Prepayment rates on 30-year fixed-rate mortgages in Fannie Mae and Freddie Mac mortgage-backed securities increased by a constant prepayment rate of 1.2 in May, according to the Bear Stearns Prepayment Commentary.Overall speeds on 30-year Fannie Mae collateral came in at 12.6 CPR for the month, while speeds for comparable Freddie Mac mortgages averaged 11.2 CPR, Bear Stearns senior managing directors V.S. Srinivasan and Dale Westhoff said in the report. "A seasonal increase in housing turnover activity and a two-day increase in the business calendar more than offset the 12-bp increase in mortgage rates," the analysts said. Prepayments on 30-year Ginnie Mae collateral rose from 15.8 CPR to 16.9 CPR. The analysts predicted a "pronounced slowdown" in speeds over the next few months "as the rate of home price appreciation moderates and the full impact of the increase in mortgage rates is factored in." Bear Stearns can be found online at http://www.bearstearns.com.
-
The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
6h ago -
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.
7h ago -
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.
7h ago -
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.
7h ago -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
8h ago -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
9h ago