The March Jobs Report is in - a whopping 80,000 jobs were lost in March making it the worst report in 5 years. The unemployment rate ticked up from 4.8 to 5.1% and projections were at 5.0%. Because of this negative news, bonds are currently up +44 basis points. The rate for a No Money Down, 30-year fixed Loan Amounts over $170k is 5.75%. Have a GREAT weekend. Santos … (1 comments)
mortgage rates: Mortgage Market Guide as of Tuesday, November 20, 2007 -- Mortgage Rate Increase
- 11/20/07 08:55 AM
LOCK 'EM IF YOU GOT 'EM! Welcome to our roller coaster ride! Yesterday's update ended with a "floating" stance because bonds closed out the day at +25 points....so, of course, we thought rates would get better. Right out the gate this morning, bonds opened up at roughly -22 basis points so they woke up on the wrong side of the bed. Throughout the day, they deteriorated even more and closed out the day at -34. Although none of our lenders issued a rate increase, we do expect the increase to hit tomorrow. So if you have overnight protection..........lock 'em if you got 'em! Why … (2 comments)
mortgage rates: Mortgage Market Update as of Thursday, November 15th
- 11/15/07 05:17 AM
GOOD THURSDAY AFTERNOON!!! ONE MORE WEEK TILL THANKSGIVING?!?!?!?!?? How this year is flying by! I hope everyone is having a FANTASTIC day. Yesterday's temperature was a beautiful 55'ish...and today is a cold, rainy, snowy mix at 30 degrees. WELCOME TO MICHIGAN! Mortgage Bonds are trading higher, currently at +19 basis points, after this morning's inflation report. The Consumer Price Index (CPI) reported that inflation is inline with expectations. However the Core CPI, which strips out food and energy, was reported at 2.2%--up from 2.1%. Typically, higher inflation is a negative for Bonds. But in this case, Mortgage Bonds improved because Traders viewed the higher … (1 comments)
mortgage rates: TGIF! Mortage Market Update as of Friday, November 9th
- 11/09/07 04:32 AM
TGIF!!!! Surprise, surprise...more sub-prime mortgage related losses are hitting the financial sector this morning. Stocks are trading lower and Bonds are trading slightly higher after Wachovia Corp announced a loss of $1.1 Billion in the value of their Collateralized Debt Obligations (CDO's). CDO's are investments partly comprised of subprime mortgages, and as subprime mortgage default rates have risen, the values of these CDO's have fallen significantly. And because Stocks are again to the downside Bond prices are being supported as proceeds from sold Stocks get parked into Bonds. Both the Dow and S&P 500 benchmark indices have just broken below their 200-day Moving Averages. Unless … (1 comments)
mortgage rates: Mortgage Market Update as of Wednesday, November 7th
- 11/07/07 07:36 AM
GOOD Hump Day TO ALL! Bonds are closing out today flat, currently at ZERO, so there wasn't a change in mortgage rates today. Stocks were punished this morning. Leading the way down was a nasty earnings report from General Motors (GM), who announced a shocking third quarter loss of $39 Billion, which included significant mortgage related losses generated by GMAC, GM's former financial company. The big news of the morning was China announcing they may diversify their holdings away from the US Dollar. Statements from Chinese officials included "We will favor stronger currencies over weaker ones, and will readjust accordingly. The US Dollar is losing … (0 comments)
mortgage rates: Mortgage Market Update as of Monday, November 5th
- 11/05/07 06:55 AM
GOOD MONDAY AFTERNOON, everyone! As we're heading for the close of the day, mortgage bonds are taking a hit. Currently down -22 basis points so we may see lenders send a late-day, intraday rate increase. If not tonight, it may spill into tomorrow's rate sheets. WHAT'S GOING ON.... More bad news was reported over the weekend from Citigroup. Citigroup, the nation's largest bank, warned it will take an additional $8 to $11 billion write-down from debt investments linked to mortgage-backed securities that have gone bad, after already announcing a $6.5 billion loss from debt write-downs when they announced third quarter earnings not long ago. … (2 comments)
mortgage rates: Mortgage Market Update as of Friday, November 2nd
- 11/02/07 02:28 AM
TGIF!!!! Another crisp Fall day here in Michigan! I hope everyone had a fantastic Halloween and I hope everyone has scheduled an emergency dental appointment! :) On the business front...... The best Jobs number in six months hit the wires this morning. Non-farm payrolls were reported at 166,000 for the month of October. This is more than double market expectations and previous revisions were negligible. The unemployment rate held steady at 4.7%. Stocks opened higher on the strong economic news and Bonds are started the day with some weakness, but looks like they've rebdounded. Currently, mortgage bonds are up +9 basis points. With such … (0 comments)
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