I don't really like to advertise here on AR, but I have come to a decision to exit the mortgage business completely, at least for now.  I closed my mortgage business as it became cost prohibitive to operate, especially solo, and focused on a mortgage rate forecasting business, which may return after summer or in the future.  We will have to wait and see about that one as it had potential.

I have decided to focus solely on my new photography business, which friends of mine had highly encouraged me to start after seeing my work.  Below is a list of websites I have that are under development for that business, so feel free to check them out and you decide if my friends were right (they said my talent was too good to not share).  Keep in mind that these sites are still under develop and it will take me a while before they are completed and have the pictures I want uploaded. 

Robert Ashby Photography (all around site for seeing my broad range of shots and capabilities to buy canvas prints of any you like as most are suitable as art)

Ashby Pro Photography (will cater to the commercial, fashion, advertising, real estate, etc. world - more of a marketing website than "sales")

Fotógrafo Robert Ashby (website catered to my local portuguese speaking clients and thos ein Brazil)

Facebook Page (mostly pictures of models, though some travel and other photos will likely get uploaded as well)

New AR Profile (where you will see me writing now on AR)

That was the announcement, now on to the main part of this message, which is the fact I find myself with a lot of domains I no longer have much use, but most are valuable.  Take a look at let me know what you are interested in and let's get you a site you can maximize your profits with!

Accumortgagecheck.com
Fiscaldisciplineblog.com
Flmortgageplaner.com
Flmortgagereport.com
Floridacertifiedmortgageplanningspecialist.com
Floridacmps.com
Floridaloanadvocate.com
Floridamortgageacceleration.com
Floridamortgageadvocate.com
Floridamortgagedaily.com
Floridamortgageplanner.com
Floridamortgagereport.com
Idtheftadvocate.com
Mbscommentary.biz
Mbscommentary.com
Mbscommentary.info
Mbscommentary.net
Mortgageair.net
Mortgageairlines.com
Mortgagemarketweekly.com
Mortgageratecharting.com
Mortgagerateforecasting.com
Mortgagerateforecasts.net
Solidrockmortgage.com
Westpinesmortgage.com
Browardcountyrealestateinvesting.com
Flmortgageplanner.com
Florida-mortgage-solutions.com
Floridamortgagenewsblog.com
Ftlauderrealestateinvesting.com
Identity-theft-advocate.com
Idtheftxpert.com
Miamirealestateinvesting.com
Mortgageair.com
Mortgagemeds.com
nationalmortgageadvocate.com
Outrageousmortgagemarketing.com
Outrageousrealestatemarketing.com
Solidrockmortgageflorida.com
Southfloridarealestateinvesting.com
strategicmortgageadvice.com
Upfrontmortgageplanners.com
Yourfloridamortgageplanner.com
Moneymergeaccountflorida.com

Some of these domains were never implemented, some just have a Wordpress or Joomla installation, but some have some serious Google juice despite laying essentially dormant.  Most are domain names that have some serious potential for the right marketer, so I plan on keeping them until they sell, or I get around to implementing my own marketing strategy to make serious money with them down the road.  In blunter terms, don't expect to be able to just let them sit and I let them expire and get them for a simple domain registration fee.

Again, take a look at them closely and let me know which ones you are interested in.  If you want to buy one, feel free to name your price and if it satisfies me, its yours without creating a bidding war.  If not, expect to see me auction them off to the highest bidder that meets my "minimum" for each.

Thanks for taking the time to check out the domains available and don't forget to start following me under my new profile (which may stay as members only for a while since it is not a "rainmaker" account).  Look for some good posts on photography and probably even some marketing, among some other things, which I expect to make it worth reading, just like this blog has been.

Drawbacks Starting out here at ActiveRain in a photographer's role verus my other life here as a mortgage professional, I figured I would discuss some of my experiences with the two main types of cameras real estate agents, and most others, use in their everyday and professional photography.  While I go into great detail about megapixels and models of cameras, virtually endlessly, I am just going to cover the broad categories of Point and Shoot and DSLR cameras.  I am also going to limit my discussion to digital cameras as film cameras are virtually non-existant now.

First off, I guess I better clarify the two types.  Point and shoot are those that do not have interchangable lenses, while DSLRs can change lenses as the user sees fit.  Both have a wide variety of features, from zoom to megapixels, to sensor size, and so on.  Many point and shoot cameras rival some DSLRs, even in price.  But as the saying goes, you get what you pay for, and that is not limited just to the camera, but also to the person holding it.

