Market Update 07-31-2008 - 07/31/08 12:24 PM
US Stocks are mostly down, with the Dow off by well over 100 points, after today's Jobless Claims Report, and lower than expected growth in GDP. Mortgage Bonds are benefitting from the bad news, and are trading above previous pricing resistance.
Yesterday we heard rumors, and expectations that GDP could … (1 comments)
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Market Update 07-30-2008 - 07/30/08 01:34 PM
US Stocks started the day strong following yesterday's rally, but are starting to lose steam. Mortgage Bonds opened the day lower once again, but have picked back up to a positive status.
Stocks received a positive surprise in today's ADP Employment report which showed an increase in private sector jobs … (1 comments)
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Market Update 07-29-2008 - 07/29/08 01:08 PM
US Stocks are rebounding strongly from yesterday on dropping Oil prices, increased consumer confidence, and good news from earnings reports. Mortgage Bonds seem to be funding this, and have given back nearly all of their recent gains as a result.
The Dow is currently driving upwards towards an intraday gain … (1 comments)
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Effects of the Housing & Economic Recovery Act on FHA!! - 07/29/08 12:00 PM
The Senate just passed overwhelmingly the omnibus Housing bill (Housing and Economic Recovery Act of 2008) by a vote of 72-13. The President is expected to sign the Bill into Law early next week.
The bill is 694 pages, and obviously there is a LOT of change taking place!
The Highlights … (0 comments)
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Market Update 07-28-2008 - 07/28/08 11:30 AM
US Stocks began the day on the down side, and all three indexes have slid further negative in the first hours of trading. Mortgage Bonds are playing the role of beneficiary experiencing pricing gains of 50bp, or more.
Stocks are feeling pressure from a possible increase in Oil pricing, more … (1 comments)
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Market Update 07-25-2008 - 07/25/08 02:16 PM
US Stocks are up on positive news from the housing industry, along with a surprise increase to the Durable Goods, and Consumer Sentiment reports. Mortgage Bonds fared poorly overnight, and after beginning the day lower,r have given up more ground during the day's trading.
US Stocks have lost some of their … (0 comments)
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Bio for Ron Brown - Washington State Home Loans - 07/24/08 12:06 PM
Why Ron Brown & First Mortgage?
It is all too easy for members of my industry to "go through the motions" of another file, forgetting how fear of the unknown can bring stress to our clients. One of First Mortgage's mottos is - "it's not about files, it's about Families." I … (0 comments)
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Market Update 07-24-2008 - 07/24/08 11:40 AM
US Stocks are well into the red today on more bad news from the Auto, and Housing industries. Mortgage Bonds are the beneficiary as they started the day up over Wednesday's closing number, and have gained more in early trading.
The Stock Market has been on a roll lately, with … (0 comments)
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Market Update 07-23-2008 - 07/23/08 11:16 AM
US Stocks have rebounded in this morning's trading with all three major indexes in the black. Mortgage Bonds started the day lower than yesterday's finish, but have now bounced higher after hitting technical support levels.
Stocks are reacting positively to our strengthening Dollar, and a continuing decline in Oil pricing. Oil … (0 comments)
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Market Update 07-22-2008 - 07/22/08 12:10 PM
US Stocks are mixed on another seesaw day of trading. Mortgage Bonds started strong, breaking above pricing resistance, but turned negative on inflation fears.
The Dow is currently the lone positive index on the day, and even that is precarious, and only over the last hour of trading. Today's news is … (2 comments)
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Market Update 07-21-2008 - 07/21/08 01:30 PM
US Stocks are experiencing another seesaw day of trading, and are currently fighting to get back to par. Mortgage Bonds have held their ground as they trade in one of their tightest ranges in weeks.
The Stock Market came out with positive momentum early on, as once again Lowered Expectations … (0 comments)
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Market Update 07-18-2008 - 07/18/08 12:10 PM
US Stocks are in a seesaw trading day, and are basically flat right now. Mortgage Bonds are not so lucky, having began lower, and then fallen further during the morning.
Its another strange day on Wall Street as traders are acting almost entirely on results versus expectations, rather than profitability. … (0 comments)
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Market Update 07-17-2008 - 07/17/08 02:03 PM
*Due to server issues this has been delayed. This was originally sent out at 9:10AM PDT. In the time since then we have seen Oil turn back around, and the Market seesaw once again, forcing Mortgage Bonds down much further than at the time this was intended for release.
US … (0 comments)
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The end of FHA Down Payment Assistance? - 07/17/08 09:49 AM
Breaking News:
I just heard that there is some serious trouble looming for Seller funded Down Payment Assistance! It appears the House will be accepting language from the Senate Bill effectively permitting HUD's termination of these existing programs. While DPA programs will not be completely eliminated, it seems that the days of … (5 comments)
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Market Update 07-16-2008 - 07/16/08 02:26 PM
US Stocks are in the midst of a strong rally as the Dow is now up over 200 points on the day. Mortgage Bonds seem to be the one's paying for it, as they are off by more than 50bp so far.
