Bonds sold initially, pushing rates up, after today’s 244k new April jobs figure beat 185k expectations for non-farm jobs. But bonds and rates have stabilized as traders study a different aspect of the jobs report: unemployment rose from 8.8% to 9% and the jobs component of the unemployment survey showed that 190k jobs were LOST
May 2011
The driving force behind Mother’s Day was Anna Jarvis, who organized observances in Grafton, W.Va., and Philadelphia on May 10, 1908. As the annual celebration became popular around the country in 1914 Congress designated the second Sunday in May as Mother’s Day. Mortgage security traders hardly know which way to turn as rates drop and
Today is the fourteenth straight day of mortgage bond gains, and rates drop when bond prices rise like this. Mortgage bonds are up 38 basis points today (FNMA 30yr 4% coupon as of 3:20 ET) and now sitting 78 basis points above the previous 2011 high set March 16. The big drivers keeping the bond
Some look forward to Sports Illustrated’s Swimsuit Edition or Time’s Man of the Year. I don’t think that the FDIC’s Supervisory Insights: Foreclosure Edition will garner the same attention, but it is useful to banks who service loans nonetheless because it outlines the FDIC’s position on foreclosure practices. This FHA foreclosed inventory report from HUD
Today’s links include short sale vs. foreclosure tips, two posts from StoneStreetAdvisors who’s on fire this week, and Sage words on analyzing markets—a must-read for mortgage folks who stare at MBS charts all day. So click play on the funky bilingual Cinco De Mayo soundtrack and read up… -Has bay area real estate gone bonkers?
Property valuation firm Clear Capital released their April 2011 home price report today showing national home prices are 0.7% below prior lows experienced in March 2009. They’re calling it a double dip. Below are key charts, and a link to the full report. Clear Capital knows a thing or two about valuation. Many Wall Street
Great piece on the OG financial calculator HP 12C turning 30. I’m working on a piece for National Mortgage Pro magazine on how your calculator defines you. Stay tuned…
Great piece on the OG financial calculator HP 12C turning 30. I’m working on a piece for National Mortgage Pro magazine on how your calculator defines you. Stay tuned…
Mortgage bonds are in their third straight week of gains, trading just above their best levels of 2011 last set March 16. Rates drop when bond prices rise like this, and the benchmark FNMA 30yr 4% coupon that most lenders use to price consumer rate sheets closed up 16 basis points today, making a 13
Here are some alarming results from an April 2011 Zillow/Ipsos study: 55% of homebuyers don’t know that rates change throughout each day, 37% think getting pre-qualified means they’ve secured financing, and 44% said they’re not confident in their mortgage knowledge nor the mortgage process. So let’s review mortgage basics for new buyers and especially experienced
Just attended the MBA’s Secondary Marketing conference. The mood was decidedly upbeat. It seemed well attended with the usual array of investors such as Fannie, Freddie, Wells, Bank of America, Chase, CitiMortgage, PHH, SunTrust, and so forth, along with the usual cadre of vendors. There was definitely a hint that: (a) firms are still grappling
Today’s links on uninformed homebuyers, fate of mortgage brokers (and Freddie Mac, and the entire industry), plus a Lamborghini chase! -Homebuyers Lack Essential Knowledge (MortgageOrb from Zillow study) -PIMCO’s Gross Says Bond Yields Might Not Spike (Colin Barr, Fortune) -Freddie Mac capital markets chief resigns (HousingWire) -Can Mortgage Industry Clean Up, Pull Together (Nick Timiraos,
Guy walks into a bar and orders a Bin Laden. Bartender says: what’s in it? Guy says: two shots and a splash of water. (thanks JW!)
Below are two notable items on this slow news day, as well as a primer on how mortgage banks lock loans and hedge risk. (1) The bankruptcy trustee for Thornburg Mortgage sued Goldman, Barclays and other big banks for a combined $2.2 billion, blaming them for its bankruptcy. Meanwhile, former Thornburg CEO Larry Goldstone is
On this Beastie Boys new album release day, today’s links are about gratitude—proper respect to early supporters of TheBasisPoint, and proper appreciation for artists who’ve inspired my work ethic and creative drive for 25 years. I already posted their entire new album stream, and I’ll comment after I buy the album in an actual store.
Mortgage bonds opened today up, extending the past 10 days of gains, but have since retreated (FNMA 30yr 4% coupon -9 basis points) as bond traders take some profits. Still, two weeks of gains have brought rates down near 2011 lows achieved March 16. Today’s ISM Manufacturing Index fell slightly to 60.4 in April from
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