Thirty-year rates are up .125% since Friday to 4.875% with zero points. Rates for loans above $417,000 and condos are higher. Weak U.S. new home sales data and Europe’s ongoing debt crisis have helped U.S. mortgage bonds rally in the past year, pushing rates down, but inflation is becoming the primary concern for bonds, which
New Home Sales
Bonds and especially oil are trading wildly today as markets sort through mixed data. Both are generally up as the Libya situation unfolds, and when bond prices rise on a rally, rates drop. As for oil, was as high as $103 today and now more like $97. Below are the data releases from today: jobs
Bonds and especially oil are trading wildly today as markets sort through mixed data. Both are generally up as the Libya situation unfolds, and when bond prices rise on a rally, rates drop. As for oil, was as high as $103 today and now more like $97. Below are the data releases from today: jobs
Last week, rates were steady a second straight week following a .375% rate spike the first two weeks of February. This despite lots of data showing manufacturers are facing significant price inflation which may soon be passed onto consumers. Rates would normally rise on inflation data, but consumer inflation came in flat and rate markets
Markets often overreact. Like last May 6 when the Dow dropped 1000 points after Greece’s parliament voted on measures to control it’s out of control debt. Or even like today when rates rose .2% after New Home Sales rose 17.5%, making mortgage bond traders think the economy is fixed. It’s enough to drive you insane.
30-year fixed mortgage rates head into Christmas at about 5% for a single family home loan up to $417,000, and about .25% higher for larger loans and most condo loans. Bond markets close at 2:00 ET today and reopen Monday. While today’s inflation report was flat, mortgage bonds sold off and pushed rates higher on
The Census Bureau reported this morning that sales of new single-family houses in September 2010 were at a seasonally adjusted annual rate of 307,000, which is 6.6% above August—a month where new home sales were the second lowest ever behind May—but 21.5% below the September 2009 figure of 391,000. The September median new home sale
The Census Bureau reported this morning that sales of new single-family houses in September 2010 were at a seasonally adjusted annual rate of 307,000, which is 6.6% above August—a month where new home sales were the second lowest ever behind May—but 21.5% below the September 2009 figure of 391,000. The September median new home sale
The Census Bureau reported this morning that Sales of new single-family houses in August 2010 were at a seasonally adjusted annual rate of 288,000, unchanged from the revised July rate of 288,000. This is 28.9% below August 2009, and the second lowest number on record, the lowest was posted May 2010. The median sales price
Rates ended last week even vs. previous week. Record low rates are holding as we head into the September 20 week. Rates and fine-print below. Also below are three topics: (1) Fed meeting and home sales preview, (2) critical alert on FHA loan cost increases, and (3) advice for refinancers. Rate Factors Week of September
Jumpy Rate Market Response To GDP & Home Sales Reports Rates dropped 0.2% early last week then rose Friday to end the week even. The $109b in Treasury auctions throughout last week caused mortgage bonds to sell off slightly, and July’s record low New Home Sales (down 32.4% year-over-year) and Existing Home Sales (down 25.5%
Short Sales Take 6-13 Months A study put out by Deutsche Bank ranked GMAC ranked as the top servicer among all prime mortgage servicers based on short sale timelines – six months! The investment bank’s survey showed that a short sale generated a higher recovery than an REO sale. For “prime” short sales, GMAC was
Mortgage Bond Market Update Yesterday we saw yet another improvement, with lower coupon (current production) prices doing the best. At the close of business yesterday, the spread between a Fannie 4.5% security and a Fannie 5.0% security was 2.5 points. (So .5 in rate equates to 2.5 points, or about .625 points for every .125%
Why You Shouldn’t Give Out Your Social Security Number On The Radio Does the name “Todd Davis” ring a bell? He is the CEO of a company called LifeLock, and he made the news a while back by broadcasting his Social Security Number in radio ads to show confidence that his identity couldn’t be stolen.
Rates Up On New Home Sales & Durable Goods Numbers Today we had Durable Goods (very volatile) and a big New Home Sales number. Durable Goods were expected to be +.3% for March and originally reported as +.5% in February, the third consecutive monthly increase (although most of the gain in February’s number was due
Does A Loan Originator Have To Buy Back A Bad Loan Even After It’s Modified? Yesterday I mentioned the question about whether or not modified loans could still be forced back to the seller for buybacks. Freddie Mac does indeed say that the seller would still need to buy it back after a modification. At
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