The US Consumer Price Index, which measures inflation at the consumer level of the economy, was -1% in October and +3.7% year-over-year through October. Excluding volatile oil and food costs from the readings, “Core” CPI for October was -0.1% and +2.2% YOY through October. Here’s a link to complete CPI numbers for 3Q2008. The yearly
Gas Prices
The US Producer Price Index, which measures inflation at the business and manufacturing levels of the economy, was -2.8% in October and +5.2% year-over-year through October. Excluding volatile oil and food costs from the readings, “Core” PPI for October was +0.4% and +4.4% YOY through October. Here’s a link to complete PPI numbers for 3Q2008.
Overall Personal Consumption Expenditures, the Fed’s favorite measure of consumer inflation, were +0.1% in September and +4.1% year-over-year through September. Excluding volatile oil and food costs from the readings, “Core” PCE for September was +0.1% and +2.3% YOY through September. Below are the numbers for the third quarter. Overall PCE Third Quarter: Sept-Mo= +0.1%, Aug-Mo=
Wachovia, being acquired by Wells Fargo, reported a loss of $23.9 billion in the third quarter, its third straight quarterly loss. Wells, who never made a market in the neg-am, pick-a-pay loans, is paying about $14 billion for Wachovia. Wells is also restructuring some balance sheet items in order to stay under the “no bank
The US Producer Price Index, which measures inflation at the business and manufacturing levels of the economy, was -0.4% in September and +8.7% year-over-year through September. Excluding volatile oil and food costs from the readings, “Core” PPI for September was +0.4% and +4.0% YOY through September. Below are the numbers for the third quarter. Overall
RATES & LOAN AMOUNTS Fixed and ARM rates for loans up to $729k are up roughly .5% in the past two weeks, erasing the .5% rate drop during September when Fannie & Freddie were taken over and the investment banking industry melted down. Rates on loans above $729k are consistent because they continue to be
Q. What’s the difference between a mortgage and a Beanie Baby? A. You can still find a buyer for a Beanie Baby. Q: What’s the difference between a pigeon and a Wall Street investment banker? A: Only the pigeon can still make a deposit on a brand new Porsche. Fed & Mortgage Rates Not Correlated
Overall Personal Consumption Expenditures, the Fed’s favorite measure of consumer inflation, were unchanged for August and +4.4% year over year through August (July overall PCE was 0.5%/mo and +4.5%). Overall means that the number includes prices for food and gas. The Core PCE, which excludes food and energy, was +0.2% for August and +2.4% year
Will lenders soon be implementing fees for originators to lock a loan? This practice was almost standard decades ago, but got lost along the way. Some investors already charge mortgage bankers and brokers a fee, typically credited back at the time of purchase. This is especially prevalent with “lower tier” originators: those that have a
The US Consumer Price Index was down 0.1% in August and up 5.4% year over year through August versus being up 0.8% in July and up 5.6% year-over-year through July. Like last month, this was the largest YOY spike since 1991, and is due mostly to the oil price spike we had during early summer.
The US Producer Price Index was down 0.9% in August and up 9.6% year over year through August. This is compared to being up up 1.2% in July and up 9.8% year-over-year through July. Like last month, this YOY spike is the largest since the early 1990s, and is due mostly to the oil price
Despite short-term predictions for sub-$100 oil, Goldman Sachs is sticking by a call they made earlier this year for $149 oil by the end of the year, citing Chinese demand as a key driver of prices. Below are excerpts from a CNBC report: Chinese oil import data for August are expected to be weak as
Fixed and ARM rates have held onto a .25% drop in the four weeks since I suggested rates could be in a +/–.25% trading range until Fall. We’re now on the Fall side of Labor Day, and although my 9+ month pregnant wife hasn’t had her labor day, this trading range has held. Now it’s
Overall Personal Consumption Expenditures, the Fed’s favorite measure of consumer inflation, were +0.5% for July and +4.5% year over year, which was the highest monthly spike since February 1981. Overall means that the number includes prices for food and gas. The Core PCE, which excludes food and energy, was +0.2% for July and +2.4% year
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
The US Producer Price Index was up 1.2% in July and up 9.8% year-over-year through July. This was the largest YOY spike since 19891, and is due mostly to the oil price spike we had during the second quarter. Normally rate markets would spike on this inflationary news, but rates have been stable today because
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