Mortgage Market Update/Purchase and Refinance Mortgage info

[Sun burners]

YEAH, "you doing loans in AZ yet?"

 

[Tamalewagon]

Negative. I am looking for a broker to partner with in AZ but I can't find anyone I trust just yet.

 

[Tamalewagon]

Rates continue their downward slide...check the current rates at www.WMRLoans.com

by Matthew Graham via Mortgage News Daily

MBS MID-DAY: Bond Markets at Best Levels on Tepid Data and Ukraine

Mar 3 2014, 11:58AM

There's always a risk of crediting uncommon news headlines with too much market movement. That's certainly happening with Ukraine to some extent at the moment, but Ukraine headlines are also certainly contributing to bond market positivity.

As for the stronger-than-expected economic data, it was actually fairly lackluster. The morning's most important piece of data--ISM Manufacturing--was only moderately stronger, and with the exception of the previous report, it would be the weakest since June 2013. It didn't motivate much movement at all.

Even before ISM came out at 10am, stocks and bond yields began moving lower together starting at 9:40am and have been in relative lock step for most of the session. That's a common occurrence during these 'flight-to-safety' movements. The other common side effect is that MBS underperform Treasuries, which is also the case today. That said, both are at their best levels of the day heading into the afternoon.

 

[Tamalewagon]

daily rates: www.WMRLoans.com

Rate Lock Advisory - Tuesday Mar. 4th

Tuesday?s bond market has opened in negative territory with no relevant economic data on tap and strong gains in stocks during early trading. The major stock indexes appear ready to reverse yesterday?s selling with the Dow up 168 points and the Nasdaq up 55 points. The bond market is currently down 13/32, but due to strength in trading late yesterday, we should see little change in this morning?s mortgage rates if comparing to Monday?s early pricing. If your lender revised rates lower yesterday afternoon, you should see an increase this morning.

With nothing of importance scheduled for today, we are seeing stocks drive bond trading. The reversal of yesterday?s Ukraine-related sell-off is also erasing yesterday?s bond gains. If stocks change direction as the day progresses, we could see bonds do the same and mortgage rates may improve. If the major indexes remain near current levels, I suspect mortgage pricing will follow suit. We can expect stocks to be heavily influenced by news out of Ukraine or Russia, so this morning?s tone in the financial and mortgage markets can change at any time.
Tomorrow brings us the release of two reports that are worth watching. The first is a private sector employment-related report at 8:15 AM ET. This comes from payroll processor ADP who will announce their change in private-sector payrolls processed last month. Since it is not a government agency report, it isn't considered to be highly important however, as with any employment-related data it does draw some attention. This is especially true for this report because it is posted just a couple days before monthly employment figures are released by the Labor Department. I personally believe it is given more attention than it really deserves, particularly because many use it to predict the monthly government figures but often fail miserably. Still, if it shows a noticeable variance from expectations, it will likely cause movement in the markets and mortgage rates. Forecasts are calling for an increase of 150,000 jobs.

The Fed Beige Book, which is named simply after the color of its cover, will be posted at 2:00 PM ET tomorrow afternoon. This report details economic activity throughout the country by Federal Reserve region. The Fed relies heavily on this data during their FOMC meetings, so look for a potential reaction during afternoon trading if it shows noticeable difference in economic activity from the last version. It probably will not cause a major sell off in the stock or bond markets, but it is still worth watching.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days... Lock if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers. For more information call Scott Wenhe at 866/476-2494.


?Mortgage Commentary 2014

 

[Tamalewagon]

check our rates or submit an application at www.WMRLoans.com

Not the best day to lock in but it's a great day to submit an application to be ready to lock.

http://www.mortgagenewsdaily.com/consumer_rates/347735.aspx

 

[Tamalewagon]

daily rates - www.WMRLoans.com

Rate Lock Advisory - Tuesday Mar. 11th


In a nutshell...lock if you are shopping. http://www.wmrloans.com/2014/03/11/daily-rate-lock-advisory-for-california-3112014/

 

[Tamalewagon]

Daily rates at www.WMRLoans.com

Here's today's rate lock advisory http://www.wmrloans.com/2014/03/18/daily-rate-lock-advisory-3182014/

 

[Tamalewagon]

Sign up here http://www.wmrloans.com/mortgage-commentary/ to get your own daily rate lock advisory. Don't worry, it is private and is not a solicitation devise. It is solely for your own information. You can sign up for daily or weekly reports to keep an eye on the market.

