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Economic Data Recap: Retail Sales - Perhaps the most anticipated report of the week, December Retail Sales, missed expectations this morning, rising only 0.1 pct versus a +0.3 pct consensus and a +0.4pct reading in November. Sales excluding autos fell for the first time since May 2010, down 0.2 pct vs...
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A weak European session has September starting off in the wrong direction. Equities are falling ahead of the 10am ISM Manufacturing Index, which is predicted to fall into contraction for the first time since the economic recovery began. Treasuries are benefitting from the uncertainty and are firming...
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When will someone buy THIS HOUSE ? Anyone? Anyone? I don't envision picket lines in the future, but the Mortgage Bankers Association filed suit against the U.S. Department of Labor under the Administrative Procedure Act which seeks to "set aside DOL's Wage and Hour Division Administrator's Interpretation...
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Rates are still decent, and ARM loans don't immediately jump to mind in this kind of environment for loan agents when a borrower saunters through the door. (In fact, ARM loans have accounted for about 5% of production in recent months.) The Federal Reserve, however, approved an interim rule that will...
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At 830am, weekly jobless claims printed at 421k vs 425k median estimates. Many of the report's metrics showed improvements, but despite a few "best levels in 2 years," the numbers were largely as expected, thus it encited a minimal amount of panic in bond market this morning. Reuters Quick Recap... RTRS...
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Are the best and brightest bond trading and investor minds out there just now realizing that the true Fed policy goal of QE2 is inflation? And that inflation is not a good thing for fixed-income securities, such as MBS's? One can criticize the program all one wants, but a) betting against the Fed in...
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830AM data has been released. Both Jobless Claims and final Q2 GDP beat consensus estimates (barely). Here are quick recaps. RTRS-US JOBLESS CLAIMS FELL TO 453,000 SEPT 25 WEEK (CONSENSUS 460,000) FROM 469,000 PRIOR WEEK (PREVIOUS 465,000) RTRS-US JOBLESS CLAIMS 4-WK AVG FELL TO 458,000 SEPT 25 WEEK...
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Poor reads on housing and manufacturing helped mortgage rates move back to historic lows yesterday. However as the day progressed mortgage-backed securities prices fell from their highs and some lenders were forced to reprice for the worse. Rate sheet recalls were not broad based though. We had only...
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Mortgage rates were under a modest amount of pressure yesterday but generally held near the most aggressive levels of our lifetime . The economic calendar was a busy today, starting with Jobless Claims. Released by the Department of Labor, this report provides three timely metrics on the health of the...
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Mortgage rates rallied to new all-time lows yesterday following a few disappointing housing headlines. While it has been no secret to housing industry professionals, the post-homebuyer tax credit hangover appears to have caught some folks on Wall Street off-guard. Stocks sold off, interest rates rallied...
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Mortgage rates dodged a bullet yesterday. As you know mortgage rates have basically mirrored the movements of the stock markets recently. As stocks rallied, loan pricing worsened and mortgage rates rose. As stocks sold, loan pricing improved and mortgage rates fell. This relationship has dictated the...
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Good Morning S&Ps opened lower then traded higher before closing near the same levels it they started the session yesterday. This tells us the stock market is indecisive after S&Ps broke 200 day moving average. In the chart below I have called attention to a potential " evening doji star...
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Mortgage borrowing costs moved higher yesterday morning as stocks rallied and investors sold their flight to safety positions in Treasuries. Rising benchmark yields pushed mortgage-backed securities prices lower and forced lenders to increase consumer borrowing costs by a few basis points. However things...
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Mortgage rates moved in a tight range leading up to the release of the Employment Situation report last week. Friday morning came, the data diasspointed market participants, stocks sold off, a flight to safety ensued and mortgage-backed security prices closed at record highs. This allowed lenders to...
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Mortgage rates rose yesterday morning after optimism in equities led bond investors to sell their flight to safety positions in risk free U.S. Treasuries. This led mortgage-backed security prices lower and forced consumer borrowing costs higher. While the S&P failed to maintain momentum all the way...