I am searching for lenders that will still do this crucial program that can benefit homeowners and keep them in their homes. I have 2 folks that hit some bad times and are now in jeopardy of losing their long time residences. This is a great program but it doesn't appear that it has made it's way into the major players product arena, even though Mr. Obama has made the TARP funds more readily available. I realize that all these lenders are tightening their belts and keeping capital in house, but when you have folks that have suffered a major blow to their income and/or life status, it would seem that the last thing that any lender would want to do is to foreclose. Does anyone have any thought on this program?
Just as last week, this weeks market tone will be set in large part by earnings reports. There was improved sentiment in early pre trading as the Pharmaceutical Sector rebounded with news that Phizer was snapping up Wyeth creating the largest Acquisition in history. However, all it took was Caterpillar coming out reporting that their loss expected was well more than predicted. Their further statement of some 20K job cuts once again reinforced that it will get worse before better and that the current Administration is under watchful eyes with the progress of the proposed "Stimulus Package".
The 10 year TNOTE yield continued to climb throughout the week and closed Friday at 2.62%. Just for comparison purposes, Yield was at roughly 2.18% last month and last week it was at 2.39%. Rates have followed that trend as well and are back above 5% and closer to 5 1/8 or more. If the market can keep it's focus away from Financials this week, perhaps TNOTES will see more activity and we'll likely see some slight improvement. It's too early to tell, so keep your eyes open.
THIS IS MY OPINION ONLY NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR OWN TRANSACTION
Amidst all the Pomp and Circumstance surrounding the the Inauguration of US #44, MARKETS SUFFERED THEIR WORST SINGLE DAY LOSS SINCE EARLY DECEMBER AND CLOSED UNDER 8000 FOR THE FIRST TIME SINCE NOVEMBER. Once again fresh concerns (or at least somewhat fresh) surrounding world financial markets caused investor panic. The Royal Bank of Scotland led the investor blues reporting a 2008 total loss expectation of over 40 billion. This follows last weeks US results from US giants Citi and B of A, each reporting loss numbers that were off the charts. Both of these once "too big to fail" institutions lost 20% yesterday alone in the wake of the world market gloom. Britain reported that it's unemployment rate is now rivaling the US as it tipped the scale over 6% for the first time in more than 10 years. The one financial firm that actually helped to moderate the world tone was France's Societe General which bucked the trend and reported a gain, much like the US's JP Morgan did last week.
Today's market start should be higher as IBM and Ericcson each reported better than expected results. The post Inauguration rally could be short lived as the afternoon brings the release of the Housing Index, which won't bring any big surprises, but will underscore the fact that our new President has LOTS OF WORK TO DO NOW, NOT LATER.
So what does this mean for Mortgage rates? We saw the 10 year TNOTE yield retreat yesterday after several consecutive days of increases. The 30 year rates actually rose to over 5% during this period, but should start the day a little lower in early morning pricing releases. To be honest with you, I am unsure where they will head today. Investor sentiment with the anticipated rally may send pricing up a bit, HOWEVER, if Financials actually see some relief and if the Housing Index releases don't shock the market too severely, there may actually be pricing improvements. Keep your eyes open. NO MATTER WHICH DIRECTION PRICING TAKES, RATES ARE STILL THE LOWEST IN MANY, MANY YEARS AND THIS IS A GREAT TIME TO GET YOUR APPLICATION IN PLACE. IT MAY NOT BE THE DAY TO LOCK THAT RATE, BUT WITH BANK UNDERWRITING TURN TIMES UP AND TYPICAL REFINANCING PERIODS NOW CLOSER TO 45 DAYS THAN TO 30 DAYS, THERE IS TIME TO LOCK DOWN THE ROAD.
THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR TRANSACTION.
Citi and B Of A earnings(or should I say loss) reporting is now out and investors are ready to put this in perspective and also put it behind them and move forward. Citi is breaking up into two units-traditional banking and riskier asset holding-with the intent at some point in time to spin the latter off to other buyers. It has already sold it's investment arm off in order to regroup and raise capital. B Of A successfully negotiated with the current administration and received an additional 20 billion in TARP funds , now matching the 45 billion that Citi has received from the Treasury. This should allow them to get back into operating condition.
These moves will provide a basis for a Friday rally, but sentiment will likely be tempered by economic reports due out today. The Labor Department is releasing the Consumer Price Index results, expected to fall, reflecting the huge drop in gas prices. The other report also expected to show a large drop is Decembers Industrial production reading. Both of these are not expected to be any big surprise, but will show the continued weakness of the economy, not expected to revive any time soon.