 

[Tamalewagon]

We can now refinance modified or restructured loans. If you had a foreclosure 3 years ago, you now qualify to purchase again. 100% gift funds available on 95% loan to value purchases (use this instead of an expensive FHA loan). FHA and VA loans down to 580 fico scores (we are finishing up a FHA purchase with a 588 fico right now so they do in fact work).

Here is the application link - http://www.wmrloans.com/my-account/tools/long-loan-application/

 

[Tamalewagon]

Here's your Daily Commentary report compliments of
Wenhe Mortgage and Realty!
Contact us at (619) 255-3182 for today's competitive interest rates!



Tuesday?s bond market initially opened in negative territory but has since moved into positive ground. The stock markets are showing losses with the Dow 39 points and the Nasdaq down 40 points. The bond market is currently up 6/32, which will likely improve this morning?s mortgage rates by approximately .125 of a discount point.

The Labor Department gave us this morning?s only relevant economic data with the release of March's Consumer Price Index (CPI) at 8:30 AM ET. It revealed a 0.2% increase in both the overall and core data readings that slightly exceeded forecasts of 0.1% rise in both. This means that inflationary pressures at the consumer level of the economy remained calm last month but was still a bit stronger than many had expected. That makes the data slightly negative for the bond market and mortgage rates.

Tomorrow has three pieces of economic data worth watching. The first is March?s Housing Starts report that tracks groundbreakings of new home construction at 8:30 AM ET. It gives us a measurement of housing sector strength and future demand for mortgage credit. It is not considered to be highly important to the markets but does draw enough attention to influence trading if it reveals surprisingly strong or weak numbers. It is expected to show an increase in starts from February to March. Good news for mortgage rates would be a decline in starts that points toward housing sector weakness.

The second report will be March's Industrial Production data at 9:15 AM ET. It tracks output at U.S. factories, mines and utilities, translating into an indication of manufacturing sector strength. Current forecasts are calling for an increase in production of 0.5%. This data is considered to be only moderately important to rates, so it will take more than just a slight variance to influence bond trading and mortgage pricing. Signs of manufacturing sector strength are considered negative news for mortgage rates, so a decline in output would be favorable news for the bond market and mortgage shoppers.

Also tomorrow is afternoon release of the Federal Reserve's Fed Beige Book report. This report is named simply after the color of its cover but details economic conditions throughout the U.S. by Fed region. Since the Fed relies heavily on the contents of this report during their FOMC meetings, its results can have a fairly big impact on the financial markets and mortgage rates if it reveals any significant surprises. Generally speaking, signs of strong economic growth or inflation rising form the last update would be considered negative for bonds and mortgage rates. Slowing economic conditions with little sign of inflationary pressures would be ideal for mortgage rates.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days... Lock if my closing was taking place over 60 days from now...

 

[COCA COLA COWBOY]

So when do you think the No Income/No Asset loans will come back into play?

 

[Tamalewagon]

So when do you think the No Income/No Asset loans will come back into play?

When this happens...



Some lenders will do stated income but not stated income/stated asset. Bureaucrats on Capitol Hill are making the housing market quite difficult for a lot of people that could use help. Best thing to do is write your local congressman. In my opinion, stated loans should be an option. However, I would cap the loan parameters at 70% LTV, min 720 fico and you must be able to prove you are self employed with no W2 income.

 

[lakemadness]

What are rates doing?

 

[Tamalewagon]

dropping!

 

[lakemadness]

dropping!

Tell me more

Whats your opinion? Thanks

Bought a house 3 weeks ago and want to put debt on it now.

 

[Tamalewagon]

Tell me more

Whats your opinion? Thanks

Bought a house 3 weeks ago and want to put debt on it now.

PM sent.

 

[Tamalewagon]

Rates are dropping folks. :thumbup:

Thursday?s bond market initially opened down slightly but has since moved into positive ground after the late morning economic data was posted. The stock markets are mixed with the Dow down 8 points and the Nasdaq up 20 points. The bond market is currently up 8/32, which should improve this morning?s mortgage rates by approximately .250 of a discount point over yesterday?s morning pricing.

The first report posted this morning showed that 344,000 new claims for unemployment benefits were filed last week, up from the previous week?s revised total of 330,000. This is good news for mortgage rates because the increase indicates a softening employment sector, especially since analysts were expecting to see a decline in new claims.