Not too long ago, DSLRs were so expensive, they were not even an option.  Heck, ten years ago, point and shoot cameras were not cheap to come by either, not to mention us die hard photography buffs were hesitant to use them to great length.  I did purchase my first digital camera in 2001, used for $250.  It was a Minolta Dimage S304 with a 4x optical zoom (don't remember the "digital zoom") with 3 megapixels.  One thing to keep in mind, DO NOT EVER use the "digital zoom" as you are almost always better off taking the picture and cropping it instead.  Despite the advances in technology since then, one thing seems to never improve in point and shoots...the time it takes to focus!!!

Over the last 10 years, I have owned 5 or 6 point and shoot cameras and 2 DSLRs.  If you decide to go to DSLRs, there are some added factors you need to take into consideration even beyond the cameras ability.  I will get into that later.  Nevertheless, I have taken untold amounts of images over the ten years, covering all types of photography, so my experience level accounts for something these days, and not just from shooting, but from studies as well.  So, let's dive into the main reason for this post...

Benefits of Point and Shoot Cameras

• Cheaper - You get similar features for the same money than a DSLR, such as megapixels, zoom, etc.
• Easy to carry - they are by far smaller than a DSLR, especially with comparable lenses.
• Automatic Modes - Have programmed modes for just about every type of photography, even underwater.
• Zoom - Optical can cover considerable distances, 18x or longer. (I do not discuss digital zoom ranges as I feel they are useless for the most part)
• Video - Video recording in HD is easy.
  
• Weight - Light and do not "hurt" when carried around all day.
  

Drawbacks of Point and Shoot Cameras

• Focusing - Manual focus is essentially useless on point and shoot cameras and auto focusing takes so long you miss the shot in many cases.  At a minimum, you have to have a lot of patience (though most point and shoot only users likely have no clue).
• Manual Modes - Some don't even offer the option, while others are generally so tedious, manual modes are useless.
• Build - Most, but not all, are built rather cheaply and are not rugged enough for some types of photography.
• Limited in accessories, such as filters, which can come in handy.
• Easy to lose.  Due to their size, they are easily misplaced or taking a  while to locate if you do not keep track of them.  Trust me, I know.

Benefits of DSLR Cameras

• Automatic Modes - As with point and shoot cameras, many DSLR cameras come with auto modes that cover a wide range of photography, though they leave out some.  While some are left out, most DSLRs offer at least one setting that the user can customize, making virtually every type of shot (even beyond the point and shoots capability) potentially covered in "auto" mode.
• Manual Mode - The ease of using Manual Mode and the option for psuedo manual modes, is where DSLRs excel.  If you are like me, you "live" in Manual Mode and that makes DSLRs essential.  You can "create" far better with Manual Mode than you can with a point and shoot.
• Focusing - Even in low light situations, you get virtually instantaneous focusing in auto focus modes.  And manual focus is easy to achieve as well with the focus being a "ring" versus a "button".  Precise focus is one of the keys to a great photo and you have greater control over focusing, hands down, with a DSLR.
• Build - Most DSLRs are built rugged enough to handle any type of shoot, especially the more expensive ones.  Some are built like tanks.
• Video - Most DSLRs these days are capable of shooting HD video and of better quality than point and shoots.  Auto focus may or may not be an option though.  Of course, in some cases it isn't needed either.
• Hard to lose - Whether due to the cost or their size, DSLRs are a lot less likely to get lost or misplaced.
• Accessories - Accessories are easy to come by and can allow for all easier and better photos of all types.

Drawbacks of DSLR Cameras

• Expensive - They aren't cheap, but then again, you get what you pay for and my experience proves it.
• Weight - They are heavy and carrying them around all day long can actually hurt.  At least if you do, you won't necessarily have to go to the gym that day.  My "minimum" gear weighs ten pounds and I shoot virtually everything without a tripod.
• Space - Especially when traveling, the amount of space needed to take all of the equipment can be daunting.  When I travel abroad, I am forced to leave some equipment at home, though I carry a "portable studio" with me.

I know you can probably come up with more benefits and drawbacks for each type of camera, but those are the big ones.  You probably already knew some of those anyway, but they are worth examining again, especially if you are looking to buy a new camera.

