KenFlory.com - 760.485.2123 THE REALTOR WHO LISTENS TO YOU
User Photo

Top Financial News


Mortgage News Daily

Posted To: Mortgage Rate Watch

With most lenders still easily able to quote a 30yr fixed under 3% , mortgage rates are very low in outright terms. But relative to the recent trend and the general level of volatility, today was a bit rough. Rates rose as fast as they've risen since early June, ultimately hitting the highest levels in more than 2 weeks. Some prospective borrowers will now be looking at an eighth of a point (0.125%) increase versus yesterday's rates. That comes out to roughly $20/month on a $300k mortgage. Others will experience the shift in the form of higher upfront costs (or a lower lender credit). Either way, today is noticeably more expensive than yesterday. The bigger question is whether this rate spike is a sign of things to come or merely a normal market correction that got a bit carried away. At some...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

8/11/2020 4:10:00 PM

Posted To: MBS Commentary

Bond Market Breakout is Here (The Bad One) For days--and especially since last Friday--we've been increasingly worried that the 2-month bond rally was running out of steam and at risk of a reversal. The jury was technically out until all of our overhead ceilings were taken out. As of today, they are. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) Core Producer Inflation (y/y) 0.3 vs 0.0 f'cast , 0.1 prev Market Movement Recap 08:23 AM Bonds much weaker overnight as yields finally break technical support at the .57/58 barrier. Quickly up to .62+. MBS starting out an eighth lower. Russian vaccine in the headlines, but it's a supporting actor at best. 10:42 AM Treasury yields at new highs (.646%) and MBS near the lows of the day, down 6 ticks (0...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

8/11/2020 3:23:24 PM

Posted To: MND NewsWire

COVID-19 continued to impact mortgage performance in May. CoreLogic said the number of loans in each stage of delinquency, with the exception of those in foreclosure, grew in May, the second straight month that early-stage (loans 30 to 59 days past due) and adverse (loans 60 to 89 days past due) delinquencies were up on an annual basis. The company's monthly Loan Performance Insights report, notes year-over-year increases in overall delinquencies in all 50 states with the geography of the increases highly correlated with the pandemic's impact. The national foreclosure rate, which includes all post due loans including those in foreclosure, more than doubled compared to May 2019 , rising from 3.6 percent to 7.3 percent of all mortgages. Early stage delinquencies increased from 1.7 percent a year...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

8/11/2020 10:22:47 AM

Posted To: MBS Commentary

For days--and especially since last Friday--we've been increasingly worried that the 2-month bond rally was running out of steam and at risk of a reversal. The jury was technically out until all of our overhead ceilings were taken out. As of this morning, they are. The following chart has the exact same trendlines that I've been posting for weeks although I added a new horizontal level (actually an old one) at .64% and another blast from the past at .69%. These are the next 2 stops on the pain wagon should it continue to roll. But why is it rolling in the first place? Are bonds freaking out because of the overnight approval of a Russian covid vaccine? That's certainly the narrative, and it would be very easy to blame the vaccine and move on. But consider a few things before jumping...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

8/11/2020 9:12:06 AM

Posted To: Pipeline Press

Me: “I want to travel.” Bank account: “Where? To work?” Think of people in their 20s and 30s. They’ve grown up with 9/11, the Financial Crisis, and now this coronavirus. (If all you cared about was the stock market, in 1990 the Dow Jones was around 5,000. It is now nearly 28,000, give or take.) Kids now? In March, and through the end of the school year, teachers have learned that, for children, being a digital consumer and a digital learner are two entirely different things and are grappling with that concept again as schools start up. In the residential mortgage biz, volumes continue to surge and continue to be controlled by raising margins, changing lock policies, eliminating complicated products, and encouraging service within the company to help others. Few...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

