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Today's Fed meeting announcement is the last one until September 20. Mortgage rates, of course, are prone to moving around even without the Fed’s direction. Meanwhile, the second quarter earnings from lenders are of great interest to warehouse banks and investors (including Freddie Mac and Fannie Mae). Those counterparties are contractually limited as to what they can do with companies that are not making money and have seen their net worth erode over the months and quarters. There is continued talk of over-capacity as companies eye the end of summer, continued high rates, existing borrowers with low rates, and limited houses for sale. (Anyone displaced can post their resume for free here where, for $75, employers can view them for several months.) There is no disagreement about it being a difficult environment for most lenders, unlike there being disagreement over housing prices. Who you gonna believe? The FHFA House Price Index rose 0.7 percent MoM: U.S. house prices r ....
If you’re really happy when a scheduled conference or Zoom call is cancelled, does that mean you’re in the wrong line of work? (Asking for a friend.) The demand for Team or Zoom calls certainly skyrocketed during the pandemic, although as companies have moved back into the office to some extent, the demand for them has dropped. Supply and demand determine mortgage pricing, so there is little use in a lender originating loans if there is no demand by investors or portfolios for those loans. Most jumbo loans are originated in states near the Atlantic and Pacific Oceans. Many originators in those states are wondering where their jumbo pricing will come from, as not only is Wells Fargo Correspondent gone but now First Republic, the 4th largest jumbo mortgage lender, has just exited the market. On the investor call, Jamie Dimon noted that First Republic’s core business of “making very large cheap mortgages will not happen going forward.” Other banks have a ....
“I got stuck in a conversation with some wealthy people and one woman asked me how my investments were doing. I replied that both avocadoes should be ripe by tomorrow.” Food prices are an everyday reminder of inflation on the spending side of the equation, but on the flip side, plenty of people don’t know where to put their savings these days. One can pick up additional income on savings in places like the perfectly safe TreasuryDirect account and earn over 4 percent on as little as $100. (I would like to think that money won’t change me, but I won $5 on a scratch-off lottery ticket and used it buy name-brand aluminum foil.) The Fed has been, as usual, in the headlines this week by raising the target Fed Funds rate (what banks charge one another for overnight loans). Chris Whalen penned a piece titled, “FOMC Doubles Down on Market Risk.” One picture is worth a thousand words, and here’s a nice chart of Fed Funds to help keep things in pe ....
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