The Mortgage Update 7-24-13

No economic news yesterday meant there was little move the market significantly. Overnight 10- Year Treasuries dropped for a second straight day after economic reports out of Europe beat forecasts. Investors took this as a sign that the global economy is recovering and it damped demand for safer assets. Today brings new Home Sales at 10 AM is a relevant report, but should not affect our long term momentum. The day ends with a 5-Year Treasury auction and Jobless claims are released tomorrow.

The Mortgage Update July 23 2013

All was quiet on the bond market yesterday, with no significant economic data moving the needle in either direction. MBS saw an active trading day, modest gains at the open were held until close. Weaker-than-expected Existing Home Sales data caused the slight rally around 10 AM. Today has no significant economic news on the calendar. The next piece of relevant data is scheduled for tomorrow with New Home Sales, PMI Manufacturing and Petroleum Status Report.

The Mortgage Update 7-22-2013

The bond market might have just hit its stride, finding some stability for the first time in this post FOMC announcement era. This week is front loaded with several Housing Market metrics to be released. We will start the day with Existing Home Sales and New Home Sales on Wednesday. Both numbers are expected to show improvement. Existing Home Sales rose from 5.18 to 5.26 million while New Home Sales are expected to increase from 476k to a 485k annual pace. We will close the week with jobless claims and consumer sentiment. Let’s see if we can keep our pace this week before Non-Farm Payrolls are announced next week

The Mortgage Update

Treasuries advanced over night as Ben Bernanke quelled any fears of QE coming to an unexpected end in September. Philly Fed came in much better than expected yesterday however; it failed to move the market significantly in the afternoon trading hours. There is no scheduled economic data today, meaning we might see a quite day for once.

Have a Great weekend!!

The Mortgage Update

Rates improved yesterday before Bernanke took the stage. The rally was caused by the Housing Starts report which underperformed compared to the forecast. Bernanke still remained unclear about the Fed’s plan to tapper bond purchases and the Q & A session did little to reverse the positive feeling in the bond market. Today Jobless Claims come out at 8:30 and Philly Fed at 10 AM will be the last piece of economic news released this week.

Credit Score under 600

We have just been approved to offer FHA loans with a minimum score of 580.  Believe it or not this will allow thousands of Homeowners the opportunity to Refinance or Buy that they was not available until NOW!!

• Homeowners
• Realtors
• Financial Advisors
• Accountant
• Lenders

HELP those in need and guide them to someone you KNOW and TRUST!!

The Mortgage Update

Mortgage Rates are perfectly flat before Ben Bernanke takes the stage today. There appears to be significant divergence of opinions with FOMC members, leaving the content in today’s testimony unclear. This uncertainty has the potential to create more market volatility today. Bernanke’s speaks at 10 AM, the beige book is to be released at 2 PM, and what will happen in between is anyone’s guess.