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The party is probably over for the time being when it comes to rate-and-term (i.e. "no cash out") refinancing. But even as rising interest rates steadily shrink the pool of candidates for that type of origination, other factors are encouraging refinancing of the cash-out variety. Freddie Mac says that 81 percent of all refinancing during the third quarter of this year involved a new mortgage that was at least 5 percent larger than the loan it replaced. This is the highest share for cash-out refinancing since the third quarter of 2008 and up from a 62 percent share in the third quarter of last year. However, it is still below the 89 percent cash-out share of refinancing in the third quarter of 2006. The recent dollar volume is lower as well, in fact it pales in comparison to the cash-out refinance
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Housing News
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The party is probably over for the time being when it comes to rate-and-term (i.e. "no cash out") refinancing. But even as rising interest rates steadily shrink the pool of candidates for that type of origination, other factors are encouraging refina... (read more) |
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Mortgage Rate Watch
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Mortgage rates began the day just like they've begun each of the past 5 business days: perfectly unchanged! As we discussed yesterday, the recent absence of movement is a good thing in the short term as rates are holding near their lowest levels in m... (read more) |
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Housing News
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With both interest rates and home prices rising it is nearly impossible to find a housing forecast that doesn't include the word " cooling ." The November outlook from Freddie Mac is no exception. The company's Economic and Housing Group, in fact, ap... (read more) |
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Housing News
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New home sales were expected to make a strong showing in October; the consensus of analysts polled by Econoday was for a sharp increase from the September level of 553,000 to 575,000 units. Instead, there was a steep decline , amplified by a major up... (read more) |
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MBS Commentary
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This morning's chart looks complicated at first glance, but it's actually very simple. It doesn't even matter if you're familiar with candlestick charts. All you need to know is that each candlestick contains the trading range on any give... (read more) |
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MBS Commentary
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Today was interesting for bond markets in the sense that it certainly FELT like a nice day with solid gains. This has to do with the noticeable rally in the middle of the day and the fact that it was clearly tied to a specific event. It... (read more) |
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