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: MBS CommentaryThe day started out well for Treasuries and MBS for a variety of reasons. European bond markets have been the most reliable motivation for overnight movement in Treasuries and last night was no exception. This time around German Bund yields (a good benchmark for overall "EU bond markets") pushed into new all-time lows. The correlation with Treasuries was stark . 10yr yields saw their highest levels of the night just seconds before EU bond markets opened. Yields began moving lower right at the open and Treasuries followed immediately. Both EU and US trading leveled off by 5am, and then it was Treasuries' turn to lead. A glut of month-end buying came in just after 8:30am, and this in turn started a snowball of bond buying that further extended the gains. The early morning positivity...(read more)
Posted To: MND NewsWireHome price gains continued to slow in May, posting smaller annual increases than In April the S&P Dow Jones Indices said today. The Indices' Case-Shiller 10-City Composite Index was up 9.4 percent compared to May 2013 and the 20-City was 9.3 percent higher. In April the two composites posted annual increases of 10.9 and 10.8 percent respectively. Both Composites increased by 1.1 percent from April to May and for the second straight month all 20 cities had positive returns. But that's only true on an unadjusted basis. When it comes to to home price data, seasonal buying/selling trends tend to be kind to prices in the Spring and Summer months. Adjusting for those affects, prices were down 0.3 percent in May--the first seasonally-adjusted decline in more than 2 years. Regionally, Charlotte...(read more)
Posted To: Pipeline PressMy plan has always been pretty simple with my children: feed and clothe them in a loving home, make sure they get a college education followed by a good job, then at some point, send them an invoice. But I've been told by the San Francisco Fed that I should ask my accounts receivable gal to stop calling my oldest. In, Wage Growth Gap for Recent College Grads , Bart Hobijn and Leila Bengali writes, "Median starting wages of recent college graduates have not kept pace with median earnings for all workers over the past six years. This type of gap in wage growth also appeared after the 2001 recession and closed only late in the subsequent labor market recovery. The wage gap in the current recovery, however, is substantially larger and has lasted longer than in the past. The larger gap represents...(read more)
Posted To: MBS CommentaryYesterday proved to be anything but serious based on the narrow trading range. 10yr yields only used up half of the range they'd carved out on Friday and MBS, even less than that. With none of the week's big-ticket market movers hitting until tomorrow, it feels like bond markets are biding their time until then. At times like this, it's not uncommon for both stocks and bonds to travel together , generally hitting intraday highs and lows together. This was the case yesterday. It doesn't necessarily mean anything interesting about the future, but it builds a case for that "biding time" concept. It can also be more prevalent around the end of the month as some investors begin adjusting portfolio balances based on updated indexes. If calendar events stand a chance to cause...(read more)
Posted To: MBS CommentaryMore due to timing and coincidence than anything, we got a few negative reprices this afternoon. Shortly thereafter, prices moved right back mid-point of today's trading range and never left . That said, things were a bit weaker in Treasuries. A small amount of weakness was intact after the overnight session, but bonds were able to move into positive territory just after 10am. The most helpful factor was a stock market sell-off at the same time. It would then prove to be unhelpful into the afternoon as Treasury yields moved higher with stocks. MBS are simply one step removed from that 'stock lever' movement, and thus lost less ground . The incremental weakness in Treasuries could also have to do with the week's upcoming auction supply. MBS Pricing Snapshot Pricing shown below...(read more)