san diego mortgage banker: San Diego Mortgage News - August 16, 2013 - 08/16/13 08:46 AM
What happened yesterday?  
Mortgage backed securities (MBS) lost -49 basis points from Wednesday's close which caused 30 year fixed rates to move upward.  MBS have now lost a big -135BPS from Monday's open to yesterday's close.
Once again, we started the day selling off before our first dose of economic data even hit due to the German Bund (there version of our U.S. Treasury 10 Year note) saw their yields shoot up on continued optimism for growth in Germany and in Europe.  This zapped money out of U.S. bonds which caused MBS pricing to rise.
Then, Initial Jobless Claims were much better than … (0 comments)

san diego mortgage banker: 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)

san diego mortgage banker: This Week's Mortgage News for Realtors - July 22, 2013 - 07/22/13 08:20 AM
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 Home Sales report for June this morning and it also showed that sales of previously owned homes increased 15.2% from June 2012. On a month-over-month basis, sales slipped 1.2%.
Time on market decreases: The median time on market for all homes was 37 days in June, down from 41 days in May, and is 47 … (1 comments)

san diego mortgage banker: San Diego Mortgage News - July 16, 2013 - 07/16/13 02:03 AM
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 about beginning the end of the QEs? Generally most all market participants are expecting the Fed to start tapering soon, the question is when? Most of the talk has been centered on September for the first cut in the $85B of monthly purchases, some think a cut of $20B a month. Bernanke has been going back and forth … (0 comments)

san diego mortgage banker: San Diego Mortgage News - June 13, 2013 - 06/13/13 04:30 AM
Japan’s stock market took another huge hit last night taking the Nikkei index down 6.0% and now trading in bearish territory. The reaction sent the US stock indexes down and dropped the 10 yr note yield to 2.18%. Europe’s stock markets also were it hard on the Japanese selling. US economic data at 8:30 stopped the global slide in stock markets although Europe is still weaker; US stock indexes at 9:00 were pointing to an unchanged opening and the improvement in the bond market lost much of its gains. Weekly jobless claims were down 12K to 334K, estimates were for claims to have increased 4K to … (0 comments)

 


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