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Mortgage News Daily combines the expertise of some of the housing industry's leading minds with the power of social media to offer an always lively, constantly evolving web community. MND communicates breaking news, streams video, and provides expert opinion and commentary to a community of interested market professionals and curious consumers.Mortgage Rate Rally Short Lived. Rebate Reduced After Jobs Data
Mortgage rates improved for the first time in six sessions yesterday as mortgage backed securities price appreciations early in the day allowed lenders to boost rate sheet rebate. Mortgage rates are slightly worse this morning after a better than expected Jobless Claims report.
The weekly jobless claims report totals the number of Americans who filed for first time unemployment benefits in the previous week. Included within this report are continuing claims and extended benefits claims. Continuing claims totals the number of Americans who continue to file for unemployment benefits (because they haven't gotten a new job). Extended benefit claims totals the number of Americans who’ve used up their traditional benefits and are now collecting extended payments under recent government stimulus programs. Recent reports have shown both initial claims and continuing claims to be on the decline while extended benefits continued to rise. Economists surveyed prior to the release expected a slight increase in claims to 460,000 for last week.
The release indicates the number of Americans who filed for first time claims during the Christmas week fell more than expected to 432,000. This is the lowest number of first time claims since July 2008. The prior week’s number was revised higher from 452,000 to 454,000. Continuing claims also declined, breaking out below 5 million to 4.981million, the lowest level since February 2009. Somewhat offsetting this positive data was extended benefits which rose 199,000 to 4.82million. It appears market participants are more focused on the initial and continuing claims as the fixed income sector did move considerably lower following the release.
Reports from fellow mortgage professionals indicate lender rate sheets are slightly worse than yesterday thanks to the early morning weakness following the jobless claims data. The par 30 year conventional rate mortgage remains in the 5.00% to 5.25% range for well qualified consumers. To secure a par interest rate you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including an estimated one point loan origination/discount broker fee.
The fixed income market will close at 2pm today. US markets will be closed tomorrow in celebration of the New
Year.
I hope everyone has a safe New Year’s eve, please do not drink and drive. As for me, I will be spending the night in front of my television watching Va. Tech play Tennessee in the Chick-Fil-A Bowl. Go Hokies!!!!!
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Mortgage Rate Rally Short Lived. Rebate Reduced After Jobs Data
Mortgage rates improved for the first time in six sessions yesterday as mortgage backed securities price appreciations early in the day allowed lenders to boost rate sheet rebate. Mortgage rates are slightly worse this morning after a better than expected Jobless Claims report.
The weekly jobless claims report totals the number of Americans who filed for first time unemployment benefits in the previous week. Included within this report are continuing claims and extended benefits claims. Continuing claims totals the number of Americans who continue to file for unemployment benefits (because they haven't gotten a new job). Extended benefit claims totals the number of Americans who’ve used up their traditional benefits and are now collecting extended payments under recent government stimulus programs. Recent reports have shown both initial claims and continuing claims to be on the decline while extended benefits continued to rise. Economists surveyed prior to the release expected a slight increase in claims to 460,000 for last week.
The release indicates the number of Americans who filed for first time claims during the Christmas week fell more than expected to 432,000. This is the lowest number of first time claims since July 2008. The prior week’s number was revised higher from 452,000 to 454,000. Continuing claims also declined, breaking out below 5 million to 4.981million, the lowest level since February 2009. Somewhat offsetting this positive data was extended benefits which rose 199,000 to 4.82million. It appears market participants are more focused on the initial and continuing claims as the fixed income sector did move considerably lower following the release.
Reports from fellow mortgage professionals indicate lender rate sheets are slightly worse than yesterday thanks to the early morning weakness following the jobless claims data. The par 30 year conventional rate mortgage remains in the 5.00% to 5.25% range for well qualified consumers. To secure a par interest rate you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including an estimated one point loan origination/discount broker fee.
The fixed income market will close at 2pm today. US markets will be closed tomorrow in celebration of the New
Year.
I hope everyone has a safe New Year’s eve, please do not drink and drive. As for me, I will be spending the night in front of my television watching Va. Tech play Tennessee in the Chick-Fil-A Bowl. Go Hokies!!!!!
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