Fixed and ARM rates are down about .25% in the two weeks since I suggested rates could be in a +/–.25% trading range until Fall. July’s inflation reports released in the past few trading days showed the highest consumer price spike since 1991, when California’s current governor hit his prime with Terminator 2; and the
Fixed rates are up and ARM rates are down relative to my last Marketweek report two weeks ago. The move is about .125% in each respective direction, and jumbo ARMs in particular look good. Broad rate market trading would suggest all rates should be up, but competition among lenders is driving these pricing anomalies that
As we’ve been discussing in recent days, rates on super conforming loans have come down drastically. Some media outlets have picked up commentary from Julian Hebron, a writer for The Basis Point. Read the commentary from The San Francisco Chronicle, BankRate.com, and real estate blog SocketSite, and thanks for supporting The Basis Point.
Whether you think “May Day” signifies International Worker Day, or a cry for help, a celebration of spring, or a day of political unrest, here we are. Four months of 2008 already gone, and what have mortgage rates done since the beginning of January. 30-yr conforming began the year at 6.125%, and yesterday they were
Fixed and ARM rates are up about .2% this week as bond markets start pricing in a possible end to Fed rate cuts. The results of this week’s FOMC rate policy meeting will be announced Wednesday, and markets expect a .25% cut to the Fed Funds Rate, which is a rate commercial banks charge each
After Google reported first quarter earnings growth of 42% yesterday, Google shares soared $89 or 20% today to $539.41, and helped push the Nasdaq up by 61 points and the Dow by 229 points. Meanwhile bonds went on a wild ride with mortgage bond prices trading in an 99 basis point range on the day.
The full text of Fed chairman’s testimony before the Congressional Joint Economic Committee today is below. The most important part everyone was waiting for was an explanation of why the Fed chose to bail out Bear Stearns and not individual homeowners. The answer is as follows: “adverse effects would not have been confined to the
This week’s latest press reports on mortgage rates–which are always about one week late and therefore not relevant–show that rates are down. Note that anything that’s published in the press is in reference to conforming loan rates unless otherwise specified. Also you will see in this story that it discusses average points on conforming loans.
Fixed rates rose about .25% and ARM rates rose about .375% during June because markets were preparing for the 17th consecutive .25% Fed Funds Rate hike on June 29. The Fed came out of that meeting with the same message: “further hikes are data dependent.” The next critical piece of data comes this Friday with
Welcome to the new year … a time when people on main street pull up their blogs and start typing up resolutions; and a time when people on Wall Street pull out their darts and start aiming at market charts. Of course, we’re using the dart analogy in jest. It’s based on a long-running Wall