Prepayment rates for 30-year Fannie Mae and Freddie Mac mortgage-backed securities rose modestly in February, according to Bear Stearns & Co.For Fannie 30-year MBS issues, the aggregate prepayment rate increased by 4.7% in February, compared with an increase of 10% for Freddie Mac issues, Bear Stearns analyst Dale Westhoff reported. "The biggest surprise in Friday's numbers was that [Fannie Mae] prepayments on premium coupons (6.0s and higher) were virtually unchanged from January levels," Mr. Westhoff said. He added that the 7% rise in the speeds of Freddie Mac premium coupons was more in line with expectations. The analyst said the recent rise in the 30-year mortgage rate and the flattening of the yield curve augurs a retreat in the Mortgage Bankers Association's Refinance Index to the 1700 level. "Barring another rally, we expect the mortgage prepayment curve to flatten as well (beginning with the April report), with discount speeds supported by strong spring/summer seasonal effects while premium speeds compress under a flatter curve and diminished refinancing demand." Bear Stearns can be found online at http://www.bearstearns.com.
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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.
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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.
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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.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24