real estate san diego: San Diego Mortgage News - July 25, 2013 - 07/25/13 02:58 AM
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 out of the gate.Traders have been selling off of their positions as they no longer believe that the benchmark FNMA 3.5% August coupon can sustain their lofty levels of Monday's intra-day high. 
New Home Sales hit a five year high as they rose 8.3% in June.  The seasonally adjusted annualized rate of 497K units is still … (0 comments)

real estate san diego: San Diego Realtor News - April 30, 2013 - 04/30/13 01:01 PM
Pending Home Sales at a 3-year High
According to the Associated Press this morning, the number of signed contracts to buy homes rose in March to the highest level in three years.  The kicker is that sales are believed to actually be held back by limited supply.  There continues to be proof around every corner that the housing market is well on its way to recovery, helped along by low mortgage interest rates.  If you would like to read more about it, here's an array of articles to choose from: http://goo.gl/IBqe0




Last Week's Mortgage Rates Recap
Last week … (2 comments)

real estate san diego: San Diego Mortgage News - April 10, 2013 - 04/10/13 02:07 AM
The Federal Reserve made a huge error yesterday; it sent out the FOMC minutes yesterday afternoon to members of Congress; a day ahead of when the minutes were supposed to be released. The minutes were expected at 2:00 this afternoon, after the mistake yesterday the minutes were released this morning at 9:00 am. The announcement of the misstep release yesterday wasn’t known until 8:55 am this morning.
 
·        Committee members saw the information received over the intermeeting period as suggesting that moderate economic growth had resumed following a pause late last year.
·        Labor market conditions had shown signs … (0 comments)

real estate san diego: San Diego Consumer Mortgage News - April 8, 2013 - 04/08/13 09:04 AM
Last Week's Mortgage Rates Recap
Last week we ended the week with significantly better mortgage rates than we started - depending on the lender it was anywhere from .125% to .250% improvement to mortgage rate on the average loan. After so many weeks of rates being in a tight range with little improvement, what drove the rally? The short answer is the drama in North Korea and their threats of attacking the US and South Korea. It was exacerbated as well on Friday with a decline in employment data, which was a big market mover.





This … (0 comments)

real estate san diego: Mortgage News - Thursday March 21, 2013 - 03/21/13 02:53 AM
Bonds started slightly better today, mortgages also better after yesterday’s declines in prices. In the EU-Cyprus banking crisis nothing has been achieved so far, the country has extended its bank holiday until next Monday, keeping banks closed. The country was unable to negotiate any deal with Russia so far. The ECB taking a strong stand, saying it will cut Cypriot banks off from emergency funds after March 25 (Monday) unless the island agrees on a bailout with the European Union and International Monetary Fund. “The Governing Council of the European Central Bank decided to maintain the current level of Emergency Liquidity … (0 comments)

real estate san diego: Derek McClintock Mortgage News - Monday January 28, 2013 - 01/28/13 07:32 AM
At 8:45 this morning the 10 yr note it 2.00%, up another 5 bp frm Friday; at 8:45 the 30 yr FNMA 3.0 coupon was -37 bp frm Friday’s close. The treasury and mortgage markets have been bearish for all of January, the move to higher rates had been volatile. After the 10 yr yield climbed to 1.97% on the Dec employment report on 1/3 the 10 and MBSs declined (rates) but did not change our bearish forecasts. The yield on the 10 yr fell to 1.82% and MBSs did improve, that in turn lessened the bearish talk, but not here. … (0 comments)

 


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