So, once again, financials will set the tone today, and consequently treasuries should take a hit, raising TNOTE yield and possibly the 30 year mortgage pricing. There was a slight rate increase yesterday and I think it will continue today, but I also believe that rates will still remain sub 5%.
THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR OWN TRANSACTION
Yesterday's news was pretty dire and today's probably won't be any better. There are lots of reports due out today. The Labor Department is expected to report that after 2 weeks of declines, unemployment claims will once again jump and their report on Producer Prices should show a huge drop of nearly 2% indicating that consumer demand dropped sharply. Two regional Fed's are reporting manufacturing activity which is expected to reveal further drops and three Fed Res. guru's are going to talk today about their economic outlooks.
Now for some better news. JP Morgan actually posted a small 4th quarter profit. But, it also placed over 4 billion aside for further credit writedowns.So, while it appears to have weathered the 2008 crisis a bit better than it's peers, there is still uncertainty over when it will be out of the woods. Conversely, B of A has asked for additional BAILOUT BUCKS so it can finalize it's acquisition of Merrill Lynch. They report earnings next Tuesday, so expect some pretty ugly numbers.
Mortgage application volume was up big last week-over 16% with refinances leading the way. Consumers looking for better rates and terms accounted for a 25% increase from the prior week. This is a result of the National average for 30 year fixed rate mortgages dipping below 5%. Yesterday's 10 year TNOTE yield closed at 2.21%, down from the open of 2.27%. Today's TNOTE direction will be largely affected by how JP Morgan's news is received by investors as it is the first of the big banks to report and will set the tone for the financial markets. The B of A news will also play a big factor. Yesterday's mortgage rates did indeed follow the 10 year bond as I saw rate sheets with pricing approaching 4.625%, down slightly from the prior day. I anticipate that they will hold at this level today.
THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR OWN TRANSACTION
Today's market is set to open lower as the first of several reports today and this week is out and is much worse than predictions. The Commerce departments report on December retail sales shows the worst numbers since 1969. Sales were down more than 2 times expectations- -2.7% compared to -1.2% predictions. This is the first year that OVERALL yearly sales showed a negative. Other reports due out today include a report on Business inventories and the Fed Beige Book report highlighting regional activity. These reports will set the stage for many more earnings reports due this week and next with the banking sector leading the way. JP Morgan is set to release figures tomorrow, a week ahead of schedule. Banking results are the big news for the day and week as Global results are also coming out and they are not good. Deutche Bank has reported a 4th quarter loss of over 6 billion and Commerzbank is now 25% owned by the german Government. The Royal bank of Scotland is now majority held by Britain and HSBC is looking to raise over 20 billion and will cut it's dividend in half as it's capital has dwindled more than expected. So, is Citi the next bank to be Nationalized?
The TNOTE Yield is reflecting the uneasy sentiment starting the new year. It has dropped to open the morning near 2.27%, down from yesterday's close of 2.297%. Rates changed several times yesterday in response to the market which was up and down before settling down slightly. I anticipate that today will follow suit but with wider swings. Yesterdays rates still held near 4.75, but trended closer to 4.875%. I see pricing coming back down as more investors lean to government notes as opposed to the weak, unstable market offerings. If this trend continues, rates may come close 4.5% by the end of the month. Of course, this is my opinion, but the rate market reached that level and below just a couple weeks ago and I wouldn't bet against the same occurring in the upcoming weeks.
THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR OWN TRANSACTION
If World Markets are an indication of what is ahead for the US markets today, expect another sell off ahead of more earnings reports throughout the week. After the Market closed yesterday, ALCOA reported a larger than expected loss and it's shares dropped over 1.5% pre-open this morning. World Markets are down about the same percentage with Japan's Market leading the way at about 5%. Citi concerns will continue today, and shows just how interconnected all Global Markets really are. Analysts have changed the outlook for Large Financial institutions, now upping predictions for 4th quarter losses as well as lowering income projections for all of 2009.
The 10 Year t-note is opening slightly higher than it closed (up about .01%), but I would think this will begin to trend the other way after the opening bell as traders seek safer bets in the wake of the weeks earnings barrage.
I found this article to be interesting when I read it this morning. These are the top 5 areas for retention of property values. Two of these markets are right here in my back yard in Western/Central NY.
5 Strongest U.S. Housing Markets, by Metro Area
by Deborah Orr Friday, January 9, 2009 provided by
El Paso, Texas Population: 795,800 Bottom expected: mid-2010 Forecast price change to bottom: -1.0%
So, while news is pretty glum these days, realtors in these markets should be counting their blessings and should be looking for ways to satisfy buyers and sellers in these areas. It has never been a better time is these markets.
