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
June 2008
I went to a seafood disco last week…and pulled a mussel. MORTGAGE INDUSTRY ROUNDUP Mortgage applications have dropped to their lowest level in six years, due to (surprise?) higher rates and restrictive guidelines. The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan fell 15% to the lowest level since
Federal Reserve Chairman Ben Bernanke said this morning that rates are “well positioned” to handle inflationary threats to the economy as well as sustained economic weakness. Markets are interpreting this news that rate cuts are over, and rate markets are trading higher on the news this morning. The ‘well positioned’ comment didn’t move markets as
TODAY’S MARKET NEWS Market-wise, after some improvement yesterday, today rates are stable and slightly lower. The 10-yr is back below 4.0%, which is nice to see after many were forecasting that once it went above 4.0% last week we were bound to quickly see 4.50%. Mortgage prices are roughly unchanged. Yesterday the improvement in rates
Former NBA star Latrell Sprewell joined Michael Vick and Jose Canseco by giving up/losing his home according to the Milwaukee Journal Sentinel. Royal Bank of Scotland Group Plc unit RBS Citizens NA foreclosed on the property May 12, when Sprewell failed to show up in court to contest the proceedings. Sprewell once turned down a