refi: Mortgage Market Update - 5/15/08 - 05/15/08 10:02 AM
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 … (5 comments)
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refi: Mortgage Market Update - 4/28/08 - 04/28/08 11:06 AM
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 … (1 comments)
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refi: Mortgage Market Update - 4/16/08 - 04/16/08 09:26 AM
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 … (1 comments)
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refi: Mortgage Market Update - 4/3/08 - 04/03/08 12:42 PM
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 … (3 comments)
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refi: Mortgage Market Update - 4/2/2008 - 04/02/08 02:32 PM
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. … (3 comments)
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refi: Mortgage Market Update - 4/1/2008 - 04/01/08 12:02 PM
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 … (5 comments)
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refi: Mortgage Market Update - 3/31/08 - 03/31/08 11:57 AM
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, … (4 comments)
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refi: Mortgage Market Update - 3/27/08 - 03/27/08 02:15 PM
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 … (4 comments)
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refi: Mortgage Market Update - 3/26/2008 - 03/26/08 10:06 AM
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 … (6 comments)
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refi: Mortgage Market Update - 3/25/08 - 03/25/08 11:22 AM
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 … (7 comments)
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refi: Mortgage Market Update - 3/24/08 - 03/24/08 11:54 AM
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 … (7 comments)
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refi: Mortgage Market Update - 3/21/08 - 03/21/08 07:25 AM
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 … (5 comments)
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refi: Mortgage Market Update 3/20/08 - 03/20/08 11:22 AM
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 … (2 comments)
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refi: Mortgage Market Update - 3/19/2008 - 03/19/08 09:38 AM
Yesterday was one of the craziest days...much more calmer today. Here is a snapshot of what is going on:
Earlier I blogged about Visa going Public...well they broke the record and raised $17.9 billion dollars with the initial Public offering, and will begin trading to day under the symbol (V). Elsewhere Morgan … (3 comments)
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refi: Mortgage Market Update - Final one for 3/18/08 - 03/18/08 03:15 PM
Okay - this is my last blog post for today and unfortunately it's sparked by a REPRICE FOR THE WORSE again. The stock market surges 420 points and with this the bond market sell off sent the yield to 3.45% just enough to push a small increase in mortgage rates. The … (12 comments)
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refi: Mortgage Market Update 2:30 3/18/08 FED cut rate .75% - 03/18/08 01:35 PM
It's official, The Fed cut the rate by .75% to 2.25%. This is Less than the market (meaning wall street) was expecting. This could cause the stocks to loose a little steam as they were looking for a full 1point. We have repriced our fixed rates only for the better and I … (6 comments)
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refi: Mortgage Market Update 10:39 am 3/18/08 - 03/18/08 09:42 AM
Stocks soar on better than expected reports from both Lehman and Goldman Sachs. Signaled to investors they may weather this storm, however the same thing was said by Bear Stearn so only time will tell. Still awaiting the Fed news but mortgage rates posted out the same as late yesterday - no … (10 comments)
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refi: Mortgage Market Update - 3/18/08 - 03/18/08 07:36 AM
All eyes on the FED this morning as many expect a huge drop in Fed Funds rate...some suggesting more than a point. That would put the prime lending rate at 5% or less...The question remains, Will this spark the economy?
Banks are still tight on lending. Especially in the Jumbo sector and … (5 comments)
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refi: Mortgage Market Update - Reprice Improvement 2nd time today! 3/17/08 - 03/17/08 04:43 PM
At 5:25pm today - I received the second reprice for the better. While the improvement was slight - I believe it will be short lived. Tomorrow, The FED will cut the Fed Funding Rate and I am beginning to think it will be dramatic...As much as 1%. How or if this … (1 comments)
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refi: Mortgage Market Update 3/17/08 - 03/17/08 09:34 AM
A lot going on in the market right now. First the big news over the weekend...The Fed cut the discount rate by a quarter and JPMorgan Chase is acquiring Bear Stearn. The Fed's discount rate cut to 3.25% (from 3.5%) should provide banks more ways to obtain short term loans. The … (3 comments)
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