Fay B. Silverman
VA License #MLO-2945
NC License #I-105958
NMLS # 144133
Branch NMLS # 71158
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200 Golden Oak Court, Ste. 100
Virginia Beach, VA 23452
Questions? Call Fay B. Silverman at 757-605-4079.
We are always available to help make sense of the market.
Mortgage News Daily News Feed
Posted To: MBS CommentaryThe overarching caveat for any assessment of today's market activity is that the whole thing occurred in a relatively tight range. Sustained highs and lows were in a 4/32nds range in MBS and just over 2bps in 10yr yields. There was little, if any reaction to this morning's economic data or the 2-yr Treasury auction. The biggest movement of the day was completely disconnected from anything overtly observable, including the stock lever. Earlier this morning, it looked as though bonds and stocks might try to reconnect as selling pressure in bonds after 9am gave way to a stronger open for stocks. We were later forced to abandon that consideration as bonds rallied moderately into the noon hour despite an ongoing advance in stocks. The bond market action began looking more like the serendipitous...(read more)
Posted To: Mortgage Rate WatchMortgage rates drifted higher for the second straight day despite a relatively flat day for underlying bond markets. Rates pushed into their 2-week highs yesterday, but are still well under the levels seen in the first week of April. Today's weakness didn't have an effect on contract rates, but it did make for slightly higher closing costs. The most prevalently quoted conforming 30yr fixed rate for best-case scenarios ( best-execution ) remains at 4.5% . When adjusted for day-to-day changes in closing costs, today's rates are 0.02% higher. In determining your personal approach to the mortgage rate environment in 2014, the sideways range that we've seen since mid January is the most useful road map. Within that range, the average top-tier mortgage rates have been centered on 4.375 to 4.5% most...(read more)
Posted To: MND NewsWireRecent postings on CoreLogic's Insights Blog have a couple of different views of some of the housing numbers generally taken at face value by those of us who follow them. Mortgage applications, cash sales, and home prices all got a second look and somewhat contrarian look. In a posting titled Cash is all the Rage Thomas Vitlo says that while CoreLogic has consistently highlighted the cash share of home sales it hasn't focused on the share of cash sales in the condo/coop subgroup. What is striking about this data is the high numbers of condos being purchased for cash in select states. Slightly more than 80 percent of condo sales in Nevada and Florida, more than 75 percent in New York and Alabama and nearly 68 percent in Arizona have been all-cash and these five states account for over half of...(read more)
Posted To: MBS CommentaryStocks and bonds have been in relative lock-step for much of 2014 (stock prices and bond yields moving in same direction, aka 'stock lever'). The correlation had been on hold to a large degree over the past few sessions but made something of a comeback this morning when Treasuries came under selling pressure leading up to the 9:30am cash open for stocks. Even then, we haven't seen enough to assume there's a causal relationship between the two in the short term. Perhaps the biggest reason for this is that markets are still getting back into the swing of things after the lowest volume day of the year yesterday. Big trades are still having an outsized impact on price/yield levels, and the whole affair is taking place in an inconsequentially narrow range very near the center of...(read more)
Posted To: MND NewsWireSales of existing homes were essentially unchanged in March compared to February the National Association of Realtors® (NAR) said today. Home prices continued to increase in March but the growth has now slowed from previous double-digit levels. NAR said total existing home sales in March were at a seasonally adjusted annual rate of 4.59 million homes, down 0.2 percent from a rate of 4.60 million homes in February. This is a 7.5 percent decline from the 4.96 million unit pace in March 2013. The March annual sales rate tied the most recent previous low reached in July 2012. Single-family home sales were unchanged from February at a seasonally adjusted annual rate of 4.04 million but are 7.3 percent below the 4.36 million pace the year before. Existing condominium and co-op sales declined...(read more)