San Diego Mortgage Group

Much like Monday, yesterday was a data-less day in the marketplace, leaving me at a loss for words and new guidance. Mortgage-backed securities prices did managed to move higher following a very strong 3 year Treasury debt auction, unfortunately MBS price appreciations were not strong enough to warrant reprices for the better and lenders left mortgage rates unchanged on the day. The economic calendar picked up today, but not much. This morning the Mortgage Bankers Association released their Weekly Loan Applications Index. The MBA survey covers over 50 percent of all US residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a look into consumer demand for mortgage loans. A rising trend of mortgage applications indicates an increase…(read more)

I described last week as a roller coaster ride for mortgage rates. A busy schedule of economic data provided much of the motivation for movement in the rates marketplace with the release of the Employment Situation Report on Friday capping off the volatile action. The jobs report indicated fewer jobs were lost than economists had forecast. This better than expected read on the health of the labor market pushed benchmark Treasury yields higher and mortgage-backed security prices lower. While most lenders repriced for the worse after the data was released, several ended up repricing for the better before the week came to a close as of MBS prices rebounded late in the day. This brought mortgage rates right back to the lows of 2010, basically unchanged on the week. To remind readers, as the price…(read more)

After last week’s rates roller coaster ride that forced multiple reprices for the better and the worse, yesterday was quite boring. Mortgage rates held steady as prices of mortgage backed securities never moved too far in either direction. With very little price volatility, lenders left rate sheets unchanged on the day near the best rates of 2010. There are no major economic reports scheduled for release today. With no economic data hitting the news wires this morning, today’s trading action, like yesterday, has been slow. AQ recapped some events that happened overnight which have affected the flow of money in markets today. HERE it is if you are interested. The only event on the calendar with the ability to move mortgage rates is the first of three treasury auctions for the week…(read more)

Its been a wild week in mortgage rate land. Lenders have repriced for the better, they have repriced for the worse, only to reprice for the better again! And that's just two days of action. Its been a roller coaster ride to say the least, but some how we've managed to end up right back where we started: MORTGAGE RATES HAVE HELD NEAR 2010 LOWS ALL WEEK The economic calender provided plenty of reason for mortgage rates to move today. The first set of data to be released was Weekly Jobless Claims. This report provides three measures on the health of the labor market: Initial Jobless Claims : totals the number of Americans who filed for first time unemployment benefits Continued Claims : totals the number of Americans who continue to file for benefits due to an inability to find a new job…(read more)

When looking back on the week that was, it seems like mortgage rates went on a wild ride. Lenders repriced for the better and lenders repriced for the worse, sometimes they did both on the same day. Yet, ahead of the most influential economic report released by the government, rates managed to find their way back to where they started the week: NEAR 2010 MORTGAGE RATE LOWS. At least until 8:30am this morning. At 8:30 am eastern time, the Bureau of Labor Statistics released the monthly Employment Situation report. As stated already, this is the single most important piece of monthly economic data released to the market. Since consumer spending accounts for the vast majority of our economic growth, market participants track jobs as a way to gauge consumer demand and economic activity. If the…(read more)

Early morning weakness in the bond market led lenders to publish rate sheets with higher mortgage rates yesterday morning. However, just after lunch, the fixed income sector went on a mini rally and recaptured all the morning price losses. As the price gains held until close, most lenders did reprice for the better, bringing rates back to the best levels of the year. Following yesterday’s data free day, economic reports picked up today. First out this morning was the Mortgage Bankers Association's Weekly Loan Applications Index. The MBA survey covers over 50 percent of all US residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a look into consumer demand for mortgage loans. A rising trend of mortgage applications…(read more)

Not much to recap from yesterday. Mortgage backed securities prices rallied during the first part of the day before giving back all gains after lunch. Lenders left rate sheets unchanged on the day with par still holding near the lows of 2010. The economic calendar was empty today. We did have a couple Fed officials speaking today though. Anytime Federal Reserve officials speak, market participants pay close attention to their biases in an effort to hear any hints regarding the future of monetary policy. Minneapolis Federal Reserve Bank President Naranyana Kocherlakota spoke to Allied Executives Business at the Economic Outlook Symposium in Minneapolis. Federal Reserve President Kocherlakota emphasized how uncertain the road to recovery really is, he also explained that the Fed must be very…(read more)