Initially offsetting the favorable unemployment data was March's Personal Income and Outlays report that revealed a 0.5% increase in income and a 0.9% rise in spending. Both readings exceeded forecasts, meaning consumers had more money to spend and spent more than many had thought in March. That makes the data negative for the bond market and mortgage rates.

The most import news of the morning was the Institute for Supply Management?s (ISM) manufacturing index for April at 10:00 AM this morning. It came in at 54.9 that was a little stronger than expectations of 54.5 and an increase from March?s 53.7. This means that more surveyed manufacturers felt business improved during the month than did in March. That is a sign of manufacturing sector strength, making the data negative for bonds and mortgage rates. Fortunately, the bond market doesn?t seem to be too concerned with the news, moving higher despite the increase.

Tomorrow has the remaining two reports, one of which is the almighty monthly Employment report, giving us April's employment statistics. This is where we may see a huge rally or major sell-off in the bond market and potentially large changes in mortgage rates. The ideal situation for the bond and mortgage markets would be an increase in the unemployment rate and a much smaller number of payrolls added to the economy during the month than was expected. Just how much of an improvement or worsening in rates depends on how much variance there is between forecasts and actual readings. This could turn out to be a wonderful day in the mortgage market, but it also carries risks of seeing mortgage rates move higher if the Labor Department posts stronger than expected readings. Current forecasts are calling for the unemployment rate to slip from 6.7% to 6.6% and that approximately 210,000 jobs were added during the month.

March's Factory Orders data will close the week?s schedule late tomorrow morning. This report will give another measurement of manufacturing sector strength or weakness. It is similar to last week's Durable Goods Orders, except this report includes non-durable goods such as food and clothing. Generally, the market is more concerned with the durable goods orders like refrigerators and electronics than items such as cigarettes and toothpaste. This is why the Durable Goods report usually has more of an impact on the financial markets than the Factory Orders report does. Forecasts are showing a 1.6% increase in new orders. However, the employment data will draw much more attention than this data will, limiting its impact on tomorrow?s mortgage pricing.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days... Lock if my closing was taking place over 60 days from now...

 

[Tamalewagon]

Rates are down today. http://www.wmrloans.com/

 

[Tamalewagon]

Mortgage Rates Continue Moving Away from 2014 Lows

by: Matthew Graham <Mtg News Daily>

May 12 2014, 2:13PM

Mortgage rates continued higher today, adding to the corrective rebound from last week's 6-month lows. There were no significant events or news stories behind the move. The financial markets that underlie mortgage rate movement are simply in the midst of a correction--a fairly natural phenomenon that equalizes a previous imbalance. In this case, a strong move to the best levels in over 6 months is being met with a nominal correction to something just a bit higher in terms of rates. For many borrowers, the changes will only be seen in the form of higher closing costs with the most prevalently quoted conforming 30yr fixed rate for best-case scenarios (best-execution) remaining split between 4.125% and 4.25%, but now heavily favoring the latter. Today's move equates to an effective increase of 0.04%.

 

[Tamalewagon]

Rates are down today. www.WMRLoans.com

 

[Tamalewagon]

Rates have dropped again. www.WMRLoans.com

 

[Tamalewagon]

Hey campers...a 30 year fixed rate for loans at $417K and below is currently at 3.875%. Back in the 3% range! Yeeha. Jumbo rates and in the 4-4.125% range on 30 year fixed products. Check the rates at www.WMRLoans.com


Lock Advisory:

Friday?s bond market has opened in positive territory despite early gains in stocks. The major stock indexes are posting minor gains with the Dow up 46 points and the Nasdaq up 8 points. The bond market is currently up 7/32, but due to some weakness late yesterday I am expecting to see a very slight improvement in this morning?s mortgage rates if there is any improvement at all.

The Commerce Department announced late this morning that sales of new constructed homes rose 6.4% last month when analysts were expecting to see an increase of around 8.0%. The overall number of sales was higher than many had thought, but an upward revision to the number of sales in March allowed the percentage increase from March to April to fall below forecasts. One could look at this report and see slightly good news for bonds and mortgage rates while someone else sees a bit of bad news. However, since the data is considered to be of low importance to the broader markets and mortgage rates, the data had little impact on this morning?s trading and mortgage pricing.

