The Pain can be Real!
With mortgage applications off by more than 20% year over year, many are feeling the pain. Many had thought that we were going to see a much stronger mortgage bond market by now and rates would have been slowly heading into the 5% range. I was one of those people. I still believe that rates will...
Bonds begin their recovery!
After a good CPI number and a solid 10-year treasury auction, we saw a nice 75bp improvement in the UMBS 30YR 5.5% coupon, which followed up a 19bp gain on Tuesday. Today we have the PPI number and jobless claims, so we might see some more good news and another good day for bonds.
Despite all the...
Powerful Holiday Weekend Activity!
Amazing how working a plan seems to work! The long holiday weekend was a wealth of opportunity for those that were out and committed to the plan. New contracts keep flowing in and a wave of updated preapprovals and new preapprovals seemed to just keep coming. The only “dry spot”...
Long Holiday Weekend!
Here we are, sitting on the cusp of a LONG holiday weekend. With July 4th on Tuesday, many are going to make the weekend more like a week! If you are planning to go away and be gone/unplugged for this weekend, please be safe and enjoy yourself. If you are planning on remaining connected and are...
All things point to recession
I don’t know if it will get called a recession or not, we no longer have a technical definition that is valid since the last two consecutive quarters of negative growth happened and people felt it didn’t suit their political agenda, so they just ignored it and said it wasn’t so;...
The Fed continues to flounder!
Let’s be honest, the Federal Reserve Board has some serious credibility issues. They either spend all their time looking at old and dated data or refuse to accept any information that doesn’t match their own agenda. How else could we have ended up with “Inflation is...
Be clear and be real!
The bond market has been all over the place, and we have seen rapid movement in both directions in the past few weeks. We also have many originators that are struggling to produce loans and they are promising (and hoping) rates and fees that currently don’t exist to attract business....
June is here, let summer begin!
It’s June and the summer season is here and it’s going to be a wild one! Rate volatility last week, steadily lower, has given way to some price improvement. Not enough to make up for recent losses, but the unemployment numbers today and the jobs report on Friday will contribute to...
What are YOU missing?
Rates continue to feel pressure as bank failures, inflation, and continued market discomfort about the economic path we are on with the debt ceiling issues before us. Despite that, we still see new buyers entering the market and more demand for homes than there is supply in most markets. Now many...
Reports from the street!
One of the most popular parts of this weekly blog post is when I write about the information and feedback that I get directly from the street about what is working and what is generating results. I always appreciate the feedback and the comments because they help me share with you the actual...
