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MORTGAGE NEWS

Keep current with what's happening in the mortgage market place.  Below are links to news articles that pertain to the mortgage industry.

 

 

 

 

 

 

Mortgage News Daily

Posted To: Pipeline Press

Worries about Europe’s economies have, in most part, subsided. But rumors swirl regarding The Land of Lincoln. Illinois, it seems, isn't doing too well financially . Underwriters don't have crystal balls, yet must weigh income from Illinois pensions and government worker income, and the like. Concerns are growing that the US Virgin Islands could slide toward the kind of financial collapse that hit Puerto Rico since the USVI's government has struggled to meet obligations since a refinery closed in 2012, simultaneously doing away with the biggest private-sector employer and a crucial source of tax revenue. Lender news In job-related news, Nationstar Mortgage recently completed the transition to move all its customer service call center operations back to the U.S., "creating 500 new jobs...(read more)

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6/27/2017 7:31:34 AM

Posted To: MBS Commentary

Members of the FOMC are constantly giving speeches and making appearances at various events. The only exception would be the "blackout period" where Fed speakers refrain from commenting on monetary policy in the week leading up to an official policy announcement. Apart from that, there are typically more than enough Fed sound bytes floating around to sate the desires of Fed prognosticators. Seemingly overnight, several Fed members have either changed their tune or have simply ramped up their dovishness . That's a kitchen-sink term for a set of policy beliefs that's generally bond-friendly. The most recent shift has been for Fed members to acknowledge the stubbornness of inflation and for some to suggest that further policy tightening isn't even justified at the moment...(read more)

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6/27/2017 7:26:37 AM

Posted To: MBS Commentary

Despite a super narrow range throughout the day, last Friday saw 10yr yields close at the 2nd best levels of the year. With that in mind, it wouldn't have been a surprise to see some push back into the center of the recently flat range today. In fact, that may well have been the case were it not for this morning's weak Durable Goods data. The Durables headline came in at -1.1 vs -0.6 forecast. The important "nondefense capital goods orders excluding aircraft" (or " Cap-Ex ") component was -0.2 vs a +0.3 median forecast. Bonds picked up just enough to put them in slightly stronger territory on the day, and there they remained--for the most part. Despite marginal weakness in the afternoon, 10yr yields hit their 2nd lowest closing levels of the year. All that having...(read more)

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6/26/2017 3:35:47 PM

Posted To: Mortgage Rate Watch

Mortgage rates were steady to slightly lower today, depending on the lender. Underlying financial markets continue moving in a narrow range--something that's not uncommon for the first few weeks of the summer. It's that market movement that can result in mortgage lenders issuing mid-day reprices. The more volatile and the bigger the moves, the more likely lenders are to reprice. Today saw zero reprices. Rates may have risen this morning were it not for weaker economic data . In general, weaker data tends to drive demand for the safe-haven of the bond market (which results in lower rates). This morning's Durable Goods data was noticeably weaker, and bonds improved immediately following its release at 8:30am. Though the improvement in markets was modest, it meant that most lenders were looking...(read more)

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6/26/2017 2:21:00 PM

Posted To: MND NewsWire

Is there relief in sight for those oft cited, much maligned tight housing inventories? The National Association of Realtors® (NAR) sees a glimmer of hope in the responses it received to a recent survey. The Housing Opportunities and Market Experience (HOME) survey for the second quarter found 71 percent of homeowners think now is a good time to sell , which is up from last quarter (69 percent) and considerably more than a year ago (61 percent). Respondents in the Midwest (76 percent) surpassed the West (72 percent) for the first time this quarter to be the most likely to think now is a good time to sell. NAR says if homeowners act on this sentiment, there might eventually be an increase in real estate listings which have declined year-over-year each month for two straight years. However...(read more)

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6/26/2017 10:25:02 AM

Posted To: MND NewsWire

As home buying affordability has declined, it has indirectly moved lenders' apparent willingness to loosen credit standards in the opposite direction. Fannie Mae says its second quarter Mortgage Lender Sentiment Survey shows the net share of lenders reporting they have eased credit standards over the prior three months has ticked up gradually since the fourth quarter of 2016. Looking forward over the next three months, the net share saying they plan to ease credit standards has also been growing. The net share of those expecting easing for GSE eligible and government loans reached new survey highs in the second quarter and net responses for non-GSE eligible loans tied a previous survey high reached in the second quarter of 2014. The survey found concerns about economic conditions to be the...(read more)

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6/26/2017 9:23:52 AM

Posted To: MND NewsWire

The third major home price indicator of the month was released on Monday and again there was no indication that the rate of appreciation is slowing . Black Knight Financial Services said prices, as measured by its National Home Price Index (HPI) increased from March to April by 1.2 percent. The index reading of $275,000, was the highest in the HPI's history. The month-over-month increase in the index has brought prices up 3.6 percent since the first of the year, with the bulk of that growth, an aggregate of 2.5 percent, coming in March and April. On an annual basis, the index gained 6.0 percent in April, compared to of 5.8 percent in March. The average year-over-year increase was 5.6 percent in the first quarter of 2017 and 5.4 percent for all of 2016. Washington State continues to outperform...(read more)

