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daily rate update: Home Builders Doubts About Economy Continue - Daily Mortgage Rate Update for July 20th, 2010 - 07/20/10 11:37 AM
Home starts down 5%; Corporate results disappoint - Daily Mortgage Rate Update for July 20th, 2010
We learned yesterday that builders of new homes and condominiums are not happy with the state of the makret for new home construction. Today, we saw exactly why, as new home consruction was reported to have declined further in June, 2010.
Corporate profits (or lack thereof) continue to dominate the direction of mortgage pricing, an today, two giants of the corporate world disappointed investors. Both Goldman Sachs and IBM failed to bring in enough revenue to meet market expectations, and as a result, stocks are … (1 comments)
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daily rate update: Consumers have the "blahs"; What does financial reform mean to mortgages? - Daily Mortgage Rate Update for July 16th, 2010 - 07/16/10 12:58 PM
Inflation stays low; bank profits up, but revenues down; Financial reform coming - Daily Mortgage Rate Update for July 16th, 2010
Please visit http://provincemai.com for the full text of today's update.
Mortgage rates are better today after reports have indicated that inflation is very low. The core Consumer Price Index, or CPI, came in at a scant rise of 0.2%, meaning that prices of goods consumers use are holding very stable in the US. Inflation is the archenemy of low interest rates, as investors want their investments to gain value faster than inflation takes it away. Meanwhile, consumer sentiment, according to … (1 comments)
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daily rate update: Corporate Profits May Drive Mortgage Rates Up - Daily Rate Update for July 13th, 2010 - 07/13/10 09:42 AM
Alcoa, CSX beat expectations; Trade deficit up; treasury auctions later - Daliy Rate Update for July 13th, 2010
When two companies that are a backbone to other corporate activity both report better-than-expected profits and revenues, you can bet that the rest of corporate America is probably doing pretty well, too. Well Alcoa, a manufacturer of aluminum, and CSX, a transporter of just about everything, both beat expectations, and this suggests that they may not be alone.
The trade deficit is worse than expected, and we'll find out exactly how traders feel about the situation at 1:00 this afternoon when the results … (0 comments)
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daily rate update: After a quiet week, a big, loud noisy one awaits - Rate Lock Report for July 12th, 2010 - 07/12/10 12:23 PM
Corporate earnings, inflation, Treasury borrowing, will dominate week; Mortgage rates the lowest they’ve ever been – Daily Mortgage Rate Update for July 12, 2010
There's plenty of news coming later this week, after a very quiet, Independance-day-shortened week. Between Treasury borrowing, corporate earnings, manufacturing, inflation, and consumer sentiment, there are a number of rate-sheet influential news releases coming. While there is little indication that the news will lead to lower or higher rates, current pricing levels are so favorable as to suggest that it may make sense to get loans locked in sooner rather than later.
For a full review of … (0 comments)
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daily rate update: It's Been A Quiet Week For A Mortgage Loan. . . - Daily Rate Update for July 9th, 2010 - 07/09/10 11:52 AM
Wholesale inventories nominal; Investors seek to hedge positions going into busy week; Next week's preview; New Feature: The Rumor Mill - Rate Lock Report for Friday, July 9th, 2010
In spite of the relative lack of data this week, mortgage pricing has still been a little more volatile that might have been expected, but most of that was caused by the stock lever from several straight days of higher than usual stock market gains. More than anything else, those stock market gains were driven by bargain hunting. Next week is a different animal altogether though, as we'll review below.
Today, the … (0 comments)
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daily rate update: Credit Card Delinquencies Fall and Unemployment May Have Peaked - Double Who? - Daily Rate Update for July 7th, 2010 - 07/07/10 10:43 AM
Yesterday's market dominated by "double dip" recession fears; Today's data suggests things MAY not be that bad - Rate Lock Report for July 7th, 2010
If you're unhappy with the pricing improvements we received yesterday, please raise your hand. Anyone? I didn't think so. Would you like to know why it happened?
Yesterday, markets were gripped with panic over the possibility of a "double dip" recession, that is, a second, possibly worse, recession following the first. Needless to say, this is a pretty scary possibility, and one that the talking heads on CNBC apparently couldn't say enough yesterday. (I didn't actually … (1 comments)
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daily rate update: Services Growth Slows; Rates At All Time Lows - Daily Mortgage Rate Update for July 6, 2010 - 07/06/10 12:56 PM
Service Sector Growth Misses Expectations; Accounts for 80% of all US Jobs - Rate Lock Report for July 6, 2010
Today marks the start of a short, quiet week, from the perspective of economic data. We will receive exactly two pieces of interest-rate-influential data this week; one the Institute for Supply Management's Services Sector Index this morning, the second the weekly unemployment claims on Friday. For the rest of this week, I anticipate mortgage rates will be driven more by activity in stock markets.
The ISM Services Sector Index measures the pace of expansion or contraction in the services sector, which … (0 comments)
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daily rate update: Mortgage Rates Set a New Record Low on Weak Economic Data - Daily Rate Update for July 1st, 2010 - 07/01/10 01:05 PM
First Time Homebuyer Closing Extension Almost Certain; 30-year Fixed Hits 4.58%; Unemployment Claims up - will Non-Farms Payrolls miss tomorrow? - Rate Lock Report for July 1, 2010
Happy July! I imagine many of your reading this are relieved that the deadline to close tax credit homes has passed; I hope you were successful in getting them all to the table; if not, congress finally got it together and passed an extension through both houses yesterday, so you will likely have until September 30th to close those.
