MBS LUNCH: Modest Recovery After Hitting 5 Month Yield Highs
Posted To:MBS Commentary
After hitting 5 month yield highs early in the session, rates have made a modest recovery back towards their recent range. Prices are now heading sideways in “status quo” territory. Volumes are below average. The 10yr note is -0-14 at 96-04 yielding 3.849%. Illustrating the 5 month yield high… The FN 4.0 is -0-09 at 96-17 and the FN 4.5 is -0-05 at 99-24. Year end always makes me feel lazy for some reason. More to come later…I need to go back out. BOND MARKET CLOSES AT 2PM….(read more)
This mortgage update is brought to you by: Adam Quinones – You can read the full article at MBS LUNCH: Modest Recovery After Hitting 5 Month Yield Highs
Comparing Real Estate Market Interventions: United States vs. China
Posted To:Community Commentary
I visited China in 2005 and 2007. In addition to seeing Shanghai and Beijing, I got an opportunity to see many historical sites, including Ping Yao. Ping Yao is 14th century well preserved walled city in the Shanxi Province of central China. At one time, it was the financial center of China during the Qing Dynasty. During my visit, I visited a couple of banks in Shanghai with one of my mortgage banking clients who speaks Mandarin. He acted as my interpreter as I quizzed the bank managers of the two banks. My objective was to get some information on if and how banks were providing financing for the rapid growing real estate market. At this time, there was a boom in condo construction in Shanghai and they were selling as high as 2 million dollars. The government had recently loosened up ownership…(read more)
This mortgage update is brought to you by: C.M. “Corky” Watts, CMB – You can read the full article at Comparing Real Estate Market Interventions: United States vs. China
Mortgage Rate Rally Short Lived. Rebate Reduced After Jobs Data
Posted To:Mortgage Rate Watch
Mortgage rates improved for the first time in six sessions yesterday as mortgage backed securities price appreciations early in the day allowed lenders to boost rate sheet rebate. Mortgage rates are slightly worse this morning after a better than expected Jobless Claims report. The weekly jobless claims report totals the number of Americans who filed for first time unemployment benefits in the previous week. Included within this report are continuing claims and extended benefits claims. Continuing claims totals the number of Americans who continue to file for unemployment benefits (because they haven't gotten a new job). Extended benefit claims totals the number of Americans who’ve used up their traditional benefits and are now collecting extended payments under recent government…(read more)
This mortgage update is brought to you by: Victor Burek – You can read the full article at Mortgage Rate Rally Short Lived. Rebate Reduced After Jobs Data
MBS MORNING: Jobless Claims Data Pushes Rates Higher
Posted To:MBS Commentary
Good Morning on this last day of the decade. 10 years sure did go by fast didnt it? Remember the whole y2k computer crisis? People thought the world was going to end when 1999 rolled over to 2000. We dodged a bullet on that one huh? (note sarcasm) Just out of curiosity…how are you planning on referring to 2010? Two thousand and ten? Twenty-Ten? O-ten? Ten? I'm leaning towards “Twenty-Ten”…it sounds like something George Jetson might say. Jobless Claims data has been released…it was not bond market friendly. Initial Jobless Claims were WAY better than expected, falling to 432,000 from 454,000 last week. Consensus forecasts were calling for a read of 460,000 new claims. This is the lowest number of initial jobless claims since July 19, 2008. Continuing Claims also beat expectations…(read more)
This mortgage update is brought to you by: Adam Quinones – You can read the full article at MBS MORNING: Jobless Claims Data Pushes Rates Higher
The Day Ahead: Last Day of the Decade
Posted To:MND NewsWire
It’s the final day of the decade and the S&P 500 and Dow each are likely to close the year with their biggest annual percentage gains in five years, two of the many signs that the worst of the financial crisis is over. Year to date the S&P 500 is up 24.7% while the Dow is 20.2%. The economy may not be in shambles anymore but it’s still far from good, and for anyone who needs a reminder the one data entry today, jobless claims, should helpfully provide a dose of reality. Two hours before the trading session begins, The Dow looks to open 13 points higher at 10,503 while the benchmark S&P 500 looks to open 2.75 points higher at 1,124.75. Commodities are also on the rise with WTI Crude oil trading 36 cents higher at $79.64 per barrel and Spot Gold up $12.48 to $1,105.38…(read more)
This mortgage update is brought to you by: Patrick McGee – You can read the full article at The Day Ahead: Last Day of the Decade