From the monthly archives: July 2008

Mortgage Market Update – July 31, 2008

On July 31, 2008 By

Mortgage bonds are up today on negative economic data.  GDP came in at 1.9% versus estimates at 2.3%.

Initial Jobless claims soared today, hitting 448,000.  However, this must be taken with a grain of salt as the new extended enrollment provisions will be adding ‘existing initial’ jobless claims back to those figures.  If that sounds [...]

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Mortgage Market Update – July 30, 2008

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Mortgage bonds opened up lower today, actually much lower for most of the morning.  In large part, this was because of a hotter than expected ADP Employment Report.  This shows 9,000 jobs created versus expectations of 60,000 lost.  Unfortunately, the ADP report is notoriously inaccurate so we’ll have to sit tight until Friday’s official Jobs [...]

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Mortgage Market Update – July 29, 2008

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Stocks have moved higher today at the expense of bonds.  Amgen earnings came in positive, lower oil prices, and the first rise in Consumer Confidence since December all added up to drop bonds about 45 basis points so far this morning.

In housing news, US Regulators and the four largest banks went Euro for solutions.  [...]

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IHDA Rates Released – July 28, 2008 – Includes Grant

On July 28, 2008 By

Effective June 28, 2008, the Illinois Housing Development Authority will change its interest rates for the First-Time Homebuyer Program. The new rates for both “non-targeted” and “targeted” properties are as follows:

6.75% – 0 Points
6.60% – 1 Points
6.45% – 2 Points
6.30% – 3 Points

This change [...]

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Mortgage Market Update – July 28, 2008

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There are no economic reports scheduled for release today.

Gary Stern, Federal Reserve President from Minneapolis, was quoted today that “the credit crunch will continue for several quarters and could still get worse” and he continued to add “headwinds to the economy haven’t diminished and are possibly getting worse”.

These are not stock-friendly comments although [...]

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City of Chicago Mortgage Program – Breaking News

On July 28, 2008 By

City Mortgage Program — BREAKING NEWS!!!

As of last week, the registrar for the City of Chicago Bond homebuyer program began cancelling out old reservations.  What this means is that, for a very limited time, a grant of 4% of the loan amount can be obtained on qualifying home purchases.

If you are under contract [...]

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Mortgage Market Update – July 25, 2008

On July 25, 2008 By

Mortgage bonds continue their volatile pattern.  After yesterday’s cap to a 100 basis point two-day improvement, bonds are now trading back down 50 basis points today.

New Home sales came in at 530,000–which is 25,000 higher than expectations.  Durable Goods came in hot as well and the Consumer Sentiment Index came in strong in spite [...]

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Mortgage Market Update – July 24, 2008

On July 24, 2008 By

The stock market is down this morning in early trading and mortgage bonds have seen an influx of cash in the past 48 hours, stemming the bleeding from the prior 6 trading sessions.

What’s new?  Initial Jobless Claims revealed their weakest numbers since March.  Ford posted nearly a $9 billion loss as SUV’s aren’t selling.

[...]

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IHDA Rates Released – July 23, 2008 – Includes Grant

On July 23, 2008 By

Effective June 23, 2008, the Illinois Housing Development Authority will change its interest rates for the First-Time Homebuyer Program. The new rates for both “non-targeted” and “targeted” properties are as follows:

6.55% – 0 Points
6.40% – 1 Points
6.25% – 2 Points
6.10% – 3 Points

This change [...]

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Mortgage Market Update – July 23, 2008

On July 23, 2008 By

Mortgage Bonds are up about 15 basis points after dropping earlier this morning.  We’ve seen a decent recovery in mortgage bonds, stocks are holding steady, and all eyes are on Congressional legislation that opens up the Fannie Mae and Freddie Mac to greater liquidity and Federal oversight.  We’ll be posting on this separately as the [...]

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