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Posted To: MBS CommentaryThe last two days were nice while they lasted , but today's trading levels are right back in line with most of last week. In other words, bonds sold off today. The weakness hit markets like a ton of bricks right at 5am. Draw your own conclusions, but this is when Europe's CPI reading came out in line with expectations. The last 3 readings of EU CPI have also been in line with forecasts or better, and each day has seen a significant sell-off. The implication is that markets are doing some mental math on the necessity for ongoing QE and tacitly determining that stable inflation in the Eurozone means that QE could be ended early. It's actually quite remarkable how well 2015's bounce coincides with improvements in CPI. All of the above was good enough for 10yr yields to sell-off...(read more)
Posted To: Mortgage Rate WatchMortgage rates gave up recently-enjoyed gains today. This brings them to the week's highest levels (and the 3rd highest in 2015) a day before the all-important Employment Situation Report. Also referred to as "the jobs report" or simply "nonfarm payrolls," this is the most important piece of economic data released each month in terms of potential to move interest rates. If job growth is stronger than expected, rates usually rise. The farther away the actual number is from forecasts, the more markets usually move. Tomorrow is no exception despite several other important considerations ahead. One consideration that's hard to miss these days is Greece. The country goes to a referendum this weekend in order to vote on 'something.' No one is abundantly clear on what that 'something' is, but the...(read more)
Posted To: MND NewsWireConstruction spending in the public and private sectors increased slightly in May to a seasonally adjusted annual rate of $1,035.8 billion . The figure was up 0.8 percent from the April number which was, however substantially revised from $1,006.1 billion to $1,027.0 billion. The Census Bureau estimate of May spending, which includes construction put in place in residential and 16 other categories such as lodging, education, and health care, was 8.2 percent higher than expenditures of $957.6 billion in May 2014. During the first five months of 2015 spending has totaled $382.1 billion, a 5.9 percent increase over the year-to-date figure a year earlier. Total residential spending - the bulk of which is in the private sector - was at a seasonally adjusted annual rate of $366.1 billion in May,...(read more)
Posted To: MND NewsWireHighlights from the most recent update to Fannie's Selling Guide: Conversion of Principal Residence Requirements At the height of the financial crisis Fannie Mae required lenders to make a manual application to convert a principal residence to a secondary or vacation property in order to ensure that borrowers had adequate capacity and financial reserves to manage multiple properties. Effective immediately Fannie Mae is eliminating requirements specifically associated with such a conversions because of other policies now in place that adequately address credit history, rental income and financial reserves and lenders may use these in the future. Stocks, Bonds, and Mutual Funds When a borrower is using vested stocks, bonds, and mutual funds (including retirement accounts) for down payment, closing...(read more)
Posted To: MBS CommentaryGreece's chief export these days is red herring . More of them hit the market overnight as Tsipras allegedly sent a letter saying he agreed to almost all of the conditions from EU creditors. There was some speculation that this could lead to the referendum being canceled and a deal being worked out. Naturally, German Bund yields spiked on the news. US Treasuries followed halfheartedly. Later in the morning, the same person (Tsipras, Greece's Prime Minister) virtually lambasted all aspects of all deal-making with the EU, saying that Greece is willing to negotiate but that Europe is blackmailing every single Greek citizen. It was truly a pathetic display of double-talk, and something that has now resulted in the highest-ranking Eurozone officials running out of patience . Shortly thereafter,...(read more)