New unemployment claims were unexpectedly higher today, at 472,000, further bringing into question economists … (0 comments)
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daily rate update: ADP Payrolls Report Paints Grim Picture, But Things In Europe Maybe Not So Bad - Daily Mortgage Rate Update for June 30, 2010 - 06/30/10 10:35 AM
European banks borrow only €132 billion compared to €210 billion that had been expected; Private employers add a paltry 13,000 jobs - Rate Lock Report for June 30, 2010
Yesterday, global equity markets dropped sharply on serious worries about liquidity in the European banking system. We learned this morning that the situation there isn't quite as bad as feared, as banks that had been expected to borrow as much as €300 billion instead took less than half that figure.
Today's news brought us a first look at June's employment situation, and it wasn't spectacular. According to payroll provider ADP, private employers … (0 comments)
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daily rate update: Markets Slump Sharply on Weak Data, Profit-Taking - Daily Mortgage Rate Update for June 24, 2010 - 06/24/10 04:44 PM
Unemployment Claims Fall Slightly, Durable Goods Orders Less than expected, but traders want none of it - Rate Lock Report for June 24, 2010
Yesterday, the Federal Reserve Open Markets Committee said exactly what I expected: Economic recovery continues, but is not as strong as expected; inflation pressures are minimal. The net result to markets? Next to nothing. After closing essentially unchanged from the Fed announcement, stocks opened weaker this morning, strengthening the bond markets, on continued worries about the ripple effects of the European economic crisis. US data today hasn't helped that any, but the market's reaction has been a … (0 comments)
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daily rate update: Waiting to hear, "Economic recovery continues, but is not as strong as expected; inflation pressures are minimal" from the Fed - Daily Mortgage Rate Update for June 23, 2010 - 06/23/10 10:33 AM
Federal Reserve ends two-day meeting, makes policy announcement at 2:15 PM today, but it's their wording that will influence markets much more than their action - Rate Lock Report for June 23, 2010
The policy action the Federal Reserve Open Markets Committee will take today is almost universally expected to be nothing. No rate increase, and, with no room to go downwards, no decrease either. So, what are traders waiting for?
Over the past few years, when the Fed has declined to take any action to change interest rates, a quite common occurrence, traders have placed more weight on the wording … (0 comments)
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daily rate update: China Loosens Currency Policy; Stocks Open Strong, but Falter -- Daily Mortgage Rate Update for June 21, 2010 - 06/21/10 02:37 PM
Currency rise would mean imports more expensive, but what is the implication for rates? Rate Lock Report for June 21, 2010
When I wrote the rate update last Friday, I wasn't expecting we'd have much to talk about today. I was wrong. Over the weekend, China made a major announcement, saying that it would allow its currency to float somewhat more freely compared to the US Dollar. For the last two years, the Renminbi, or yuan, has traded in a very narrow range with the dollar, as China instituted an effective currency peg to the dollar in response to the financial … (0 comments)
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daily rate update: What's this 'Stock Lever' thing, and why is it making mortgage rates worse? - Daily Mortgage Rate update for June 16, 2010 - 06/16/10 08:24 AM
Big Rise in Stocks Puts Pressure on Mortgage Rates; Inflation Data Coming this Morning - Rate Lock Report for June 16, 2010
Good morning, at least I hope it is! Unfortunately, if you took my advice yesterday on mortgage refinance rates, you're probably a little bit worse off today than you were yesterday morning. Mortgage pricing started very strongly on Tuesday, after climbing out of a little dip on Monday, but got pounded later in the day as investors flocked to a sharply rising stock market.
The relationship between equity and debt markets is one that will often affect pricing for … (0 comments)
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daily rate update: Another European Downgrade, and we're back where we started - Daily Rate Update for June 15, 2010 - 06/15/10 08:53 AM
Greek Debt Downgraded to Junk; Housing and Manufacturing Data Coming - June 15,2010 Rate Lock Report
Good morning! Once again yesterday, financial markets opened significantly higher, only to close down. I wish I could say this is a new thing, but it is something that has been happening 2 or 3 times a week since the beginning of May. While there is a specific cause we can point to yesterday, on the whole this trend of day-long declines appears to by a symptom of a market that is just a bit too bearish to have confidence in any significant advance.
Yesterday's … (3 comments)
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daily rate update: A bumpy week ends almost where it started - Economic Recap of week of June 7-11 2010 - 06/14/10 12:47 PM
Volatile markets reward patience and perseverance - Mortgage rates end the week flat after being up .25% at one point
One lesson I hope we've learned from the volatile markets we've experienced lately is patience. There have been a number of instances like last Thursday and Friday in which mortgage pricing dropped sharply in a single day, only to recover most, or all, of the loss in very short order. In this case, the cause of last week's drop was positive data on Europe and employment, and the following rise came about due to negative data on consumer spending.
This week … (0 comments)
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Dan Hartman
Providence,
RI
More about me…
Province Mortgage Associates - (401) 263-8655
Address: 10 Davol Sq, Providence, RI, 02903
Office Phone: (401) 490-4400 x 114
Cell Phone: (401) 263-8655
Email Me
Dan Hartman's Blog about mortgages, real estate, and the economy in New England, and the United States, especially Rhode Island Rates, Connecticut Mortgages, Massachusetts Rate Locks, and New Hampshire Home Sales. Let Dan leverage his MBA in Finance and experience as a college professor for you!
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