Tidewater Mortgage Services, Inc.
NMLS # 71158
Branch NMLS # 71158
(click links above to check licenses)
Direct: (757) 498-7400
Fax: (757) 498-7435
200 Golden Oak Ct., Suite 100
Virginia Beach, VA 23452
Questions? Call Tidewater Mortgage Services, Inc. at (757) 498-7400.
We are always available to help make sense of the market.
Mortgage News Daily News Feed
Posted To: MBS CommentaryFirst off, anything can happen on NFP days, so feel free to skip the rest of this and buckle up for the ride if you're reading this before 8:30am ET. For those interested in some context for today's possibilities, here you go. It used to be a certainty that NFP would decide the bond market's fate, not only in the near term, but frequently for the entire month that followed. Recently though, not only have markets had some counterintuitive reactions to NFP (like the last one where bond markets made it almost all the way back to 'unchanged' after the big 288k NFP day on July 3rd, and rallied the entire following week). Today stands a good chance to return to the old school NFP logic where stronger results will be fuel on the recent fire while weaker results might tame the flames...(read more)
Posted To: MBS CommentaryIt's not often you'll see the S&P down over 30 points with less than 1bp of day-over-day movement in 10yr yields, but that's where we're heading out today. Things might have been worse for Treasuries, however, had it not been for the stock selling, which prompted some asset reallocation ahead of month-end (sell stocks/buy bonds). In reality, both sides of the market are disheartened by yesterday's super strong GDP reading because it drives the point home that Fed accommodation is likely on its last legs. Since the prodigious staying power in stocks is at least mostly a factor of Fed policy , it's no surprise to see them lower. Sure, earnings season and geopolitical headlines might be contributing, but the day's movements have much more to do with a big-picture...(read more)
Posted To: Mortgage Rate WatchMortgage rates started the day in fairly rough shape with most lenders offering noticeably higher rates vs yesterday. As stock markets slid into the afternoon, the bond markets that underlie mortgage rates improved. Most lenders put out better rate sheets at some point in the day. In most cases this brought them fairly close to yesterday's latest levels though rates were just slightly higher on average. The most prevalently-quoted conforming 30yr fixed rate for flawless scenarios remains 4.25% . Tomorrow brings what is traditionally the most important economic report of any given month. The Employment Situation Report is expected to show the economy adding 233k jobs in July with the unemployment rate holding steady at 6.1 percent. Of those two figures, markets focus almost exclusively on job...(read more)
Posted To: MND NewsWireFreddie Mac has officially declared that the refinancing boom is over. The company's Refinance Report for the second quarter of 2014 said that the longest refinance boom in the 24 years since it started keeping records officially ended in the second quarter. That occasion was marked when the share of mortgages originated for refinancing fell below 50 percent for the first time since the third quarter of 2008. Frank Nothaft, Freddie Mac vice president and chief economist, said, "The housing market realized a significant shift in the second quarter of this year as refinance activity fell below 50 percent marking the onset of the first purchase-dominated market the industry has seen since 2000 and an end to the refinance boom that started in late 2008. In this time we saw fixed mortgage rates...(read more)
Posted To: MND NewsWireWhile completed foreclosures increased slightly from May to June, the foreclosure inventory, a count of homes in the process of foreclosure, continued to slide. CoreLogic's National Foreclosure Report for June puts the number of homes lost to foreclosure during the month at 49,000 units. While this was an increase of 2.7 percent compared to May's 48,000 completed foreclosures, it was down 9.9 percent from the 54,000 foreclosures in June 2013. Even at the declining rate, completed foreclosures are still running at better than twice what is historically considered normal. CoreLogic points out as a basis of comparison that in the six years before the 2007 decline in the housing market, completed foreclosures averaged 21,000 per month. Since the foreclosure crisis began in earnest in September...(read more)