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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...