Today is a shortened trading session for bonds but not stocks. The bond market will close at 2:00 PM ET today ahead of the Memorial Day holiday and will remain closed Monday. The stock markets will be open for a full day of trading today and will also reopen Tuesday morning. It is fairly common to see some movement in bonds on these shortened days, often weakness, as investors shed some holdings to protect themselves from news and geopolitical events over the long weekend. So far we aren?t seeing pressure in bonds, however, we still have plenty of trading time before the 2:00 PM close so keep an eye on the markets if directing your attention to the holiday weekend earlier rather than later today.

Next week has a handful of economic reports scheduled for release that are relevant to the bond market and mortgage rates in addition to a couple of Treasury auctions. They start Tuesday morning and each day has something worth watching that may move rates. Look for details on next week?s calendar in Sunday evening?s weekly preview.



If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now...

 

[Dylan]

The new webpage looks great Scott. Hope you and your family are doing well!

 

[Tamalewagon]

The new webpage looks great Scott. Hope you and your family are doing well!

Many thanks Dylan! How are the new digs treating you and Nicole? Need to get you guys back over here for some BBQ and R&R. You guys headed out to the river any time soon?

 

[Dylan]

Many thanks Dylan! How are the new digs treating you and Nicole? Need to get you guys back over here for some BBQ and R&R. You guys headed out to the river any time soon?

I wish! Still love the dump you guys sold us

We're staying home this weekend.... My wife is 2 weeks away from having our first child so she vetoed boating for the moment. It's going to be tough having a 3 day weekend with no boat! BBQ sounds great, we'd love that!

 

[Tamalewagon]

Tuesday?s bond market has opened down slightly with both of this morning?s economic reports giving us stronger than expected results. The stock markets are reacting positively to the news with the Dow up 78 points and the Nasdaq up 40 points. The bond market is currently down 3/32, which should keep this morning?s rates near Friday?s morning pricing. The financial and mortgage markets were closed yesterday in observance of the Memorial Day holiday.

The Commerce Department announced early this morning that new orders for big-ticket products rose 0.8% last month. This was stronger than many analysts were expecting to see, indicating that the manufacturing sector was stronger than thought in April. That technically makes the news negative for the bond market and mortgage rates, but since this data I known to be quite volatile from month to month, its impact on this morning?s rates has been fairly minimal.

May?s Consumer Confidence Index (CCI) was posted at 10:00 AM ET this morning. This Conference Board index came in at 83.0, exceeding forecasts of 82.7 and up from April?s revised 81.7. Since this data measures consumer willingness to spend and consumer spending makes up over two-thirds of the U.S. economy, the increase is bad news for mortgage rates. Fortunately though, the bond market has had little reaction to the news.

Tomorrow has nothing scheduled that is expected to affect mortgage rates except the first of this week's two Treasury auctions that are worth watching. The Fed will auction 5-year Notes tomorrow and 7-year Notes on Thursday. Neither of these sales will directly impact mortgage pricing, but they can influence general bond market sentiment. If the sales go poorly, we could see broader selling in the bond market that leads to upward revisions to mortgage rates. On the other hand, strong sales usually make bonds more attractive to investors, bringing more funds into bonds. The buying of bonds that follows usually translates into lower mortgage rates. Results of the sales will be posted at 1:00 PM ET each auction day, so look for any reaction to come during afternoon hours tomorrow and Thursday.



If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now...

 

[Tamalewagon]

Pricing is down again today. :thumbsup WMRLoans.com

Thursday?s bond market has opened in positive territory even though we got some surprisingly weak economic data. The stock markets are fairly calm but showing modest gains with the Dow up 18 points and the Nasdaq up 9 points. The bond market is currently up 5/32, which with extended strength late yesterday should improve this morning?s mortgage rates by approximately .375 of a discount point over yesterday?s morning pricing.

The first of this morning?s two pieces of economic data surprised many with news that the economy was much weaker during the first three months of the year than many had thought. The first revision of the 1st quarter GDP showed a 1.0% decline compared to the 0.5% decline that was expected and well below the 0.1% rise that was previously announced last month. It was the first contraction since early 2011, making the data clearly good news for the bond and mortgage markets. However, apparently yesterday?s bond rally was sufficient for traders as we are seeing little reaction relative to the significance of the news.

Also posted this morning was last week?s unemployment numbers. They showed that 300,000 new claims for unemployment benefits were filed last week. This was weaker than expectations of 318,000 and a sizable decline from the previous week?s revised total of 327,000. The drop in new filings is a sign of a strengthening employment sector, so we should consider the data negative for the bond market and mortgage rates.

