TRID Crushed Lenders' Profits; FHA Policy Change; Rates Much Lower; Closing Times Back to Normal

Posted Jeff Tarbell Daily Update

The new Truth-in-Lending disclosure (TRID) rule is being blamed for a sharp decline in the per loan profitability of mortgage lenders. The Mortgage Bankers Association said that its fourth quarter survey of independent mortgage banks and mortgage subsidiaries of chartered banks found a drop in profitability from $1,238 per loan in the third quarter of […]

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Rates Improve After Fed Announcement; Housing Starts Comeback; Refi Apps Tumble

Posted Jeff Tarbell Daily Update

Mortgage rates moved lower today, but the amount was not only smaller than underlying market movement suggested, it also varied widely from lender to lender. This likely has a lot to do with lenders’ strategies heading into today’s volatile events. The lenders who had set rates higher than normal yesterday as part of a defensive […]

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WJ Bradley Exits; Volatility Ahead for Rates; Mixed Messages in Builder Confidence

Posted Jeff Tarbell Daily Update

Mortgage rates were essentially unchange d today, despite implied weakness in underlying bond markets. In other words, rates should have moved a bit higher today if they were paying strict attention to the mortgage-backed-securities prices that typically set the tone. For what it’s worth, this has been fairly common over the past few weeks, and […]

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Mortgage Rates Remain Near Recent Highs; Should Millennials Be Camping at Open Houses?

Posted Jeff Tarbell Daily Update

Mortgage rates moved slightly lower today, for the second time in March. Unfortunately, the improvement did little to erase the recent weakness, which, as of Friday, had carried rates to their highest levels since late January. We’re essentially still right there, but with slightly improved closing costs, depending on the lender. The most prevalent conventional […]

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Rates Pushing Recent Highs; NAHB Examines 2nd Home Patterns; GSE Updates

Posted Jeff Tarbell Daily Update

Mortgage rates moved slightly higher again today, pushing farther into the highest territory since late January. Today’s move wasn’t that big, in and of itself. The problem is the frequency with which these moves higher are occurring. In fact, rates have only moved lower on one occasion this month. In outright, historical terms, things could […]

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Mortgage Rates Highest Since January; Weather and Rates Juicing Home Sales?

Posted Jeff Tarbell Daily Update

Mortgage rates continued higher today, making it back to levels last seen in late January. Today’s key event was a policy announcement from the European Central Bank (ECB) and the accompanying press conference with its president Mario Draghi. While the ECB’s announcement exceeded market expectations (rate cuts and bond-buying), Draghi said that additional rate cuts […]

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Rates Snap Back to 1-Month Highs; CFPB Invites New Complaints; Purchases Lead Mortgage Apps

Posted Jeff Tarbell Daily Update

Mortgage rates bounced higher today, moving all the way back to the highest levels since early February. While that sounds quite dramatic, the same could have been said for the day before yesterday, not to mention the fact that the overall range remains quite narrow in the bigger picture. The average lender continues quoting conventional […]

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Mortgage Rates Highest in a Month; Refi Revival; Regulators Clarify Evaluations vs Appraisals

Posted Jeff Tarbell Daily Update

Mortgage rates moved only slightly higher today on average. Some lenders were effectively unchanged from Friday, which is impressive considering the weakness in underlying bond markets. In general, rates continue to move higher in concert with stocks and oil prices. But whereas stocks and oil are closer to 2-month highs, mortgage rates are only up […]

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Mortgage Rates Higher After Jobs Report; Lenders Downbeat About Profits

Posted Jeff Tarbell Daily Update

Mortgage rates moved only moderately higher today after the Employment Situation report came out much stronger than expected. The all-important jobs data showed payroll growth of 242k in February compared to a median forecast of 190k. The unemployment rate held steady at 4.9 percent despite more people joining or re-entering the labor force. Economic data […]

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