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Marketweek 10/27/03: Home Sales Set New Record

Rates and commentary below are as of October 27, 2003. This is a big economic week, starting today with good news for Realtors about home sales. Existing home sales were up 3.6% in September, setting a new monthly record. The second-to-last Fed meeting of 2003 is tomorrow, and they are expected to leave rates unchanged.

WeeklyBasis 10/20/03: Can Tax Cuts Support Economy?

Rates and commentary below are as of October 20, 2003. The Conference Board’s Index of Leading Economic Indicators was released today (the biggest economic news scheduled this week). Today’s release showed the economy cooled in September as mortgage rates rose and the tax cuts were spent. This follows huge growth months in July and August

WeeklyBasis 10/15/03: Rates Up on Weak Retail Sales

Rates and commentary below are as of October 15. Sorry for delay, I was out ill earlier this week. Rates on 30-yr and 15-yr loans are up about 0.25 from last week, but rates on ARMs are holding steady near record lows. Retail sales figures released this morning showed the first decline in five months,

WeeklyBasis 10/06/03: Rates Up On Jobs Data

Rates increased by about 20 basis points Friday on news that unemployment held at 6.1% (instead of the predicted increase to 6.2%). This indication that the job market could be stabilizing caused investors to sell bonds in favor of stocks, driving yields up. However, this was more of a trading phenomenon than a fundamental shift.

WeeklyBasis 09/29/03: Rates Touch On Record Lows

Rates have dropped again this week, and are down about 0.25% from last week; On a $600k loan, this is about $100 per month in savings. This brings rates close to record lows we saw in the 2nd quarter. This is a good way to start the week, but if consumer confidence employment figures released

WeeklyBasis 09/22/03: Rates Down on Jobs & Housing Data

The rate snapshot below is for reference the week of September 22, 2003. Rates this week are about 0.25% lower than last week. This week’s economic calendar is fairly light, so unless Thursday’s Jobless Claims as well as new and existing home sales reports (for August) are significantly off consensus estimates, there shouldn’t be significant

WeeklyBasis 09/15/03: Guns + Butter = Trouble

The rate snapshot below is for reference for the week of September 15, 2003. Rates this week are holding at about 0.25% lower than in recent weeks. On a $600k loan, this is about $100 per month in savings. No rate moves are expected from Tuesday’s Federal Open Market Committee meeting. The next three months

WeeklyBasis 09/08/03: September Stock Selloff Helps Rates

Before rate comments this week, I wanted to let you know about the “Residential Pacific Mortgage 15 Day Close.” My internal bank (which serves only RPM loan agents) will close your loans in 15 days, or all mortgage banking fees will be waived. The rate snapshot below is for reference the week of September 8,

WeeklyBasis 09/02/03: Rates Up In Labor Day Bond Selloff

Please see rate snapshot below for reference the week of September 2, 2003. Traders returned from Labor Day vacation in an angry mood this morning and bonds sold off, driving yields up. Despite rising rates in the last 2 weeks, long-term rates are still only about 50 basis points higher than they were at the

WeeklyBasis 08/25/03: Record Existing Home Sales

Please see rate snapshot below for reference the week of August 25, 2003. Housing starts and existing home sales are posted record numbers for July. Many economists are saying that the effects of recently rising mortgage rates will dampen housing numbers next month. However, mortgage rates are still very low relative to historical standards. Conforming