Tomorrow also has two pieces of data that may influence mortgage rates. April's Personal Income and Outlays data is the first at 8:30 AM ET. It gives us an indication of consumer ability to spend and current spending habits. An increase in income means that consumers have more money available to spend. As we pointed out above, since consumer spending makes up over two-thirds of our economy, this data can cause movement in the financial markets and mortgage rates. Current forecasts are showing a 0.3% increase in income and a 0.2% rise in spending. Weaker readings would be considered good news for bonds and mortgage rates.

The last relevant data of the week will come from the University of Michigan, who will update their Index of Consumer Sentiment for May late tomorrow morning. This type of data is watched fairly closely because when consumers are feeling more confident about their own financial situations, they are more likely to make a large purchase in the near future. Rising confidence and the higher levels of spending that usually follow are considered negative news for bonds and mortgage rates. Tomorrow's report is expected to show a decline of 0.4 from this month's preliminary reading of 81.8. A higher reading would be considered bad news for bonds and mortgage pricing while a larger decline should help boost bond prices and lead to a slight improvement in rates.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now...

 

[Tamalewagon]

Tuesday?s bond market has opened in negative territory, extending yesterday?s selling. The stock markets are again showing minor losses during early trading with the Dow down 32 points and the Nasdaq down 3 points. The bond market is currently down 10/32 (2.56%), which should make this morning?s mortgage rates approximately .375 of a discount point higher than yesterday?s morning pricing.

Bonds opened the morning with losses before today?s only economic data was posted. Those losses worsened a little after the data was released at 10:00 AM ET, so we cannot blame the report as the cause. As mentioned last week, it appears the bond rally was out of steam, making it more likely to see losses than further gains in the immediate future. The 2.56% that the benchmark 10-year Treasury Note yield is currently at is up against another threshold that if broken could mean another leg higher for rates and yields. Keep in mind that bond yields and mortgage rates usually tend to spike higher more quickly than they move lower. With such a negative tone in the bond market right now, it would be very prudent to proceed cautiously if still floating an interest rate and closing in the near future.

The Commerce Department announced late this morning that April?s Factory Orders rose 0.7%. This was a little higher than the 0.5% that was expected, indicating the manufacturing sector was a bit stronger than many had thought. That makes the data negative for bonds and mortgage rates, but fortunately the reaction was fairly minimal because this particular report does not carry a high level of importance.

Tomorrow has three reports being posted, beginning with the ADP Employment report at 8:15 AM ET. This release has the potential to cause some movement in the markets if it shows much stronger or weaker numbers than expected. It tracks changes in private-sector jobs of ADP?s clients that use them for payroll processing. While it does draw attention, it is my opinion that it is overrated and is not a true reflection of the broader employment picture. It also is not accurate in predicting results of the monthly government report that follows a couple days later. Still, because we have seen reaction to the report recently, we will be watching it. Analysts are expecting it to show that 200,000 new payrolls were added. The lower the number of jobs, the better the news it is for mortgage rates.

The revised 1st Quarter Productivity and Costs data is the second that will be released tomorrow. This 8:30 AM ET release measures employee output and employer costs for wages and benefits. It is considered to be a predictor of wage inflation. Many analysts believe that the economy can grow with low inflationary pressures when productivity is high. Last month's preliminary reading revealed a 1.7% decline in productivity and a 4.2% increase in labor costs. Tomorrow's update is predicted to show that productivity fell at a 2.5% annual rate while labor costs rose 4.8%. I don't think this piece of data will have much of an impact on the bond market or mortgage pricing either unless it varies greatly from expectations.

The final relevant report of the day will be the Federal Reserve's Beige Book, which is named simply after the color of its cover. This report details economic conditions throughout the U.S. by Federal Reserve region. It is relied upon heavily by the Fed to determine monetary policy during their FOMC meetings. If it shows surprisingly softer economic activity since the last report, the bond market may thrive and mortgage rates could drop shortly after the 2:00 PM ET release. If it reveals signs of inflation growing or rapidly expanding economic activity in many regions, we could see mortgage rates revise higher tomorrow afternoon.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now...

 

[Tamalewagon]

www.WMRLoans.com

Wednesday?s bond market has opened slightly in positive territory following weaker than expected employment-related data. The stock markets are fairly flat again with the Dow down 22 points and the Nasdaq down 1 point. The bond market is currently 2/32 (2.59%), but due to afternoon weakness yesterday we will still likely see a small increase in this morning?s mortgage rates if comparing to Tuesday?s morning pricing.

