Sherry's Mortgage Blog

Mortgage Market Update - 5/15/08

Sherry Connor (Fidelity and Trust Mortgage) — Thu, 15 May 2008 10:02:30 -0500

In the news today, Jobless Claims are up for first time applications ot 371,000. Economists had predicted it would increase to 370,000. Typically when Unemployment is up the stock should be down and the bond market should be up. Not always the case as Unemployment is a "lagging" indicator so the report is coming out after the fact and other market conditions affect the markets in "real time". Just a little educational information today.

Bond Yield still hovering around 3.9%...Rates on Mortgage loans in the low 6's. Good Luck

Mortgage Market Update - 5/14/08

Sherry Connor (Fidelity and Trust Mortgage) — Wed, 14 May 2008 15:32:28 -0500

If you are watching the bond market lately...then you've been holding your breath! The stock market is is up again today on news from Consumer Prices climbing less than expected and Freddie Mac's (2nd largest mortgage lender) posted a smaller than expected loss. Freddie Mac's stock price was up and so was Fannie Mae's as investors are hoping this mortgage meltdown is coming to an end.

There's rumor out that Bernanke may raise the Fed's benchmark Fed's Fund rate by a .25% to 2.25% on OCt 29th...So if you are looking to lock in an interest rate, Waiting for lower rates may not happen. Pick a target rate and lock it in.

Good Luck,

Please join me in welcoming Allan Nanney to AR!

Sherry Connor (Fidelity and Trust Mortgage) — Tue, 13 May 2008 12:55:25 -0500

Allan and I actually worked in the mortgage business together (several years ago) before he moved to the Chapel Hill Area and went back to Real Estate! I hope all you folks in the Triangle Area will take very good care of my friend!

Welcome aboard Allan...Nice to have you on the RAIN...

http://activerain.com/allannanney

All the best,

Mortgage Market Update - 5/7/08

Sherry Connor (Fidelity and Trust Mortgage) — Wed, 07 May 2008 09:55:49 -0500

Expect higher rates today as the Bond yield is currently at 3.92%. Not surprising as the Stock Market heads above 13000 again. Pending home sales down 20% from this time a year ago, but this was expected given the market.

On a side note, how about Walt Disney profits up 22%. AHHH, the magic of Disney. Wachovia reported a correction to it 1st quarter loss to an even bigger loss due to Insurance write down. The mortgage mess is not over yet, but I do see light at the end of the tunnel.

Good luck,

Mortgage Market Update - 5/6/08

Sherry Connor (Fidelity and Trust Mortgage) — Tue, 06 May 2008 09:56:13 -0500

Fannie Mae and UBS lead off this morning with greater than expected losses. Fannie mae will reduce dividends to raise capital. UBS will sell $15 billion of subprime mortgages to BlackRock along with slashing 5500 jobs.

Oil...Oil...Oil Do I dare bring it up. Oil is at an all time high and no relief in sight. Oil companies are raking it in and there's really nothing we can do about it as consumers except deal with it...or start pedaling to work!

Rumors flying about Bank of America and Countrywide deal going bust. Front page Charlotte Observer this morning reports the deal is A GO! I won't believe it until I see it finished. But that is just my opinion.

Pending Home sales, Productivity/Cost, Consumer Credit all report tomorrow. The Bond Yield continues to hover around 3.8%...Holding rates steady.

Good Luck,

Mortgage Market Update - 4/29/08

Sherry Connor (Fidelity and Trust Mortgage) — Tue, 29 Apr 2008 10:53:01 -0500

Stock slide on Consumer confidence reporting lowest level since March 2003. Bonds have been favored and the yield has pushed back down under 3.8% to 3.78%. Mortgage rates should relax this morning. Could be a good day to lock in clients.

Tomorrow FOMC meeting could bring out a Fed rate cut, if so it will be the last one for a while. Upcoming Economic Calendar is as follows:

Wednesday: GPD and Employment Cost. FOMC at 2:15pm

Thursday: Jobless Claims, Personal Income, Construction Spending, ISM Manufacturing Index

Expect the numbers to still be bad...but remember that the actual reports are measured against expectations. So we could have a poor reading on Construction Spending but it not be as bad as "we" expected it would be and this might spark the stock market.

Good Luck,

Mortgage Market Update - 4/28/08

Sherry Connor (Fidelity and Trust Mortgage) — Mon, 28 Apr 2008 11:06:19 -0500

This week is gonna be interesting. Stimulus checks go out today and there is a hint that the Fed will lower rates at the FOMC meeting on Wednesday. Stocks are trying to rise and the bond market is selling up as well. Yield currently at 3.84%.

