mortgage rates: 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 … (2 comments)
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mortgage rates: Mortgage Market Update Friday the June 13th, 2008 - 06/13/08 10:52 PM
Well it is official......the bond market is fearful of inflation. Some decent CPI numbers came out this morning but that was overshadowed this afternoon by the word no bullish bond trader wants to here........INFLATION is here and rising......well on the flip side it is quite obvious with the cost of food … (1 comments)
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mortgage rates: Mortgage Rate Update for June 3rd, 2008 - 06/03/08 08:25 AM
Mortgage bonds are trading -6 bps this morning with no economic data on the docket for today. Fed chairman Bernanke is speaking this morning about the economy and he could move markets, other than that bond trading will be driven by the stock market (stocks up bonds down vice versa)
… (2 comments)
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mortgage rates: Mortgage Rate Update for June 2nd, 2008 - 06/02/08 07:43 AM
Mortgage bonds are up 22 bps this morning. After the selloff Friday afternoon, pricing should be right inline with the Friday morning rate sheets. Just 9 bps higher and bonds hit the strong resistance level at the 200 day moving average. Wait and see what rates do after the ISM number is released … (1 comments)
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mortgage rates: Mortgage Rate Update for May 30th PCE and Bulls v. Bears - 05/30/08 08:42 AM
Mortgage Bonds are up 41 bps as of 910am this morning. Core PCE, Personal Consumption Expenditures without food and energy, was released this morning in line with estimates, inflation is still under control. Year or Year PCE is 2.1% slightly above the Fed's target range of 1-2% but this the Fed … (0 comments)
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mortgage rates: Mortgage Rate Update for May 29th - 05/29/08 11:15 AM
Well so much for hoping rates would stay above the 200 day moving average as I hoped ina blog post last night: May 28th Mortgage Bond Chart
Bonds gapped open lower today by a negative 31 bps. We are now down 75 bps are should lock everything under the sun … (0 comments)
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mortgage rates: May 28th Mortgage Bond Chart - 05/28/08 06:27 PM
Today I posted my mortgage market update for the day and recommended to FLOAT because we had tested a key level of support at the 200 day moving average which we did bounce off. Just after 1pm, bonds did fall through that support and I changed my bias to a LOCK position, so I updated my blog to … (0 comments)
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mortgage rates: Mortgage Market Update May 27th, 2008 - 05/27/08 09:37 AM
Well Consumer Confidence just hit the wire for the month of May at 57.2 missing estimates of 61.0, meaning consumers are losing confidence faster than expected. New home sales beat expectations by 6,000 and increased over last month by 17,000. Although this is positive, new home sales account for just … (2 comments)
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mortgage rates: Fed Minutes Summary - 05/21/08 01:46 PM
The Federal Open Market Committee released their minutes from their April meeting at 2pm today
Here are the highlights:
They lowered their growth forecast of the economy slightly over the next few years.
They expect higher inflation and unemployment in 2008 and 2009.
They believe "risk is receding" in the credit … (1 comments)
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mortgage rates: MOrtgage Rate Update May 21st - 05/21/08 10:11 AM
This morning's mortgage bonds are off about 20 bps. Bonds are still sitting above a strong level of support at the 100 and 50 day moving averages so I recommend to FLOAT for now.
This afternoon the much anticipated Fed Minutes are released at 2pm. In these minutes we will discover how the … (0 comments)
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mortgage rates: PPI released, mixed numbers - Mortage Rate update for May 20th - 05/20/08 08:51 AM
PPI, producers price index, was released this morning and was tamer than expected at 0.2%. The street was expecting 0.4%, however core PPI (ex food and energy) was hotter 0.4% than expected 0.2%. Stock are reacting negatively to this news on the open and mortgage bonds so far are up 16 bps … (0 comments)
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mortgage rates: Economic / Rate update going into Wednesday May 14 - 05/14/08 08:18 AM
Well Bonds took a beating yesterday and long-term mortgage rates are back down to mid april 2008 level, overall still in the high 5%, low 6% range. This morning CPI (consumer price index), a measure of inflation, moderated from 4.0% to 3.9% and if you strip out food and energy, which they call core CPI we are … (2 comments)
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mortgage rates: Rates Worsen....Retail Sales in....better than expected. - 05/13/08 08:35 AM
Retail sales numbers were released this morning and came in better than expected. The overall number was right in line at -0.2% but the retail number not counting car purchases was up more than double at 0.5% while the analysts were expecting a 0.2% gain.
Better than expected news should be good … (2 comments)
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mortgage rates: Current Rates are Great...should I lock? - 02/29/08 03:58 PM
Rates have come off their lows from Monday and have improved every day this week. So what should we tell our clients going into this weekend, lock or float?
We have retraced by more than 50% of the recent quick downturn, which for all technical junkies out there is a signal we … (13 comments)
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mortgage rates: Rates, rates, rates what is going on with rates? - 02/26/08 12:16 PM
Let's just throw out the adjustable rates for now, clients are scared, and no one wants them fixed rates are usually a better or very close the same rate anyway, except for maybe the 3/1 ARM because of the inverted or flat yield curve(what ever those are) so I won't speak of them.
How are mortgage rates … (16 comments)
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