The first of this today?s three reports was the ADP Employment report at 8:15 AM ET. It revealed an increase of 179,000 in private-sector jobs last month, falling short of the 200,000 that was expected. Because the number was smaller than forecasts, we can consider the data good news for the bond and mortgage markets. The bond market has reacted positively to the news, although it has had a minor impact on mortgage rates. Keep in mind also that this data is not reliable in predicting the results of the monthly data we will get in the government report Friday morning.

Also early this morning was release of the revised 1st Quarter Productivity and Costs data. It came in with a 3.2% decline in productivity and a 5.7% increase in labor costs. The productivity reading was the weakest since early 2008 and the rise in the costs reading was the strongest since late 2012. Both results are bad news for the bond market and mortgage rates. Fortunately, this data is not considered to be of high importance and the markets appear to be focused on the ADP results that were favorable.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now...

 

[OldSchoolBoats]

www.WMRLoans.com

Wednesday?s bond market has opened slightly in positive territory following weaker than expected employment-related data. The stock markets are fairly flat again with the Dow down 22 points and the Nasdaq down 1 point. The bond market is currently 2/32 (2.59%), but due to afternoon weakness yesterday we will still likely see a small increase in this morning?s mortgage rates if comparing to Tuesday?s morning pricing.

The first of this today?s three reports was the ADP Employment report at 8:15 AM ET. It revealed an increase of 179,000 in private-sector jobs last month, falling short of the 200,000 that was expected. Because the number was smaller than forecasts, we can consider the data good news for the bond and mortgage markets. The bond market has reacted positively to the news, although it has had a minor impact on mortgage rates. Keep in mind also that this data is not reliable in predicting the results of the monthly data we will get in the government report Friday morning.

Also early this morning was release of the revised 1st Quarter Productivity and Costs data. It came in with a 3.2% decline in productivity and a 5.7% increase in labor costs. The productivity reading was the weakest since early 2008 and the rise in the costs reading was the strongest since late 2012. Both results are bad news for the bond market and mortgage rates. Fortunately, this data is not considered to be of high importance and the markets appear to be focused on the ADP results that were favorable.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now...

Good thing I locked all of my loans last week. The drop in rates was great while it lasted!!!

 

[Wakebrdr94]

We used quicken on our refi, part of the deal was they give you a call if anything changes that would lower your payment. They called yesterday, should hopefully see another drop and savings of $150 a month on our mortgage

 

[Tamalewagon]

Good thing I locked all of my loans last week. The drop in rates was great while it lasted!!!

We used quicken on our refi, part of the deal was they give you a call if anything changes that would lower your payment. They called yesterday, should hopefully see another drop and savings of $150 a month on our mortgage

Give me a call to see if I can beat their rates! 866-476-2494 or email me your scenario (credit score, loan amount and home value). [email protected]. If I can't beat the pricing, I won't BS you and waste your time.

 

[OldSchoolBoats]

We used quicken on our refi, part of the deal was they give you a call if anything changes that would lower your payment. They called yesterday, should hopefully see another drop and savings of $150 a month on our mortgage

Quicken is usually higher than everybody else (rate wise). Scott could beat their deal, guaranteed. Brokers usually have the lowest rates.....depending on their Lender Paid Compensation.

 

[Tamalewagon]

Quicken is usually higher than everybody else (rate wise). Scott could beat their deal, guaranteed. Brokers usually have the lowest rates.....depending on their Lender Paid Compensation.

I can use borrower paid commission too so that I can lower my fee's. :thumbsup

 

[OldSchoolBoats]

I can use borrower paid commission too so that I can lower my fee's. :thumbsup

Yes that is true. I rarely come across it, but if I ever go against a Broker working on BPC, I just give up and throw in the towel. Only drawback to being Banker instead of Broker.

 

[ryanshaw07]

Im in Utah, can you help with my mortgage loan?

 

[Tamalewagon]

Im in Utah, can you help with my mortgage loan?

Hi Ryan. I wish I could. I am licensed in CA only. Oldschoolboats may be able to help you there.

 

[ryanshaw07]

Hi Ryan. I wish I could. I am licensed in CA only. Oldschoolboats may be able to help you there.

I figured so but thought it was worth a try. I will try and get in touch with Oldschoolboats.
Enjoy reading this thread.

