Monthly Archives: June 2009

Tough to tell if we are seeing stabilization or some kind of an outlier, given the changes in manufacturing (auto makers) coming down the line in that region

Mixed markets have greeted us on this last day of the month, quarter, and midyear mark. Stocks opened unchanged but have drifted lower (down 100) on the heels of today’s consumer confidence report.  Consumer Confidence slipped 5.5 points to 49.3.  … Continue reading

Early estimates call for job losses of 370K and the unemployment rate to print 9.6%

After a roller coaster month, started by the surprise payroll figures for May (minus 345K), we have returned to the scene of the crime.  Today has been a quiet, no news day.  The balance of the week will heat up … Continue reading

For now, the price change alert is off but caution is still advised.

Mortgage backs seem to be the only instrument holding their own as we enter the final hour of trading.  The 10 year note (down 14/32’s to yield 3.70%) and stocks (closing down 23 points as a late day slide developed) … Continue reading

FOMC Announcement

Release Date: June 24, 2009 For immediate release Information received since the Federal Open Market Committee met in April suggests that the pace of economic contraction is slowing. Conditions in financial markets have generally improved in recent months. Household spending … Continue reading

High probability of a worsening mortgage price change.

High probability of a worsening price change.   Technical structure is forming an outside day down which is bearish in nature as well.

The Fed also reiterated that they will purchase 1.1 trillion in mortgage backs by year end in an effort to keep mortgage rates low.

Fast market conditions exist with the 10 year note currently down 11/32’s (yield 3.69%), mortgage backs off 3/32’s, and stocks up 40 something on the Dow.  No talk of exit strategy or change in the Fed Funds rate.  For the … Continue reading

We favor the market consensus which calls for no change in mortgage rates or policy statement.

Traders, both in stocks and bonds are on edge this morning as the FOMC decision looms.  Earlier today, Durable Goods Orders surprise to the upside, posting a plus 1.8% while the ex-transportation index rose 1.1%.  Economist were expecting a drop … Continue reading

Mortgage pricing translation; don’t expect reprices for the better of any great proportion.

The market has been a little tipsy this morning, primarily on the Housing news and the start of the FOMC meeting (interest rate change and policy statement 6/24 at 1:15 pm cst).  Details of today’s 2 year note auction just … Continue reading

YES, $8,000 First-Time Homebuyer Tax Credit CAN be used as down-payment on an FHA loan

Effective 6/22/09 , the $8,000 first-time homebuyer tax credit can be used as down payment on an FHA loan. Below are some highlights of the program.  Please note there is only a limited amount of funds, $5 million.  It is … Continue reading

The mortgage price you see today, will probably not be there two hours from now let alone tomorrow

Trading has been brisk for a Monday morning/afternoon, adding to Friday’s rally in bonds/MBS. Stocks are taking it on the chin, down 180 points on the Dow and 54 points on the Naz. The stock slide/bond rally, got going across … Continue reading