New Home Sales Reverse Course, Ending Two-Month Deficit

Posted To: MND NewsWireNew Home Sales posted a month-over-month increase for the first time since May according to Wednesday’s report from the U.S. Census Bureau and the Department of Housing and Urban Development. Sales in August rose 3.5 percent to a seasonally adjusted annual rate of 629,000 from a revised rate of 608,000 in July. … Read moreNew Home Sales Reverse Course, Ending Two-Month Deficit

Freddie Mac Portfolio Up 6.1 Percent in August

Posted To: MND NewsWireFreddie Mac reported today that its total mortgage portfolio increased at an annualized rate of 6.1 percent in August. The portfolio balance at the end of the period was $2.147 trillion compared to $2.136 trillion at the end of July and $2.052 trillion a year earlier. Purchases and Issuances totaled $38.413 billion … Read moreFreddie Mac Portfolio Up 6.1 Percent in August

IRS Slams Door on Property Tax Workarounds

Posted To: MND NewsWireOne of the more contentious provisions of the 2017 Tax Cuts and Jobs Act (TCJA) was a new ceiling on the SALT deduction. This is the amount taxpayers can deduct on federal tax returns for what is paid in state and local taxes including income, sales, and property taxes. The new limit … Read moreIRS Slams Door on Property Tax Workarounds

Differences Between Previous and Current FOMC Statements

Posted To: MBS CommentaryInformation received since the Federal Open Market Committee met in June August indicates that the labor market has continued to strengthen and that economic activity has been rising at a strong rate. Job gains have been strong, on average, in recent months, and the unemployment rate has stayed low. Household spending and … Read moreDifferences Between Previous and Current FOMC Statements

MBS RECAP: Bonds Finally Agree to Rally After Much Haggling

Posted To: MBS CommentaryFor a while, it looked like today would turn out to be one of those “dud” Fed days where actual market movement woefully undershoots potential market movement. The prevailing 10yr yield range of 3.06-3.09 was intact to an eerie and frustrating extent for a full hour after the initial Fed announcement (and … Read moreMBS RECAP: Bonds Finally Agree to Rally After Much Haggling

Mortgage Rates Improve After Fed Announcement

Posted To: Mortgage Rate WatchMortgage rates improved in a somewhat noticeable way for the first time in weeks following today’s policy announcement from the Fed. Actually, to be fair and accurate, rates didn’t improve until Fed Chair Powell answered a question about inflation during his press conference, saying the Fed doesn’t see inflation “surprising to … Read moreMortgage Rates Improve After Fed Announcement

MBS Day Ahead: Paradoxical Reaction Potential For Today’s Fed

Posted To: MBS CommentaryIn trying to put together a chart for this morning, I kept running into a wall. It had to do with the likely outcomes associated with different Fed forecast scenarios today. To keep things simple, the 2 scenarios I’m considering are “friendly Fed” (i.e. rate hike outlook less aggressive than expected) and … Read moreMBS Day Ahead: Paradoxical Reaction Potential For Today’s Fed

Non-QM Products; Mel Watt to Testify; Company Changes

Posted To: Pipeline PressThe last four weeks for me have included spending time with lenders in Montana, Southern & Northern California, Nevada, Arizona, and Illinois. Yes, they know that the traditionally slow 4th and 1st quarters are ahead and that rates are expected to head higher, but CEOs are also focused on helping their clients, … Read moreNon-QM Products; Mel Watt to Testify; Company Changes

Mortgage Applications: Purchase Volume Continues to Improve

Posted To: MND NewsWireThe Mortgage Bankers Association (MBA) says its Market Composite Index, a measure of mortgage application volume, moved higher during the week ended September 21 as did all of its seasonally adjusted and unadjusted components. It was the second straight week that all of the MBA indices gained ground , the first such … Read moreMortgage Applications: Purchase Volume Continues to Improve

Mortgage Rates Unchanged to Slightly Higher

Posted To: Mortgage Rate WatchMortgage rates were unchanged for some lenders today while others were in slightly higher territory. Either way, that leaves the average lender at the highest levels in more than 7 years. For what it’s worth, there are a few lenders that were slightly worse off for a day or two earlier … Read moreMortgage Rates Unchanged to Slightly Higher

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