But the real difference between the two comes down to overall quality of the image.  While many point and shoot cameras are now utilizing the same sensors and image processors to capture the image as an entry-level DSLR, even the those DSLRs are better "capable" of taking higher quality pictures.  Notice I said "capable".  So, repeating that favorite phrase..."you get what you pay for".

I just mentioned "capable" above for a good reason.  Anybody can take good pictures by buying a camera, flipping the "dial" to that "green" mode (whatever icon is used) and shooting away.  However, not everyone can achieve great or impressive pictures that way, and most digital camera users have no idea how to utilize the manual settings to their benefit.  Great pictures not only come from better equipment, but from those whom studying how best to use that equipment.

(PS - I first wrote this earlier today on my new AR profile, but that is limited to members only)

I apologize for not uploading this last week, but I am hopefully not going to miss another one.  Also, don’t forget my weekly Mortgage Market Weekly radio show, every Monday at 12:00 noon Eastern Time.  The bottom line for this week is that mortgage rates do not seem anxious to improve and continue to drift higher in pricing.  The overall outlook remains favorable for mortgage rates to continue their climb.

WEEK IN REVIEW

I hope you all had a wonderful Christmas and extended weekend.  Now it s time to get down to business, at least for a few more days as we are in another holiday-shortened trading week as we approach the 2011.

Last week saw a reasonable amount of volatility, but no real movement in MBS prices.  In fact, by the end of the week, MBS prices had drifted lower by 12bps overall as MBS prices rose a little, then fell back.  Economic data was scarce at the beginning, actually absent for Monday and Tuesday, then heated up on Wednesday and into Thursday.

MBS prices hugged their 10-day moving average as the week got started with the 3-month and 6-month Treasury auctions seeing slightly reduced demand.  St. Louis Fed President James Bullard also stated that the Fed's stimulus provision is reviewable and changeable.  Those recommending "floating" issued lock alerts as the day turned negative.  Tuesday saw MBS prices have arguably their most volatile day of the week as they started higher, fell, then closed at their highest levels of the day.  Again, floating guidance was changed to lock alerts amidst the volatility.  Fed market manipulation was the the reason for the afternoon rebound. 

Wednesday, data began rolling as we saw that Purchase Applications dropped 2.5% and Refinance Applications dropped 24.6%.  GDP was just below expectations, as was Existing Home Sales, though the latter was up 5.6%.  We saw MBS prices drop to their 10-day moving average yet again, though they ended Wednesday down just 3bp.  Thursday was the major data play as the week drew to a close and the bond markets closed early.  Jobless Claims were inline with expectations.  Durable Goods Orders were mixed and inflation according to the Fed's favorite gauge was tame yet again.  Consumer Sentiment was below expectations, but was still at 74.5, its highest level since June.  New Home Sales followed Existing Home Sales advice and rose 5.4%.  By Thursday's close, MBS prices had fallen on the day, ending the week down 12bp and roughly at their 10-day moving average.

FORECAST FOR THE WEEK

This week will be another shortened trading week as we close 2010 and begin 2011.  The week ahead will be interspersed with Treasury Auction and Economic Data, some of which is significant and may firm up the outlook for mortgage rates.  Again, with us currently amidst the holidays, trading could get volatile and the final outcome may not be "perfect" guidance for the future as we will not have the normal trading volumes. 

As of writing, this is what this week's schedule looks like:

• Monday:  3-month T-Bill Auction, 6-month T-Bill Auction, 2-year T-Note Auction
• Tuesday:  S&P Case-Shiller HPI, Consumer Confidence, 5-year T-Note Auction
• Wednesday:  MBA Purchase Applications, Crude Inventories, 7-year T-Note Auction
• Thursday:  Jobless Claims, Chicago PMI, Pending Home Sales Index
• Friday:  HAPPY NEW YEAR

Just like last week, Thursday will be the day that should have the most impact.  Treasury auction results will also be a player this week, though their volumes will likely be down, causing decreased demand to be seen, which may weigh on MBS prices as well.

If you would like my in-depth technical analysis, make sure you listen to my Mortgage market Weekly radio show at Blog Talk Radio.  Don’t forget to subscribe to Mortgage Rate Forecaster by week’s end to beat my price increase and get access to my daily mortgage rate forecasts that have the most accurate track record for the past 6 years.  This is a MUST service if you do not want to lose more money following those other “well-known” mortgage rate alert services that continue to issue erroneous advice only to issue alerts later, sometimes less than 30 minutes later.

