John Charles Quinn, Jr.
MD License #MLO-19348
NMLS # 350793
Branch NMLS # 202731
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415 Thompson Creek Rd., Unit 5
Stevensville, MD 21666
Questions? Call John Charles Quinn, Jr. at 410-604-0890.
We are always available to help make sense of the market.
Mortgage News Daily News Feed
Posted To: MBS CommentaryAs far as Mondays after NFP Fridays go, today could have been worse. On occasion, these Mondays can serve to perpetuate a new trend set in motion after an indecisive sideways slide heading into NFP (nonfarm payrolls, the key component of the Employment Situation Report). There's always a bit of suspense over the weekend when Friday sees a significant move. But today we got an uncommonly calm post-NFP Monday. Volume just barely broke above the lowest non-holiday sessions of 2014, and even then, only because of the Asian and European sessions (which were more active). On the domestic front, there was nothing on the calendar to offer inspiration and bond market flows were relegated to following other markets and guessing at the latest potential hedging of corporate debt. There were some supportive...(read more)
Posted To: Mortgage Rate WatchMortgage rates leveled-off today , after rising to 2-month highs after last Friday's Employment Situation ('Jobs Report'). Today's rates were just slightly lower, but apart from Friday, were as high as they've been since early January for most lenders. 4.5% remains the most prevalently quoted conforming 30yr Fixed rate for the best-qualified borrowers ( best-execution ). When adjusted for day-to-day changes in closing costs, rates moved lower by an equivalent of 0.02% today. In terms of scheduled events that could have an effect on rates, this week begins slowly and remains slow until Thursday morning. That doesn't mean that financial markets won't see enough volatility to push rates higher or lower--simply that such volatility would not immediately follow an important scheduled event as it...(read more)
Posted To: MBS CommentaryDomestic market movers have been in limited supply so far today. Bond markets have paid some attention to tradeflows surrounding big corporate deals . These are led today by another Verizon deal, this time "only" around $9bln (compared to over $45bln last time ). Global equities markets have also been making their highs and lows in conjunction with Treasury yields. This isn't too surprising on a day where there isn't much inspiration from economic data or monetary policy. That said, none of the movement has amounted to much for Treasuries or MBS. At their best, Fannie 4.0s made it up to 104-10, but are back down to 104-07 currently--just 2 ticks higher on the day. Non-market-moving highlights from the morning include a Wall Street Journal article on the double-edged sword...(read more)
Posted To: MND NewsWireAmericans expectations regarding home prices ticked up decisively in February, both in terms of anticipating continued price increases and in the size of such gains. Fannie Mae's National Housing Survey results released on Monday showed an increase of 7 percentage points to 50 percent in the share of survey respondents who expect home prices to rise over the next 12 months, more than bouncing back from a 6 percentage point downturn in January. Among that 50 percent, the average size of the expected price gain jumped to 3.2 percent from 2.0 percent in January. Expectations about the direction of mortgage interest rates have flattened out over the last few months with slightly over half (56 percent) expecting rates to increase while about a third expect no change over the next 12 months. At the...(read more)
Posted To: MND NewsWireThe February edition of the Obama Administrations Housing Scorecard was released late Friday by the Departments of Treasury and Housing and Urban Development along with the monthly report, for January, of the Making Home Affordable (MHA) program. The scorecard notes that purchases of new homes rose, foreclosure completions continued their downward trend, and house prices were stable. While much of the data summarized in the Scorecard has previously been reported by MND there were a few bits of news. First, the Federal Reserve reports that homeowners' equity was up nearly $412 billion , or 4.3 percent, in the fourth quarter of 2013, reaching $10.026 trillion-the highest level since the fourth quarter of 2007. Homeowners' equity has risen sharply since the beginning of 2012, with equity up 60...(read more)