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6/26/2017 8:11:54 AM

Posted To: MND NewsWire

On November 30, 2016 Freddie Mac's economists issued their monthly Outlook which, in light of the sudden surge in interest rates earlier that month, was decidedly gloomy . MND's coverage of the forecast elicited a lot of concern from readers, especially when we quoted Freddie Mac that, under their new rate and housing expectations, "Mortgage originations (will) get crushed." They predicted a decline in originations of 53 percent from 2016 to 2017. Other predictions at the time included a leveling off of home sales, although "2016 will still end up being the best year for home sales in a decade, but 2017 will be hard pressed to match those levels" with a predicted decrease of 220,000 units Home price gains will moderate, finishing 2016 with an average gain of 5.9 percent, falling to 4.7 percent...(read more)

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6/26/2017 8:08:00 AM

Posted To: Pipeline Press

“Statistics are like bikinis. What they reveal is suggestive but what they conceal is vital.” We’re always watching home sales & construction – but it is debatable whether tearing down a house and building another adds to housing stock. About 10.2% of single-family homes rose from tear-down starts in 2016, up from 7.7% in 2015. Bank news Last week the Fed released the results of its stress tests , and for the third straight year all large banks passed. The tests are designed to measure whether the 34 largest banks will be able to maintain a minimum 3% capital level, even in periods of severe economic downturns. This Wednesday the Fed will announce the results of their qualitative review, which determines whether the banks will be able to move forward with their capital...(read more)

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6/26/2017 8:06:08 AM

Posted To: MBS Commentary

Whereas the previous week was generally devoid of significant economic data or market moving events, the current week is more of a contender. On the data front, there are relatively important reports throughout the week including a key inflation report on Friday (PCE). Given the extent to which Fed speakers have increased their focus on inflation specifically (as opposed to "inflation + _____, where the other considerations include job growth, financial conditions, and geopolitical risks), traders will be increasingly focused on inflation data . Friday's PCE is one of the Fed's favorites. Speaking of Fed speakers, there are several on tap again this week, with Yellen herself taking questions at a conference in London tomorrow afternoon just after 1pm ET. Markets are hoping she'll...(read more)

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6/26/2017 7:37:06 AM

Posted To: MBS Commentary

We've been watching the intraday trading ranges in bond markets to keep an eye on just how flat things have been in the wake of last Wednesday's big trading day (due to econ data and the Fed). "Inside day" is a term that comes up when things are this flat. It refers to a day's trading range falling "inside" the previous day's range. This week has been notable in that Tuesday and Friday were both inside days. That's particularly striking today as it required a narrow trading range of a mere 2.44bps (2.142 - 2.166). Adding to the intrigue is the fact that there were a few tradeable headlines--especially from Fed speakers who seemed to be singing more dovish tunes on the prospect for inflation to frustrate the policy path. Then again, the grudgingly slow...(read more)

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6/23/2017 3:32:10 PM

Posted To: Mortgage Rate Watch

Weeks like this are the reason that some mortgage rate analysis is only done once a week. There haven't been any significant developments in financial markets--at least not as far as bonds (which dictate rates) have been concerned. And there certainly hasn't been any significant movement in mortgage rates themselves. In fact, with the exception of a modest dip last Wednesday, mortgage rates have been essentially flat for the entire month of June . As we've discussed all week, being "flat" at current levels is a good thing considering lenders continue quoting conventional 30yr fixed rates in a range from 3.875% to 4.0% on top tier scenarios. Almost any borrower will have seen the exact same interest rate quote throughout June. Any detectable variation has come in the form of upfront costs. These...(read more)

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6/23/2017 2:59:00 PM

Posted To: MND NewsWire

The final installment of a series of working papers produced by the University of Southern California (USC), in partnership with Fannie Mae, looks at the decade-spanning 10-point plunge in the homeownership rate of young Americans. Homeownership has declined, starting even before the housing crisis, across nearly all age groups, but has been most notable for those aged 25 to 44. Prior papers in the series have looked at the role two factors play in increasing young-adult homebuying; parental financial support, and receipt of a bachelor's degree. A third paper found that the correlates of homeownership varied under different credit and economic conditions. The study attempted to simulate how future changes in the characteristics of young adults might affect changes in their homeownership rate...(read more)

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6/23/2017 12:09:16 PM

Posted To: MND NewsWire

The report on May new home sales, released this morning, paints a much brighter picture than last month's release of April data. In that report, the U.S. Census Bureau and the Department of Housing and Urban Development said new home sales had dropped 11.4 percent from their March level, to a seasonally adjusted annual rate of 569,000 units. Today that rate was revised up to 593,000. May sales improved on that report. They were up by 2.9 percent from April to a seasonally adjusted estimate of 610,000, cracking the 600,000 mark for only the fourth time since the housing crisis began. Sales are now 8.9 percent higher than in May 2016 when the estimate was 560,000. On a non-seasonally adjusted basis, sales in May were 1,000 units higher than in April, at 58,000. May's annual rate of sales...(read more)

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6/23/2017 8:46:48 AM

Posted To: Pipeline Press

Rumors continue to swirl, this time about Orange County’s Americash. Yes, the drop in refi volume is showing, and even if you made it through the bad first quarter, it’s not a cake walk out there. On the other hand, I wish I owned stock in George Clooney. As if he needs help with two new twin mouths to feed, he received news that Diageo will purchase Casamigos, the tequila company he cofounded and owns roughly a third of, for up to $1 billion. But the jury’s out about owning stock in Warren Buffett’s Berkshire Hathaway: it has committed $1.5 billion to a credit facility for Canada’s Home Capital Group Inc. “The investment in Home Capital , which has acknowledged responsibility for mortgage fraud, also lets Berkshire deploy a small piece of its $96.5 billion...(read more)

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6/23/2017 8:13:48 AM
 
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