Mortgage News
Jan 26, 2018
Another day on record of mortgage rates increasing, leading to a 9 month high. The fact that bond markets ended the week in the same volatile state as last week, increases the cost for lenders to guarantee any given rate. Although we did see some positive movement on Tuesday and Thursday of this week, they were quickly shattered with new long-term highs the next days to come. Professionals suggest to lock early and plan on rates...
Jan 25, 2018
Amongst the declining home sales in the last quarter of 2017, existing homes sales were the best in 11 years. According to NAR chief economist, Lawrence Yun, "the housing market performed remarkably well for the US economy in 2017, but not as good as it might have been. The year brought substantial wealth gains for homeowners and historically low distressed property sales. Existing sales concluded the year on a softer note, but...
Jan 15, 2018
With the recent tax law change, we can expect a boost to what we take home in our paychecks. A reasonable assumption would be that banks would start to pull back on the rigid underwriting standards imposed after the 2008 mortgage crisis. But according the JPMorgan Chace CEO, Jamie Diman, it is going to take a lot more than a tax cut to persuade banks to give loans to first time borrowers and those with negative/impaired credit his...
Jan 10, 2018
As mortgage rates have continued to climb, today marks a new 6-month high. The bond markets were showing signs of support (Bond markets underlie rate movement) as early as opening bell this morning. The 10-year bond serves as a significant benchmark for any long-term interest rate in the US. ...
Jan 08, 2018
As the bond market has started making moves upwards today, we can relate this to the terrible day they had Friday. This caused the current week to start out at a small disadvantage as seen on this morning's rate sheets. Throughout the day bonds have weakened even more. A handful of lenders have also issued updated rate sheets today with even higher rates. LOs suggest locking loans early in the process as there isn’t much...
Jan 05, 2018
With the overwhelming changes in rates, weather and presidential staff we saw in 2017, we're now experiencing almost NO change for 2017 with the 10-year Treasury note. It yielded 2.41% versus yielding 2.45% beginning 2017. Even with the 30-year and 15-year fixed-rate m...
Dec 28, 2017
Competition is and will always be a driving force in any given market. This holds true for Mortgage Lenders as well. In Fannie Mae's Fourth...
Dec 15, 2017
There are tens of different indicators that affect interest rates. Movement of the 10-year Treasury bond yield is a leading indicator of mortgage rates. The 10-year Treasury bond and long-term fixed mortgages compete for the same investors because they are similar financial instruments. Although, today, mortgage rates moved down slightly even though movement in bond markets would have suggested differently. Due to...
Dec 14, 2017
Home prices and rent isn’t the only rising cost in the mortgage marketplace. ATTOM Data Solutions is reporting in the Residential Property Loan Origination Report that the median down payment for a single-family home or condo purchase with financing went from $14,400 in 2000, to $18,162 in Q2 of this year to $20,000 to date. The median down payment exceeds $50,000 in 12 of the 99 statistical areas represented. The highest...
Dec 04, 2017
As indicated last week in Black Knight's Mortgage Monitor for September, August and September mortgage delinquencies have taken a huge leap in Texas and Florida due to the devastation from hurricane Harvey and Irma. Now updates in Octobers issue cover the increase of delinquencies in Puerto Rico, hit by Maria just a few weeks after. The October increase in delinquency rate is near doubling, from 5.9% in July to over 11% in Octo...
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