Month-to-date lock volume increased a little over 27% as compared to the same time last month on the back of the recent market rally. Interestingly, the purchase-refi mix remained almost identical compared to this the same time last month at roughly 56% purchase and 44% refinance. The distribution of locked loans remained relativity constant as…
Month over month there was a 44% increase in GOVT volume into the >90% LTV / <680 FICO with the largest portion of this shift coming from 60-90% LTV / 720-799 FICO ranges. This shows a marked increase in higher risk credit in the FHA/VA sector as the second quarter closes out. We welcome ideas…
The chart above shows the dollar distribution of locks by Agency product for the top 10 products locked in June. The modest shift of volume to shorter terms from May to June is consistent with the increase in refinance share of locks stemming from the current rate environment. High balance also had a strong showing,…
Month over month shifts in credit quality are consistent with the increase in refinance activity in the current market. High-quality MI eligible loans saw increases month over month, with volume shifting from higher-risk LTV tranches. Interestingly, the 60-80% LTV high FICO tranches also cooled by about .40% in volume, shifting into the >80-90% LTV range. …
We began May with FN30 MBS yielding 3.28% (FNCL) and borrowers paying 4.65% for a moving average excess primary-secondary (xPS) spread of 8 bps. FNCL finished down 29 bps at 2.99% at the end of the month hitting the high of 3.29% on 5/2 and a low for the month of 2.99 on 5/31. During…