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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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From: russwinter11/5/2005 8:11:09 AM
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October 31 – Bloomberg (Al Yoon): “Mortgage-backed bond yields are at the highest relative to U.S. Treasuries in more than two years as debt sales outpace demand from investors concerned about potential losses from rising interest rates. The yield on the current coupon 30-year mortgage security increased last week to 5.81 percent, or 1.23 percentage points above 10-year Treasury yields… The yield difference was 0.87 points in January, the smallest in more than a decade. Sales of 30-year mortgage bonds by Fannie Mae, Freddie Mac and Ginnie Mae surged last month to $116 billion, the most since November 2003…”

November 1 – Freddie Mac: “In the third quarter of 2005, 72 percent of Freddie Mac-owned loans that were refinanced resulted in new mortgages with loan amounts that were at least five percent higher than the original mortgage balances… ‘We are forecasting that home equity extraction from the refinancing of prime first mortgage liens will result in an extraction of $204 billion in 2005, up from the $142 billion converted to cash in 2004,’ said Frank Nothaft, Freddie Mac vice president and chief economist… The Cash-Out Refinance Report also revealed that properties refinanced during the third quarter of 2005 experienced a median house-price appreciation of 23 percent during the time since the original loan was made… For loans refinanced in the third quarter of 2005, the median age of the original loan was 2.6 years…”
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