Rates rose .125% last week, on target with last Sunday’s WeeklyBasis prediction that “rates should be even to up slightly.” As of Friday evening, there’s no budget deal in Washington so politicians will continue work on a budget compromise, which if it comes, will enable the debt ceiling to be raised. August 2 is when
July 2011
Rates rose .125% last week, on target with last Sunday’s WeeklyBasis prediction that “rates should be even to up slightly.” As of Friday evening, there’s no budget deal in Washington so politicians will continue work on a budget compromise, which if it comes, will enable the debt ceiling to be raised. August 2 is when
Snapshot of next week, click image for details. WeeklyBasis review of last week, outlook for next week to follow.
CONFORMING RATES ($200,000 to $417,000) 0 POINT 30 Year: 4.625% (4.745% APR) FHA 30 Year: 4.375% (4.495% APR) 5/1 ARM: 3.125% (3.245% APR) SUPER-CONFORMING RATES ($417,001 to $729,750 cap by county) 0 POINT 30 Year: 4.75% (4.87% APR) FHA 30 Year: 4.5% (4.62% APR) 5/1 ARM: 3.625% (3.745% APR) JUMBO RATES ($729,751 to $2,00,000) 1
Mortgage rates are low but Bankrate recently announced that mortgage closing costs rose for a second straight year. The company said the average loan origination and title insurance fees on a $200,000 mortgage total $4,070, up 8.8% from a year ago. And the average bank/mortgage lender charges roughly $1,614 in loan origination fees, up 10.3%
Mortgage rates are low but Bankrate recently announced that mortgage closing costs rose for a second straight year. The company said the average loan origination and title insurance fees on a $200,000 mortgage total $4,070, up 8.8% from a year ago. And the average bank/mortgage lender charges roughly $1,614 in loan origination fees, up 10.3%
There are no releases of economic fundamentals today. Data this week was mixed. Wall Street seems fixated on the budget process. The things which will determine where markets go from here are: 1) 2Q2011 advanced GDP which will be released 7/29 and 2) perception regarding any Eurozone defaults. It is worth mentioning that while there
Rates are higher this morning on the themes I’ve been discussing about strong earnings, perception that there’s an imminent debt ceiling deal, and also progress on Europe’s debt crisis. Here’s a roundup of all today’s data, it was a huge day.
The U.S. Treasury Department is exploring a plan that could help 1 million or more homeowners avoid foreclosure. It applies to non-agency (in securities not issued by government agencies) mortgages, and is an attempt to promote modifications of delinquent or defaulted home loans, including write-downs of principal, by bringing fresh private capital into the market.
Initial Jobless Claims -418,000 week ended July 16, the 16th week above 400k -Up 10k from previous week’s revised 408,000 -4-week moving average 421,250 -Down 2,750 from the previous week’s revised average of 424,000 -This is a chart of Initial Jobless Claims since March 2009 -See colored line showing that we got below 400,000 in
In signature instigator style, Ron Paul asked Ben Bernanke last week: Is gold money? Until today, I haven’t seen much more than quips on the matter but this Forbes piece by Josh Brown does a great job of answering the question. And yes, it’s full of Brown’s signature quippage, my favorite of which is: So
Comparing performance of Bank of America vs. Wells Fargo is interesting study, and is much more than an $8.8 billion loss compared to a $3.95 billion gain. Bank of America “trimmed roughly 151,000 loans from its portfolio of delinquent and discontinued mortgages in the second quarter through foreclosure or short sales. However, there are still
Existing Home Sales -4.77m annual rate for June, down from 7.08m 2005 peak -Down 0.8% since May and down 8.8% since June 2010 -Median home price $184,300, up 0.8% from June 2010. -Distressed homes accounted for 30% of June sales -Inventory rose 3.3% to 3.77 million existing homes for sale -This is a 9.5-month supply
Sunday I noted that rates may rise slightly this week as a U.S. debt ceiling deal comes closer, and today’s links are on this theme. I don’t see a spike since economic data aren’t likely to show meaningful recovery, but mortgage bonds will likely lose ground as stocks rally on optimism about a fiscal deal
The inability of those elected to responsibly set fiscal policy has never been more evident. There is an alternative which I have been pressing for several years. It involves giving the control over the National Debt and deficit to an independent agency which can do what is best for the nation’s economy rather than do
Grant’s Interest Rate Observer founder Jim Grant shared views on the US debt ceiling debate, US Treasury markets, the gold standard, and Europe’s debt crisis with Bloomberg Monday. When Grant talks, it’s worth listening.
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