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Posted To: MBS CommentaryToday was a non-starter, despite the presence of economic data that certainly had the street cred to move markets (if markets were inclined to move). GDP cam in stronger than expected at +1.2 vs +0.9 forecast, as did Durable Goods (-0.7 vs -1.2 forecast). The biggest counterpoint in the data was the weakness in the "Cap-Ex" […]
Posted To: Mortgage Rate WatchMortgage rates didn't move much today. Lenders that made detectable adjustments generally did so in a moderately positive direction. While this isn't remotely enough to make a difference in the actual NOTE rate on a mortgage quote, it could make for microscopically lower upfront costs (thereby affecting the "effec […]
Posted To: Pipeline PressReady to rush off and join the blockchain rush? Not so fast. The implementation of blockchain technology in the financial-services industry is meeting some resistance, with enthusiasm not equating to industrywide rollout. Like GSE reform, it will take many years and while blockchain's potential for improving efficiency, security […]
Posted To: MBS CommentaryUp until yesterday, the past week and a half of trading ran the risk of taking the shape of an uptrend leading back from the lows that followed last week's political drama. Things have been surprisingly quiet on the headline front when it comes to said drama. Even the rumor mill has been slow to churn. This has facilitated an […]
Posted To: MBS CommentaryAfter seeing today's trading--especially when we consider it in the context of recent technical levels and yesterday's bounce around 2.25% in 10yr yields--it seems increasingly clear that bonds are doing that thing they sometimes do as the weekend is approaching. Namely, they've entered a narrow, sideways range, and th […]
Posted To: Mortgage Rate WatchMortgage rates fell today despite relatively uneventful movement in underlying bond markets (which drive day to day changes in rates). The net improvement can be explained by the timing of yesterday's improvement. Simply put, bonds improved late in the day (following the 2pm release of the Fed Minutes). That market improvem […]
Posted To: MND NewsWireRather than taking a step back this year, home sales now seem ready to best their 2016 numbers. Freddie Mac's economists admit that, up until this month, their expectations were for the former (i.e. a 'step back'), but based on recent data, they now see the U.S. housing market "on track to eclipse last year as the b […]
Posted To: MND NewsWireIt often gets lost in the shuffle, but the Federal Housing Finance Agency (FHFA) is not just the regulator and conservator of the government sponsored enterprises Fannie Mae and Freddie Mac, it also regulates the Federal Home Loan Banking System (FHLBank). Melvin L. Watt, Director of FHFA spoke to directors of those banks on Tuesday, a […]
Posted To: Pipeline PressMontana may have its issues with politicians vying for the WWE title belt, but the state does seem to steer clear of cyberattacks. At least, it does in this hypnotic hacking attempt map . PHH & CFPB drama continues Yesterday the Court of Appeals rehearing of the CFPB/PHH case took place to determine the constitutionality of CFPB […]
Posted To: MBS CommentaryTuesday of this week was a bit alarming for bond markets as it introduced the possibility that yields were opting for upward momentum after bottoming out amid last week's political drama. If we'd seen additional weakness yesterday, the case might have been closed on the momentum reversal (i.e. a shift back toward a trend hi […]