Mortgage rates on conventional loans still hovering around 6%, gas prices still climbing, food prices are climbing and unemployment rate still high. We sure could use a shot the arm! Good Luck,

Mortgage Market Update - 4/25/08

Sherry Connor (Fidelity and Trust Mortgage) — Fri, 25 Apr 2008 10:46:40 -0500

Happy Friday to you! As Midday approaches the stock market is down 90 points and the bond yield is at 3.85%...this should keep the mortgages rates hovering around 6% today.

For those of you awaiting the stimulus package money, the first round of checks are set to go earlier than expected. First checks set to go out Monday and continue on thru next week. The next two weeks will be interesting - as we all watch to see if the funds actually spark this economy.

Should be a quiet day today, Good luck...

Everything has Changed in My World

Sherry Connor (Fidelity and Trust Mortgage) — Thu, 24 Apr 2008 13:47:22 -0500

and I love it!

I recently switched jobs (4/14/08) and began a new chapter in my life. On first day at Fidelity and Trust Mortgage I had to learn the computer and the ropes by fire. Keyed my first loan and closed it in 3 days! Wow that was fast. Followed that one with another rapid closing and by then I was an expert on the system.

Then Saturday(6 days later), had my cell phone case stolen off my golf cart...Lost the phone, credit card, cash and drivers license. I actually found humor in this situation and managed to buy a new phone (blackberry world edition - It is one high powered phone) canceled the card and ordered a new DL fairly quickly. The Good news is I really like the new phone and its capabilities...Maybe I needed this to happen to force me to get the new one! The bad news, is that was one very expensive round of GOLF!

In life, you are either in a crisis, coming out of one, or going back in to one. It's how well you handle these changes that sets the stage for the next step! Even though every thing is changing around me, I am finding positive ways to cope with the set backs. And I am actually enjoying going to work again!

Mortgage Market Update - 4/18/08

Sherry Connor (Fidelity and Trust Mortgage) — Fri, 18 Apr 2008 07:46:03 -0500

Today could be a very peaceful day with no major reports on the economic calendar. Citigroup reported another $13 Billion in writeoffs - due to sub prime exposure. Still waiting hear how Bank of America faired this past quarter.

For today, look mortgage rates to relax - we had a late reprice for the better at 4:30pm yesterday. I see the stocks doing okay today and hopefully the bon market will relax and keep rates close to 6%. Keep your eye on Google's Stock...Many predict this one stock will rise again! Good luck,

Mortgage Market Update - 04/17/08

Sherry Connor (Fidelity and Trust Mortgage) — Thu, 17 Apr 2008 07:57:45 -0500

Yesterday was wild ride with two rate increases in the middle of the day...as the bond yield shot up to 3.68% before calming down late in the day. Early this morning, Merrill Lynch reports worst than expected quarterly losses and will lay off 4000 people. Jobless Claims surged higher and I expect that the Stock Market will start out sluggish this morning.

We should see rates relax this morning. No crystal ball here just calling it as I see it.

Good luck today!

Mortgage Market Update - 4/16/08

Sherry Connor (Fidelity and Trust Mortgage) — Wed, 16 Apr 2008 09:26:21 -0500

Just when you thought I was gone, they pull me back in!

I got back from Vacation (Disney Cruise) and struggling to get above water. I quit my job on Monday (4/14) and Started at my new job the very same day. I am still in the Mortgage Business and barely unpacked from both vacation and the job. So, here goes:

Today, Chase (my previous company) reported better than expected losses. Wall street gives a high 5, and the bond market is currently 3.58%. New home construction is at a 17 year low, dollar still weak, consumer prices edge higher...So really the same story since I left for vacation over a week and half ago. With the exception that Wachovia may need a cash infusion. This is big news here in Charlotte these days.

Good Luck,

Mortgage Market Update - 4/4/08

Sherry Connor (Fidelity and Trust Mortgage) — Fri, 04 Apr 2008 11:45:04 -0500

Employers slashed 80,000 jobs...way more than the analyst expected. Unemployment rate was up to a new high in 3 years at 5.1%. Stock Market is moving slow today on this news and the bond market is trading well. This should push interests rates down a tad for a Friday.

I am impressed that the stock market is holding ground considering the news. I am on vacation all next week...so there will be no mortgage market update but I will be watching the market constantly. The only good news for you today is that EVERY time I go on vacation, rates drop...

Good Luck Next!

