The U.S. Treasury Department has decided to discontinue the three-year note that has been used to some extent as a reference point in the mortgage market.An interpolated three-year Treasury rate will likely be used in its place, and the note has not been a major focal point for the market. "Introduced and withdrawn at the whim of the Treasury, the note never regained the prominence it once had prior to the first cancellation in 1998," said Bear Stearns in a report. Anthony Ryan, Treasury assistant secretary for financial markets, said in a May 2 report that discontinuing the three-year note "will allow Treasury to ensure large liquid benchmark issuances, better balance its portfolio, and manage the improving fiscal outlook." The Treasury plans to discontinue the note after a final scheduled auction on May 7.
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The number of homes purchased by foreign buyers increased for the first time in 8 years, with many making all-cash purchases of vacation and rental homes.
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Prosecutors said the defendant will pay back $13,784 in restitution for federal housing assistance he fraudulently obtained between 2019 to 2020.
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Most indicators cited by Morningstar DBRS are favorable to a good securitization market the rest of the year, but inflation is one of several challenges.
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While Sunbelt markets were more likely to see softening property values, the Northeast saw growth continue, according to Intercontinental Exchange.
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Mortgage professionals are more often subject to non-compete and non-solicitation agreements and aren't likely to be impacted by the new Sunshine State law.
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New limits for forward commitments add to indications the secondary mortgage market is watching builder partnerships with home lenders closely.
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