I look forward to hearing from any real estate professional in these areas. I am here to help you sell homes. While bank lending may still be a tough go, having a mortgage professional with access to all possible products can help you through the financing arena. That is my pledge to you.
THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR OWN TRANSACTION
Expect very changeable market conditions this week. This is really the 1st true trading week since the Holiday season and is the beginning of the release of 4th quarter Corporate earnings reports. With that being said, world markets and now US markets are trading very cautiously as these reports are awaited. It is pretty much a given that the results will be poor as many companies have already sent warnings that initial numbers would not be met.
Other news being digested this week includes the possible merger of Citi's Smith Barney with the Morgan Stanley business highlighting what could become another very busy merger year for institutions on the bubble. Today's open is mirroring Friday's decline. Friday's losses were related to the governments report showing unemployment up to 7.2% and this has carried into Monday's market. Wednesday will feature the Feds Beige Book report which shows economic activity by region across the country. These reports are not expected to be favorable based on all preliminary indications. The Senate may vote this week on President elect Obama's stimulus package which may draw resistance and require additional scrutiny before passing. Oil has fallen back after a couple weeks of increases. The expected profit woes on Company balance sheets has once again driven down consumption predictions and even the Middle East and Russian/Ukraine issues are not providing an upward catalyst for OIL pricing.
The yield on the 10 yr TNOTE which provides a basis for 30 year mortgage pricing has dropped off after opening 2/100's of a point higher than Friday's close. It is now down to 2.38% from a high of 2.43% earlier in the day. This should equate to minor price changes later in the day if this trend holds.
Current 30 year Mortgage pricing is roughly 4.875%.
I never like hearing news like this. But I am posting this in hopes that I may be able to offer an opportunity to some of these mortgage professionals.
My Rate/Watch blog will be back. I've had a lot going on lately, but I am dedicated to getting it started again next week. Rates are still under 5% but have been creeping back up over the past few days. The upcoming week will be more of a rate determinant, as the Hoilday hangover will be burnt off by them......
1st Metropolitan Originators-CALL ME TODAY
I urge any 1st Metropolitan originators who have been affected by the recent announced closing of the majority of the origination shops nationwide to CALL ME TODAY. EAGLE NATIONWIDE MORTGAGE IS A SUBSIDIARY OF EAGLE NATIONAL BANK-A FEDERALLY CHARTERED NATIONAL BANK AND CAN ORIGINATE IN ALL 50 STATES. AS AN ORIGINATOR THERE IS NO LICENSING.YOU ARE A BANK EMPLOYEE.THERE ARE ALSO NO CONTINUING EDUCATION REQUIREMENTS . Eagle Nationwide Mortgage is FHA Full Eagle, VA approved, and offers all lending options through many lender partners. Eagle also offers a Benefits package once your volume meets requirements. You would be termed an outside sales consultant and would be set up with Free IT, etc. so your office would "virtually" be your home.
CALL ME TODAY!! James Bowen Eagle Nationwide Mortgage Co. my cell# 315-398-9400
The Federal reserve board gave investors an early Christmas present today, dropping the key lending rate to a RECORD level, never seen since it's inception. October's drop to 1% was thought to be unheard of, and today's drop was EXPECTED to be 1/2 point , down to .5%. However, the FED was much more aggressive in an attempt to jump start Bank lending and dropped the rate by .75% (actually it may translate higher) to between 0.00 -.25%. This is great news for all consumer loans and credit lines tied to this key rate. Wells Fargo also dropped their PRIME rate to 3.25% and other Major players are expected to do the same. After the Fed announcement, the yield on the 10 year note which drives 30 year mortgage rates plunged .17% down to 2.36%, which lowered 30 year pricing by roughly 1/4 point. Rates on fixed 30 year terms are now at roughly 4.75% and I expect another drop tomorrow. It won't be long before we see 4.50%. The governments intervention is finally beginning to kick in. I hope that this allows some folks who were waiting for a bottom to get out there and feel more comfortable to engage in a mortgage transaction. We are at record levels and this is just what America needs to be able to begin to reverse the trend of the past several months.
THIS IS MY OPOINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR OWN TRANSACTION
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
I urge any 1st Metropolitan originators who have been affected by the recent announced closing of the majority of the origination shops nationwide
to CALL ME TODAY. EAGLE NATIONWIDE MORTGAGE IS A SUBSIDIARY OF EAGLE NATIONAL BANK-A FEDERALLY CHARTERED NATIONAL BANK AND CAN ORIGINATE IN ALL 50 STATES.
;)
;)
