Prepayment rates for Fannie Mae mortgage-backed securities jumped during the April reporting period, especially among 2003 vintage 5.0% and 5.5% coupons, according to the Bear Stearns Prepayment Commentary.The constant prepayment rates of those coupons increased by over 50%, from 10.6 CPR and 24.4 CPR, respectively, in March to 16.0 CPR and 35.4 CPR in April, Bear Stearns analysts Dale Westhoff and Bruce Kramer reported. Speed-ups among higher coupons were "much more muted," they said, with 6.0s and 6.5s increasing by 15% and 5%, respectively. Speeds of 2003 and 2004 vintage Freddie Mac MBS were similar to or slightly below those of comparable Fannie Maes, which the Bear Stearns analysts said may stem from Freddie Mac's efforts to return its MBS speeds to market averages. "With minimal spillover effects expected from an origination pipeline with excess capacity, speeds across the entire coupon stack should reverse course in May as the effects of the 80-plus basis point selloff in mortgage rates since March begins to hit the numbers in May, June, and July," Mr. Westhoff and Mr. Kramer said. Bear Stearns can be found online at http://www.bearstearns.com.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
3h ago -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
3h ago -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
11h ago -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18