I just realized I never uploaded this week’s Mortgage Market Weekly, so here it is, with one addition if you are interested.  For those looking for a quick summary, here it is…brief up, followed by the next leg down just like we have been seeing.  In simpler terms, no change expected.  Check out the bottom for a quick viewpoint and a link to a video worth watching.

WEEK IN REVIEW

In case you don't remember what I said last week, I summarized it as another week where we would see mortgage backed securities rise some, then resume their downtrend.  Well, that is exactly what happened.

There was very little in regards to economic data and that leaves news and technical indications in the driver's seat.  The only other factor driving the markets were the three main Treasury auctions, which actually did not drive the markets as much as you might have suspected.  Starting the week off was Jeffrey Lacker's comments stating the Fed's policy is risky and should be reviewed and MBS prices rose.  Then comes the Obama Administration favoring the extension of the Bush-era tax cuts for two years, followed by a disappointing 3-year T-Note auction.  That caused MBS prices to reverse course and the next leg lower began. 

As the week played out, we saw the 10-year T-Note auction come in mediocre.  Jobless Claims then came in slightly better than expected followed by a decent 30-year T-Bond auction.  This allowed MBS prices to halt their plunge, though only briefly before "reality" caused even the 30-year T-Bond auction's benefits to fade.  Then Friday brought a better than expected Consumer Sentiment to send MBS prices into what appears to be their next leg lower.

FORECAST FOR THE WEEK

Unlike last week, there will be quite a bit of economic data coming out highlighting inflation, the economy, the housing market, and even the Fed's next Policy Statement.  Take a look at what is in store for us this week:

• Monday:  3-month and 6-month T-Bill auctions
• Tuesday:  Producer Price Index (PPI), Retail Sales, FOMC Meeting Announcement
• Wednesday:  MBA Purchase Applications,  Consumer Price Index (CPI), Empire State Manufacturing Survey, Industrial Production, Housing Market Index, Crude Inventories
• Thursday:  Jobless Claims, Housing Starts, Building Permits, Philadelphia Fed Survey
• Friday:  Leading Indicators

As you can see, there is plenty to drive MBS prices (and mortgage rates) this week, including further market manipulation from the Fed.   Don't get dismayed when the week starts out quietly as things will heat up quickly and things could get very interesting.  The bottom line for this week is basically a repeat of what has been happening.  Other than a brief move lower, mortgage rates will most likely continue their climb.

As I have been doing recently, I reserve the technical analysis for my subscribers and those who listen in to my Mortgage Market Weekly radio show on Blog Talk Radio.  This week I also added it to my Mortgage Market Weekly email newsletter, which you can sign up for at Mortgage Rate Forecaster. 

ADDITIONAL MESSAGE

OK, I normally do not add videos that are essentially sales videos into my posts, but this one I think is a must see.  If you know me and have been following me for sometime, you know much of what is included in this 90-minute video, but you will also likely learn something from it as well.  I will warn you that it is a sales video from Mike Dillard on his new service called The Elevation Group, but Mike highlights some warning signs in today’s economy, Fed actions, Political reality, and more that resemble actions of the past that have caused serious problems for the future.  Again, you have heard some of it from me, especially if you know me on a personal level, but Mike goes into more detail and summarizes it in 90-minutes or less.  To that extent, this is a MUST SEE VIDEO in my opinion.

What a week we had and it played out much like I had expected with MBS prices moving higher briefly, then resuming their downtrend and sending mortgage rates higher.  It looks like much the same for this week, so you may as well just lock, especially if you are not following my daily Mortgage Rate Forecasts on Mortgage Rate Forecaster™.