8/11/2020 8:40:00 AM

Posted To: MND NewsWire

New research by dv01, a loan data agent (LDA) providing securitization reporting and analytics on consumer unsecured, mortgage, small business, and student loans, says the pandemic has revealed serious weaknesses in the reporting structure for mortgages. The company found significant numbers of unreported loan modifications and says it was these types of reporting errors during the global financial crisis (GFC) which led to an increase in price volatility when those errors were later corrected. A new white paper says that, in stark contrast to the GFC, consumer loan performance across asset classes has remained relatively strong. Dv01 has released bi-weekly reports of both loan performance and the relief efforts by issuers and servicers to aid borrowers but has found significant irregularities...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

8/10/2020 3:17:59 PM

Posted To: MBS Commentary

Treasuries Looking Nervous, But MBS Outperform Treasury yields are attempting to move up and over the technical ceiling at .57-.58. This could either signal a negative shift in momentum or merely trepidation ahead of this week's auction supply and stimulus headlines. MBS are outperforming for now, but will ultimately be along for the ride if weakness continues. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) Market Movement Recap 08:14 AM Treasuries opened weaker overnight but rallied back modestly during European hours. Low volume and volatility. MBS opening 2 ticks (0.06) higher at 103-20 (103.625). Stocks are roughly unchanged (S&P). 11:28 AM Treasuries losing ground with 10yr now in negative territory on the day. MBS outperforming, still 1 tick...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

8/10/2020 3:13:35 PM

Posted To: MBS Commentary

August began with bonds pushing several positive boundaries. 10yr yields had just broken a technical floor at .57//58 and 2.0 UMBS were enjoying a surge of momentum after weeks of resistance around a price of 103. To hear MBS tell the story, that positive momentum may have leveled off, but things are still going well for bonds. The closest they came to revisiting the 103 level was on Friday and they were still nearly a half point higher at the time. Treasuries, on the other hand, are telling a different story as yields were as high as .5788% in early morning trading hours. Before that, they'd take the entirety of last week to begin sending a warning. At best, yields were struggling to move into the 0.4-0.5% range. At worst, we were seeing the early phases of a bigger-picture reversal of...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

8/10/2020 8:22:42 AM

Posted To: Pipeline Press

“Paranoia is out of control: This morning, while reviewing this commentary, I sneezed in front of my laptop and the anti-virus software started a scan of its own!” The nation continues to brabble about health care, coin shortages, opening up and closing down, and politics… it makes my head spin. The political ads are increasing in intensity, with people talking about the Joe Biden ad featuring Lindsey Graham , and President Trump stirringly noting his accomplishments . Did you know that it’s illegal to campaign from government-owned property ? That’s difficult for anyone in politics! Despite the political noise, lenders across the nation are off to great starts in August, with longer locks pointing to a good September as well. It is nice to see this industry as...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

8/10/2020 8:08:46 AM

Posted To: Mortgage Rate Watch

Years from now when scientists examine mortgage rates in July 2020, they'd be forgiven for coming to the conclusion that rates only ever move lower. As we've learned in the first week of August, rates also rise. To be fair, there were a few days in July where more than a few lenders moved slightly higher in rate, but it really wasn't until this week that we arguably saw a shift in the broader trend--or at least warning signs about a potential shift. What does that mean, exactly? It might not mean much at all, depending on where we go from here. Over longer time horizons, it's entirely possible that rates return to recent record lows. This week's upward movement serves as more of a warning about complacency and about being ready to lock if you happen to have a loan in process. In that regard...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

8/7/2020 5:24:00 PM

Ken Flory, Bennion Deville Homes 760-485-2123 or email: flry7@aol.com  California BRE Lic#01361850


Home  |  Featured Listings  |  Indian Wells Community  |  Desert Communities  |  Ken's Rental Properties  |  Search ALL MLS  |  Calculators  |  For Sellers  |  For Buyers  |  Your First Home  |  About Ken Flory  |  Resources  |  Utility Information  |  1031 Tax Exchange  |  Investment  |  Top Financial News
Email Ken
 

Privacy Policy  |  Site Map  |  Profile  |  Sign In

Choose language: