Daily Mortgage Rate Lock Advisory » Testimony

Greenlee, Small business lending

Your Mortgage Planner — Sun, 13 Dec 2009 22:30:23 +0000

Testimony before the Subcommittee on Oversight and Investigations, Committee on Financial Services, U.S. House Of Representatives, Southfield, Michigan

Bernanke, Confirmation hearing

Your Mortgage Planner — Sun, 13 Dec 2009 22:30:23 +0000

Testimony before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C.

Greenlee, Residential and commercial real estate

Your Mortgage Planner — Sun, 13 Dec 2009 22:30:17 +0000

Testimony before the Subcommittee on Domestic Policy, Committee on Oversight and Government Reform, U.S. House of Representatives, Atlanta, Georgia

Tarullo, Regulatory reform

Your Mortgage Planner — Thu, 29 Oct 2009 12:45:00 +0000

Testimony before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C.

Tarullo, State of the banking industry

Your Mortgage Planner — Wed, 14 Oct 2009 17:45:00 +0000

Testimony before the Subcommittee on Financial Institutions, Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C.

Bernanke, Regulatory reform

Your Mortgage Planner — Thu, 01 Oct 2009 13:00:00 +0000

Testimony before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C.

Tarullo, International cooperation to modernize financial regulation

Your Mortgage Planner — Wed, 30 Sep 2009 18:30:00 +0000

Testimony before the Subcommittee on Security and International Trade and Finance, Committee on Banking, Housing, and Urban Affairs, Washington, D.C.

Alvarez, Federal Reserve Transparency

Your Mortgage Planner — Thu, 24 Sep 2009 18:00:00 +0000

Testimony before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C.

Tarullo, Bank supervision

Your Mortgage Planner — Wed, 02 Sep 2009 06:40:10 +0000

Testimony before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C.

Bernanke, Regulatory restructuring

Your Mortgage Planner — Wed, 02 Sep 2009 06:40:09 +0000

Testimony before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C.. Governor Tarullo presented identical remarks to the Committee on Banking, Housing, and Urban Affairs, U.S. Senate on July, 23, 2009

Tarullo, Regulatory restructuring

Your Mortgage Planner — Wed, 02 Sep 2009 06:40:08 +0000

Testimony before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C.. Chairman Bernanke presented identical remarks before the Committee on Financial Services, U.S. House of Representatives, on July 24, 2009

Duke, Consumer protection

Your Mortgage Planner — Wed, 02 Sep 2009 06:40:07 +0000

Testimony before the Subcommittee on Domestic Monetary Policy and Technology, Committee on Financial Services, U.S. House of Representatives, Washington, D.C.

Bernanke, Semiannual Monetary Policy Report to the Congress

Your Mortgage Planner — Wed, 02 Sep 2009 06:40:07 +0000

Testimony before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C.. Chairman Bernanke presented identical remarks before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, on July 22, 2009

Kohn, Federal Reserve independence

Your Mortgage Planner — Wed, 02 Sep 2009 06:40:06 +0000

Testimony before the Subcommittee on Domestic Monetary Policy and Technology, Committee on Financial Services, U.S. House of Representatives, Washington, D.C.

Greenlee, Commercial real estate

Your Mortgage Planner — Wed, 02 Sep 2009 06:40:05 +0000

Testimony before the Joint Economic Committee, U.S. Congress, Washington, D.C.

Bernanke, Acquisition of Merrill Lynch by Bank of America

Your Mortgage Planner — Wed, 02 Sep 2009 06:40:03 +0000

Testimony before the Committee on Oversight and Government Reform, U.S. House of Representatives, Washington, D.C.

White, Over-the-counter derivatives

Your Mortgage Planner — Wed, 02 Sep 2009 06:40:02 +0000

Testimony before the Subcommittee on Securities, Insurance, and Investment, Committee of Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C.

Daily Mortgage Rate Lock Advisory – Monday Feb. 23rd

Your Mortgage Planner — Mon, 23 Feb 2009 16:10:54 +0000

Rate Lock Advisory – Monday Feb. 23rd

Monday’s bond market is currently down slightly despite stock losses. The Dow is currently down 53 points while the Nasdaq has lost 20 points. The bond market is currently down 4/32, which will likely push this morning’s mortgage rates higher by approximately .125 of a discount point.

The bond market and stock indexes are well off earlier levels. The stock markets opened in positive territory with the Dow up nearly 75 points earlier and the Nasdaq up 11 points. The bond market was down 12/32 during early trading, but as the stock markets have given back early gains and slid into negative ground, bonds are rising. This is likely as a result of investors shifting funds into bonds to escape the expected volatility in stocks. Some analysts are predicting stocks to fall further in the near future and bonds are benefiting.

This week brings us the release of six pieces of economic data for the bond market to digest along with some very important tes timony from Fed Chairman Bernanke. Two of the reports are considered to be of low importance, but a couple of them are considered to be of fairly high importance. None of this week’s relevant data is being released today.

