After weeks of hovering around 4.0%, the rate-indicative 10-year Treasury yield plummeted to 3.78% at one point Friday morning, elevating prepayment-related fears among mortgage-backed securities market participants and servicers but giving a boost to mortgage-related stocks."It's been pretty rough this morning," pipeline and hedging consultant Les Parker said of the sudden drop in yield that followed the release of a weaker-than-expected employment report. While insufficiently hedged servicers and pipeline managers reportedly felt some pain as a result, a number of market participants had effective hedges in place that allowed them to mitigate the effects of the unexpected market move, he said. The MBS market, meanwhile, saw a short period of illiquidity right after the release of the job numbers, according to Art Frank, director of mortgage-backed securities research at Nomura Securities International. However, he said some stability later returned to both the MBS market and the 10-year, which was trading near 3.83% at noon.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28