 

[Tamalewagon]

I figured so but thought it was worth a try. I will try and get in touch with Oldschoolboats.
Enjoy reading this thread.

Thanks Ryan. I appreciate that.

 

[senorpdog]

Any luck with HARP 3.0 for non qualifying?

 

[Wakebrdr94]

Quicken is usually higher than everybody else (rate wise). Scott could beat their deal, guaranteed. Brokers usually have the lowest rates.....depending on their Lender Paid Compensation.

Usually, you're right. I was surprised as well too. We did our refi back in December. I need to stick with them at the moment as I have been off work since right after the refi with a work injury.

 

[OldSchoolBoats]

Im in Utah, can you help with my mortgage loan?

PM sent Ryan.

 

[Tamalewagon]

Any luck with HARP 3.0 for non qualifying?

HARP 3.0 is still in the works and hasn't hit the market yet to my knowledge.

 

[OldSchoolBoats]

HARP 3.0 is still in the works and hasn't hit the market yet to my knowledge.

I believe it is somewhat of a hope & dream right now. With everyone gearing up for 2016, I personally don't see it happening.........but I do hope they do something for non gse loans, that would be very good for the industry and consumers alike.

 

[Tamalewagon]

Monday?s bond market has opened in negative territory, extending Friday?s afternoon selling. The stock markets are starting the week with minor gains of 24 points in the Dow and 13 points in the Nasdaq. The bond market is currently down 8/32 (2.62%), which with Friday?s afternoon selling should push this morning?s mortgage rates higher by approximately .250- .375 of a discount point if comparing to Friday?s morning pricing.

There is nothing of importance set for release to drive bond trading and mortgage rates. Therefore, we can look towards stocks for mortgage rates direction this afternoon. If the major stock indexes rise, we could see more pressure in bonds followed by upward revisions to mortgage rates. However, stock weakness could help boost bond prices, lowering yields and mortgage rates.

The rest of the week has only three pieces of economic data that are relevant to mortgage rates in addition to two Treasury auctions that can also be influential. We won?t see any of it until Wednesday afternoon and the economic data begins Thursday morning. Until then, our best indicator of mortgage rates direction may be the major stock indexes.

Overall, look for Thursday or Friday to be the biggest day of the week with both having important economic data scheduled (Retail Sales and Producer Price Index). The least important day of the week will probably be tomorrow. We saw plenty of movement in the markets and mortgage pricing again last week and it is quite likely that this week will also be active. However, I suspect that it will be to a less degree than last week was. The stock markets will also influence bond trading and mortgage rates, so watch the major indexes in addition to the economic reports. It is highly recommended that you maintain contact with your mortgage professional this week if still floating an interest rate.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days... Lock if my closing was taking place over 60 days from now...

 

[Tamalewagon]

Wednesday?s bond market has opened in positive territory with stocks showing early weakness and nothing of importance set for release this morning. The Dow is currently showing a 76 point loss while the Nasdaq is down 4 points. The bond market is currently up 4/32 (2.62%),but due to weakness late yesterday we should see just a slight improvement in this morning?s mortgage rates.

The first economic data of the week comes at 8:30 AM ET tomorrow when the Commerce Department posts May's Retail Sales data. This report gives us a very important measurement of consumer spending that is highly relevant to the bond market because consumer spending makes up over two-thirds of the U.S. economy. Analysts are expecting to see that retail-level sales rose 0.7% last month. A small increase or better yet a decline in sales, signaling a slowing economy, would be negative for stocks, good news for the bond market and would likely lead to lower mortgage rates Thursday morning. On the other hand, a stronger level of sales will likely equate push stocks higher and lead to an increase in rates.

The second is last week?s unemployment figures at 8:30 AM ET. They are expected to show that 330,000 new claims for unemployment benefits were field last week, up noticeably from the previous week?s 315,000. Since rising claims for unemployment benefits is a sign of a softening employment sector, the higher the total claims the better the news it is for the bond and mortgage markets. Negative news for rates would be another decline in initial claims, hinting that the sector is actually strengthening.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days... Lock if my closing was taking place over 60 days from now...

 

[Tamalewagon]

Thursday?s bond market has opened in positive territory, extending yesterday?s afternoon gains. The stock markets are calm with both the Dow and Nasdaq nearly unchanged from yesterday?s close. The bond market is currently up 12/32 (2.57%), which should improve this morning?s mortgage rates another .125 of a discount point on top of the .125 - .250 improvement we got post-FOMC yesterday afternoon.

