san diego mortgage: San Diego Mortgage News - July 17, 2013 - 07/17/13 03:04 AM
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 warrant. “If the outlook for employment were to become relatively less favorable, if inflation did not appear to be moving back toward 2 percent, or if financial conditions -- which have tightened recently -- were judged to be insufficiently accommodative to allow us to attain our mandated objectives, the current pace of purchases could be maintained for … (0 comments)

san diego mortgage: Consumer Mortgage News - Monday July 8, 2013 - 07/08/13 05:23 AM
Last Week's Mortgage Rates RecapLast week saw mortgage rates lose significant ground, with rates going up by as much as .5% over the course of the week. It was easy to get caught off guard because most of the increase came from a huge selloff in the MBS (Mortgage Backed Securities) market on Friday due to the employment numbers released. With last week's major jump in rates, we've now seen rate quotes go from the 3's in May to the 5's in July.
This Week's Mortgage Rates ForecastMortgage Rates Currently Trending: HIGHERThis week doesn't show any signs of improvement for mortgage rates. In fact, … (0 comments)

san diego mortgage: San Diego Mortgage News - April 11, 2013 - 04/11/13 03:09 AM
Weekly jobless claims out this morning at 8:30; claims were widely expected to have declined 20K to 25K, as reported claims fell 42K to 346K. Last week claims increased 28K, more than was expected at the time. The last two weeks of claims appear to have been to smooth out swings due to the Easter holiday that falls at different times each month. Nevertheless the claims recently have exhibited an increase in volatility. Mix in the March employment report that was exceptionally soft on job creation (+88K) and markets are left scratching heads as to the reality of the employment data … (0 comments)

san diego mortgage: 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)

san diego mortgage: San Diego Mortgage News - April 5, 2013 - 04/05/13 05:35 AM
The first Friday of every month is almost always one of shock and awe; the release of the monthly employment data is rarely a calm event. Today the March data didn’t disappoint in terms of surprise. The unemployment rate hit at 7.6% down frm 7.7% in Feb, so far on the surface that looks good, but not really. Non-farm job growth was expected at about 190K, job growth as reported increased just 88K; non-farm private job growth was thought to be about 200K, as reported up just 95K. There was revisions to Feb and Jan jobs that totaled an additional 61K … (4 comments)

san diego mortgage: 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)

san diego mortgage: Mortgage News - Monday December 17, 2012 - 12/17/12 02:16 AM
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 for December is filled with negatives that include contraction for new orders, unfilled orders, and employment. The 12-month outlook is still positive but is far from robust. There was no noticeable reaction to the weak report.
 
The Cliff is getting closer; over … (0 comments)

san diego mortgage: Mortgage News - Thursday December 11, 2012 - 12/11/12 01:04 AM
The tight trading range in the bond and mortgage markets continues today, however this morning the 10 yr note yield increased to 1.64% +2 bp frm yesterday and MBS prices weaker after increasing yesterday. Since early November the interest rate markets have essentially been flat with no significant changes. There has been literally no change in mortgage rates for six weeks. Both stock investors and bond traders are willing to sit quietly until there is something out of Washington on the Cliff negotiations. No progress is being made; the president refuses to discuss spending cuts until the Republicans agree to increasing … (1 comments)

san diego mortgage: Derek McClintock Mortgage News - Friday December 7, 2012 - 12/07/12 01:48 AM
It is the first Friday of the month; the day when chaos reigns. The Nov employment report, as most BLS reports, didn’t disappoint with volatility and numbers that missed estimates by a wide margin on unemployment and job creation. Estimates were “certain” non-farm job increase would be +86K, non-farm jobs increased 146K; private job increase was widely believed to have increased 90K, private jobs increased 147K. The Nov unemployment rate was also widely expected to have increased to 8.0% frm 7.9% in Oct, the unemployment rate fell to 7.7%, the lowest level since Dec 2008. Revisions to previous months had jobs … (0 comments)

san diego mortgage: Mortgage News - Tuesday November 20, 2012 - 11/20/12 03:19 AM
Treasuries and MBSs started lower this morning (price) with pre-market futures trading pointing to a soft open in the stock market. At 9:00 the 10 yr at 1.63% +2 bp and MBS price +2 bp frm yesterday’s close. At 8:30 Oct housing starts and permits were released; starts were expected to have declined but as reported up 3.6% while permits were in line at -2.7%. Starts are at a four year high but well off the norms that were seen prior to the housing market collapse, in the early 2000s starts were at about 1.2 mil annualized units, Oct starts were … (1 comments)

san diego mortgage: AmeriFirst Financial San Diego, CA Mortgage Banker - 08/11/12 03:56 AM
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san diego mortgage: What Does Warren Buffet Think About Buying A Home? - 01/30/12 11:53 AM
What Does Warren Buffet Think About Buying A Home? by The KCM Crew on January 30, 2012
       Warren Buffet is seen by many as the greatest investor of our time. When he speaks, people listen. Like anyone else in his position of influence, he is criticized by some for using his bullhorn to promote his own business agendas at times. That makes it very interesting when we occasionally learn of how he privately advises those closest to him.
Such a situation occurred this week. Debbie Bosanek, Warren Buffet’s secretary of 37 years, recently purchased a second home in Surprise, Arizona.
… (1 comments)