August 29th Mortgage Market Wrap-up - 08/29/08 03:14 PM
MBS prices are down -8/32 (FNMA 30yr 6.0 at 100.91), below the initial price level at -6/32. MBS markets began the day with small gains, and then dropped to an early low of -9/32. After that, MBS prices remained in a range. The July PCE price index showed that both overall and core inflation increased. The Chicago PMI exceeded forecasts, and Consumer Sentiment came in a little higher than expected. The stronger than expected economic data was responsible for the drop in MBS markets this morning. The Dow fell about 120 points. For the week, MBS markets gained about 19/32.Friday will be the … (0 comments)

August 28th Mortgage Market Wrap-up - 08/28/08 04:29 PM
MBS prices are up +4/32 (FNMA 30yr 6.0 at 101.12), above the morning price level at -2/32, and at the high for the day. It was quiet for most of the session, until MBS markets drifted higher late in the day on light volume. Today's second quarter GDP revisions showed stronger than expected growth of 3.3%, but the readings for the third and fourth quarters are forecasted to be much lower. Foreign investors purchased a slightly below average 30% of the 5-yr Treasury auction. The Dow gained over 200 points. Tomorrow, Personal Income, Chicago PMI, and Consumer Sentiment will be released. MBS markets … (0 comments)

August 26th Mortgage Market Wrap-up - 08/26/08 03:52 PM
MBS prices are up +4/32 (FNMA 30yr 6.0 at 100.81), above the initial price level at unchanged.  After holding near unchanged levels for most of the day, MBS markets drifted higher late in the session. Today's economic data had little impact. July New Home Sales came in at 515K annual units, slightly below the consensus forecast, and are down 35% from one year ago. On a more positive note, inventories declined modestly. Separately, August Consumer Confidence beat expectations. The Dow gained 25 points. Tomorrow, Durable Orders will be released at 8:30 et.The Fed minutes from the August 5 meeting was not a … (0 comments)

August 25th Mortgage Market Wrap-up - 08/25/08 03:46 PM
MBS prices are up +11/32 (FNMA 30yr 6.0 at 100.69), above the initial price level at +6/32, and at the high for the day. Investors moved funds out of the stock market and into MBS markets. The Dow fell almost 250 points. July Existing Home Sales rose 3% to 5.0 million annual units, a little higher than the consensus forecast, and down 13% from one year ago. Inventories of unsold homes climbed to an 11.2 month supply, a record high. Median home prices were down -7% from one year ago. Of note, an estimated 40% of the home sales were foreclosures. The … (0 comments)

August 22nd Mortgage Market Wrap-up - 08/22/08 04:30 PM
MBS prices are down -3/32 (FNMA 30yr 6.0 at 100.31), above the initial price level at -5/32. Unfavorable repricing took place from early investors. It was a volatile morning and then a quiet afternoon. No economic data came out today. Fed Chief Bernanke gave a speech, but there were few surprises. A rally in the stock market pushed MBS markets lower, and the Dow finished up about 190 points. After rising by a similar amount yesterday, oil prices fell $6 per barrel to $115 per barrel. For the week, MBS markets gained about 3/32.Economic Data will come out every day next week. Existing … (0 comments)

August 21st Mortgage Market Wrap-up - 08/21/08 04:13 PM
MBS prices are down -11/32 (FNMA 30yr 6.0 at 100.41), below the initial price level at -9/32. Unfavorable repricing took place from early investors. It was a volatile session.. MBS markets began with moderate gains, but fell sharply to a low of -11/32 when the early rally lost steam. MBS markets then recovered most of the way back to unchanged, before drifting lower again. Jobless Claims and the Philly Fed index came in close to expectations and had little impact. Oil prices jumped $6 per barrel to $121 per barrel, up from $111 per barrel earlier in the week, and inflation fears hurt MBS … (0 comments)

August 20th Mortgage Market Wrap-up - 08/20/08 04:36 PM
MBS prices are up +18/32 (FNMA 30yr 6.0 at 100.75), far above the initial price level at +2/32. Favorable repricing took place. No economic data came out today. MBS markets outperformed Treasury markets by a wide margin. The stock prices of Fannie Mae and Freddie Mac again sustained large losses, as investors grew more concerned about the need for a government bailout. Investors had a more positive outlook about the impact on MBS markets, however. Fannie and Freddie officials met with members of the Fed and the Treasury this afternoon. No official word has emerged on the discussions, but investors began to think … (0 comments)

