Market Update, Wednesday, June 10, 2020
Mortgage origination volume came in at $8.54B, higher than the five-day average of $8.11B. In yesterday’s Federal Reserve MBS Purchase Operations, the Fed purchased, $275M FNCL 2.0%, $2.295B FNCL 2.5% and $400M FNCL 3.0%. In Agency 15-year, the Fed purchased $1.255B 2.0% and $320M 2.5%. Federal Reserve MBS purchase operations scheduled for today include 30-year Ginnie Mae MBS 2.5% and 3.0%, totaling $1.5B, and 30-year Uniform MBS 2.0-3.0%, totaling $2.97B.
Market Update, Tuesday, June 9, 2020
Mortgage origination volume came in at $7.77B to start the week, slightly below the five-day average of $8.17B.
In yesterday’s Federal Reserve MBS Purchase Operations, the Fed purchased, $780M FNCL 2.0%, $1.716B FNCL 2.5% and $474M FNCL 3.0%. In Ginnie Maes, the Fed purchased $1.17B 2.5% and $330M 3.0%. Federal Reserve MBS purchase operations scheduled for today include 15-year Uniform MBS 2.0% and 2.5%, totaling $1.575B, and 30-year Uniform MBS 2.0-3.0%, totaling $2.97B.
Market Update, Monday, June 8, 2020
US treasuries were lower in price and higher in yield on Friday, with the 10-year benchmark closing at the highest yield since the March 19th level of 1.144% yield, at 0.896%. The upcoming announced record issuance of the 10-year and 30-year treasuries have weighed on treasury yields. Mortgage origination volume came in at a robust $7.72B to close out the week, close to the five-day average of $7.75B.
Announcement: 680 Restriction for Georgia Removed for FHA Loan Programs
The state of Georgia no longer has a restriction to have a minimum credit score of 680.
Market Update, Friday, June 5, 2020
Mortgage origination flows were slightly down, roughly 4% day over day at $8.07bln vs $8.42bln. U.S. equities closed mixed on Thursday with the S&P 500 Index lower by -10.52 points ending at 3,112.35, the DIJA up +11.93 points to 26,281.82, while the NASDAQ lost -67.10 points closing at 9,615.81. May Nonfarm Payrolls, expected to fall 7.5 million, only lost 2.5 million jobs.
Announcement: Update to Re-verification of Employment Process
Due to current market conditions, changes to our Employment re-verification process are necessary to manage risk. The changes below are effective immediately and apply to all Agency and Government Loans that have not closed.
Market Update, Thursday, June 4, 2020
Mortgage origination flows were slightly down, roughly 5% day over day at $8.42B vs $8.84B. U.S. equities closed higher with the S&P 500 Index closing up by +42.05 points ending at 3,122.87, the DIJA gaining +527.24 points closing at 26,269.89, while the NASDAQ increased by +74.54 points closing at 9,682.91. Stocks opened mixed as new unemployment claims reported fell to 1.88 million indicating a reduction in job losses. Investors for the most part are still looking past a week a civil unrest and tensions with China and will focus on the US labor report on Friday.
Market Update, Wednesday, June 3, 2020
Mortgage origination flows resumed expected levels day over day, improving by ~19% at $8.84B vs $7.43B. The MBA Mortgage Application Index was released earlier this morning and showed a decrease of 3.9% for the week ended May 29 after rising 2.7% in the prior week. Purchase applications were up 5.3% after rising 8.6% in the prior week. Refi applications fell 8.6% after falling .02% in the prior week. The avg 30yr fixed rate is now 3.37%. FHA purchases were up by 5.6% & VA refis were down by 12.1%.
Announcement: FNMA & FHLMC Self-Employed Borrowers
Both FNMA and FHLMC have added guidance for self-employed borrowers to ensure their business cash flow has not been negatively affected by COVID.
Market Update, Tuesday, June 2, 2020
Mortgage origination flows were 23% below the 5 day average at $5.69B vs $7.43B. The Fed reinvestment operation reached the maximum purchase amount yesterday and is cleared to purchase up to $1.57B in 15yr and $2.97B in 30yr UMBS securities today