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Mortgage Market Update for Friday July 25, 2008 - 07/25/08 08:24 AM
Bonds had a nice rally yesterday and closed above a key level of resistance. In order for confirmation of a technical break through the next trading day needs open above that as well......well bonds did not and they have given back 70% of yesterday's gains already. The headline number of durable goods came in much better than expected. Estimates called for negative 0.3% and the actual number was up 0.8%, stock market should open well today. Friday's in the summer tend to be very volatile so expect yet another crazy day in the markets.
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The above Mortgage Market Update information … (4 comments)
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A Week of Rising Rates - 07/18/08 09:01 AM
Mortgage Bonds have traded lowered for 4th straight session today losing just shy of 200 basis points over that period. To get a rate quoted on Monday a client would now have to pay 2 points on their loan if they did not lock and wanted that , that is scary.
No economic news out this morning; movement today should be technically driven, the sellers are losing their steam and the buyers should be coming to market for a reversal in pricing.
Have a great weekend!
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The above Mortgage Market Update information was provided by Bryan Flynn of Wells … (0 comments)
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Mortgage Market Update for July 16th, 2008 - 07/16/08 07:45 AM
CPI was hotter than expected which is inflationary and bad for mortgage bonds.
CPI was estimated at .7% and came in at 1.1% year or year is 5%
Core CPI, ex -food and -engergy, was estimated at .2% and came in at .3% year or year it is 2.4%
It is the biggest CPI jump in a single month since 1982, biggest year or year rise since 1991.
Bonds are down 25 bps but are down 19 bps right now but it's still early......overall not a great number but you kind of had to expect this so it could be … (0 comments)
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Mortgage Market Update for Tuesday July 15th, 2008 - 07/15/08 08:07 AM
Another crazy day in this economy....the PPI was hotter than expected this morning which means inflation and the Retail Sales number missed. The core PPI which takes out food and energy was slightly better than expected which is some positive upside, but really food and energy is an obvious concern. Mortgage Bonds had a nice run up yesterday after their big brother, our government, backed Fannie Mae and Freddie Mac which confirms these companies are just too big to fail.
Stocks look to open down this morning as GM halted their dividend. Technically bonds closed between the 50 and 100 day moving average … (0 comments)
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The Crisis of Confidence - 07/13/08 09:03 PM
The Crisis of Confidence....that's probably the best way to describe it.
Friday was a crazy day in the financial markets being headlined by the potential failure of the government sponsors agencies (GSEs), Fannie Mae and Freddie Mac. At the start of Friday it was reported the government could take over these agencies over the weekend and perhaps they would dissolve and rename them. Well both stocks opened sharply to the downside.
At about 2pm there were rumors that the Bernanke was going to announce the opening of the discount window to Fannie and Freddie to help solve their liquidity problems. By 315pm the … (2 comments)
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Mortgage Market Update for Wednesday July 9th, 2008 - 07/09/08 06:13 AM
Bonds have been on a wild ride this week trading significantly lower until a sharp turn around Monday afternoon followed by a big rally yesterday, opening at their low and closing just off their high. The 30 year fixed rate is at it's best level in just over a month.
Bonds and stocks both finished up on the day which is not a normal occurrence. Oil was down over $5 on the day, the biggest one day drop in about 4 months.
Technically bonds broke through 2 levels of resistance and are just 28 bps below the 200 day moving average, which will be … (0 comments)
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Bryan Flynn Central Mass and Worcester Mortgages
Worcester,
MA
More about me…
Sierra Pacific Mortgage
Address: 354 West Boylston Street, Suite 224, West Boylston, MA, 01583
Office Phone: (774) 261-8496 x 774
Cell Phone: (508) 207-0807
Email Me
Where are Mortgages Rates going......Realtors and Loan Officers...keep your clients informed.
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