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Last week ended on positive note for mortgage backed securities and mortgage rates. As stock indexes fell, market participants re-allocated portfolios from risky assets to safer investments, resulting in added demand for government AAA rated fixed income securities. The benchmark 10 yr Treasury note...
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The National Association of Realtors released Pending Home Sales data this morning. Pending Home Sales, Housing Starts, and Building Permits are considered more forward looking than other housing indicators like Existing Home Sales. Existing Home Sales data is only reported at the time of closing, when...
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Mortgage rates were unchanged as the third quarter came to a close yesterday. MBS prices have moved sideways at their highest levels in over four months after rallying to those levels on Monday. With today's economic data releases, prices are moving HIGHER, pushing into levels not seen since the...
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Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001, according to the National Association of Realtors®.
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Markets were optimistic before the opening bell, and despite poor omens for the June employment report, positive data in real estate and manufacturing has helped stocks trade higher in the early hours. Two hours into the first session of the third quarter, the Nasdaq is leading the climb with a 1.28...
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Three data releases at 10:00 failed to sing in tune with each other. A key indicator of output showed some improvement but is still contracting overall, and while contracts for home purchases are on the rise, spending on the construction of new homes it at historic lows. In real estate, the Pending Home...
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Stocks have been extremely volatile Tuesday morning, and after opening higher all indexes are negative 90 minutes into the trading session. The Dow is leading the decline with a 0.53% drop to 8294, while the Nasdaq is 0.50% lower at 1757, and the S&P is down 0.29% at 890. This week has erased any...
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Sales of existing homes saw their first back-to-back increase in nearly four years last month, but while the percentage gain in May was encouraging, the actual level of sales was lower than expected due to downward revisions. The pace of all existing home sales rose 2.4% in May to 4.77 million, up from...
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A forward-looking index of housing demand surged well beyond expectations in April, leading markets to shoot up half an hour into the open. The Pending Home Sales Index ― which looks at contracts that have been signed, but not finalized ― shot up 6.7% in April, far above the +0.5% consensus expectation...
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Stock indexes look ready to hold or even build on Monday’s gains. Futures for the S&P 500 ― which has just completed its best three-month rally in six decades, pushing the index above its 200-day average ― are up almost 3 points in pre-session trading. Unlike the rest of the week, there’s...