One joy of having a 2 year old is how amazed he is by firefighters and astronauts. Highly technical, dangerous, and important professions that rarely can rise above finance and pop culture headlines. I’m as guilty as anyone, I didn’t even know about space shuttle Atlantis’ final mission until today. So for the kid and/or
July 2011
Has value of your home dropped but your taxes haven’t? Check this out:
Rates are down this morning on a huge mortgage bond rally (FNMA 4% coupon +65 basis points) following a BLS report showing the economy only added 18,000 non-farm payrolls in June, fewest in nine months, plus April and May were revised down 44,000. Non-farm payrolls doesn’t count actual people, it counts how many companies opened
Rates are down this morning on a huge mortgage bond rally (FNMA 4% coupon +65 basis points) following a BLS report showing the economy only added 18,000 non-farm payrolls in June, fewest in nine months, plus April and May were revised down 44,000. Non-farm payrolls doesn’t count actual people, it counts how many companies opened
The BLS Employment Situation Report was much worse than expectation. The headline is +18,000 jobs. By comparison, prior was +54,000, Consensus was around +100,000 and the number of new jobs which need to be added each month to keep the same percent of the population working is around 121,000. Private jobs were +57,000 while government
The likely scenario for tomorrow’s BLS Report is “better than last month but still weak.” Equities rallied and mortgage and Treasuries sold on today’s ADP jobs report (below), pushing rates higher. To keep pace with population growth while keeping the employment participation level constant, 121,000 new jobs are needed each month. The fact that today’s
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Mortgage loans have three rate tiers: (1) lowest rates for conforming loans up to $417,000, (2) .125% to .25% higher than tier 1 for super-conforming loans from $417,000 to $729,750, (3) .125% to .375% higher than tier 2 for jumbo loans above $729,750. The first two rate tiers are lower because Fannie Mae and Freddie
Here’s a conversation I overheard while passing a 30-something mother and her 8-to-10 year old daughter on a hike today. It’s a good lesson in reality. You choose which reality. Daughter: I really need this new stuffed bear. Mom: Maybe we should talk about the definitions of need and want. Can you tell me what
Here’s a conversation I overheard while passing a 30-something mother and her 8-to-10 year old daughter on a hike today. It’s a good lesson in reality. You choose which reality. Daughter: I really need this new stuffed bear. Mom: Maybe we should talk about the definitions of need and want. Can you tell me what
MBA Mortgage Applications -Purchase Index: Week/Week +4.8% -Refinance Index: Week/Week -9.2% -Composite Index: Week/Week -5.2% -Rising Treasury and mortgage rates were responsible for refi dip. Retail Sales -ICSC-Goldman: week/week +1.5% -ICSC-Goldman: year/year +3.5% -Redbook: year/year +5.2% Economic Activity In Non-Manufacturing Sector –June ISM non-manufacturing index down to 53.3 vs 54.6 in May -Reading above 50
MBA Mortgage Applications -Purchase Index: Week/Week +4.8% -Refinance Index: Week/Week -9.2% -Composite Index: Week/Week -5.2% -Rising Treasury and mortgage rates were responsible for refi dip. Retail Sales -ICSC-Goldman: week/week +1.5% -ICSC-Goldman: year/year +3.5% -Redbook: year/year +5.2% Economic Activity In Non-Manufacturing Sector –June ISM non-manufacturing index down to 53.3 vs 54.6 in May -Reading above 50
[Editors Note: Rob Chrisman is on vacation so he’s asked some guest writers to step in on DailyBasis. Today’s guest writer is Chris Cordry, VP of secondary marketing with PrimeLending.] One thing that I am always asked about is the value of servicing. Let’s break apart the price of a mortgage loan into a few
Factory Orders for May were +0.8% which almost makes up for a -0.9% in April. This datum however is below consensus. The ongoing discussion about the Greek debt situation misses the point that there is continuing concern about much sovereign debt be it Greece, the other PIIGS nations, Japan, China, or the U.S. Default of
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Rates were up .25% to end last week on perception of improving situations in Greece, U.S. housing, U.S. jobs, and U.S. manufacturing. This week is light on economic data (calendar below), and jobs reports will be the highlights. Rates are slightly lower to begin this week as mortgage bonds rally to regain some of last
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