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Mortgage Banker Profits Drop More than a Third

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The profits of independent mortgage banks and bank mortgage subsidiaries took their third straight tumble in the second quarter of this year. Those profits, however, were still stronger than historic averages. The Mortgage Bankers Association (MBA) said, in its Quarterly Mortgage Bankers Performance Report, that banks had a net gain of $2,023 on each loan they originated during the period, down from a reported gain of $3,361 in Q1. (All comparisons that follow are to the first quarter of 2021 unless otherwise notes.) The average pre-tax production profit was 73 basis points (bps), down from 124 bps in the previous quarter and 167 bps lower on a year-over-year basis. This is still higher, however, than the average in records that extend from the third quarter of 2008 to the most recent quarter, 55 bps.

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Fidelity Home Group | Mortgage News | Mortgage Rates

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MBS Day Ahead: Yields Searching For a Pre-Fed Ceiling

Although the week began in forgettable fashion, Tuesday saw yields move up at a moderate pace with no overt provocation. Indeed a quick glance at the 5-day candlestick chart leaves one with the impression that bonds simply targeted the 1.30% technical level and set their selling programs on cruise control.

While it’s early yet, yields are trying to challenge that ceiling to start the day. Breaking above wouldn’t be the end of the world as rates are still better described as “broadly sideways at long-term lows.” While that range may come under pressure in the run up…

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Fidelity Home Group | Mortgage News | Mortgage Rates

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Why 2021 Is Still the Year To Sell Your House

Written by Fidelity Home Group Syndicated User on August 25, 2021. Posted in Baby Boomers, First Time Home Buyers, For Buyers, Move-Up Home Buyers, Real Estate Updates.

If you’re trying to decide whether or not to sell your house, this is the time to think seriously about making a move. Fannie Mae’s recent Home Purchase Sentiment Index (HPSI) reveals the number of respondents who say it’s a good time to sell is higher now than it was over the past few summers (see graph below). Today, the majority of consumers, 75 percent, say it’s a good time to sell a house.

Why is sellers sentiment up year-over-year?

The higher good time to sell sentiment has to do with today’s market conditions, specifically low housing supply and high buyer demand. In the simplest terms, we don’t have enough houses available for sale to meet buyer demand.

According to the latest data from the National Association of Realtors (NAR), we’re still firmly in a sellers’ market because housing supply is well below a balanced norm (shown in the graph below). Clearly, the scales are tipped in a seller’s favor today. But while housing supply is undeniably low, the right side of the graph shows how the inventory situation is improving little by little each month as more sellers list their homes for sale.

As a seller, that means each month, buyers have more options to pick from. By extension, that means your house may get less buyer attention with time. Danielle Hale, Chief Economist for realtor.com, explains it like this:

“More homeowners continue to list homes for sale compared to a year ago… Notably, while new listings continue to lag behind a more ‘normal’ 2019 pace, the gap is shrinking. Even though homes continue to sell quickly thanks to high demand and limited supply, new listings are subtly shifting the balance of market conditions in favor of buyers.”

So, what’s that mean for you?

If you’ve been waiting for the perfect time to sell, there may not be a better chance than right now. Inventory is gradually increasing each month, so selling sooner rather than later will help you maximize your home’s potential.

Bottom Line

If you’re planning to sell your house, 2021 is still the year to do it. The unique mix of low supply and high demand won’t last forever. Let’s connect to discuss what you need to do now to sell your house and take advantage of this sellers’ market.

Content previously posted on Keeping Current Matters Fidelity Home Group | Home Buyer Experts | Mortgage Rates

#fidelityhomegroup, #homebuyerexperts, For Sellers, Housing Market Updates

MBS RECAP: Increasingly Defensive Ahead of Jackson Hole

Increasingly Defensive Ahead of Jackson Hole

Bonds sold off moderately and steadily all day without any clear paper trail back to newswires, data, or events. Could it be an evolving narrative on covid? Typical hesitation on a Treasury auction week? Random movement inside a broadly narrow range? Or is this a simple move to the sidelines ahead of this Friday’s Powell speech? While all of these factors could be in play to varying degrees, we…

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Mortgage Rates Fairly Steady, But Volatility Could Increase

After a sharp increase to start the year and significant improvements between April and mid July, mortgage rates have been fairly flat for more than a month. That’s definitely not a bad thing considering how close they are to all-time lows with best-case 30yr fixed scenarios still under 3.0%.

Change is coming though, for better or worse. Rates could actually move lower, but not for reasons that we’d like to see. Any significant move lower in rate would require a deterioration of “the outlook”–a term that’s intentionally ambiguous here as it encompasses the outlooks for covid, the economy, and Fed policy.

It will take time to get a clearer read on the covid outlook given the inception of a new school year. It will therefore also take time to understand how economic momentum is affected by the covid outlook. If that’s not already enough interdependence, there’s the issue of potential labor market shifts due to the new school year (the theory is that a meaningful number of workers may return to the labor force as their children are back to in-person school for the first time in more than a year). And of course those labor market dominoes depend on schools remaining open despite covid spreading at a record pace in some states.

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New Home Sales Post First Gains Since March

New home sales recovered slightly in July after two months which saw the annual rate of sales dip by an aggregate of more than 100,000 units. The U.S. Census Bureau and Department of Housing and Urban Development say sales in August were at a seasonally adjusted annual rate of 708,000 units and June sales were higher than originally reported. Last month’s estimate of a 676,000 unit annual rate was revised to 701,000. This makes the July number a 1.0 percent month-over-month gain, the first since March. Sales in July lagged the rate in July 2020 of 972,000 units, a -27.2 percent change. A slight increase in sales had been expected. Analysts polled by Trading Economics and by Econoday had each reached a consensus estimate of a 700,000 unit annual rate.

