Posts Tagged ‘week’

Time	Event	Period	Unit	Forecast	Prior
Mon, Jun 6
10:00	Employment Trends	May	--	--	100.5
11:30	26-Week Bill Auction	--	bl	24.0	--
11:30	13-Week Bill Auction	--	bl	27.0	--
Tue, Jun 7
10:00	IBD economic optimism	Jun	--	--	42.8
13:00	3-Yr Note Auction	--	bl	32.0	--
Wed, Jun 8
13:00	10-Yr Bond Auction	--	bl	21.0	--
Thu, Jun 9
13:00	30-Yr Bond Auction	--	bl	13.0	--

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The Mortgage Bankers Association Weekly Mortgage Applications Survey for the week ended November 12 reports a drop of 14.4 percent in its Market Composite Index, a measure of loan application volume, from the week ended November 5. This figure is seasonally adjusted but does not include an adjustment for the Veterans Day Holiday. On an unadjusted basis, the Index was down 15.0 percent from the previous week. The Refinance Index decreased 16.5 percent from the previous week and is at the lowest level observed since July of this year; however, this figure is apparently similarly unadjusted. Soon after the MBA report was released, Merrill Lynch/Bank of America released an Agency MBS Research Alert pointing out this omission. According to the Alert, the seasonally adjusted refinance index dropped...(read more)

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending September 17, 2010. The MBA's loan application survey covers over 50% of all U.S. residential mortgage loan applications taken by retail mortgage bankers, commercial banks, and thrifts. The data gives economists a snapshot view of consumer demand for mortgage loans. In a low mortgage rate environment, a trend of increasing refinance applications implies consumers are seeking out a lower monthly payment. If consumers are able to reduce their monthly mortgage payment and increase disposable income through refinancing, it can be a positive for the economy as a whole (creates more consumer spending or allows debtors to pay down personal liabilities like credit cards). A falling trend...(read more)

Mortgage rates went into the weekend at new record lows last Friday. This was the ALERT we published on Rate Watch... ALERT : There are some lenders out there, if the APP--to--CLOSING process is flawless, where a borrower could close at 4.25% right now, without paying more than 1 pt. But you're loan file is gonna have to be a real slam dunk. You must be the definition of "well-qualified". Mortgage rates moved lower as a result of continued high demand for agency mortgage-backed securities. We have described this demand as a "flight to safety" , but from another perspective, what it really boils down to is the highly-competitive loan origination environment. READ MORE A flight to safety happens when investors are nervous about owning risky assets like stocks, but do not...(read more)

Global equities are rallying and the U.S. is no exception. Ninety minutes before the opening bell, Dow futures are up 80 points to 10,77 and S&P 500 Futures are 9.50 points higher at 1,098.75. Last week, the Dow climbed 2.81% and the S&P rose 2.51%. The 2-year Treasury note yield is 3.6 basis points higher at 0.77% and the 10-year Treasury note yield is up 7.5 basis at 3.31%. Also, WTI crude oil is up $1.62 to $ 75.40 per barrel and Spot Gold is up $0.65 to $1,227.35. The Week Ahead Monday: Morning ― James Bullard , president of the St. Louis Federal Reserve, speaks in Tokyo at the Institute of Regulation and Risk of North Asia. Treasury Auctions: 11:30 ― 3-Month Bills 11:30 ― 6-Month Bills Tuesday: 6:15 ― James Bullard , president of the St. Louis Federal Reserve, speaks on asset bubbles...(read more)

The S&P 500 has shed 63 points or 5.61% over the past month, including a 3.44% slide on Friday. As a new week gets underway, equity futures are basically flat. One hour before the opening bell, Dow futures are up 1.00 point to 9,947 and S&P 500 futures are up 3.75 points to 1,069.75. The 2 year Treasury note is 2.4 basis points higher at 0.754% while the benchmark 10 year Treasury note yield is 2.7 basis points higher at 3.233%. The July delivery NYMEX crude oil contract is up $0.02 to $71.53, and Gold futures are off $4.20 to $1,212.00 Meanwhile, the euro continues to weaken against the dollar. Overnight it fell to $1.1877, its lowest level since March 2006. Worse, the euro fell to 108.08 yen, the lowest since November 2001. Markets on Friday sold off on a weak employment report. Prices...(read more)

Overseas markets are in sell-off mode with England’s FTSE 100 falling 2.08% and Germany’s DAX dropping 1.64%. The biggest data news overnight was a weaker-than-anticipated reading for the China’s manufacturing PMI, which came in at 53.9 in May, down from 55.7 in April. “Markets are concerned that tightening measures in China will slow growth in the economy that is critical for commodity prices and cyclical sector sectors of the equity market, and this number certainly doesn’t help already fragile sentiment,” said economists at BMO Capital Markets. Two hours before the opening bell, Dow futures are down 115 points to 10,011 and S&P 500 futures are off 14.20 points to 1,074.30. Commodity prices are mostly under pressure, with WTI crude oil down $0.29 to...(read more)

"The secondary mortgage market is being reconstructed. The players and the rules are changing rapidly. This is a time of tremendous opportunity for those with the knowledge and the drive to establish new relationships, enter new arenas and expand on new ideas. At the same time, unprecedented fluidity increases the challenges for businesses to keep up with shifting government policies and their impact on capital markets, small and large companies and even individual participants." That is the message offered by the Mortgage Bankers Association, who will host the National Secondary Market Conference and Expo in New York City this week, which runs until Wednesday. HERE is the schedule of events for this year's conference. Key Events This Week: Monday: 8:30 ― The Federal Reserve Bank...(read more)

The key sector this week is housing, as data on new construction and homebuilder confidence are each expected to suggest recent progress. Meanwhile, several reports on inflation are also on the schedule, though they are unlikely to have a dramatic effect on markets as investors are much more concerned with sustained growth than out of control prices. Also, when the FOMC minutes are released on Wednesday, investors will be interested to read into voter sentiment and topics of conversation had at the most recent Fed meeting. Here Are The Key Events Of The Week: Monday: 8:30 ― The Empire State Manufacturing Survey is expected post its tenth consecutive month of growth in May, though the score is expected to be slightly lower than in April. Economists anticipate a score of 30.0, down from 31.9...(read more)

Stocks are trading much higher overseas and equity futures look to open sharply higher in the US as global support for the European debt problem grew dramatically this weekend. Over the weekend, finance ministers from Europe agreed on a €750 billion (nearly $1 trillion) rescue package to fight the debt crisis. The European Central Bank also agreed to begin purchasing European government bonds, with regional branches already purchasing bonds this morning. The Federal Reserve also re-authorized currency swaps with the ECB, the Bank of England, the Bank of Canada, and the Swiss National Bank due to the “re-emergence of strains” in European markets. Also, the IMF, which has approved €250 billion of loan guarantees in the above-mentioned program, also approved a €30 billion…(read more)