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Mortgage News Daily


MBS RECAP: "Totally Expected" Budget Bill Shocks Markets

Posted To: MBS Commentary

There's a good video in the news stream with Austan Goolsbee going on a bit of rant about how the Senate's procedural vote on a budget resolution late last night was totally expected. Someone should have told financial markets ahead of time. Traders speak with dollars and their words were clear in response to the budget bill. Either it really was a surprise, or they were simply holding out for confirmation that the Senate could actually get the 51 votes needed. Indeed, Rand Paul's dissension made it a close call. Confused yet? The bottom line is that this procedural budget resolution contained language that will allow the Senate to pass tax legislation with 51 votes instead of 60. The fact that the Senate was able to get 51 votes together for this effort suggests to some that they...(read more)

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Mortgage Rates Rocked (Relatively) By Tax Plan Optimism

Posted To: Mortgage Rate Watch

Mortgage rates moved higher today as financial markets grew more optimistic about the potential for tax reform. Late last night, the Senate passed a resolution that included language designed to make tax reform legislation easier to pass. In a nutshell, it means the Senate only needs 51 votes as opposed to 60 when it comes time to consider a tax bill. Stocks like tax reform. They moved quickly higher in futures trading. Bonds (which dictate rates) aren't too thrilled with the idea for several reasons. They moved quickly lower in price, which equates to upward movement in terms of rates. Despite a fairly abrupt move in underlying trading levels, lenders' rate sheets weren't apocalyptically damaged . The average lender continues to quote rates that are roughly similar to those seen on October...(read more)

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Consumers: On-Line Mortgage Info Convenient, not Trustworthy

Posted To: MND NewsWire

While it sometimes seems as though Americans live online, there is still apparently one area where they still value human contact. A recent survey conducted by Fannie Mae found borrowers continue to put a lot of trust in their real estate agent and their mortgage lender. The survey, conducted with borrowers who had purchase mortgages originated in 2016 in the Fannie Mae book of business, found that homebuyers relied on a variety of information sources when shopping for a mortgage. These included friends and family, financial planners, government agencies, mass media and non-profit housing counselors. However, when asked which were the most influential, borrowers most often cited, in fact at nearly double the rate of the next closest response, were mortgage lenders at 32 percent, with real estate...(read more)

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Existing Sales Beat Forecast Despite Taking a Hit From Hurricanes

Posted To: MND NewsWire

It was only a small gain , albeit larger than analysts expected, but after three straight months of sliding sales, the existing home sales report for September is still good news. The National Association of Realtors® (NAR), said the month saw closed transactions for the purchase of single-family houses, townhouses, condos and cooperative apartments rise to a seasonally adjusted annual rate of 5.39 million. This is an increase of 0.7 percent from the August rate of 5.35 million. NAR noted that "Ongoing supply shortages and recent hurricanes muted overall activity." This meant that even as sales were higher compared to August, they were down 1.5 percent year-over-year and were the second slowest of the year, trailing only those in August. Analysts polled by Econoday were looking for sales...(read more)

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Refinancing Share at Early 2017 Levels

Posted To: MND NewsWire

Refinancing increased its share of total originations in September, rising 3 percentage points from August to 38 percent of all closed loans. Ellie Mae, in its Originations Insight report says the refinance share was the highest since February and set forth two possible reasons. First, interest rates on closed loans during the month dipped to the lowest of the year, 4.21 percent. Second, the time to close a refinance fell to 40 days, the shortest timeline since February 2015. After remaining steady for several months, the distribution of loans shifted slightly. The conventional loan share picked up 2 points to 66 percent at the expense of FHA l oans which dropped 2 points to 20 percent. The VA share remained at 10 percent as it has all year. While refinancing loans closed faster, purchase loans...(read more)

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New Wholesaler, Lender/Vendor Tools; Capital Markets Product

Posted To: Pipeline Press

Not only are houses becoming smaller, but the lots are smaller also. Trulia tells us that houses built since 2015 occupy, on average, 25 percent of the land they were built on. That figure was only 13.9 percent in 1975. And according to Capital Economics Ltd. , the size of an American home has decreased for the first time in 30 years to 2,420 sq. ft. after peaking in 2015 at 2,520 sq. ft. This is attributed to the shrinking of homebuilder margins due to a shortage of labor and land. And lastly, my guess is that the huge rental companies are chomping at the bit over this news: Houston is seeing homes sold for 40 cents on the $1 after the flood. An estimated 1.8mm homes suffered uninsured losses, according to CoreLogic Inc. New Products From Lenders and Vendors This week, Informative Research...(read more)