The Stock Market is reacting very positively to … (0 comments)
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Market Update 07-15-2008 - 07/15/08 11:42 AM
US Stocks opened the day down significantly on continued worries over the financial sector, lower than expected retail sales, and heightened inflation concerns. Mortgage Bonds opened the day on the plus side, but have fallen back in the face of strong resistance.
The Dow was down below 10,900 in this mornings trading, but is … (2 comments)
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Market Update 07-14-08 - 07/14/08 01:12 PM
US Stocks began the day on the uptick, but have since turned sour, mainly on concerns over financials. Mortgage Bonds reacted well to the government actions regarding Fannie, and Freddie, and have made up most of Friday's losses.
Stocks got a big push from government statements of support plans for troubled … (0 comments)
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What's next for Fannie and Freddie? - 07/13/08 04:51 PM
As we look ahead to the upcoming week our industry is focused on the health of the two premier lending enterprises Fannie Mae, and Freddie Mac. After their stocks took a roller-coaster plunge on Friday, fueled mainly by an emotional level of investor sell offs (aren't they all on Wall Street?) Monday looks … (4 comments)
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Explanations & Expectations for the week of 07/14 to 07/18 - 07/12/08 05:26 PM
Volatility, Chaos, Turmoil? These tend to be the most popular descriptions of Wall Street once again this past week. In a week that featured very little in the way of economic reports to shed light on the realities of our economy, we saw how rumors, and emotions, with a sprinkling of facts, can have a major … (0 comments)
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Market Update 07-11-2008 - 07/11/08 11:56 AM
US Stocks are falling hard this Friday, with the Dow temporarily dropping below 11,000 for the first time since December 2006. Mortgage Bonds came out of the blocks strong, breaking through resistance at the 200 & even 100 day averages, but have since fallen back to their starting point.
The big news … (8 comments)
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Market Update 07-10-2008 - 07/10/08 02:07 PM
Once again US Stocks are in a seesaw day without any driving force one way or the other. Mortgage Bonds have traded in a tight range throughout the day very near yesterday's closing number.
Stocks began the day mixed, then turned positive for the majority of the day so far. Official … (2 comments)
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Market Update 07-09-2008 - 07/09/08 11:57 AM
US Stocks came out of the gate strong with the Dow up as much as 150 points early, but are now negative. Mortgage Bonds have been positive, building steadily on yesterday's finish.
Wall Street looked to be in a position to post solid gains at the opening, as better than expected earnings … (0 comments)
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Market Update 07-08-2008 - 07/08/08 11:03 AM
US Stocks are off to a shaky start as they search for direction between the Bulls, and the Bears. Mortgage Bonds have broken through overhead pricing resistance, and are trading above yesterday's high point.
Stocks have made a couple of u-turns already today; initially gaining ground, turning negative on weaker than expected housing reports, … (1 comments)
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Market Update 07-07-2008 - 07/07/08 02:01 PM
After beginning the day up by nearly 100 points, the Dow is now leading all 3 indexes significantly lower. Mortgage Bonds responded to the initial Stock rally by losing almost 50bp, but have swung back to initial price levels as Stocks falter.
The US Stock Market took off this morning on … (0 comments)
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Crystal Ridge Fireworks display - 07/06/08 12:15 AM
As has become our family custom, we headed over to Crystal Ridge to visit my in laws, and enjoy the neighborhood's unoffical fireworks display/competition for the 4th of July. We were a bit apprehensive this year as much of the local TV news had been focused on how tight the economy … (0 comments)
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National Average of Mortgage Rates - 07/03/08 07:27 PM
I never like to give out "average" mortgage rates since there are literally dozens of variables that can effect the rate for an individual's loan. However, I get a minimum of 2 to 3 requests per day from realtors who "need to know" what to tell their client when the subject … (2 comments)
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Market Update 07-03-2008 - 07/03/08 11:41 AM
US Stocks have turned positive on the day, and are pushing higher on "not as bad as it could be" economic news. Mortgage Bonds are down, struggling to maintain pricing at technical support levels.
US Stock Markets close at 1 PM EDT for the holiday, and trading has been fairly volatile so … (2 comments)
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Market Update 07-02-2008 - 07/02/08 11:36 AM
US stocks began the day building on yesterday's strong finish, but are now down across the board. Mortgage Bonds responded well to lower than expected jobs numbers, but have also retreated.
Stocks were in the black for the first couple hours of trading, despite the ADP employment report showing higher than expected job … (0 comments)
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Market Update 07-01-2008 - 07/01/08 01:06 PM
US Stocks are once again moving lower, and we are now "officially" in a Bear Market (a 20% decline within 12 months). Mortgage Bonds are down after early gains, currently trading at unchanged levels.
Stocks began the day under continued heavy selling pressure, but got a bit of a reprieve when … (0 comments)
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