sherry bradley: 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 … (3 comments)
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sherry bradley: Mortgage Market Update - 5/7/08 - 05/07/08 09:55 AM
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, … (1 comments)
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sherry bradley: Mortgage Market Update - 5/6/08 - 05/06/08 09:56 AM
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 … (3 comments)
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sherry bradley: Mortgage Market Update - 4/29/08 - 04/29/08 10:53 AM
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 … (1 comments)
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sherry bradley: Mortgage Market Update - 4/18/08 - 04/18/08 07:46 AM
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 … (1 comments)
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sherry bradley: Mortgage Market Update - 04/17/08 - 04/17/08 07:57 AM
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 … (4 comments)
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sherry bradley: 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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sherry bradley: Mortgage Market Update - 4/4/08 - 04/04/08 11:45 AM
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 … (2 comments)
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sherry bradley: 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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sherry bradley: 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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sherry bradley: 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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sherry bradley: 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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sherry bradley: Mortgage Market Update - 3/28/08 - 03/28/08 10:19 AM
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 … (0 comments)
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sherry bradley: 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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sherry bradley: 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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sherry bradley: 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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sherry bradley: 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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sherry bradley: 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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sherry bradley: 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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sherry bradley: 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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sherry bradley: 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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sherry bradley: 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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sherry bradley: 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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sherry bradley: 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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sherry bradley: 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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sherry bradley: Mortgage Market Update - 3/14/08 - 03/14/08 10:09 AM
Today is a great day to lock. By now most of you have received your rate sheets and hopefully they posted lower - I know mine did. Stocks slide on Flat CPI numbers and Bear Stearns possible bail out from the NY Fed and JPMChase. As the dollar continues to weaken, oil … (12 comments)
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sherry bradley: Mortgage Market update - 3/13/08 - 03/13/08 03:48 PM
I was out this morning and just now able to post a blog about the market. While I was following the ins and outs of mortgage rates, I regret that I could not post earlier. Yesterday was one of those days I could have locked 10 loans in if only I … (2 comments)
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sherry bradley: Mortgage Market Update - Reprice For the better 3/12/08 - 03/12/08 03:33 PM
Rates reprice for the better for the 2nd time today. Interesting to note - The 30 yr FHA fell to 5.5% today...making this a really good day to lock late in the afternoon. Arm loans on the other hand are moving in the opposite direction. The FED injection of $200 billion … (4 comments)
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sherry bradley: Mortgage Market Update - 3/12/08 - 03/12/08 09:25 AM
After climbing 417 points yesterday, the stock market takes a breath...mainly on the oil prices inching toward $110...Makes you want to ride a bike to work. Interesting to note that my company repriced rates for the better yesterday at 4:55pm...Rates dropped from 6.25% yesterday to 6.00% on a 30 yr fixed … (9 comments)
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sherry bradley: Mortgage Market Update - 3/11/08...End of Day - 03/11/08 03:22 PM
First and foremost - to see the stock market back above 12,000 was nice but to finish the day up 417pts...that was a bonus. This surge affected the bond market but not as bad as I thought it would. The Yield finished at 3.6%...Not bad considering the surge on Stocks. Again, … (3 comments)
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sherry bradley: Mortgage Market Update - 3/11/08 - 03/11/08 10:45 AM
Sorry for the delay this morning. I had a board meeting and I have returned to my office to see the "turn" in the markets. Stock Market jumped up 250 pts early this morning on news that the Fed is going to loan upto $200 Billion to banks to ease the credit … (2 comments)
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sherry bradley: Countrywide UGGHHH! - 03/10/08 01:04 PM
Normally I blog about the mortgage markets and leave the rest alone...But today I must add my two cents worth to the audacity of Countrywide. I have a borrower placing a bid on a foreclosed home and sent over the preapproval letter to the borrower and agent. I received a call back … (21 comments)
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sherry bradley: Mortgage Market Update 3/10/08 - 03/10/08 08:51 AM
After the Rollercoaster ride last week, don't expect a smooth ride this week. The market has opened shaky this morning and remains below 12,000. The dollar continues to weaken, fueled by a Fed Cut coming on the 18th. Retailer are reporting in and showing more signs of a slowing economy. Major reports … (12 comments)
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sherry bradley: Mortgage Market Update 3/7/08 11:00 am - 03/07/08 10:05 AM
The Stocks have rebounded as Wall Street bets on a Fed Rate cut coming soon. With that the bonds have lost ground. The yield currently sitting at 3.61%...If bonds sell off too much more we could be hit with higher rates again today. The Fed is making more money available to … (2 comments)
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sherry bradley: Mortgage Market Update 3/7/08 - 03/07/08 08:27 AM
The Labor Department posted Worse than expected Job numbers. Stating the US Payrolls fell 63,000 in February. The Stock market has opened down and dropped below 12,000...Bonds rally with the yield sitting at 3.49%. Mortgage interest rates should post out lower this morning but we will only be regaining ground we … (6 comments)
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sherry bradley: Mortgage Market Update - 3/6/08 - 03/06/08 08:58 AM
Stocks open down this morning on a weaker dollar and Oil prices climbing to $105 a barrel. A funny for you...President Bush urges American's to change our dependency on oil/gas and then joked about his 20 car brigade not helping matters! LOL...
