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	Mortgage News Daily Mortgage Rates Mostly Unchanged After Treasury Auction - 11 hours ago Posted To: Mortgage Rate WatchWhen economic data is thin the stock market tends to have a larger impact on the direction of mortgage rates. The session began with stocks moving lower yesterday. With no data on the economic calendar to reverse the market's direction, the bond market was able to rally all day (higher bond prices = lower bond yields). This allowed most lenders to reprice for the better. Like yesterday, the economic economic was quiet today. Two events influenced the marketplace... The Department of Treasury auctioned $21 billion 10-year notes today. Before the auction, the bond market made room for new debt supply by letting Treasury prices fall (cheapen). This pushed benchmark yields higher and led MBS prices lower. The issue must have gotten cheap enough because auction demand was strong. This led to a modest...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it. USDA Rural Development System Upgrade Complete. Now Processing Conditional Commitments - 13 hours ago Posted To: MND NewsWireIn March we learned that USDA Rural Housing funds were expected to run dry by the end of April . A month later, even though the legislation intended to provide the funding had not passed, USDA began issuing commitments for new loans, but there was a caveat: Loan approvals would be "subject to the availability of funds and Congressional authority to charge a 3.5 percent guarantee fee for purchase loans and a 2.25 percent guarantee fee for refinance loans." Finally, on July 29 Congress passed HR 4899 to reestablish the program as one that would no longer be subject to the annual whims of Federal funding but self-sustaining through a 3.5 percent guarantee fee paid by the borrower. Four weeks passed after the Congress did their job and appropriated unlimited funding for the USDA Rural Housing Program...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it. Beige Book: Housing Market Experiencing "Sustained Lull" - 14 hours ago Posted To: MND NewsWireThe Federal Reserve has released the Beige Book The Beige Book is a compilation of anecdotal information and data on current economic conditions across the country. The findings are NOT THE VIEWS OF FEDERAL RESERVE OFFICIALS ...instead, each Federal Reserve bank interviews key business contacts, economists, market experts, and other sources in their specific district. This report is published eight times a year. They call it the Beige Book because its Beige . This edition was prepared at the Federal Reserve Bank of San Francisco and is based on information collected on or before August 30, 2010. Below is a summary of the findings and a few excerpts on bank lending and housing. I called attention to some of the more important observations. Real Estate and Construction Activity in residential...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it. Indirect Bidders Steal the Show at 10 Year Auction. Yields Lower as Shorts Cover - 16 hours ago Posted To: MBS CommentaryTreasury just auctioned $21 billion 10 year notes . Auction demand was healthy thanks to one group of bidders specifically. The bond market has responded favorably in post auction trading. The high yield was 2.67%, which was 1.5 basis points below the 1pm "When Issued" yield, indicating bidding was aggressive, mostly because the market was able build in a big pre-auction concession. The bid to cover ratio was 3.21 bids submitted for every 1 accepted by Treasury. This is the strongest btc ratio since the June auction. Primary dealers took down 38.3% of the competitive bid and 18.1% of what they bid on, both metrics are below average. This implies someone else was standing at the ready to support supply offerings. That someone else was indirect bidders! Indirects took home a whopping 54.7% of...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it. Purchase Apps Up 6.3%. Refinance Demand Declines 3.1% - 18 hours ago Posted To: MND NewsWireThe Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending September 3, 2010. The MBA's loan application survey covers over 50% of all U.S. residential mortgage loan applications taken by retail mortgage bankers, commercial banks, and thrifts. The data gives economists a snapshot view of consumer demand for mortgage loans. In a low mortgage rate environment, a trend of increasing refinance applications implies consumers are seeking out a lower monthly payment. If consumers are able to reduce their monthly mortgage payment and increase disposable income through refinancing, it can be a positive for the economy as a whole (creates more consumer spending or allows debtors to pay down personal liabilities like credit cards). A falling trend...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it. New GSE Housing Goals: Is FHFA Putting the Cart Before the Horse? - 19 hours ago Posted To: Voice of HousingThe Federal Housing Finance Agency (FHFA), conservator of Freddie Mac and Fannie Mae (the Enterprises), has established its final housing goals for the Enterprises in 2010-2011 . FHFA is required by the Housing and Economic Recovery Act of 2008 (HERA) to set such goals for targeted segments of the mortgage market. As noted by MND last week : “The new rules establish three goals for single-family, owner-occupied home purchases; one for low-income families, another for very low-income families, and a third for families living in geographical areas with lower-income populations, areas with high concentrations of minority residents, or federal declared disaster areas. The goal for disaster areas contains a sub-goal to ensure that the needs of lower-income and minority areas are addressed...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.