Archive for September, 2010
Thursday, September 30th, 2010
Posted To: Mortgage Rate WatchMortgage rates opened just above record lows yesterday. Many lenders were seen offering mortgage rates below the 4.25% threshold. However as the day progressed, mortgage-backed securities (MBS) prices were pressured lower and lenders had to reprice for the worse, which pushed consumer closing costs higher by ...
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Thursday, September 30th, 2010
Posted To: MND NewsWireH.R. 3081 : Making Continuing Appropriations for Fiscal Year 2011, and For Other Purposes, passed the House of Representatives this morning. Buried in that legislation was authorization to extend current loan limits for mortgages provided through Fannie Mae, Freddie Mac, and the Federal Housing Administration. Passage of ...
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Thursday, September 30th, 2010
Posted To: MBS CommentaryStop the presses! After touching 4.5 month highs following the release of Chicago PMI data at 9:45, profit taking has led stocks back into the red. S&Ps are currently -8.25 at 1132.75. This is a 20 point turn around. Chop chop.... As liquidity dried up and the ...
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Thursday, September 30th, 2010
Posted To: The Garrett Watts ReportA little over 20 years ago I started a mortgage bank with several seasoned mortgage professionals. We found an equity partner (a commercial bank) and began the process of obtaining investor approvals and warehouse lines. Our bank partner was not interested in providing us with ...
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Thursday, September 30th, 2010
Posted To: Pipeline PressAs we approach October and the usual slate of mortgage conferences, attendees should know that there is a new development in alcohol. California winemakers realize that the mortgage banking management segment is aging so vintners in the Napa Valley area, which primarily produce Pinot Blanc, Pinot Noir, ...
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Thursday, September 30th, 2010
Posted To: MBS CommentaryChicago PMI printed at 9:45. It was much much better than expected, led by gains in the new orders index and production index (short term positives) The prices paid index on the other hand fell 2.2 points and the employment index fell 2.1 points (long term negative). ...
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Thursday, September 30th, 2010
Posted To: MND NewsWireNearly a quarter of a million homes that were in some stage of foreclosure were sold during the second quarter of 2010, an increase of 5 percent since Quarter One. This, however, was 20 percent fewer sales than were recorded in that category in the second quarter ...
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Thursday, September 30th, 2010
Posted To: MBS Commentary830AM data has been released. Both Jobless Claims and final Q2 GDP beat consensus estimates (barely). Here are quick recaps. RTRS-US JOBLESS CLAIMS FELL TO 453,000 SEPT 25 WEEK (CONSENSUS 460,000) FROM 469,000 PRIOR WEEK (PREVIOUS 465,000) RTRS-US JOBLESS CLAIMS 4-WK AVG FELL TO 458,000 SEPT 25 ...
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Thursday, September 30th, 2010
Posted To: MBS CommentaryOn this final day of September and final day of the 3rd quarter, after a busy overnight session in which Ireland’s finance minister declared his country had hit “rock bottom”, interest rates are rallying off of yesterday's yield highs and stock futures are moderately weaker. Ireland’s budget ...
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Wednesday, September 29th, 2010
Posted To: MBS CommentaryBest Pricing Gone. Rebate Still Seen Under 4.25% Fed Considers QEvII. Debate Goes Public $100bn in 2s, 5s, 7s Absorbed with Ease Refi Apps Down Four Weeks in a Row. Has Demand Stalled Out? In yet another slow, choppy session, bond traders booked profits before and after ...
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