Mortgage Market Update - 4/3/08

Sherry Connor (Fidelity and Trust Mortgage) — Thu, 03 Apr 2008 12:42:32 -0500

The jobless Claims reported that Unemployment surged last week the highest level since 2005. This news has calmed the Stock Market and all eyes will be on the Monthly Job Report due out tomorrow. Economists are expecting to see 50,000 job cuts. If the report post greater than 50,000 then the stock market will be down and the Bond Market could surge...giving us lower mortgage rates tomorrow.

If you are holding rate locks...Pay close attention to this report tomorrow. I have Friday pegged as the best day to lock this week...(But I have no crystal ball!)

Good Luck...

Mortgage Market Update - 4/2/2008

Sherry Connor (Fidelity and Trust Mortgage) — Wed, 02 Apr 2008 14:32:13 -0500

Today seems a tad off for me and I apologize for reporting in late. After the stock market surge on Tuesday (+400 points) and better than expected report on ADP Employment number the stock market started out good. Then Bernanke stepped up and mentioned the R Word (Recession) causing the Dow to fall.

The bond market is also in limbo...Currently the yield is at 3.58 and most mortgage rates are hovering around 6% for a 30 year fixed conventional mortgage.

Reporting tomorrow is Jobless Claims and ISM Non-Manufacturing. The BIG report on Employment due out on FRIDAY 4/4...Fridays report has a direct impact on the markets...So stay tuned.

Good Luck

Mortgage Market Update - 4/1/2008

Sherry Connor (Fidelity and Trust Mortgage) — Tue, 01 Apr 2008 12:02:16 -0500

Wall Street starts 2nd quarter 2008 off with a BANG. (And that's no April Fool's joke)

The Dow currently up 295 points on better than expected ISM Manufacturing Index. Economists were expecting this one to fall but the reading posted up to 48.6. (Keeping in mind that a reading under 50 suggest contraction in the market) Along with this, Oil drops to $100 a barrel and the dollar gains.

10 yr Treasury notes sell off leaving the yield up to 3.52% and pushing mortgage rates higher today. MBA purchase application reports tomorrow followed by Jobless Claims on Thursday.

Good Luck,

Mortgage Market Update - 3/31/08

Sherry Connor (Fidelity and Trust Mortgage) — Mon, 31 Mar 2008 11:57:28 -0500

Today the Stock market struggles out of the gate and Bonds are up slightly. The Chicago Purchasing Managers Index reported better than expected read on Manufacturing. The report showed that Regional manufacturing was at 48.2 up from 44.5 the previous month. The market was expecting a read of 46.0...signaling a welcome increase. However, any read under 50 still signifies that the market is still weak.

On other news...Alphonso Jackson (HUD Secretary) announces his resignation effective April 18th, 2008. He is under investigation over a friend who was paid $392K as a construction manager in New Orleans post Katrina.

Treasury secretary Henry Paulson lays out the Bush Administrations plan to overhaul the Financial Markets. The changes would mark the biggest overhaul to Wall Street since the Great Depression and would allow the Central Bank more control. It would take a couple years to fully engage the policies and prior attempts have failed. Only time will tell and this will certainly prove to be the one to watch!

Reports due out tomorrow: ISM Manufacturing, Construction spending and Vehicle Sales.

That's a wrap...Good Luck

Mortgage Market Update - 3/28/08

Sherry Connor (Fidelity and Trust Mortgage) — Fri, 28 Mar 2008 10:19:48 -0500

Out of the gate Personal Income rose .05% in February ahead of the .03% predicted by economists. This has the stock market up this morning and the bonds are down. Even though the Personal Income reported higher than expected, Consumer Spending remaines weak.

Personal Income and Consumption reports monthly and affects the mortgage markets directly. An increase in Personal Income and Consumption will cause the Bond Market to decline...Mortgages rates will be up. Got It?

It is important to note that the consumption portion of this report represents over half of the GNP (Gross National Product)...which reports quarterly.

So today, with a slight increase in Personal Income and Consumption...you expect slightly higher mortgage rates today.

Good Luck,

Mortgage Market Update - 3/27/08

Sherry Connor (Fidelity and Trust Mortgage) — Thu, 27 Mar 2008 14:15:39 -0500

Nothing earth shattering in the news today. Same talk as usual at Wall Street: Credit Crunch, Meltdown, doom and Gloom. So I thought I would share some of the positive things going in my corner of the world.

The last 5 apps I took this week - were ALL purchases...and get this 3 of them were construction perm deals!

I funded my first Active Rain referral on Tuesday...

