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Fannie Mae Sees Economy & Mortgage Market Improving - 14 hours ago
Posted To: MND NewsWireDespite the anticipation for sluggish growth into the first part of 2011, Fannie Mae, in their November 2010 Economic Outlook , sees GDP growth driven by consumer spending as well as improvements in most sectors of the mortgage market. Additionally, the report calls for a recovery in homebuilding next year in addition to demand for purchase loans, but gradually rising interest rates are seen weighing on refinance demand. Fannie Mae is under no illusions about the challenges facing the economy in the short term, however. "The performance for the current quarter is likely to be more of the same tepid growth we saw during the third quarter. Furthermore, they note that even though headline growth appears to be stabilizing or improving, that much of that growth came from an accumulation in inventories...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Mortgage Rates Waiting Game Continues. Positive Signs Seen - 14 hours ago
Posted To: Mortgage Rate WatchThe movements of mortgage rates higher and lower throughout the week have become progressively more tame. There was almost an entire point of difference between the highs and lows on Monday, whereas today's range has held within a mere quarter of a point. That's the good news as it implies the QEII bond market cleansing process is in its final stages. The bad news is that even though the movements were tame compared to earlier in the week, rates still traveled in the wrong direction. Reason? When MBS prices move down precipitously, lenders tend to reprice for the worse more aggressively and more quickly than they would reprice for the better on improved MBS prices. Because the rally we discussed yesterday occurred late in the day moving into the close, and was maintained into this morning,...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

HAMP Winding Down. Loan Modification Metrics Decline in October - 15 hours ago
Posted To: MND NewsWireThe November Housing Scorecard issued jointly by the Departments of Housing and Urban Development (HUD) and Treasury is notable mainly for its data on the apparent winding down of the Making Home Affordable Modification Program (HAMP). All metrics for the program were lower during the latest period (October 10) than in the period ending in September. The number of borrowers entering trial modifications dropped to 26,100 from 35,300. An average of 23,000 new trials began each month in the second half of 2010 and a total of 1.4 million trials have started since the program began in April 2009. 719,487 or 51 percent of the trials have been canceled. Moving borrowers from successful completion of the required three-month trial period to permanent modification status has been a persistent problem...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Loan Pricing Review: Long and Short Term Perspective - 16 hours ago
Posted To: MBS CommentaryWe're long overdue a look at loan pricing.... Day over day, on average, rebate improved by 10.1bps and buydowns are 1.7bps better. The largest pricing improvements today were seen in the note rates closest to par, but take note of how expensive it got to buydown the consumer's rate from 4.375% to 4.25%. Upwards of 85bps at all five of the majors. Yikes! Assuming the buydown was 85bps on a $200,000 loan, the breakeven on that is 9.6 years. THAT'S REALLY EXPENSIVE!!! Rising permanent buydown costs on the note rates closest to par reflect the fact that FNCL 3.5s got smashed by extension risk this week. It's safe to say the FNCL 3.5 lost its status as production coupon early last week. This will be obvious in the 4.00% and 4.25% note rate charts below. On a week over week basis, the loan pricing...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

QEII Update: How Did the Fed's Purchases Affect Yields This Week? - 16 hours ago
Posted To: MBS CommentaryThat's a bit of a loaded question. Naturally, many billions of extra dollars flowing into the bond market are going to cause movements, and we'll see the extent of those in the charts that follow. But it's important to keep in mind that QE2 already exerted an effect on the market at the time of it's mere ANNOUNCEMENT and disclosure of anticipated amounts. In fact, this notion of the Fed's buying already being priced in to this week's market before the actual purchases themselves is one of the reasons that sane people are relying on to maintain their sanity. Otherwise, life wouldn't make much sense. What follows is a snapshot of the dollar amount of securities purchased, and the maturity range affected, as well as a brief overview of the operation and a weekly chart of the most relevant maturity...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.

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