WEEK IN REVIEW

Looking back over the last week, we can see why mortgage backed securities could find very little strength until Friday’s Jobs Jamboree big surprise.  The week started out with nothing to motivate them except continued news overseas.  Once Tuesday came, though, things began to heat up with the S&P Case-Shiller HPI showing prices are on the decline and the Chicago PMI beating expectations, showing the economy is doing better than expected.  Even Consumer Confidence came in better than expected.  The ADP Employment Report came in higher than expected as well and that sealed the fate of mortgage bonds and solidified the downtrend.  Purchase Applications were up slightly while Refinances dropped significantly.  As the day progressed, the ISM Manufacturing Index tried to give MBS prices some much needed support by coming lower than expected, but that proved to be insufficient as MBS prices resumed their fall after the Fed’s Beige Book.  Thursday’s open gapped lower and things did not look good at the beginning, but Jobless Claims were higher than expected and that provided some optimism going into Friday’s Jobs Report.  Pending Home Sales also threw in a surprise by climbing 10.4%.  But the main event was Friday’s Employment Situation report, aka the Jobs Jamboree, which came in much worse than expected just about across the board and that sent mortgage bonds into rally mode.  That being said, they just couldn’t hold on and it appears that the 200-day moving average (4.0% FNMA) is just too strong and despite being considerably higher than this level, they closed below it.

FORECAST FOR THE WEEK

This week will certainly not be as entertaining as last week, at least as far as economic data is concerned.  In fact, there is virtually no economic reports that are impactful enough to make waves in the markets.  However, there are several Treasury Auctions, namely the 3-year T-Note on Tuesday, the 10-year T-Note on Wednesday, and the 30-year T-Bond report, all of which could easily make tsunamis in this environment.  That being said, Friday will be the bigger day for economic data with the International Trade report, along with Consumer Sentiment.  But don’t forget the weekly Jobless Claims report could also make its own waves. 

Looking at the charts, there really is not anything new to say except for the pattern that formed over the week.  The 3.5% FNMA is essentially no longer a valid chart to follow as mortgage rates continue their climb, so the 4.0% FNMA will be used in my reports moving forward.  Just like last week, the only “good sign” is that stochastic indications remain in the oversold spectrum.  For a more detailed analysis, make sure you listen in to my Mortgage Market Weekly radio show and feel free to chime in if you listen live.  I had to move this week’s show to Tuesday at 11:00 due to my flight schedule and I am changing the weekly time to 12:00pm ET on Mondays moving forward as it appears most listeners show up around that time to listen to the recordings.  Also don’t forget to subscribe and follow my daily Mortgage Rate Forecasts at Mortgage Rate Forecaster™ to ensure you are up to speed on the “big picture” to ensure you are following the best locking advice.

It has been missing for quite some time as I transitioned Florida Mortgage Daily into Mortgage Rate Forecaster™, but the Mortgage Market Weekly is back, and is now going to be an email newsletter, so don’t forget to sign up for it on Mortgage Rate Forecaster™.  I have received many inquiries as to what happened and when it would return, so here it is.  Keep in mind that I go into greater depth in Mortgage Market Weekly, my weekly BlogTalkRadio show, not to mention my daily mortgage rate forecasts, now found exclusively at Mortgage Rate Forecaster™.

WEEK IN REVIEW

Last week was a holiday-shortened week which always adds a little volatility to the mix, not to mention its moves become questionable at times due to lower trading volumes.  Last week certainly did not surprise in this matter, especially on Wednesday when the bulk of economic data was released.  European Woes and the mounting Korean crisis are the news headlines shaping the markets, and will continue to do so this week.  Last week, however, had some major data plays as well, especially in regards to inflation.

The week had started off quiet, with just Treasury Auctions paving the way.  The weekly 3-month and 6-month T-Bill auctions continue to see strong and steady results.  Adding to the mix was the 2-year T-Note auction, also seeing strong results as the week began.  Tuesday started off nicely, but data and auctions began weighing on the markets, even more than the boost they got from overseas.  GDP was revised to 2.5%, up from 2.4%, and that signals a better economy than previously thought.  The GDP Price index was at 2.3%, so no impact here.  Existing Home Sales then threw a curveball, coming in at 4.43M, down 2.2% month/month and bringing the year/year to –25.9%.  Then the 5-year T-Note auction saw poor results and mortgage backed securities prices just could not hold on.  The final round was Wednesday in regards to economic data and the continued losses.  Durable Goods Orders came in at were below expectations, even after removing transportation, Personal Income and Consumer Spending were near expectations and Core PCE (Fed’s favorite gauge on inflation) was 0.0%, bringing its year/year to 0.9% which is the lowest on record.  Consumer Sentiment was better than expected, but New Home Sales was just 283K, with the median price dropping 13.9% to $194,900 and the average price dropping 8.0% to $248,200.  Finally, the 7-year T-Note Auction saw disappointing results as well and MBS prices continued their fall.  Friday was a shortened trading day and no economic data, allowing a rebound to take place.  And keeping with the Thanksgiving holiday, there may very well be something to be thankful for mortgage rates.

