Fay B. Silverman
VA License #MLO-2945
NC License #I-105958
NMLS # 144133
Branch NMLS # 71158
(click links above to check licenses)
200 Golden Oak Court, Ste. 100
Virginia Beach, VA 23452
Questions? Call Fay B. Silverman at 757-605-4079.
We are always available to help make sense of the market.
Mortgage News Daily News Feed
Posted To: Mortgage Rate WatchMortgage rates were mixed today depending on the lender and the time of day you look. Most recently, the average lender is back to unchanged vs yesterday. Before that, most lenders were in slightly better shape, but market weakness prompted widespread reprices. On an individual basis, some lenders are slightly higher or lower, especially if they didn't reprice with the rest of the market. 4.125% remains the most prevalently-quoted conforming 30yr fixed rate for top tier scenarios. Any changes in quotes from yesterday would only affect the closing costs, and even then, they'd be minimal. In addition to being unchanged this week, rates continue to hold an exceptionally narrow long term range as well. Rates have held between 4.125 and 4.25 for well over 2 months. It continues to be the case that...(read more)
Posted To: MBS CommentaryAlthough MBS did a good job of pushing back against a recent bout of underperformance over the past 3 sessions, today showed it won't be a straight shot. In other words, MBS had closed the gap to Treasuries somewhat since Friday, but it widened again today . This was ultimately only exceptionally noticeable compared to yesterday. When viewed against the backdrop of the past 5 days, nothing too troubling is going on between Treasuries and MBS, and nothing that can't be explained. Such an explanation would included elevated supply from MBS originators as well as geopolitical risk having a more direct effect on Treasuries. Both sides of the market started out in stronger territory today thanks to bond-market-friendly comments from the Bank of England--essentially the only market mover...(read more)
Posted To: MND NewsWireThe theme for the economy and the housing market's in 2014 has been set for months; the economy will continue to slowly strengthen; the modest recovery in housing will be sustained . Each monthly or quarterly report or round of economic analysis seems to merely join the chorus. Fannie Mae's most recent entry on Wednesday merely added a new note. Growth is expected to strengthen during the second half, but not enough to save the year. Katie Penote, a member of Fannie Mae's Economic & Strategic Research (ESR) Group, writes that the economy experienced the worst performance in five years in the first quarter and incoming data for the second quarter suggests only a moderate improvement. The first quarter's problems are attributed to a significant downward revision in healthcare spending. During...(read more)
Posted To: MND NewsWireBlack Knight Financial Services said today that both delinquencies and foreclosure starts were up slightly in June. The information was part of the company's “first look” preview of data from its Mortgage Monitor report that will be published in early August. The nation's delinquency rate, that is the percentage of mortgages that were 30 or more days past due but not in foreclosure, was 5.70 percent, an increase of 1.55 percent compared to May but 14.59 percent below the rate in June 2013. The percentages reflect an increase of 44,000 delinquent mortgages since May to a total of 2,88 million, 445,000 fewer delinquent mortgages than reported a year earlier. Of those delinquencies, 1.16 million are of 90 or more days duration but not yet in foreclosure, down 14,000 from May and 190...(read more)
Posted To: MBS CommentaryIn terms of domestic economic data and events, not much has happened today. The key driver of morning gains was the reaction to Bank of England Minutes and comments from BOE Governor Mark Carney. Long story short, all of the above turned out a bit friendlier than bond markets expected. Both stocks and bonds then embarked on that familiar "QE-on" trading pattern where stock prices rise while bond yields fall as the persistence of easy money policies is seen to benefit both sides of the market. Bonds rode that overnight wave into 10am. This made for some solid morning gains in MBS, lifting Fannie 3.5s up to 102-22. The 10:15-11:00am Treasury buying operation from the Fed marked the turning point for bonds, though it could have just as much to do with stocks rallying at the same time...(read more)