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Mortgage Market Update
Last week was fairly boring, though it did get interesting towards the end. One thing ...
Bernanke Speaks, and Markets React Strongly
Meanwhile, though, the bigger factor that worries economists is the employment situation. In the long term, the only way that the economy can sustain growth, is by adding jobs. Every week, we get a peek at one aspect of this situation, the weekly unemployment claims report. Last week, the report showed claims had dipped from the prior week’s 504,000 claims to 473,000. While the decrease was welcomed, the level of unemployment claims is still too high to indicate the strong growth in employment that would be reflective of solid economic growth.
VA Pushes Lenders to Ease Burden for Gulf Coast Vets
Several mortgage companies have offered to loosen up on late payments and credit bureau reporting for veterans affected by the Gulf Oil spill. The Veterans Administration this week urged everyone else to climb aboard. VA Secretary Eric K. Shinseki issued a statement Monday asking all mortgage companies to provide veterans with some breathing room when [...]
Sparse Data, even Fewer Traders Define Week
In a week in which it appeared that half of Wall Street had run off to the Hamptons, economic data showing the economy might or might not be as well off as it was 2-3 months ago caused some wild swings in mortgage pricing. Mortgage pricing is close to its all-time peak right now, meaning that investors who bought mortgage-backed securities when the average 30-year fixed rate was 4.75% have substantial unrealized gains now that the average 30-year fixed rate is 4.42%. Because of this, many of those traders have been hasty to sell anytime market trends, or economic data, point to some hint of a silver lining.
Poor Data Lead to Fed Action; Quiet Week Ahead
On Tuesday, the FOMC announced it would use funds received from prepayments on its MBS holdings to purchase Treasury securities on the open market, effectively allowing it to return those funds into the financial system.
VA Loans Getting Tougher to Secure
VA loans remain one of the safest and most powerful lending options on the market for military borrowers. But they’ve definitely lost a bit of their flexibility in the wake of the subprime mortgage collapse. These government-backed loans continue to post low foreclosure rates — the lowest of any of the major loan types, in [...]
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Mortgage Market Update
by Robert D. Ashby on 26. Jul, 2010 in Economic News, Mortgage Rates
It’s that time of week again, where we take a quick look back at what happened last week in the mortgage backed securities market and what lies ahead. Last week’s report was omitted due to scheduling conflicts, which happens every now and then, but which will hopefully get ruled out in the near future. Nevertheless, [...]