Neither of this morning?s two economic reports carried much importance and both showed no surprises, allowing the bond market to pick up where it left off yesterday. The first was last week?s unemployment figures at 8:30 AM ET that showed 312,000 new claims for unemployment benefits were filed. This was very close to the 313,000 that was expected and was an irrelevant decline from the previous week?s 318,000.

May's Leading Economic Indicators (LEI) came at 10:00 AM ET today, revealing a 0.5% increase that pegged expectations. The increase means the LEI is predicting a moderate rate of economic growth over the next few months. This is no surprise and came from a relatively minor report, so it also has not influenced this morning?s mortgage pricing.

Tomorrow has nothing to be concerned with in terms of economic news or other events scheduled that may affect mortgage rates. The best indicator for bond direction may come from stocks.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now...

 

[Tamalewagon]

Rates are stable for the time being this morning. Change for the worse may be on the way though - http://www.wmrloans.com/

Here is today's daily rate lock advisory:

Friday?s bond market has opened in negative territory despite a lack of economic data to drive trading. The stock markets are showing minor gains with the Dow up 44 points while the Nasdaq is up 6 points. The bond market is currently down 7/32, which should push this morning?s mortgage rates higher by approximately .250 of discount point if comparing to yesterday?s morning pricing.

Today?s losses have pushed the benchmark 10-year Treasury yield up to 2.64%. The longer it remains above 2.60%, it is my opinion that the likelihood of it moving towards 2.78 ? 2.80% grows significantly. Since mortgage rates tend to follow bond yields, this means mortgage rates would go higher. Therefore, please proceed cautiously if still floating an interest rate and closing in the near future, unless the 10-year quickly moves back below 2.60%.

There is nothing of relevance to mortgage rates scheduled for release today, so any intra-day movement in pricing will likely be a result of a noticeable in stocks. If the major stock indexes remain near current levels, bond prices and mortgage rates should follow suit the rest of the day. However, if stocks move higher, so may mortgage pricing. On the other hand, stock weakness could allow bonds to strengthen, leading to a slight improvement to rates later today.

Next week has a pretty active calendar in terms of economic reports and other events that have the potential to influence mortgage rates. There is data set for release each day of the week, but none of it is considered to be key data or a market mover. They begin with Monday?s posting of May?s Existing Home Sales report that will give us a measurement of housing sector strength. There are also a couple of Treasury auctions that are worth watching the middle part. Look for details on next week?s events in Sunday evening?s weekly preview.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now...

 

[Tamalewagon]

www.wmrloans.com

Tuesday?s bond market has opened in positive territory even though this morning?s economic data gave us stronger than expected results. Stocks are showing minor gains with the Dow up 16 points and the Nasdaq up 20 points. The bond market is currently up 5/32 (2.60%), but due to weakness late yesterday we should still see a small increase in this morning?s mortgage pricing.

Tomorrow also has two relevant economic reports set for to be released in addition to this week?s first Treasury auction that has the potential to influence mortgage rates. May's Durable Goods Orders is the first at 8:30 AM ET, giving us an indication of manufacturing sector strength. It tracks orders at U.S. factories for big-ticket items, or products that are expected to last three or more years such as electronics and appliances. This data is known to be quite volatile from month to month and is expected to show an increase of 0.4% in new orders from April to May. A large decline would be the ideal scenario for the bond market and would hopefully lead to a decline in mortgage pricing as it would indicate manufacturing sector weakness.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now...

 

[Tamalewagon]

Here is a small portion of today's Daily Rate Lock Advisory. To see the full report, please go to http://www.wmrloans.com/mortgage-commentary/


Wednesday?s bond market has opened in positive territory following the release of bond friendly economic data. The stock markets are not having much of a reaction to the news with the Dow up 30 points and the Nasdaq of 5 points. The bond market is currently up 13/32, which should improve this morning?s mortgage rates by approximately .250 of a discount point over yesterday?s morning pricing.

Tomorrow also brings us the weekly unemployment update that tracks last week?s activity. It is expected to show that 310,000 new claims for unemployment benefits were filed last week. That would be a small decline from the previous week?s 312,000 initial claims. The higher the number of new claims, the better the news it is for the bond market and mortgage rates because rising claims indicates a softening employment sector. However, since this is only a weekly report, it usually takes a wide variance from forecasts for it to cause a move in mortgage pricing.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now...