Refinance lending has nearly doubled over the past three quarters, according to Black Knight. Cash-out refinances were up 24% since the last quarter of 2018 and made up 52% of all refinances. Homeowners withdrew a collective $36 billion in home equity, the highest amount in nearly 12 years.
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Market News
Wed, Apr 01 - 1:44 PM ET
The 10-yr yield fails to stay below key .60% level, inches higher to .62%. Mortgage Bonds at session lows ahead of the Fed's last buying operation for today at 2:00 p.m. ET. The decline in bond prices come despite a near 900 point loss for the Dow. Continue locking files.
12:53 PM ET
At midday, Mortgage Bonds flat to lower. 10-yr yield continues to trade at .61%. Stocks plunging ... Dow -900 points.
11:06 AM ET
The Fed fails to supply a boost to Mortgage Bonds at the 10:30 a.m. ET buying operation. Prices are at session lows. Continue to advise locking.
8:25 AM ET
Coronavirus infections surge, President Trump says next 2-3 weeks could be rough. Stock futures plunging. Mortgage Bonds modestly higher ahead of today's Fed operations. 10-yr yield falls to .61%. WTI oil at $20/barrel, -$0.32. ADP Private Payrolls -27K in March, better than the -175K expected, April will be much worse.