All appraisals ordered have hit their target...Meaning no shortages on appraised value.

Stocks trading almost flat and the Bonds trading down slightly causing the yield to be up (currently at 3.53%) That's a wrap for today. Look for Personal Income to report tomorrow.

Good Luck!

For Radio Rain...Tunes to get you in vacation Mode

Sherry Connor (Fidelity and Trust Mortgage) — Wed, 26 Mar 2008 21:13:21 -0500

In an effort to bring in the Spring Weather and jump start my vacation buzz ... here's a sample of tunes from my past vacations...Enjoy

From a trip to Jamaica - The locals found out I was from North Carolina...Needless to say they sang this song to me all week long!! http://www.youtube.com/watch?v=zZsNtV7gwk8

This song was all the rave in 1995 Jamaican style...Jump and wave! http://www.youtube.com/watch?v=2aPFkdmLFK0

And lastly from the Bahamas... It should be mandatory that every know this dance when going to the Bahamas http://www.youtube.com/watch?v=htK_XEg0qFY

I hope you have awesome vacation plans for this summer...

Mortgage Market Update - 3/26/2008

Sherry Connor (Fidelity and Trust Mortgage) — Wed, 26 Mar 2008 10:06:47 -0500

Stocks open down this morning as investors face bad news from all angles...New Homes Sales down to a new 13 year low in February, Factory orders were down and oil spiked $3 a barrel. On top of that, the proposed $19 million buyout of Clear Channel is not to clear as banks are relunctant to lend.

Bonds rally as the yield hits 3.45% down from yesterday at 3.5%. Should see lower mortgages rates today...but that could all change quickly.

Good Luck!

Mortgage Market Update - 3/25/08

Sherry Connor (Fidelity and Trust Mortgage) — Tue, 25 Mar 2008 11:22:53 -0500

Consumer Confidence at a 5 yr low as Housing Prices drop more than 10% in key markets. The consumer still fears the worse is yet to come with the job market low, pricing rising, and lenders tight on credit. As the prices dropped on homes for sale, the output was only a slight increase in the number of homes actually sold. The good news for Charlotte, NC is our housing prices increased. We were the only major city with an increase.

Stocks are holding on but expect movement as the week progresses. Mortgage applications and New Homes Sales reports are due out tomorrow.

Good Luck!

Mortgage Market Update - 3/24/08

Sherry Connor (Fidelity and Trust Mortgage) — Mon, 24 Mar 2008 11:54:00 -0500

Several interesting things going on in the market place today. First, The JPMorgan Chase/Bear Stearns deal, under a lot of pressure from Shareholders and Investors at Stearn, Chase ups the purchase price to $10 a share and agrees to absorb the first billion of loses and then the gov't covers the next $29 billion...Still a very sweet deal for Chase. Wall Street seemed to like it as well and the stocks have surged today...sending bonds lower and of course mortgage interest rates up.

PennyMac (Private National Mortgage Acceptance Co.) a newly formed company sponsored by Blackrock Inc. and Highfields Capital Management, will obtain and service distressed mortgages. Stanford Kurland, the Ex-President and COO of Countrywide until 2006, will run the newly formed company. (I had to scratch my head and read this twice myself.?)

The Mortgage Market is experiencing changes so rapidly. March 31st will be the last day my company has 100% financing available to homeowners as MI companies bail from underwriting these loans. Other changes include, LTV changes with higher credit scores required. Some of my clients are receiving letters that their Home Equitylines of credit have been frozen...and some credit card limits are being lowered.

I believe we are almost at the bottom...Which means light at the end of the tunnel.

Good Luck,

Mortgage Market Update - 3/21/08

Sherry Connor (Fidelity and Trust Mortgage) — Fri, 21 Mar 2008 07:25:57 -0500

All markets closed today for Good Friday..Banks are open though. This should allow a calming effect and chance to get off the roller coaster ride for a break. After this week, a break is needed. The big talk in the Market is the Dollar and its continual slide. Many worry that the dollar may need a "bail out" from foreign markets.

Off for the rest of the weekend, back at the blog post on Monday. Have a wonderful Easter Weekend!

Mortgage Market Update 3/20/08

Sherry Connor (Fidelity and Trust Mortgage) — Thu, 20 Mar 2008 11:22:17 -0500

Not much to report today in the market. The Stocks are up 108 points right now...Bond prices are down a tad pushing the yield up and this has already caused a reprice for the worse. Oil falls back down to $100 a barrel...and the dollar tries to climb.

Many predict that the Fed has done all they are going to do...but only time will tell. Good Luck out there.