The long-term rate-indicative 10-year Treasury yield plummeted to 4.40% Friday morning following a more gradual downward trend during the week from a previous trading range near 4.65%.The Friday morning move was due to a rise in oil prices and some negative earnings results, according to Yahoo Finance/AP. The notable drop in rate-indicative yields, and the ensuing concern that certain mortgage-backed securities might be exposed to the risk of prepayment and shortened durations, sparked significant hedging of the risk through trades into mortgage assets with lower rates and less risk of refinancing, according to RBS Greenwich Capital MBS analyst Pankaj Jha.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
6h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24