Mortgage rates are higher this morning in response to selling pressure in the bond market. The stock market rallied at the open this morning which pulled capital out of the bond market. Here are a couple headlines which are likely helping to boost stocks this AM: *Retail bellwether Wal-Mart posted better than expect quarterly earnings- […]
The financial markets are closed today in recognition of President’s day. No rate update will be posted today.
You Tube link to see rate update video: http://www.youtube.com/watch?v=ahSQXn-MvNo The blood bath continued yesterday in the mortgage-backed bond market as prices slipped another 65 basis points pushing fixed rates higher by .125%. 30 year fixed rates have now increased by almost 1.00% since January 22nd. Watch today’s you tube video to find out why and […]
There was a great article in Consumer Reports that was sent to me recently by a colleague. Consumer reports ran some hypothetical scenarios where a person had the option of either investing or prepaying their mortgage by $100 per month. The results? You’re better off investing the money in the long-run. Check out their article […]
The stock market rallied again yesterday pulling capital out of the bond market and driving mortgage rates higher. Mortgage backed bonds have now lost 175 basis points since January 22nd. In his testimony to Congress this morning Fed Chairman Ben Bernanke indicated that significant downside risks remain in our economy including the housing & labor […]
I guess I’m blog happy today…..my wife emailed me this graph from the NY Times. It shows average consumption by various categories by household income level. What’s interesting is the wealthiest of household spend signifcnatly more money on their clothes, cars, taxes, and are able to save a heck of a lot more money than […]
Interesting article on msnmoney.com about the link between the 9/11 attacks and the housing bubble: http://articles.moneycentral.msn.com/Banking/HomeFinancing/DidTerroristsCauseTheHousingMess.aspx
As a part of the fiscal stimulus package which the President is expected to sign into law today there is a provision designed to offer relief to homeowner’s with loan amounts above the current conforming loan limit ($417,000). However, the law is unlikely to impact most of the country. The reasoning behind the provision is […]
You Tube link to see rate update video: http://www.youtube.com/watch?v=5Bzw02hk71Y Yesterday it was Warren Buffet’s offer to bail out the bond insurers and today it’s stronger than expected retail sales numbers. Either way the good news for the economy is supporting the stock market which is sucking capital out of the bond market. Mortgage-backed bonds are […]
Mortgage rates look poised to increase modestly in the coming hours in response to a stock market in rally. All the major indexes are currently up over 1.0% in trading today thanks to Warren Buffet’s offer to help out troubled bond insurers. We talked about it before but when stocks rally it usually means money […]