Tomorrow morning brings us the first of this week’s data with the release of February’s Consumer Confidence Index (CCI) during late morning trading. This Conference Board index measures consumer confidence in their personal financial situations, giving us a measurement of consumer willingness to spend. Since consumer spending makes up two-thirds of the economy, related data is considered important in terms of gauging economic activity. It is expected to show a decline in confidence from 37.7 in January to 36.0 this month. A lower reading would be considered good news for bonds and mortgage rates.

Mr. Bernanke will deliver the Fed’s semi-annual testimony on the status of the economy late tomorrow morning. He will be speaking to the Se nate Banking Committee and market participants will watch his words very closely. The Fed Chairman is required to deliver this testimony twice a year, which is considered to be of extreme importance to the financial markets. We almost always see the markets move as a result of what he says during this testimony. Look for him to address the banking and housing crises specifically and their impact on the overall economy. His testimony begins at 10:00 AM ET with a prepared statement then is followed by Q & A with committee members. I am expecting to see the markets fluctuate during this session, possibly affecting mortgage rates also.

Overall, look for plenty of movement in bond prices and mortgage rates this week. I think we will see the most movement either tomorrow or Thursday, but Friday may be fairly active also. This would be a good week to maintain contact with your mortgage professional.

If I were considering financing/refinancing a home, I wou ld…. Float if my closing was taking place within 7 days… Float 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… 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.

Weekly Mortgage Rate Lock Advisory – Sunday Feb. 22nd

Your Mortgage Planner — Sun, 22 Feb 2009 22:09:59 +0000

Rate Lock Advisory – Sunday Feb. 22nd

This week brings us the release of six pieces of economic data for the bond market to digest along with some very important testimony from Fed Chairman Bernanke. Two of the reports are considered to be of low importance, but since we have data being posted every day of the week except for tomorrow, it is likely that we will see plenty of movement in mortgage rates the next few days.

Tuesday morning brings us the first of this week’s data with the release of February’s Consumer Confidence Index (CCI) during late morning trading. This Conference Board index measures consumer confidence in their personal financial situations, giving us a measurement of consumer willingness to spend. Since consumer spending makes up two-thirds of the economy, related data is considered important in terms of gauging economic activity. It is expected to show a decline in confidence from 37.7 in January to 36.0 this month. A lower reading would be considered good news for bonds and mortgage rates.

Mr. Bernanke will deliver the Fed’s semi-annual testimony on the status of the economy late Tuesday morning. He will be speaking to the Senate Banking Committee and market participants will watch his words very closely. The Fed Chairman is required to deliver this testimony twice a year, which is considered to be of extreme importance to the financial markets. We almost always see the markets move as a result of what he says during this testimony. Look for him to address the banking and housing crises specifically and their impact on the overall economy. His testimony begins at 10:00 AM ET with a prepared statement then is followed by Q & A with committee members. I am expecting to see the markets fluctuate during this session, possibly affecting mortgage rates also.

January’s Existing Home Sales report will be posted late Wednesday morning. This is one of the least important reports of the week, along with Thursday’s New Home Sales report. They measure housing sector strength and mortgage credit demand, but usually do not have a significant impact on bond trading or mortgage rates. The Existing Home Sales report is expected to show an increase in sales but new home sales are expected to fall slightly.

The only important data scheduled for release Thursday is January’s Durable Goods Orders data. This data gives us an important measurement of manufacturing sector strength by tracking orders at U.S. factories for items expected to last three or more years. A larger drop than the 2.3% that is expected would be good news for the bond market and mortgage rates. This data is quite volatile from month-to-month, so large swings are fairly normal.

The first of two revisions to the 4th Quarter GDP reading is scheduled for release Friday morning. Analysts’ forecasts currently call for a decline of 5.4%, indicating that the economy was weaker in the last quarter of the ye ar than initially thought. It will be interesting to see where this figure falls and what its impact on the markets will be. Generally speaking, higher levels of activity are bad news for the bond market.

The last piece of data scheduled for release this week is the University of Michigan’s revision to their Index of Consumer Sentiment for February. Current forecasts show this index revising slightly higher than previously thought. The preliminary reading was 56.2 and is now expected to stand at 56.5, indicating that consumer sentiment was slightly stronger than previously thought. This index is important because it helps us measure consumer confidence that translates into consumer willingness to spend.

Overall, look for plenty of movement in bond prices and mortgage rates this week. I think we will see the most movement either Tuesday or Thursday, but Friday may be fairly active also. This would be a good week to maintain contact with your mortgage professional.

If I were considering financing/refinancing a home, I would…. Float if my closing was taking place within 7 days… Float 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… 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.

Daily Rate Lock Recommendation – 07/14/2008 12:21:00 PM EST

Your Mortgage Planner — Mon, 14 Jul 2008 16:21:14 +0000

Monday’s bond market has opened in positive territory following early stock losses. The stock markets are kicking the week off with the Dow down 72 points and the Nasdaq down 8 points. The bond market is currently up 16/32, but we will likely still see an increase in mortgage rates of approximately .250 of a discount point as investors digest the news of the Fed supporting Fannie Mae and Freddie Mac.