FORECAST FOR THE WEEK AHEAD

This week will certainly not be a quiet one as we have plenty of major economic reports on the docket, culminating with the monthly Employment Situation report, aka the Jobs Report or “Jobs Jamboree”.  Today is a quiet one, but don’t let the calm fool you as it may just be the calm before the storm.  We will be looking at the Chicago PMI, Consumer Confidence and the S&P Case-Shiller HPI tomorrow.  Wednesday will bring the ADP Employment Report and the ISM Manufacturing Index, not to mention the Beige Book.  Thursday houses Jobless Claims,  and numerous Treasury Announcements of their upcoming auctions.  Friday is the most watched day of the month as the Employment Situation report houses several reports, though all eyes tend to focus on just two, Nonfarm Payrolls and the Unemployment Rate.  We will also get a look at the ISM Non-Manufacturing Index, which is also known as the ISM Services Index. 

As you can see, there will be plenty of data plays to shape the outlook for mortgage rates, not to mention the drama overseas.  When we look at the charts, we have an interesting dilemma as last week was holiday-shortened and we must factor that in.  This week will certainly solidify the outlook, for better or worse, so it will be important to be watching the daily forecasts as the week unfolds.  Right now, mortgage bonds are up and back within their recent sideways trading pattern, but just barely.  They are currently battling their 10-day moving average, which has been winning thus far.  So, the question will be is this move a corrective move, a move to maintain the status quo (sideways pattern), or an attempt to break free and try to push higher and send mortgage rates lower again?  Well, I have to reserve that outlook to my listeners and, of course, the daily outlooks for my clients.

I hope you all enjoy the resumption of my Mortgage Market Weekly reports.  If you do, spread the word that they are here and anyone can sign up for them as an email newsletter over at Mortgage Rate Forecaster™.  I look forward to assisting you all in having a very successful 2011 and don’t forget to join me on Mortgage Market Weekly!

I don't do FHA loans, but I know there is a lot of misinformation out there about them.  Jeff does a good job in dispelling some of the myths out there and highlights why FHA laons may be the better choice these days.

As a member of this group, I know where Mortgage Myth Busters is headed and it is quickly becoming the best site for accurate answers to your mortgage questions...

Greetings from Brasil as I am currently in Rio de Janeiro, certainly not a bad deal except for the fact it is somewhat difficult to conduct business from down here, especially with the internet being quite slow at times.  Today’s radio show will be broadcast from here, so let’s hope the internet holds up while it is being recorded.

Last week went essentially as expected if you read last week’s report.  We saw the corrective move, then the turn back higher, again reaching new heights in mortgage backed securities’ pricing.  Of course, that translates to new record low mortgage rates.  Rate alert services issued false alerts again last week as MBS prices did drop pretty good during the day, but if you followed my guidance, you knew better.  The Treasury Auctions last week went fairly well, especially when you factor in the levels of buyside buying and higher amounts offered.  But the big stories are that Retail Sales still isn’t doing very good and that inflationary concerns remain subdued.  Of course, the Fed’s Policy Statement made some subtle changes as they left their rates unchanged.  Without breaking it down in detail, the Policy Statement was favorable overall with the big take away being the Fed’s decision to “reinvest” in Treasuries.  Productivity dropped which could be interesting if it fails to recover, but it is not a major issue yet.  The charts were skewed a bit with the monthly bond coupon rollover, but that also helped ensure a solid retracement.

This week will continue the data flow with some market moving data, especially Thursday with the Philadelphia Fed Survey, but there are not a lot of reports coming this week.  We already have seen the data for today, which has been favorable overall, but here is this week’s currently scheduled events…

• Monday:  Empire State Manufacturing Survey (8:30), Housing Market Index (10:00), 3-month T-Bill Auction (11:30), 6-month T-Bill Auction (11:30)
• Tuesday:  E-Commerce Retail Sales (6:00), Housing Starts (8:30), Producer Price Index (8:30), Industrial Production (9:15), Narayana Kocherlakota Speaks (12:30)
• Wednesday:  MBA Purchase Applications (7:00), Crude Inventories (10:30)
• Thursday:  Jobless Claims (8:30), Leading Indicators (10:00), Philadelphia Fed Survey (10:00), Treasury Announcements (11:00), James Bullard Speaks (11:30), Charles Evans Speaks (1:00), Money Supply (4:30)
• Friday:  No data or events scheduled at this time.

