Rates improved a bit yesterday and gave up ground today, making 30yr fixed rates on loans up to $417k hold at 5%, with higher loan amounts and condo loans about .125% to .25% higher. Rates improved yesterday after Housing Starts fell as expected and Building Permits rose almost 17%, then retreated a bit today after
January 2011
Future of Fannie & Freddie January is scheduled to be a big month for Freddie and Fannie, in that the Treasury is expected to release plans for their future. Merrill Lynch released some conjecture about upcoming news, which will probably come out after the State of the Union address on 1/25. Merrill reminds us that
The Mortgage Bankers Association of America 2011 rate forecast calls for 30yr conforming conventional fixed rates at 5.5% by year end, and $966 billion total single family originations in 2011. Here’s all of their predictions.
Rates are generally even on today’s market news which includes bank earnings and some housing data, as follows: Wells Fargo’s earnings came out as expected at $3.2 billion (61 cents per share). Initial reads show that Wells’ loan growth was better than expected. Credit quality improved dramatically, allowing Wells to release some $850 million in
Rates are generally even on today’s market news which includes bank earnings and some housing data, as follows: Wells Fargo’s earnings came out as expected at $3.2 billion (61 cents per share). Initial reads show that Wells’ loan growth was better than expected. Credit quality improved dramatically, allowing Wells to release some $850 million in
Regulators are eyeing mortgage amounts that are 70% or less than the value of a home as “safe” following a proposal from Wells Fargo. This is an important threshold because it could be the break point for a new rule that’s yet to be implemented. The rule, part of the Dodd Frank bill, says that
Regulators are eyeing mortgage amounts that are 70% or less than the value of a home as “safe” following a proposal from Wells Fargo. This is an important threshold because it could be the break point for a new rule that’s yet to be implemented. The rule, part of the Dodd Frank bill, says that
Mortgage rates are a bit worse today after a report showed China was a net seller of U.S. Treasury securities in November—this causes nervousness in all bonds including mortgage bonds, which sold this morning, pushing rates higher. We also got a flat read on manufacturing data from New York today, and here’s the market preview
Mortgage rates are a bit worse today after a report showed China was a net seller of U.S. Treasury securities in November—this causes nervousness in all bonds including mortgage bonds, which sold this morning, pushing rates higher. We also got a flat read on manufacturing data from New York today, and here’s the market preview
In yet another downward revision, Freddie Mac estimates that mortgage originations will total $1.05 trillion this year, down from its projected $1.2 trillion last month. Most of this comes as rates rise and refinancing decreases: Freddie said refinancing made up 69% of the total $1.55 trillion in home mortgage originations in 2010, but are expected
In yet another downward revision, Freddie Mac estimates that mortgage originations will total $1.05 trillion this year, down from its projected $1.2 trillion last month. Most of this comes as rates rise and refinancing decreases: Freddie said refinancing made up 69% of the total $1.55 trillion in home mortgage originations in 2010, but are expected
In a recent report, the Federal Reserve Bank of San Francisco said low interest rates, lax lending standards, the proliferation of exotic mortgage products, and the growth of a global market for securitized loans promoted increased U.S. household leverage (as measured by the ratio of debt to disposable income) to an all-time high of 130%
In a recent report, the Federal Reserve Bank of San Francisco said low interest rates, lax lending standards, the proliferation of exotic mortgage products, and the growth of a global market for securitized loans promoted increased U.S. household leverage (as measured by the ratio of debt to disposable income) to an all-time high of 130%
After a better rate day yesterday due mostly to a well-received 30yr bond auction, rates are even today after consumer inflation, retail sales, consumer confidence, and bank earnings figures. Following yesterday’s slightly hotter than expected business inflation report, today’s consumer inflation report confirms a relatively flat inflation environment—which helps keeps rates low. December’s consumer inflation
Besides yesterday’s Treasury auction, we had little scheduled news yesterday and rates finished the day flat. Given that rates started off the day being worse than Tuesday’s close, some lenders issued rate improvements, especially after the Fed’s Beige Book showed continued economic weakness – especially in housing. One trader wrote, “We are going to look
Mortgage applications increased overall for the second straight week, but purchase applications are still down. The MBA numbers, which poll about half of retail mortgage lenders, were up 2.2%, with refi’s up almost 5%. Purchase applications fell almost 4%, and have fallen in four of the past five weeks. Rates are not helping things. Yesterday,
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