Mortgage Rates End Choppy Week Near Best Levels
Mortgage rates ended last week at their best levels since early December. Then rates rose on Monday, gained back lost ground on Tuesday only to give back those improvements after the FOMC statement on Wednesday, weakness then extend over into Thursday. This left the par 30 year fixed mortgage rate in the 4.875 to 5.125 range. Today, all eyes were on the release of Advance 4th Quarter GDP. At 8:30 am the US Department of Commerce released the advance read on 4th quarter Gross Domestic Product. This is the first of three 4th Quarter GDP release, today’s report will be revised in February and March. GDP is the broadest measure of total economic activity and includes every sector of our economy. It is basically our economy’s score card. A rapidly growing economy usually leads to inflation…(read more)
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Mortgage Rates Prepare for Busy Week of Econ Data
Despite a much better than expected advance read on fourth quarter GDP (consensus was 4.5%, actual 5.7%), the week ended on Friday with mortgage rates near the best levels of the month. Usually, better than expected economic data causes stocks to move higher and bond yields increase. But that is not what happened. The lack of a logical reaction in the interest rate market implies investors are anticipating a slower read on GDP in 1Q 2010, especially after Q4 2009 numbers were boosted by less contraction as opposed to more growth ( READ MORE ). On top of that, this was first read on Q4 2009 GDP, there are still two revisions to come that many believe will adjust Q4 GDP to a level worse than originally reported. Mortgage rates ended the week with the most aggressive lenders offering 4.75% at…(read more)
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Mortgage Rates Steady Near What Might Be The Best Levels of the Year
Mortgage rates held steady yesterday despite a healthy rally in the stock market. Lenders were able to keep mortgage rate sheets mostly unchanged as prices of mortgage backed securities held to a tight range throughout the day. President Obama released his 2011 Budget yesterday morning. We were hoping it would address the ownership position of housing enterprises Fannie Mae and Freddie Mac, however they were not mentioned. What does this mean for mortgage rates? If the Federal Reserve carries on with their exit from the agency MBS market at the end of Q1 2010, which we expect to happen barring a huge shift in economic sentiment, mortgage rates will rise from current levels. This is one reason we have been more biased toward locking than floating lately. The lone economic report to hit news…(read more)
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Mortgage Demand Picks Up Ahead of Expected Rise in Rates
Mortgage rates held steady yesterday near what might turn out to be the most aggressive levels of 2010. Mortgage backed securities prices did not move too high or too low without quickly correcting, not much progress was made in any direction yesterday or for the last few weeks for that matter . Early this morning, the Mortgage Bankers Association released their weekly Mortgage Applications Index. The MBA survey covers over 50 percent of all US residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a look into consumer demand for mortgage loans. A rising trend of mortgage applications indicates an increase in home buying interest, a positive for the housing industry and economy as a whole. More home purchases can lead to more…(read more)
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Mortgage Rates Move Higher After FOMC Meeting
Mortgage rates improved a few basis points yesterday. Lenders were somewhat subdued in passing along interest rate improvements though. This is a function of a few reasons. First, mortgage-backed securities prices have held to a tight range over the course of the week. The second reason is a bit more obvious, the FOMC meeting ended today at 2:15pm. This was a major market event, so it makes sense that lenders would be defensive ahead of a scheduled event that had the potential to move interest rates in either direction. Before getting to the impact of the FOMC on mortgage rates, allow me to recap the day's economic data releases. Early this morning, the Mortgage Bankers’ Association released their weekly applications index. The MBA survey covers over 50 percent of all US residential…(read more)
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Mortgage Rates Move Higher Again. Stocks Influencing Lock/Float Decisions
Mortgage rates rose after the release of the FOMC statement yesterday. Whiel the interest rate sell off wasn’t substantial, MBS prices declined enough to force lenders to reprice for the worse. Overall there were only small adjustements made to the FOMC statement. The vote on whether to raise or hold steady the Fed Fund rate was not unanimous though. Thomas Hoenig, the Kansas City Fed Bank President, voted to raise short term interest rates while all others voted to leave rates unchanged. He believes the current 0 to 0.25% range for the Fed Fund rate was no longer warranted due to an improving economy. He also believes that inflation is a bigger concern than many believe. To slow inflation Hoenig believes interest rates need to be moved higher. For more on the FOMC statement and President…(read more)
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How harmful are foreclosures?
Maybe foreclosures help the economy more than they hurt it; Jan. jobs report comes out Friday.
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Mods require paystubs
Loan modification to prevent foreclosure will now require income documentation upfront.
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Docs for mods
What documents you’ll need to get a mortgage mod; watchdog warns of another housing bubble.
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FHA to raise prices
The FHA wants to charge less upfront and a lot more annually for mortgage insurance.
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