For anyone who has a hankering to keep up on the mortgage news that is out there, one free service they should consider is MortgageNewsClips. One has to be careful about what is out there in the web. I received this urgent notice yesterday: Email Warning! If you get an e-mail with “Nude Photos of
10yr Note
I was lying awake the other night, worrying about all of the debt on my credit card. The jet ski, mink socks, the ATV, my new plasma TV, ruby encrusted dog food bowl, surround-sound stereo – they are great, but darn they cost a lot. And then it dawned on me: it wasn’t my fault!
RATE LOCKS IN A DECLINING RATE MARKET Be careful what you wish for, especially with lower rates. Every lock, either with a borrower, agent, broker, or investor, taken prior to Monday is now “out of the money”. Every mortgage-backed security trade, done prior to Monday, is now 1-2 points ($10-20 thousand dollars per million) under
MARKET ROUNDUP On Friday mortgages “tightened” to Treasury yields, but prior to that Treasury yields were dropping and mortgage rates weren’t doing much. Why? The credit-market slump is again increasing mortgage rates, raising costs for home buyers and refinancers and undercutting efforts by Congress and the Fed. The difference between yields on 10-year Treasuries and
What time of day am I most likely to have a heart attack? Answer, per a Harvard study, is that the most dangerous times for heart attack, and for all kinds of cardiovascular emergency, are the morning and during the last phase of sleep. The risk averaged 40% higher of having a heart attack between
Countless ex-mortgage bankers have switched careers and gone into the exciting world of farm-raised sea monkeys. (Not to be confused with wild sea monkeys.) It is comforting to know that not only are they nowhere near extinction, but apparently thriving. Now, if I could only find the phone number for that “Raise minks at home
As I sat down at my desk this morning to write this, I glanced over at my Aurora mouse pad, my First Magnus coffee mug, my American Home pencil holder, my Indymac calendar, my Paul Financial paper clips, as my Greenpoint duck looked down from the computer. I thought to myself, “I hope that my
TREASURIES UP AS FANNIE/FREDDIE FREEFALL Yesterday shares of Fannie Mae and Freddie Mac both plummeted after an analyst with Lehman Brothers wrote in a report that the two companies may need to raise billions of dollars if accounting rules (FAS 140) are changed. Most experts feel that they will not have to come up with
RATE HISTORY FROM 2003 TO PRESENT From one top agent, on June 13, 2003, when the 10-yr hit its low, “as I was preparing to go to Friday night horse racing at Hollywood Park in Los Angeles, the 10-year note was at 3.07% during the day. Then Monday morning it started to climb, but in
Thanks to Erin for this quote from Eric Hoffer: “In times of change, the learners will inherit the earth, while the learned will find themselves beautifully equipped to deal with a world that no longer exists.” Everyone probably knows someone in each category, but darn, why did I put my entire 401k into WaMu stock
MORTGAGE INDUSTRY ROUNDUP What is the state of mortgages, and mortgage banking? Let’s hope this comment, from a buddy in the business, doesn’t sum it up for everyone! “Mortgages are getting creamed, Moody is getting ready to downgrade MBIA and Ambac, Bernanke is worried about inflation, and I am worried about the continuity of my
A jumper cable walks into a bar. The bartender says, “I’ll serve you, but don’t start anything.” Today’s Market News The GDP is the sum of all goods and services produced in the U.S., and is considered to be the best indicator of economic growth. The first revision to the 1st quarter GDP came out
Yields on 10-year Treasury bonds closed above 4% today for the first time since January. In a broader perspective, this is largely a bet that the Fed will hike rates soon. The Fed next meets on June 24 & 25, and markets are looking for signs of what the Fed will do with rates, and
I made a mistake today. The “recency effect” says that a person best remembers items from last on a list. One offshoot is that people also tends to remember the last song that they heard on the radio before turning it off, and has that song running through their head all day. For me this
Want to be the first on the block to own stock in the coolest-named financial institution? (And no, I don’t, although the dividend isn’t bad.) McDonald’s Corp. has completed its changeover to cooking oil with no trans fat at its restaurants in the US and Canada. At last, guilt-free Big Macs for breakfast every day!
What do oil prices and Clinton’s campaign bills have in common? They’re both increasing dramatically. According to the LA Times, Hilary Clinton’s campaign debt has now soared to nearly $31 million, including another $9.5 million in unpaid bills to vendors this past month alone. And oil rose above $130 a barrel for the first time
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