Investors braces for Fed, earnings flood

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Wall Street’s mood was bullish as the earnings spigot opens and as the Fed gets set to issue its latest interest rate decision and policy statement.

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Investors braces for Fed, earnings flood
Investors braces for Fed, earnings flood

Refi Applications Strengthened on Last Week's Lower Rates

Posted To: MND NewsWire

A decline in purchase mortgage applications cancelled out most of a moderate increase in refinancing during the week ended July 21. Nonetheless, the Mortgage Bankers Association said its Market Composite Index eked out a slight gain. The Index was up 0.4 percent on a seasonally adjusted basis and 1.0 percent unadjusted. The Refinance Index rose for the second straight week, increasing by 3.0 percent compared to the week ended July 14. The refinance share of the business was 46.0, up from 44.7 percent the prior week. The Purchase Index declined by 2.0 percent on both a seasonally adjusted and an unadjusted basis. The unadjusted Purchase Index was 8.0 percent higher than the same week in 2016. Refi Index vs 30yr Fixed Purchase Index vs 30yr Fixed Both the FHA and the VA share of applications…(read more)

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Refi Applications Strengthened on Last Week's Lower Rates
Refi Applications Strengthened on Last Week's Lower Rates

6th Straight Home Price Record; Rates Spike; Unsealed Court Docs Add to GSE Drama

Mortgage rates moved abruptly higher today, erasing the improvement seen last week. An entire week’s worth of movement may or may not be worth stressing out about depending on your perspective. On one hand, we’re only talking about a change of roughly 0.06% in terms of the “effective rate” on the average 30yr fixed loan. That’ll cost you about $7/month on a $200k loan. On the other hand, last week was the best in more than 2 months. While erasing those gains might not be dramatic in terms of outright financial impact, it could signal a shift in the overall trend. There are 2 trends to consider at the moment. The first only stretches back to early July, and that’s the one that’s clearly under attack. The other trend is one of general improvement since March 2017, and we’d need to see several
6th Straight Home Price Record; Rates Spike; Unsealed Court Docs Add to GSE Drama
6th Straight Home Price Record; Rates Spike; Unsealed Court Docs Add to GSE Drama

MBS RECAP: For Bonds, Worst Day Since Late June ECB Scare

Posted To: MBS Commentary

Bonds sold off aggressively today, for a combination of reasons that are tremendously unsatisfying in a traditional market-watching sense. For example, it would be nice if we could point to something tidy and logical like all-time high stock prices, or the stronger Consumer Confidence data, but at the very best, these were merely supporting actors in a subtler, more complex drama. Actually, it's only complex inasmuch as it's not the first thing most market-watchers think of when they see moves this big. It's actually fairly simple as long as you can accept that something so simple could actually cause so much movement. Long story short: a small imbalance of positivity had built up over the past 2 weeks. It wasn't too troubling in and of itself, and it could have turned into…(read more)

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MBS RECAP: For Bonds, Worst Day Since Late June ECB Scare
MBS RECAP: For Bonds, Worst Day Since Late June ECB Scare

Mortgage Rates Spike, Erasing Last Week's Gains

Posted To: Mortgage Rate Watch

Mortgage rates moved abruptly higher today, erasing the improvement seen last week. An entire week’s worth of movement may or may not be worth stressing out about depending on your perspective. On one hand, we’re only talking about a change of roughly 0.06% in terms of the “effective rate” on the average 30yr fixed loan. That’ll cost you about $7/month on a $200k loan. On the other hand, last week was the best in more than 2 months. While erasing those gains might not be dramatic in terms of outright financial impact, it could signal a shift in the overall trend. There are 2 trends to consider at the moment. The first only stretches back to early July, and that’s the one that’s clearly under attack. The other trend is one of general improvement since March 2017, and we’d need to see several…(read more)

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Mortgage Rates Spike, Erasing Last Week's Gains
Mortgage Rates Spike, Erasing Last Week's Gains

We're getting some worry about affordability: MKM Partner's Megan McGrath

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Megan McGrath, executive director and senior homebuilder analyst at MKM Partners, discusses which homebuilder stocks are worth betting on.

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We're getting some worry about affordability: MKM Partner's Megan McGrath
We're getting some worry about affordability: MKM Partner's Megan McGrath

Zillow reports home median values hitting highest levels

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CNBC's Diana Olick reports on home values surpassing $200,000 according to Zillow.

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Zillow reports home median values hitting highest levels
Zillow reports home median values hitting highest levels

Next Fed chair up in the air until fall

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CNBC's Steve Liesman reports on Fed Chair Janet Yellen's exit and who the Trump administration will pick to succeed her. The “Fast Money Halftime Report” traders weigh in.

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Next Fed chair up in the air until fall
Next Fed chair up in the air until fall

Santelli Exchange: Happy hour in the European Union

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CNBC's Rick Santelli discusses how the European Central Bank is giving the Fed latitude.

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Santelli Exchange: Happy hour in the European Union
Santelli Exchange: Happy hour in the European Union

Unsealed Court Docs Paint Fannie/Freddie as Congressional Cash Cow

Posted To: MND NewsWire

Unless one follows the Fannie Mae/Freddie Mac conservatorship drama on a regular basis, it is easy to get lost in the legal weeds. MND has dipped in and out periodically, and it is time for another update. To briefly reprise. When the two government sponsored enterprises (GSEs) were placed in government conservatorship in 2008 each were given access to multi-billion-dollar lines of credit from the U.S. Treasury. Under the terms of their Senior Preferred Stock Agreement (SPSA), Treasury would be given dollar-for-dollar shares of preferred stock and would receive a fixed quarterly dividend. Fast forward to 2012. During their four years in conservatorship the GSEs had drawn billions of dollars from the Treasury, (to date Fannie Mae has drawn $116.1 billion and Freddie Mac $71.3 billion) but had…(read more)

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Unsealed Court Docs Paint Fannie/Freddie as Congressional Cash Cow
Unsealed Court Docs Paint Fannie/Freddie as Congressional Cash Cow