Bryan Flynn's Central Massachusetts Mortgage Blog

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Market Update May 23rd -Existing Home Sales

This morning Existing Home Sales were released and came in slightly better than expected.  4.89 mil v 4.85 mil.  But still on a downward trend year or year.  The US is off 17.5% in seasonally adjusted sales year over year and 8% in price during the same time frame.  The most interesting stat released was the inventory of homes which is just shy a year's supply at 11.2 months.  Let's hope the end is near.

Technically we are now below the 3 levels of resistance at the 25, 50 and 100 day moving averages and mortgage bonds are up today modestly at 22 bps as of this posting, so I recommend LOCKING.  The bond market is closing at 2pm today ahead of the long weekend and expect a sell off on light volume going forward today.

Comment balloon 0 commentsBryan Flynn • May 23 2008 10:54AM
Market Update May 23rd -Existing Home Sales
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This morning Existing Home Sales were released and came in slightly better than expected. 4. 89 mil v 4. 85 mil. But still on a downward trend year or year. The US is off 17. 5% in seasonally adjusted sales year over year and 8% in price during the… more
Mortgage Rate Update May 22nd
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This morning's initial jobless claims came out slightly better than expected 365k v 370k. The stock futures are taking the news as a positive and money will move out of bonds and into stocks. The DOW lost a decent amount over the past 2 days so… more
Fed Minutes Summary
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The Federal Open Market Committee released their minutes from their April meeting at 2pm today Here are the highlights: They lowered their growth forecast of the economy slightly over the next few years. They expect higher… more
MOrtgage Rate Update May 21st
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This morning's mortgage bonds are off about 20 bps. Bonds are still sitting above a strong level of support at the 100 and 50 day moving averages so I recommend to FLOAT for now. This afternoon the much anticipated Fed Minutes are… more
Mortgage / Housing bill saved by bipartisan Senate???
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Yesterday Sentor Chris Dodd (D) and Senator Richard Shelby (R) two head of the banking committee in the Senate announced an agreement was reached. The revised bill eliminates the use of taxpayer money to bail out lenders and spec investors… more
PPI released, mixed numbers - Mortage Rate update for May 20th
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PPI, producers price index, was released this morning and was tamer than expected at 0. 2%. The street was expecting 0. 4%, however core PPI (ex food and energy) was hotter 0. 4% than expected 0. 2%. Stock are reacting negatively to this news on the… more
Fannie Mae withdraws declining market policy.
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Fannie Mae just announced a withdrawal of their declining market policy "Lenders are no longer required to make a downward adjustment to the LTV, CLTV, or home equity CLTV (HCLTV) based on the location of the property. " Here is the… more
Mortgage Bonds: Bulls v. Bears - Week of May 19th Interest Rate Update
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The mortgage bond market lost some momentum going into this past weekend. The bulls and the bears are battling at a key support / resistance level. It is interesting to watch the bond market in real time put up a fight when it approaches these… more
May 16th Rate update - House Starts / Building Permits
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The bond market had a nice close to the day yesterday up 72 bps on the day but above key level of resistance. In order to confirm that rise we needed some momentum going into today's open. Well we did not get that and we are slightly below that… more
Mortgage Rate Update May 15th
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Rates are looking good today after a rough afternoon mortgage bonds bounced off the 200 day moving average and are up modestly today. Initial jobless claims came in a bit higher than expected which is good for bonds and bad for stocks (points to… more