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  • ICE Mortgage Monitor: First-Time Homebuyers Make Up Record 47% Of GSE Purchase Loans, 39% Of All GSE Securitizations In 2023

    Date 04/03/2024

    • Though originations hit a 30-year low in 2023, ICE eMBS data shows first-time homebuyers (FTHB) made up the highest share of agency purchase security issuance in at least 10 years
    • In 2023’s 80%+ purchase-driven market, FTHBs account for an exceptionally high share (44%) of overall agency securities issuance, raising the specter of performance risk for MBS investors
    • The impact is most pronounced among GSE securities, in which FTHB purchase loans account for 39% of all 2023 issuance, a 12 pp higher share than any other vintage in the past decade
    • ICE data shows FTHBs have higher average front-end debt-to-income (DTI) ratios, but back-end DTIs similar to repeat buyers, spending more on housing but less on other forms of debt
    • While demand in the mortgage market continues to track closely with interest rate movements, recent periods of easing have highlighted the potential for a rebound in refinance lending if rates move lower
    • With the ICE US Conforming 30-year Fixed Mortgage Rate Lock Index showing January rates averaging 6.6%, rate/term refis returned to make up 24% of the month’s refinance activity, a nearly two year high
    • As noted last month, industry rate predictions would have millions of recent borrowers in the money for a refi by the end of 2024, yet servicers’ retention of such borrowers hit a 17-year low in Q4 2023
    • According to ICE Market Trends data, the number of days from rate lock to close matched a 4.5 year low in January, shortening secondary market hedging times

  • Revised Lists Of The Moscow Exchange Indices Announced

    Date 04/03/2024

    Today Moscow Exchange announced the results of the quarterly review for MOEX indices. All changes were made upon recommendations from the Index Committee and will be implemented from 22 March 2024. The Exchange has also set free floats and additional weighting factor for several companies.

  • Fiserv Small Business Index™ For February 2024: Small Business Sales Leap On Strong Consumer Spending

    Date 04/03/2024

    • Fiserv Small Business Index increases to 142, up 3 points from January 2024
    • Small business sales grew +2.6% month-over-month and +6.6% year-over-year

  • Trading Technologies' TT® Platform Wins Best Listed Derivatives Trading Solution At TradingTech Insight Europe Awards 2024

    Date 04/03/2024

    Trading Technologies International, Inc. (TT), a global capital markets technology platform provider, has won the award for Best Listed Derivatives Trading Solution for its TT platform at the TradingTech Insight Awards Europe 2024. The awards were announced at the TradingTech Summit London on Thursday.

  • CME Group Reports February ADV Of 29.6 Million Contracts

    Date 04/03/2024

    • Second-highest February on record
    • All-time monthly record for interest rate complex, with ADV of 17.2 million contracts
    • Record U.S. Treasury futures and options ADV of 10.9 million contracts
    • Record February options ADV of 6.4 million contracts

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