Former Fed official: Don't agree with rate cut

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Richard Fisher, former Fed president and FOMC voting member, joins 'Fast Money Halftime Report' to discuss if The Fed should be cutting rates now.

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Former Fed official: Don't agree with rate cut
Former Fed official: Don't agree with rate cut

June Construction Numbers Tried to Hang on, But Failed to Impress

Posted To: MND NewsWire

The residential construction numbers in June were expected to come in largely in the same neighborhood as in May. Analysts however got it only half right. While starts fell fractionally, permits took a dive, falling by 6.1 percent compared to the previous month. The U.S. Census Bureau and Department of Housing and Urban Development said permits for residential construction were at a seasonally adjusted annual rate of 1,220,000 compared to a revised 1,299,000 in May. May permits were originally reported at an annual rate of 1,295,000. The June number put the year-over-year results down by 6.6 percent. Analysts polled by Econoday had expected an annual pace of 1,300,000 for permits. Their forecasts ranged from 1,252,000 to 1,300,000, missing the actual results completely. Permits for single-family…(read more)

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June Construction Numbers Tried to Hang on, But Failed to Impress
June Construction Numbers Tried to Hang on, But Failed to Impress

US housing starts total 1.253 million in June, vs 1.261 million expected

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CNBC's Rick Santelli reports on the June housing starts and building permits.

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US housing starts total 1.253 million in June, vs 1.261 million expected
US housing starts total 1.253 million in June, vs 1.261 million expected

Comp, Broker, Compliance Exam Products; F&F Changes; The Fed and Rates

Posted To: Pipeline Press

I encounter plenty of people in the mortgage biz, from part-time receptionists to owners, who are focused on helping consumers. It’s a good thing! And they ask me about consumer education. (“Have you ever heard of a class for anyone on home buying or the home loan process?”) One solution, and this is not a paid ad, is to invite them to set up a personalized (branded in your name, look/feel) financial locker through FinLocker , which currently houses over 140 consumer-facing videos and includes goal setting, budget planning and more. Shoot President Brian Vieaux an email to learn more. If it helps just one potential borrower or kid in school, or saves you from creating 140 videos, why not? Lender Products and Services “The Customer Experience is critical. Today, everyone…(read more)

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Comp, Broker, Compliance Exam Products; F&F Changes; The Fed and Rates
Comp, Broker, Compliance Exam Products; F&F Changes; The Fed and Rates

MBS Day Ahead: Bonds Trying to Shake Off Last Week's Bad Vibes

Posted To: MBS Commentary

In the day just passed, a strong Retail Sales report kept the pressure on bond markets to remain in the negative trend that prevailed last week. Yields have been moving progressively higher since the June 5th jobs report catalyzed a confirmed break of a narrow, consolidation pattern at multi-year yield lows. Ultimately, however, 2.15% remained intact as a firm ceiling for the 4th straight day and bonds were able to recover a majority of the morning's losses. In the day ahead, we'll see if traders have any inclination to build on that resilience. As seen in today's chart, modest strength early in the session brings yields right in line with the lower boundary of the current negative trend (the "bad vibes" mentioned in the title). They'd need to break below 2.065 –convincingly…(read more)

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MBS Day Ahead: Bonds Trying to Shake Off Last Week's Bad Vibes
MBS Day Ahead: Bonds Trying to Shake Off Last Week's Bad Vibes

Fannie Mae Sees Economic Slowdown…Slowing

Posted To: MND NewsWire

This month marks the tenth anniversary of the current expansion. How much longer can it last? Fannie Mae’s July Economics Development report indicates it has a way to go, although likely at a slowing pace. The second quarter of 2019 has just ended, but Fannie Mae’s ESR Macroeconomic Forecast team expects that growth in real gross domestic product (GDP) probably slowed from the impressive 3.1 percent it posted in Q1. They upgraded last month’s Q2 estimate by one-tenth based on higher expenditures for personal consumption, but still expect growth slowed to an annualized rate of 1.8 percent. They have maintained their previous full-year forecast for 2019 GDP of 2.1 percent. This will slow further next year to an estimated 1.6 percent due to waning fiscal stimulus, continued uncertainty weighing…(read more)

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Fannie Mae Sees Economic Slowdown…Slowing
Fannie Mae Sees Economic Slowdown…Slowing

Higher Rates Stunt Post-Holiday Application Volume Recovery

Posted To: MND NewsWire

Mortgage application activity retreated again during the week ended July 12, although refinancing remained strong. The Mortgage Bankers Association (MBA) said its Market Composite index, a measure of application volume, was down 1.1 percent on a seasonally adjusted basis from the previous week. That earlier week’s data included an adjustment to account for the Independence Day holiday. The non-adjusted Composite Index rose 24 percent week-over-week, more than recovering from its 22 percent decline during the holiday period. The Refinance Index gained 2 percent compared to the previous week and was 87 percent higher than the same week one year ago. Precisely half of applications received were for refinancing, up from a 48.7 percent share during the week ended July 5. The seasonally adjusted…(read more)

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Higher Rates Stunt Post-Holiday Application Volume Recovery
Higher Rates Stunt Post-Holiday Application Volume Recovery

MBS RECAP: Late Day Reslience But Negative Trend Remains Intact

Posted To: MBS Commentary

Bonds began the day in roughly unchanged territory. On the one hand, that was impressive considering the lack of substance underlying yesterday's rally. On the other hand, that lack of substance meant we were at risk of a bigger reaction to the Retail Sales data. Retail Sales came out stronger than expected and bonds quickly retreated back in line with yesterday's weakest levels. Notably, however, bonds never broke through to any weaker territory. In fact, today's ceiling (2.143% in terms of 10yr yields) was slightly lower than the 2.15% ceiling from the past 3 consecutive sessions). The rest of the morning's economic data was a non-event, clearing the way for an asset allocation trade to benefit bonds in the afternoon (selling stocks and buying bonds). Treasuries ended up clawing…(read more)

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MBS RECAP: Late Day Reslience But Negative Trend Remains Intact
MBS RECAP: Late Day Reslience But Negative Trend Remains Intact

Chicago Fed president sees argument for a couple rate cuts by end of year: Liesman

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Art Laffer, Laffer Associates, joins CNBC's "Closing Bell" to discuss potential interest rate cuts from the Fed.

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Chicago Fed president sees argument for a couple rate cuts by end of year: Liesman
Chicago Fed president sees argument for a couple rate cuts by end of year: Liesman

Mortgage Rates Under Modest Pressure After Retail Sales Data

Posted To: Mortgage Rate Watch

Mortgage rates were flat to slightly higher today, following a stronger-than-expected Retail Sales report. The bond market (which dictates mortgage rates) was eagerly awaiting the week’s first major economic data. Even though the Fed will almost certainly cut rates at the end of the month, additional cuts depend heavily on the balance of economic data. To whatever extent the data is strong, the Fed becomes less likely to continue cutting rates and the broader financial market becomes less interested in bonds. When investors are interested in buying bonds, it’s good for rates! Fortunately for prospective borrowers, today’s movement was minimal. In fact, many lenders are effectively unchanged versus yesterday. Moreover, bonds managed to improve throughout the day with those specifically underlying…(read more)

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Mortgage Rates Under Modest Pressure After Retail Sales Data
Mortgage Rates Under Modest Pressure After Retail Sales Data