With the data calendar remaining light overall, with a few that could shake up the markets, technicals, news and stocks are going to be driving the markets for most of the week.   Don’t expect much, if any, good news from the housing front and be alert Thursday as this will be the bigger data day.

Looking at the charts, we see the trend continues to push MBS prices to new heights and setting new record low mortgage rates.  MBS prices did dip below their 10-day moving average briefly, but that was due to the monthly bond coupon rollover, so once again we see the trend did not falter, and will not so long as MBS prices maintain levels above their 10-day moving average as I have been saying for a while now.  Stochastic indications are now just below the overbought spectrum and looking positive as well.  MBS prices today have pushed through two resistance layers and essentially have tested the lower one for support, which held.  Keep in mind that the trend has been “baby stepping” its way higher, and retracements are taking place with just about every significant move higher.

The bottom line for this week continues to be the same as the last several weeks.  The trend remains intact and unless MBS prices drop and stay below their 10-day moving average, there is no need to rush to lock.  Don’t forget to follow my daily guidance at Florida Mortgage Daily for any changes.

Greetings from Brasil as I am currently in Rio de Janeiro, certainly not a bad deal except for the fact it is somewhat difficult to conduct business from down here, especially with the internet being quite slow at times.  Today’s radio show will be broadcast from here, so let’s hope the internet holds up while it is being recorded.

Last week went essentially as expected if you read last week’s report.  We saw the corrective move, then the turn back higher, again reaching new heights in mortgage backed securities’ pricing.  Of course, that translates to new record low mortgage rates.  Rate alert services issued false alerts again last week as MBS prices did drop pretty good during the day, but if you followed my guidance, you knew better.  The Treasury Auctions last week went fairly well, especially when you factor in the levels of buyside buying and higher amounts offered.  But the big stories are that Retail Sales still isn’t doing very good and that inflationary concerns remain subdued.  Of course, the Fed’s Policy Statement made some subtle changes as they left their rates unchanged.  Without breaking it down in detail, the Policy Statement was favorable overall.  Productivity dropped which could be interesting if it fails to recover, but it is not a major issue yet.  The charts were skewed a bit with the monthly bond coupon rollover, but that also helped ensure a solid retracement.

This week will continue the data flow with some market moving data, especially Thursday with the Philadelphia Fed Survey, but there are not a lot of reports coming this week.  We already have seen the data for today, which has been favorable overall, but here is this week’s currently scheduled events…

• Monday:  Empire State Manufacturing Survey (8:30), Housing Market Index (10:00), 3-month T-Bill Auction (11:30), 6-month T-Bill Auction (11:30)
• Tuesday:  E-Commerce Retail Sales (6:00), Housing Starts (8:30), Producer Price Index (8:30), Industrial Production (9:15), Narayana Kocherlakota Speaks (12:30)
• Wednesday:  MBA Purchase Applications (7:00), Crude Inventories (10:30)
• Thursday:  Jobless Claims (8:30), Leading Indicators (10:00), Philadelphia Fed Survey (10:00), Treasury Announcements (11:00), James Bullard Speaks (11:30), Charles Evans Speaks (1:00), Money Supply (4:30)
• Friday:  No data or events scheduled at this time.

With the data calendar remaining light overall, with a few that could shake up the markets, technicals, news and stocks are going to be driving the markets for most of the week.   Don’t expect much, if any, good news from the housing front and be alert Thursday as this will be the bigger data day.

Looking at the charts, we see the trend continues to push MBS prices to new heights and setting new record low mortgage rates.  MBS prices did dip below their 10-day moving average briefly, but that was due to the monthly bond coupon rollover, so once again we see the trend did not falter, and will not so long as MBS prices maintain levels above their 10-day moving average as I have been saying for a while now.  Stochastic indications are now just below the overbought spectrum and looking positive as well.  MBS prices today have pushed through two resistance layers and essentially have tested the lower one for support, which held.  Keep in mind that the trend has been “baby stepping” its way higher, and retracements are taking place with just about every significant move higher.

The bottom line for this week continues to be the same as the last several weeks.  The trend remains intact and unless MBS prices drop and stay below their 10-day moving average, there is no need to rush to lock.  Don’t forget to follow my daily guidance at Florida Mortgage Daily for any changes.