Derek McClintock's Blog

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Mortgage and Lending - C2 Financial - NMLS# 331867

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2012 

No deal yet on the fiscal Cliff. Over the weekend therewere a number of meetings that ended like all previous ones---nothing. Thatsaid there is still some optimism that a deal will get done today but given thelast few months we take that with the grain of salt. Senator Corker on CNBC at8:50 this ...
12/31/2012
Treasuries and mortgage markets starting strong this morning astraders seek safety against the potential failure to come to any agreement onthe Cliff discussions. Yesterday Sen. majority leader Harry Reidsaid he didn’t think a deal would get done before the first of the year; thestock market took...
12/28/2012
A little softness in the bond and mortgagemarkets to start the day;stock indexes slightly better at 8:30. Weekly jobless claims at 8:30 down 12Kto 350K, estimates were for an increase of 4K to 365K. The 4 wk average at 356,750down 11K. A better report but it didn’t get any reaction in the markets...
12/27/2012
Treasuries and mortgages were essentially unchangedon Monday. This morning about thesame, at 9:00 the 10 yr note unchanged and 30 yr MBSs +3 bp. Stock indexes alittle better early and prior to the 9:30 open. The lights in Washington stilloff after failure to come to any agreement on the Cliff. Pr...
12/26/2012
Not many working today, but the stock and bond marketstrade in a shortened session. The stock market will close at 1:00, the bond andMBS markets at 2:00. There are no scheduled economic reports today and not muchfor the entire week. This week the only thing that is important to markets isthe Clif...
12/24/2012
As far as civilization is concerned the Mayans appear to be wrong;we are still here. As far as the fiscal Cliff is concerned the Mayans may havegot it right. Last night the Republican controlled House couldn’t even getenough Republicans to pass the Boehner Plan B that would have increased taxeson...
12/21/2012
Started better this morning in the bond and mortgage markets after the10 yr note yield increased to 1.85% two days ago where strong support resides.At 8:30 the 10 yr note traded at 1.78% down 3 bp with 30 yr FNMA MBS +12 bp.Weekly jobless claims at 8:30 were expected to be up 16K, as reported cla...
12/20/2012
The day started with stock indexes better and interest ratesunchanged from yesterday’s selling. All global stock markets arebetter today with the belief that the US will avoid going over the Cliff in 12days. Negations are still rather fragile, at least based on the rhetoric comingfrom both sides;...
12/19/2012
Early this morning the 10 yr note yield up again to 1.78% frm 1.77% at the close yesterday. MBS prices at 8:45 unchanged. US stock indexes started better this morning but have backed off some into the open at 9:30. There is some increased optimism this morning that a deal may be worked out to avo...
12/18/2012
Stock indexes prior to the 9:30 open were a little better, the 10 yr note yield at 1.72% +1 bp, 30 yr MBSs +5 bp. At 8:30 the Dec Empire State manufacturing index was expected at 0.0, it fell to -8.10 frm -5.2 in Nov. The report showed no effect from Hurricane Sandy or the aftermath. The report f...
12/17/2012
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