone poorly, and you should run too.” Life throws us plenty of surprises, and has plenty of non-mortgage stuff. Thank you to Jeremy P. for passing[…]

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Non-Government Loans See Jump in Forbearances

Posted To: MND NewsWire The forbearance numbers increased again over the past week although Black Knight, in its weekly report, said these mid- to late-month upticks are becoming common . The number of mortgages in active plans rose by 16,000 or 0.73 percent. The number of Fannie Mae and Freddie[…]

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Mortgage Rates Move Higher, Erasing 2 Days of Progress

Posted To: Mortgage Rate Watch Mortgage rates were moderately higher today versus yesterday. This was a logical outcome based on steady weakness in the bond market yesterday followed by additional weakness today. While the moves aren’t extreme in the bigger picture, they do push the average lender back into the[…]

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Pending Home Sales Decline Unexpectedly

Posted To: MND NewsWire It seemed safe to say, even before the National Association of Realtors® (NAR) released the pending home sale numbers for April, that some analyst somewhere would be able to say, “I told you so.” Trading Economics had a +0.8 consensus estimate while Econoday’s consensus of 2.0[…]

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MBS RECAP: Moderate Weakness; Decent Treasury Auction

Posted To: MBS Commentary Moderate Weakness; Decent Treasury Auction 7yr Treasury auctions haven't been great for the bond market in 2021, generally speaking. Today's was an exception although it didn't necessarily provide a huge boost. Yields were at the highs of the day, up more than 4bps at 1.625% just[…]

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Cap. Mkts., MLO, AE, Ops Jobs; Loan Sales, Pricing, Tax Estimating Products; Is the Fed Contributing to Housing Price Escalation?

Posted To: Pipeline Press I was telling my cat Myrtle about the labor shortage in the United States, but she didn’t seem fascinated, to say the least. In fact, she gave me a look like, “I am an apex predator, open the door. Now.” Economists are quick to point out[…]

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MBS Day Ahead: Yesterday's Technical Bounce is Doing What Technical Bounces Do

Posted To: MBS Commentary With so much uncertainty about economic outcomes in the coming months, and with a healthy amount of bond market weakness already seen in the first quarter of 2021, it makes plenty of sense to see rates grinding sideways as they wait for the uncertainty to begin[…]

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