Rates are higher to end the week despite tame inflation readings and slightly better retail sales. The US Consumer Price Index, which measures inflation at the consumer level of the economy, was nearly flat at 0.1% in September and 1.1% year-over-year through September. Excluding volatile oil and food costs from the readings, “Core” CPI for
Retail Sales
FBI Could Arrest Hundreds For Mortgage Fraud This week the the FBI could arrest hundreds for mortgage fraud. Charges are expected to be leveled over offenses ranging from pushing borrowers to lie about their income on mortgage applications to providing homeowners with false information about foreclosure rescue programs, the newspaper said. How Analysts Will Research
The US Consumer Price Index, which measures inflation at the consumer level of the economy, was nearly flat at 0.1% in March and 2.3% year-over-year through March. Excluding volatile oil and food costs from the readings, “Core” CPI for March was unchanged and increased 1.1% YOY through March. Consumer inflation for the month is within
Rates rose about .125% this week on better than expected retail sales figures for February and mixed market reception of 3yr, 10yr, and 30yr Treasury auctions. The longer-dated auctions compete directly with mortgage bonds for attention, and the paltry reception of these new issues caused mortgage bonds to trade lower—when bond prices drop, rates rise.
Daylight Savings Time Reminder Don’t forget to “Spring ahead” this Sunday morning. We lose an hour of sleep. Another Bank Closure The FDIC made a rare Thursday move and shut down LibertyPointe Bank This bank catered to the Orthodox Jewish community in Manhattan and Brooklyn, and will be taken over by Valley National. BofA’s Mistaken
Treasury vs. MBS Performance The $16 billion 30-yr bond auction yesterday almost seemed like an afterthought with traders focused on the buyback news. The 10-yr yield was well above 3.60% (not good), and the 30-yr yield came in at 4.72% – the cheapest level a 30-yr auction has come in at since June. But at
JP Morgan Chase Profit Quadruples The FBI is investigating a possible cyber attack on Citigroup. This is a serious issue, because next time the hackers might target a bank that actually has money. (Just kidding!) But seriously folks, JPMorgan Chase & Co., the second-largest U.S. bank by assets, announced this morning that its fourth-quarter profit
I am very excited, because last night I received news that I had won $5 million in the Netherlands lotto! Unfortunately I will receive $5 a year for a million years… Seriously, not a day goes by that I don’t receive some e-mail like, “Wherein your email address emerged as one of the online Winning
After touching the lowest levels on official record before Thanksgiving (see link), rates are now about .1% higher than that. Rates change daily as mortgage bonds trade. Rates held lows coming into this week due to scares about Dubai’s ability to service their debt, and as that subsided, we end the week with the best
After touching the lowest levels on official record before Thanksgiving (see link), rates are now about .1% higher than that. Rates change daily as mortgage bonds trade. Rates held lows coming into this week due to scares about Dubai’s ability to service their debt, and as that subsided, we end the week with the best
Below are the National Retail Federation’s results of this first and critical shopping weekend of the holiday season. And for those who want to know the origin of the term Black Friday, see our post from last year, where you will also find a great Seinfeld clip. As the closely-watched Black Friday weekend winds down,
It was reported that for the ninth year in a row, the most popular car color was silver. In fact, GM says that this year, all three of the cars they sold were silver. But I saw a clever sign at a car dealership: “The best way to get back on your feet? Miss a
Sorry the commentary is a little late today. I was trying to track my Chia Pet order. Who could resist? Don’t be the last one on your block to own one! (These may have contributed to the strong Retail Sales number this morning.) Little Hope For Non-Portfolio Jumbo Mortgages In my spare time I write
Having a home office can be difficult. Last week my daughter came in and told me that, due to cost cutting measures, the board of directors was considering replacing me: with voice mail. “In fact, Dad,” she continued, “if things don’t pick up around here, every day would be casual Friday for you – you
I like attorneys, and feel that jokes about them are mean-spirited and unnecessary. (Like, “What happens when you give a lawyer Viagra? They get taller!”) Attorneys are certainly finding fruitful grounds in handling all of the recent mortgage fraud cases. Of course it takes the government a while to prosecute, and thus many of the
It was a tough weekend for many. Not only did the last WWI veteran to fight in the trenches pass away in England at the age of 111, but the “Yo quiero Taco Bell” Chihuahua Gidget died at age 15. Truly a broad spectrum of news, although neither was a mortgage banker, which could help
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