Derek McClintock's Blog

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Mortgage and Lending - C2 Financial - NMLS# 331867

ARCHIVED BLOG POSTS

2013 

What happened yesterday?   Mortgage backed securities (MBS) lost -53 basis points from Tuesday's close which caused 30 year fixed rates to move higher.The benchmark FNMA coupon has now lost -88BPS from Monday's highs.MBS were under pressure right from the first trade as they tanked -34BPS right o...
07/25/2013
Home Prices Jump, Time on Market Falls: The median home price jumped 13.5% from this time last year to $214,200. This marks 16 consecutive months of year-over-year price increases, which last occurred from February 2005 to May 2006. The National Association of Realtors released their Existing Hom...
07/22/2013
Retail Sales Below Target Weaker than expected Retail Sales data helped mortgage rates this week. Soothing comments from Fed Chief Bernanke also were a positive influence, and mortgage rates ended the week lower. The monthly Retail Sales report measures spending by consumers, which accounts for a...
07/19/2013
Bernanke’s prepared text was out at 8:30 this morning (way early) before his 10:00appointment at the House Financial Services Committee. He is saying that the central bank’s asset purchases “are by no means on a preset course” and could be reduced more quickly or expanded as economic conditions w...
07/17/2013
Generally a quiet open this morning. Markets are likely to sit somewhat still through the day today ahead of the beginning of Bernanke’s testimony tomorrow at the House Financial Services Committee; Thursday he moves to the Senate Banking Committee. The obvious topic is what is he thinking now ab...
07/16/2013
This Week; there are a number of key economic releases but the major focus this week is Bernanke testifying in the House and Senate on the economy, employment and inflation. Likely he will field a lot of questions from politicians about what the Fed intends to do with its QEs and more grilling on...
07/15/2013
Last Week's Mortgage Rate RecapLast week saw mortgage rates improve an average of .125 to .250 percent from the previous week. While each day continues to contain volatility, we enjoyed market improvements 4 out of 5 days with the largest gains coming on Monday. Wednesday was clearly the most int...
07/15/2013
Real Estate is Still a Good BuyWith the steady increase in mortgage rates and home prices, is real estate still a good investment?  That is the question that many investors and prospective home buyers are asking, clearly wanting to avoid the trap of the last housing bubble. Jonathan Gray, Blackst...
07/15/2013
Markets started quietly this morning ahead of this afternoon’s triple threat. At 1:00 $21B of 10 yr notes will be auctioned, the demand will be important after the recent increase in rates; at 2:00 the minutes from the 6/19/FOMC meeting that triggered the recent explosion in rates; at 4:10 Bernan...
07/10/2013
A nice rebound yesterday; the MBS market recovered slightly over half the price declines last Friday on the June employment report. This morning markets opened about unchanged in the bond and mortgage markets with US stock indexes up again in pre-market trading. Today there are no economic releas...
07/09/2013
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