Mortgage Banker/Senior Loan Officer
MD License #MLO-14395
NC License #MLO-137683
VA License #MLO-2878
NMLS # 70692
Branch NMLS # 71158
(click links above to check licenses)
742 Thimble Shoals Blvd.
Newport News, VA 23606
Questions? Call Bill Forrest at 757-605-4648.
We are always available to help make sense of the market.
Mortgage News Daily News Feed
Posted To: Mortgage Rate WatchMortgage rates moved slightly lower again today, bringing them back in line with the lowest levels of the month. Recent improvements are somewhat of a paradox as rates typically move higher after stronger payrolls data, which we saw on Friday. This time around, rates had been moving higher for the entire month of November and into early December. With the risk that last Friday's jobs report could have done more to suggest the Fed reduce asset purchases this month, rates were arguably stretched to their near-term defensive limit. In other words, rates were set up slightly higher than they otherwise would have been. Although the report was better than expected, it wasn't by much. It left only 15% of economists foreseeing a December reduction in Fed asset purchases whereas interest rates were...(read more)
Posted To: MBS CommentaryMBS Live : MBS Afternoon Market Summary Both Treasuries and MBS continued the trend of post-NFP improvements today, paradoxical though they may be. The only apparent threat to the postivity was seen heading into the 10am hour when bond markets hit and held their weakest levels of the day for roughly 2 hours. But just as the stronger levels of the morning proved to be tough to break, so too did the weaker levels set up support on the other side of the range, and gains were made into the afternoon. MBS stalled out just before breaking morning highs and Treasuries did just slightly better. From a technical standpoint, we're rapidly approaching the the stronger side of the trend in Treasuries. This is the first of two resistance targets for 10's following the supportive NFP bounce. MBS Pricing...(read more)
Posted To: MBS CommentaryMBS Live : MBS Morning Market Summary Times are strange in early December. First off, we have bond markets generally stronger despite Friday's better-than-expected NFP. While we've been able to account for that strength in several ways, it's not any less weird to see it playing out. Then there's the potential budget deal headlines swirling in the Senate. This is odd because we're nowhere near the next debt-ceiling expiration (though the 'ulterior motive card' is easily played as Congress is out for the holidays after this week). Whatever the case, the snowball rally that rolled into the morning hours came to a halt just after 9am. Fannie 4.0s topped out at 103-30 and 10yr yields bottomed out at 2.799. Momentum was absent for the better part of the hour and started to drift off heading into...(read more)
Posted To: MND NewsWireWanda DeLeo, Deputy Director of the Conservatorship Division of the Federal Housing Finance Agency (FHFA) told a Senate Banking Committee hearing that the new profitability of Freddie Mac and Fannie Mae (the GSEs) "should not blind us to the very real costs associated with their failures." The dividends the two have paid to the Treasury, she said, reflect not a return of capital, but payment for the extraordinary risk the government was forced to take in saving them. It is in keeping with FHFA's responsibilities as conservator to minimize taxpayer risks while ensuring the operation of the secondary mortgage market. "At the same time, standards, norms, and private investment capacities are needed that can continue under a new secondary market structure," she said. "Credit risk transfers can...(read more)
Posted To: MND NewsWireMortgage credit was slightly less available in November than it was in October the Mortgage Bankers Association said today. MBA's new Mortgage Credit Availability Index (MCAI) slipped from 111.5 to 110.2, a -1.2 percent change. Any decrease in the index indicates that credit standards are tightening. MBA said the index drop was occasioned by discontinuance of a significant number of loan programs that had allowed for loan-to-value ratios exceeding 95 percent and low-to-mid range credit score minimums. There was also a continued investor pull-back from programs offering longer than 30-year terms and interest only loans. Some of these changes were the result of preparations for new regulations coming into effect in January. The above changes were offset a bit by an increase in cash-out refinancing...(read more)