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Nice Bounce Back For Mortgage Rates After Rocky Start This Week
Posted To: Mortgage Rate Watch Earlier in the month, mortgage rates rose somewhat abruptly as lenders got in a defensive position ahead of the election. They’d learned in 2016 just how volatile the bond market (the key ingredient in the rate movement equation) could be after an election and it made sense to minimize exposure […]
Forbearances Up Slightly After Last Week’s Plunge
Last week Black Knight reported that the beginning of October saw a decline in the number of active forbearance plans of 649,000 or 18 percent as many plans reached the end of their initial period. It was the largest single week decline since the crisis began. This week the number of loans in forbearance edged […]
Construction Slows after Three Busy Months; Rates Vary Widely–Nothing To Do With Fed
Residential construction activity took a breather in August. The U.S. Census Bureau and the Department of Housing and Urban Development reported this morning that all three measures, housing permits, starts, and completions, were lower than their unexpectedly high July rates. Permits for residential construction were issued during the month at a seasonally adjusted annual rate […]
CFPB Goes After 6 VA Lenders for Shady Practices
The Consumer Financial Protection Bureau (CFPB) has been on a two-month enforcement tear aimed at mortgage lenders employing deceptive practices in the VA mortgage lending area. The Bureau has issued consent orders against six companies since late July in what it terms a “sweep” in response to concerns about potentially unlawful advertising in the market […]
Forbearances Decrease by 4%; CFPB Goes After VA Lenders; Strong Case For Locking a Rate
The number of homeowners with mortgages in COVID-19 related forbearance plans dropped during the week ended September 1 after several weeks when there was little change. Black Knight said its weekly survey found 147,000 fewer borrowers in plans than the previous week, a decline of about 4 percent. The company says last week’s decrease means […]
MBS RECAP: Bonds Break Key Levels After Fed
Posted To: MBS Commentary Bonds Break Key Levels After Fed Both MBS and Treasuries were right on the edge of their recent ranges heading into Fed day. MBS broke their range right out of the gate while Treasuries waited until the Fed was done before their breakout. If this positive momentum retreats tomorrow, it will […]