The bond market showing early signs of relief but don't bank on … (0 comments)
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sherry bradley: Mortgage Market Update 3/5/08 - 03/05/08 09:24 AM
Stocks open up ever so slightly, and so did the bonds(although they have lost ground already), however my rate sheet posted slightly higher rates from yesterday's late day reprice. Mortgage Apps are up 3%, but giving how low they were before, apps could only go up. Revised Productivity reading is up(barely) … (4 comments)
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sherry bradley: Mid day Reprice for Jumbo Arms - 03/04/08 10:38 AM
A note to all Loan officers out there...After yesterday's forced liquidation of several institution's Arm Portfolios - you will (or already have) experienced an increase in Jumbo Arm products. We just repriced our jumbo arms higher by .75 bps moving as much as .375% on the rate depending on the ARM product. This is not … (2 comments)
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sherry bradley: Mortgage Market Update 3/4/08 - 03/04/08 08:50 AM
Get ready for the Stock Market to drop below 12000 - Looks like the bonds are up a tad in early session but only time will tell and the Futures continue fall, the dollar is at an all time low. There's a lot of talk about a possible rate drop by the … (4 comments)
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sherry bradley: Mortgage Market Update: 2/26/08 Reprice Improvement - 02/26/08 03:22 PM
Well look what the Fed drug in! They auctioned $30 billion in funds to banks to assist them in making loans. The fed is hoping this will ease some of the credit squeeze we are all feeling. With this, the bonds reacted positively and sent us a nice reprice for the … (3 comments)
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sherry bradley: Mortgage Market Update 2/26/08 - 02/26/08 10:51 AM
Not much to talk about this morning. Stock and bonds are both trading modestly. The Yield on bonds hovering at 3.86%...Keep an eye on that one today. If it goes above 3.9% you will most likely see a reprice for higher interest rates. I dip below 3.84% could send a reprice … (2 comments)
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sherry bradley: Mortgage Market Update 2/25/08 - 02/25/08 09:33 AM
Stocks and bonds...What will we do... Homes Sales data showing January sales down .04% from December...This was expected. However the stock market may survive today off the talks of Ambac...The bond insurer that is close to reaching an agreement for more capital.
Anything goes this week. Watching the Bond Yield (currently at 3.82%) … (0 comments)
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sherry bradley: Mortgage Market Definition: RECESSION - 02/25/08 06:36 AM
By Definition: A Recession is the decline in a country's gross domestic product (GDP) for 2 or more quarters successively. Personally, many of us may feel like we are already in a recession but Wall Street looks at the GDP...So if the GDP does not decline then technically there's no "recession". What … (1 comments)
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sherry bradley: Mortgage Market Update 2/22/08 - 02/22/08 12:48 PM
Happy Friday! The Market is really flat today...Typical of a Friday when there's no real data being released. Get ready for Monday and next week as Existing Homes Sales, PPI, and Consumer Confidence all report next week. It could be a wild ride starting Monday. As far as the stimulus package … (2 comments)
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sherry bradley: Mortgage Market update 2/21/08 - 02/21/08 10:13 AM
Nice surprise to see the bond yield down to under 3.8%, If you haven't already noticed on your rate sheets, Rates are lower. Stocks not doing to much today which is why the bonds are the go to items of the day. Keep an eye on those bonds. If the yield … (1 comments)
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