This week brings us the release of six important economic reports for the bond market to digest. Several of these reports are considered to be of high importance, meaning we will likely see volatility in the financial markets and mortgage pricing over the next several days. There are also plenty of corporate earnings releases scheduled for the stock markets this week along with the minutes from the last FOMC meeting. Throw in a couple of days of Fed testimony and we have the makings for a very interesting week.

The first piece of data comes tomorrow mo rning with the release of June’s Producer Price Index (PPI). The PPI is very important because it measures inflationary pressures at the producer level of the economy. It is expected to show a 1.3% increase in the overall reading and a 0.3% rise in the core data reading. The bond market should react quite favorably to weaker than expected readings, but a bigger than expected jump in the core reading could send mortgage rates higher tomorrow.

June’s Retail Sales report will also be posted tomorrow. The Commerce Department is expected to say that sales at retail establishments rose 0.3% last month. This data is considered to be of high importance because it measures consumer spending. Consumer spending makes up two-thirds of the U.S. economy, so any related data is watched closely. A smaller than expected increase in sales could help fuel a bond rally and lead to lower mortgage rates, depending on the results of the PPI report.

Fed Chairman Bernanke will speak before the Senate Banking Committee tomorrow morning and the House Financial Services Committee Wednesday morning at 10:00am ET. His testimony will be broadcasted and will be watched very closely. Analysts and traders will be looking for the status of the economy and his expectations of future growth, particularly inflation concerns. This should create a great deal of volatility in the markets during the testimony and the question and answer session that follows. If he indicates that inflation is still a point of concern, we will likely see the bond market tank and mortgage rates rise.

Overall though, I think we will see the most movement in mortgage pricing this week tomorrow or Wednesday due to the release of the inflation related indexes and Mr. Bernanke’s testimony those days. It will likely be an active week for mortgage rates with a fair amount of volatility, so please maintain contact with your mortgage professional if still floating an interest ra te.

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… 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.

Daily Rate Lock Recommendation – 07/13/2008 10:09:00 PM EST

Your Mortgage Planner — Sun, 13 Jul 2008 14:08:11 +0000

The first piece of data comes Tuesday morning with the release of June’s Producer Price Index (PPI). The PPI is very important because it measures inflationary pressures at the producer level of the economy. It is expected to show a 1.3% increase in the overall reading and a 0.3% rise in the core data reading. The bond market should react quite favorably to weaker than expected readings, but a bigger than expected jump in the core reading could send mor tgage rates higher Tuesday.

June’s Retail Sales report will also be posted Tuesday. The Commerce Department is expected to say that sales at retail establishments rose 0.3% last month. This data is considered to be of high importance because it measures consumer spending. Consumer spending makes up two-thirds of the U.S. economy, so any related data is watched closely. A smaller than expected increase in sales could help fuel a bond rally and lead to lower mortgage rates, depending on the results of the PPI report.

Next on tap is Wednesday’s release of June’s Consumer Price Index (CPI). It is a mirror of Tuesday’s PPI with the exception that the CPI measures inflation at the more important consumer level of the economy. Analysts have forecasted a 0.7% increase in the overall index and a 0.2% rise in the core data. The core data is considered to be the key reading of both the PPI and CPI because they exclude more volatile food and en ergy prices, giving us a more stable measure of inflation. Higher than expected readings could raise inflation fears and push mortgage rates higher both days.

June’s Industrial Production data will also be posted Wednesday morning. This data measures output and U.S. factories, mines and utilities, giving us an indication of manufacturing sector strength. It is expected to show a 0.2% rise in production, indicating that the manufacturing sector showed moderate growth during the month. A smaller than expected increase would be good news and could help push mortgage rates slightly lower Wednesday.

Also worth noting about Wednesday is the release of the minutes from the last FOMC meeting. There is a possibility of the markets reacting to them following their 2:00 PM ET release, especially if they show some divisiveness by its members during discussion and voting at the last meeting.

Fed Chairman Bernanke will speak before th e Senate Banking Committee Tuesday morning and the House Financial Services Committee Wednesday morning at 10:00am ET. His testimony will be broadcasted and will be watched very closely. Analysts and traders will be looking for the status of the economy and his expectations of future growth, particularly inflation concerns. This should create a great deal of volatility in the markets during the testimony and the question and answer session that follows. If he indicates that inflation is still a point of concern, we will likely see the bond market tank and mortgage rates rise.

Thursday’s only relevant data is June’s Housing Starts report. This data gives us an indication of housing sector strength, but is not considered to be of high importance. Analysts are currently expecting to see a small decline in new starts of housing projects. However, I don’t see this data having a much of an impact on mortgage rates Thursday unless it varies greatly f rom forecasts.

Overall though, I think we will see the most movement in mortgage pricing this week on Tuesday or Wednesday due to the release of the inflation related indexes and Mr. Bernanke’s testimony those days. This weekend’s news of Fed support of Fannie Mae and Freddie Mac will likely help stocks, but I am not sure of how the bond and mortgage markets will react to that news. I suspect it will be taken as positive news, but it will be interesting to see if it has a significant influence on mortgage pricing. Regardless, even without that turn of events, it will likely be an active week for mortgage rates with a fair amount of volatility.

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… This is o nly 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.