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MBS Day Ahead: Bonds Back on The Ropes

Posted To: MBS Commentary

It's a crappy day. Sorry to use such an esoteric analytical term, but it's the most accurate way to describe the outlook. So what changed? Long story short, we'd been in a narrow, consolidative range since late September. That range had a chance to be a straight up correction back toward lower rates, but bonds weren't able to maintain momentum after last Friday's strong post-CPI rally. Resistance kicked in at a well-traveled technical level of 2.28%, thus setting up the lower boundary of the consolidative range. Until yesterday, we HAD a series of "lower highs" in rates to offset the series of "higher lows." In short, yields were converging, and it was anyone's game. This morning, the upper consolidation line (both in teal in the following chart)...(read more)

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MBS RECAP: Catalonia (or China!) Helped Early; Powell Saved The Day

Posted To: MBS Commentary

It was a pretty interesting session for how narrow the range continues to be in bond markets--interesting both for bonds themselves and for the analysts scrambling to make sense of the movement. Apart from last Friday's CPI data, there hasn't been an unequivocal market mover for bonds. There hasn't been an obvious theme with a predictable reaction. That resulted in the collective Western analytical mindset concluding that it must be something Western behind the movement. The leading Western candidates for drama included Catalonian independence with Brexit headlines being a distant second. I was pretty dismissive about Catalonia as a market mover until this morning, because the overnight surge in bonds (and massive drop in stocks) lined up perfectly with the 4am ET deadline for Catalonia...(read more)

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Mortgage Rates Hold Ground Amid Market Volatility

Posted To: Mortgage Rate Watch

Mortgage rates were unchanged to slightly lower today. Political drama in Europe pushed stocks lower overnight and sent investors toward safer haven assets like bonds. Higher demand for bonds pushes rates lower, all things being equal. All of the above meant a stronger start for bond markets and slightly lower mortgage rates this morning. Still, the average improvement was so small that it was barely noticeable, largely because bonds had weakened yesterday afternoon, implying that lenders would have started today at a disadvantage were it not for the overnight improvement. Still with me there? In a nutshell , bond market weakness yesterday never made it onto lender rate sheets and this morning's bond market strength was just barely enough to counteract that weakness. We're splitting hairs in...(read more)

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Remodelers Report Backlogs, Labor Shortages as Market Grows

Posted To: MND NewsWire

Home remodeling activity reported by builders increased in the third quarter and remains above the benchmark 50 level for the 18 th consecutive quarter. The National Association of Home Builders' (NAHB) Remodeling Market Index (RMI) rose 2 points to 57 as more builders reported increased market activity compared to the previous period than reported it as lower. NAHB's survey asks remodelers to report current activity overall, and in three areas , major additions and alterations, minor additions and alterations and home maintenance and repairs. The measure of overall activity increased 1 point to 56; the major additions component dipped 1 point to 53, minor additions rose 3 points to 56, and the maintenance and repair category was up 1 point to 58. The survey also looks at future conditions...(read more)

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Denise Robillard
141 BROWN AVE.
JEWETT CITY, CT 06351
Phone: 860 376-2555 Cell 860-334-2304
Email: deniser.cra@gmail.com

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We put our house on the market with assumption that it would take at least 6 months to sell. Well.. Denise got it done in 3 days!! Amazing!! Liz
The attention to detail that you provide is amazing; as well as your wealth of knowledge and your compassion and drive to help others. Dawn
Very courteous and professional staff that pay attention to even the smallest details. We are always pleased with results. Greg
I worked with DENISE for years before we finally found our forever home. DENISE was more than patient with us. If you need your house sold DENISE is the lady of the market, we put our house on the market and it sold in 15 days. I built such a bond and relationship with DENISE I feel like she's part of our family now. If we ever sell or buy again I will use no other than DENISE Kathy
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When we had to sell two houses before we could find and purchase a single large house compatible to our enlarged family’s needs and desires, we knew that we would need the area’s most experienced, professional, and driven realtor. Only Denise would do and she didn’t disappoint. We can still hardly believe how quickly she sold our houses in the midst of a weak local economy, especially compared to other houses that seem to languish on the market, let alone how she helped us to believe that we would own the dream house she showed us. When things got difficult she fought for us all day, all night, seven days a week. There aren’t enough good things we can say about Denise, our realtor and now our friend. Rich & Saralyn
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