Author Archives: Maria Macri

Two terms that are often (and incorrectly) used interchangeably are “pre-qualified” and “pre-approved”. A Pre-Qualification typically means a buyer has spoken with a lender (who may or may not have pulled a credit report) and verbally discussed employment, liabilities, payment histories, and assets. A true Pre-Approval, on the other hand, entails a strict review of […]

A Surprise in Pending Sales Kicks Off 2019

BY JANN SWANSON Expectations were high for a strong pending home sales report to christen the New Year. Those expectations were more than satisfied. The National Association of Realtors® (NAR) says its Pending Home Sales Index (PHSI) jumped 4.6 percent, climbing to 103.2 in January from 98,7 in December. It was the first gain in […]

Closing Rate, Refinance Share Rose in January

BY JANN SWANSON A 16-basis point drop to 5.01 percent in the average rate for 30-year fixed-rate mortgages was given only partial credit for a sizable uptick in the refinancing share of originations in January. Ellie Mae’s Origination Insight Report for the month shows the refinancing share of originations jumped to 35 percent from 29 […]

Aging-in-Place Trend Contributing to Tight Inventories

BY JANN SWANSON In their December Insight report Freddie Mac’s economists estimated the country will fall short of its housing needs this year by about 2.5 million units. Yet at the same time, fewer members of the Millennial generation are buying houses than young people did in earlier periods. This month the Insights report examines […]

MBS Day Ahead: Paying The Price For Asymmetric Risk

BY: MATTHEW GRAHAM Last week’s key events were the Fed announcement on Wednesday and the jobs report on Friday (with other econ data playing a strong supporting role).  The Fed helped bonds.  They were much friendlier than expected, but critically, they justified that friendliness with concerns over economic growth.  In short, they are watching economic data […]

Mortgage Rates Could Be More Volatile Next Week

BY: MATTHEW GRAHAM Jan 25 2019, 6:00PM Mortgage rates were only slightly higher today, and didn’t rise enough to make it above the levels that showed up somewhat abruptly on Wednesday.  That keeps this week fairly tame in terms of volatility.  In fact, most of January has been fairly calm after rates initially rebounded from the long-term lows […]