August 19th Mortgage Market Wrap-up - 08/19/08 04:18 PM
MBS prices are up +1/32 (FNMA 30yr 6.0 at 100.22), at the initial price level at +1/32. Today's PPI inflation data far exceeded the consensus, but expectations for lower future readings minimized the reaction. Housing Starts and Building Permits declined to the lowest levels of the decade. Today's Fed speakers warned of inflation risks and predicted slow economic growth over the next year, but there were few surprises. Freddie Mac sold $5 billion of 5-yr bonds, and solid demand eased concerns about the severity of its financial condition. Of note, foreign investors purchased 31% of the issue. As a result of Freddie's … (0 comments)

August 18th Mortgage Market Wrap-up - 08/18/08 04:20 PM
MBS prices are down -1/32 (FNMA 30yr 6.0 at 100.19), flat to the initial morning price level. No economic data came out today. The primary news was a decline in the share prices of Fannie Mae and Freddie Mac over renewed fears that they will need a government bailout. Ginnie Mae and Treasury securities outperformed Fannie and Freddie securities. Separately, the NAHB Housing Market Index showed that confidence remained at record low levels for the third straight month. The President of the NAHB suggested that home sales may soon reach a "turning point", helped by the Housing Bill. The Dow lost about … (0 comments)

August 15th Mortgage Market Wrap-up - 08/15/08 03:38 PM
MBS prices are up +9/32 (FNMA 30yr 6.0 at 100.22), above the initial price level at +4/32. Today's economic data had little impact. Industrial Production and the Empire State index came in stronger than expected, while Consumer Sentiment fell slightly short. MBS markets held in a range for most of the session and then popped higher ahead of the weekend. The Dow gained about 50 points. For the week, MBS markets fell about 4/32.The Economic Calendar will be very light next week. The Producer Price Index (PPI) will come out on Tuesday. PPI focuses on the increase in prices of "intermediate" goods … (0 comments)

August 14th Mortgage Market Wrap-up - 08/15/08 10:58 AM
MBS prices are up +7/32 (FNMA 30yr 6.0 at 99.87), above the initial morning price level at +4/32. It was a relatively quiet session. CPI inflation came in higher than expected, but investors looked at the large decline in energy prices over the past few weeks and anticipated lower future readings. A rise in Jobless Claims was considered to be more timely data, lifting MBS markets. The Fed's Stern provided a boost to MBS markets this afternoon. He sees a strong chance of higher unemployment levels, and he expects inflation to fall in coming quarters. Also today, restrictions were eased a little, … (0 comments)

August 13th Mortgage Market Wrap-up - 08/13/08 03:12 PM
MBS (Mortgage Backed Securities) prices are down -6/32 (FNMA 30yr 6.0 at 99.59), well below the initial price level at +5/32. Unfavorable repricing took place. Today's economic reports on Retail Sales and Import Prices came in very close to expectations and had little impact. Oil and other commodity prices rose sharply, and MBS markets fell due to concerns about higher inflation. The Dow lost about 100 points. Tomorrow will be a big day with the CPI inflation report, along with Jobless Claims.
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August 12th Mortgage Market Wrap-up - 08/12/08 04:44 PM
MBS (Mortgage backed securities) prices are up +8/32 (FNMA 30yr 6.0 at 99.81), above the initial price level at +5/32. MBS markets rallied due to expectations for economic weakness and a decline in the stock market. The Dow lost about 140 points. During an interview, the Fed's Stern suggested that whether or not economy is in recession now is a close call, and that it will be a while before the economy grows at an average or above average rate. Also helping MBS markets, Stern predicted that inflation will be lower after the third quarter. Tomorrow, Retail Sales and Import Prices will … (2 comments)

A Pleasure to Join You - 08/12/08 01:50 PM
I am pleased to join you on the active rain web site.  I am an experienced loan originator and a Certified Mortgage Planning Specicalist.  I specialize in jumbo and super jumbo loans in lower Fairfield County from Fairfield to Greenwich.  I am available 7 days a week, offer immediate service with the utmost discretion and I am sworn to adhere a code of ethics.  Please read additional information about my capabilities and my background below.
 
Jeffrey M. Jensen   Certified Mortgage Planner- Connecticut Home Mortgage - Westport Office
  Jeff Jensen is a trusted advisor who is respected by his clients … (6 comments)