Mortgage News Daily
MBS CLOSE: What Can Today Tell Us About Tomorrow?
Posted To: MBS Commentary
This is always the question right? I mean, after all, we already know what is available on our rate sheets at the moment, but the most valuable question always asks for tomorrow's MBS prices today. Forgetting for a moment that you'll usually LOSE more money thinking that way than you'll make, let's suspend GUTFLOP and see if we have any hints at tomorrow's action according to today's events. First, the fundamental arguments... What do we know? 10yr auction built up a decent concession going in and stopped pretty much on the screws (meaning that rates went up ahead of the auction, then we saw strong demand at those rates) Strong demand AT THOSE RATES is evidenced by the relatively high "offers accepted at high" metric from the auction, meaning that most of the...(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 Rise Ahead of Treasury Auction. Fail to Recover Afterward
Posted To: Mortgage Rate Watch
Much like Monday, yesterday was a data-less day in the marketplace, leaving me at a loss for words and new guidance. Mortgage-backed securities prices did managed to move higher following a very strong 3 year Treasury debt auction, unfortunately MBS price appreciations were not strong enough to warrant reprices for the better and lenders left mortgage rates unchanged on the day. The economic calendar picked up today, but not much. This morning the Mortgage Bankers Association released their Weekly Loan Applications Index. The MBA survey covers over 50 percent of all US residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a look into consumer demand for mortgage loans. A rising trend of mortgage applications indicates an increase...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS AFTERNOON: Mortgages Playing Follow the Leader with Benchmarks
Posted To: MBS Commentary
Heading into the 5pm "what a slow day in the mortgage market" marking period... The FN 4.0 is -0-03 at 98-01 yielding 4.189% and the FN 4.5 is flat on the day at 101 the rock yielding 4.39%. The secondary market current coupon is 4.33%. The CC yield is 61bps over the 10yr TSY note yield and 58.6 basis points over the 10 yr swap rate. Static current coupon yield spread valuations are TIGHTER AGAIN! Holy relentless yield spread tightening! LOOK HOW SIDEWAYS FN 4.5 PRICES WERE TODAY! The MBS NINJA shares his thoughts on the recent stability of "rate sheet influential" MBS coupons in the face of rising benchmark yields: Mortgages, trading in the secondary market (soon to filter back to the primary and rate sensitive one), are tightening daily as more money is put to work along...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
FICO: Americans More Likely to Default on Mortgages than Credit Cards
Posted To: MND NewsWire
American consumers are now defaulting on their mortgages in even greater numbers than they are walking away from credit card debt. According to FICO's® Score Trends Service, this is a phenomenon that is historically unique. FICO said the mortgage default risk for consumers with high FICO scores now exceeds their credit card default risk, even though most credit cards are unsecured credit and mortgages are secured by real estate. There is a parallel rise in mortgage delinquencies for these high scoring consumers. The company said that their analysis of trends in FICO scoring shows that recent repayment behavior has shifted significantly from what has historically been expected. In 2005 bankcard accounts were more than 3 times more likely to become seriously delinquent, that is 90+ days...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS LUNCH: 10 Year Treasury Auction Results and Reactions
Posted To: MBS Commentary
10 year auction has impressive demand, but at higher rates. 3.45 Bid To Cover, but 3.735 % high yield with 70.94% of the bids at high yield MBS and Treasuries both slightly better on the announcement 4.5's are now down only 2 ticks on the day at 100-29 and 10yr yields are back down to 3.72+ from 3.74+ Here is a breakdown of the auction results: 9-YR 11-MO NOTES YIELDS High 3.735 pct Median 3.700 pct Low 3.636 pct PRICE/ACCEPTANCES Price 99.090493 Accepted at high 70.94 pct Bid-to-cover ratio 3.45 AMOUNTS TENDERED AND ACCEPTED (dollars) Total accepted 21,000,013,800 Total public bids tendered 72,466,493,000 Competitive bids accepted 20,829,510,800 Noncompetitive bids accepted 70,503,000 Fed add-ons 248,452,700 Primary Dealer Tendered 49,661,000,000 Primary Dealer Accepted 9,857,410,000 Primary...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Newsfeed display by CaRP
Financing Waco Homes
Buying a home is a safe and secure way to invest in your future. Real estate in Waco has had its ups and downs but has historically been isolated from the wild swings the market has taken elsewhere in the country, even in Texas, showing a gradual and steady appreciation over the past two decades. The Waco real estate market is unique in its affordability and overall stability as compared to other Texas markets, resulting in a win-win situation for homeowners and investors.
Perhaps the most important step you will take in your journey to own a home in Waco is to get approved for a loan. In fact, it should be one of the first steps you take in the process of buying a home, but all too often it is an afterthought. I get calls all the time from interested buyers who say, "We want to buy a house but don't know where to start."
Start by talking to a lender, they can help you get "pre-approved" for a loan. A good loan officer can get you pre-approved over the phone in just a few minutes. It's really pretty painless. They will ask you a few questions about your income and your current financial obligations and usually that day can let you know whether you qualify for a loan and how much they'd be willing to lend you.
With a pre-approval, you save yourself time, and position yourself to respond quickly when you find just the right house. Getting pre-approved also helps you avoid shopping for homes you cannot afford. You may even find out you can afford more home than you thought.
For a more detailed explanation of the role of the lender in a home buying process please check out this article I wrote for the Waco Real Estate Weblog: Real Estate 101 It contains lots of valuable information for the first time home buyer.
Already own your home? If you act quickly, refinancing could save you thousands of dollars over the life of your loan. Interest rates are still historically low so if you've not refinanced your home in the past two years, NOW is the time to do it before they climb back up again.
Call me today and I'll help you get the home buying process started so you'll be ready to buy your perfect home when it hits the market.