Mortgage News
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Mortgage Rates Mostly Unchanged After Treasury Auction
Posted To: Mortgage Rate Watch When economic data is thin the stock market tends to have a larger impact on the direction of mortgage rates. The session began with stocks moving lower yesterday. With no data on the economic calendar to reverse the market's direction, the bond market was able to rally all day (higher bond prices = lower bond yields). This allowed most lenders to reprice for the better. Like yesterday, the economic economic was quiet today. Two events influenced the marketplace... The Department of Treasury auctioned $21 billion 10-year notes today. Before the auction, the bond market made room for new debt supply by letting Treasury prices fall (cheapen). This pushed benchmark yields higher and led MBS prices lower. The issue must have gotten cheap enough because auction demand was strong. This led to a modest...( read more) 
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USDA Rural Development System Upgrade Complete. Now Processing Conditional Commitments
Posted To: MND NewsWire In March we learned that USDA Rural Housing funds were expected to run dry by the end of April . A month later, even though the legislation intended to provide the funding had not passed, USDA began issuing commitments for new loans, but there was a caveat: Loan approvals would be "subject to the availability of funds and Congressional authority to charge a 3.5 percent guarantee fee for purchase loans and a 2.25 percent guarantee fee for refinance loans." Finally, on July 29 Congress passed HR 4899 to reestablish the program as one that would no longer be subject to the annual whims of Federal funding but self-sustaining through a 3.5 percent guarantee fee paid by the borrower. Four weeks passed after the Congress did their job and appropriated unlimited funding for the USDA Rural Housing Program...( read more) 
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Jeff's Blog -
Jeff's Blog
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Written by Jeff
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Sunday, 04 October 2009 09:57 |
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As we enter into the last quarter of 2009 and prepare for 2010 I have some concerns that the sun will be setting on the advantages for the first time homebuyer. First and most importantly, the $8,000 tax credit expiring midnight November 30th.
Second, home prices have begun moving up in the lower end of the market - where the first time buyer is typically looking. And third, we are surely going to pay the piper with regard to interest rates in the future.
We've laid out these concerns in our monthly online presentation entitled "Is time Running Out For The First Time Homebuyer?"
If you would like to know more about "Is Time Running Out for First Time Homebuyer?" click below to find out more!
Click Here For Is Time Running Out for First Time Homebuyer?
Please feel free to share the presentation with your clients, friends and family. If you are looking for financing in the mid-Atlantic area (DE, MD, VA, PA), please give me a call to discuss. |
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Jeff's Blog -
Jeff's Blog
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Written by Jeff
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Sunday, 27 September 2009 09:04 |
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New home sales rose 0.7% in August to an annual rate of 429k after a downwardly revised gain of 6.5% and an annual rate of 426k in July. Our report is posted here: August New Home Sales
Forecast was 440,000 units versus an actual of 429,000
Sales are 37.4% below their year ago level of 481,000
Inventory fell 3% to 262,000 which is a 7.3 month supply at this sales pace
Median sales price has fallen 11.7% over the past year to $195,200
Average sales price has slipped 3.3% to $256,800
Better sales and lack of new construction continued to work down inventories. New home prices continue to correct in response to still high inventory levels and mounting distressed sales. Recovery continues in the housing sector, boosted by the fist-time buyer tax credit, low rates and falling prices, however gains remain mild and are not far from very depressed levels.
More date and charts from my favorite economics blooger, Calculated Risk: August New Home Sales Flat
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Jeff's Blog -
Jeff's Blog
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Written by Jeff
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Thursday, 24 September 2009 21:55 |
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There was an unexpected pull-back in existing home sales last month. The market was expecting the annualized rate to increase to 5.35 million homes, however the pace fell 2.7% to 5.10 million from July's 5.24 million. We still see a modestly rising trend over the last several months albeit from extremely low levels earlier this year. Our report can be found here: August Existing Home Sales
Also read the take on the numbers from my favorite economics blogger - Calculated Risk: Existing Home Sales Decline in August |
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Jeff's Blog -
Jeff's Blog
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Written by Jeff
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Thursday, 24 September 2009 09:51 |
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Our report on the Fed Meeting & Annoucement is posted: FOMC Policy Meeting
As widely expected the FOMC voted to keep rates in an exceptionally low range of 0% to 0.25% in order to support ongoing recovery in the economy. The policy statement was released at the conclusion of their two-day meeting today. The Committee acknowledged a pickup in economic activity, specifically in the housing sector but expected overall conditions to remain weak for a while longer. Inflation remained subdued since last meeting, thus it was not a major concern for the Fed at this time. Policymakers did start to outline their strategy and timing for unwinding liquidity measures taken in response to financial and credit market crisis in the past year. It looks as though purchasing of Treasury securities will wrap up by the end of the month, as planned, while MBS and agency purchases will conclude by the end of the first quarter. |
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Jeff's Blog -
Jeff's Blog
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Written by Jeff
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Friday, 18 September 2009 09:00 |
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We posted the August Housing Starts report - Click here. Starts rose 1.5% in August as home constructions continues to recover at a modest pace from April, 2009 lows. Housing starts remain 73.7% below their peak in January 2006.
Most of the gain last month was in multi-family starts as single family starts pulled back - potentially consolidating recent gains.
Here is the take from my favorite economics blogger, Calculated Risk: Housing Starts in August - Moving Sideways
Enjoy! |
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September 7, 2010 (8)