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MBS Day Ahead: Deeper Dive on MBS vs Treasury Performance

MBS and Treasuries do such a good job traveling together that it’s especially notable when they diverge. That’s doubly true on days like today where MBS have been “green” at times this morning (i.e. in positive territory) while Treasuries have been red. While this may be obvious, curious, or perhaps even interesting, it’s arguably not entirely significant.

There’s always some ebb and flow between MBS and Treasuries. It’s just usually harder to notice because it tends to happen when both sides of the market are moving in the same direction. In other words, if MBS…

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What To Do with Your Vacation Home as Summer Ends

Written by Fidelity Home Group Syndicated User on August 24, 2021. Posted in Baby Boomers, First Time Home Buyers, For Buyers, Move-Up Home Buyers, Real Estate Updates.

As summer comes to a close, is it time to think about selling your vacation home? Based on recent data and expert opinions, it’s something you may want to consider. According to research from the National Association of Realtors (NAR), vacation home sales are up 57.2% year-over-year for January-April 2021.

If you’ve taken your last vacation this summer, here are reasons you should consider selling your vacation home this year.

1. Remote work continues to drive demand for vacation homes.

As the report from NAR says, based on continuously evolving work needs, there could be more interest in your second home than you think:

“In 2020, across all nine divisions, the fraction of the workforce that work from home is typically higher in the vacation home counties than in the non-vacation home counties… The opportunity to work from home could further raise the demand for vacation homes in future years.

Recent data shows we’ll likely see a sustained increase in the rate of remote work over the next five years. That means your vacation home could be highly sought after by certain buyers. Lawrence Yun, Chief Economist at NAR, puts it best, saying:

“Vacation homes are a hot commodity at the moment . . . . With many businesses and employers still extending an option to work remotely to workers, vacation housing and second homes will remain a popular choice among buyers.”

2. Selling could allow you to upgrade your vacation spot – or even your day-to-day scenery.

When demand is high, so is buyer competition. When competition is strong, buyers will do everything they can to make their offer on your vacation home as appealing as possible. This can include things like all-cash offers and more. If you sell now, you’ll be able to benefit from high buyer competition and pick the offer with the best possible terms for you. That offer could give you the opportunity to purchase the primary residence of your dreams.

Or, if you find that you’ll continue working from home, you could consider taking up more permanent residence in your vacation home and selling your primary residence instead. While this isn’t a choice everyone can consider, it could be a great option.

No matter what the situation, you don’t have to make the decision on your own. Your trusted real estate advisor can help you determine your best option when you’re ready to sell.

Bottom Line

Buyers remain interested in vacation homes this year for a number of reasons. Now that summer is winding down, it’s time to think about taking advantage of today’s demand for vacation homes. Let’s connect today if you’re ready to give your second home its day in the sun.

Content previously posted on Keeping Current Matters Fidelity Home Group | Home Buyer Experts | Mortgage Rates

#fidelityhomegroup, #homebuyerexperts, For Sellers, Luxury Market, Move-Up Buyers

Mortgage Rates Start Higher, But Improve in The Afternoon

Mortgage rates are only adjusted once per day by default. From there, the underlying bond market would need to improve or deteriorate by a certain amount for the average lender to go to the trouble of a mid-day reprice. A small handful of lenders did that last Friday (bonds were deteriorating), but the losses were small enough to avoid forcing most lenders’ hands.

By abstaining on Friday, the average lender was forced to adjust today’s rates slightly higher to account for the bond market weakness. In other words, this morning’s rates were higher than Friday morning’s.

As the day progressed, mortgage bonds improved enough for a friendly mid-day reprice. A majority of lenders pulled the trigger, thus helping rates close the gap with Friday’s rates. Simply put, rates started the day moderately higher versus Friday morning, but are now only marginally higher (assuming the lender in question offered a mid-day price improvement).

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#fidelityhomegroup, #homebuyerexperts, #mortgagerates #mortgagenews # mortgage, bond markets, Interest Rates, mortgage rates

MBS RECAP: Treasuries Slide Sideways as MBS Outperform

Treasuries Slide Sideways as MBS Outperform

The most notable development today was the outperformance on the part of MBS. The most obvious culprit would be the looming Treasury auction cycle logically causing more anxiety for Treasuries. There’s also the distinct steepening of the yield curve, which tends to favor MBS when it’s happening in moderation. Additional factors are discussed in today’s video, but ultimately don’t really have a bearing on…

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Tag: #fidelityhomegroup

Mortgage Banker Profits Drop More than a Third

MBS Day Ahead: Yields Searching For a Pre-Fed Ceiling

Why 2021 Is Still the Year To Sell Your House

Why is sellers sentiment up year-over-year?

So, what’s that mean for you?

Bottom Line

MBS RECAP: Increasingly Defensive Ahead of Jackson Hole

Mortgage Rates Fairly Steady, But Volatility Could Increase

New Home Sales Post First Gains Since March

MBS Day Ahead: Deeper Dive on MBS vs Treasury Performance

What To Do with Your Vacation Home as Summer Ends

1. Remote work continues to drive demand for vacation homes.

2. Selling could allow you to upgrade your vacation spot – or even your day-to-day scenery.

Bottom Line

Mortgage Rates Start Higher, But Improve in The Afternoon

MBS RECAP: Treasuries Slide Sideways as MBS Outperform

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