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 CommentaryFor the second straight day, MBS are coasting toward the close having held a narrow 4/32nds range for most of the day, having seen little, if any threat of major weakness. Today was a bit different than yesterday in that it started out in weaker territory. The weakness in Treasuries was fairly minimal overnight, but the stronger economic data at 8:30am took bond prices to new lows . 20 minutes later, the reversal was underway. By far and away, the most popular explanation out there is that the bond market strength and stock market weakness came courtesy of Ukraine-related headlines. There were a few stories circulating at the time, including word of "military drills" as well as press conference with Putin. That said, none of the headlines line up with the big market movements in any...(read more)
Posted To: Mortgage Rate WatchMortgage rates held were mostly sideways today. In cases where rate sheets differed from yesterday, the tendency was toward just slightly higher rates. The move was small enough that this would only affect the up-front cost component of most quotes, meaning the actual interest rate would be the same. The most prevalently quoted conforming 30yr fixed rate for best-case scenarios ( best-execution ) remains at 4.375% in most cases, though many lenders are better-priced at 4.5%. For a second straight day, the markets underlying mortgage rate changes had a paradoxical trading session in that they moved in the opposite direction of that suggested by the incoming data. When economic data is stronger than expected, interest rates tend to rise--all things being equal. This morning's economic data fits...(read more)
Posted To: MND NewsWireA new Gallup survey seems to indicate that Americans are falling in love with real estate again . The poll, conducted among over a thousand respondents this month, shows that 56 percent of Americans think the average price of a home in their local area will increase compared to only one-third who thought so two years ago and 21 percent, a survey low, in January 2011. Another 34 percent expect prices to remain at about the same level, leaving only 10 percent who believe prices will fall again. The current euphoria is not up to pre-crash standards, but is closing in on the peak 60 percent who expected appreciation in late 2006. The results were gathered by Gallup's annual Economy and Personal Finance poll, which has tracked Americans' perceptions of the housing market annually since 2005. In...(read more)
Posted To: MBS CommentaryBond markets have had a volatile morning so far. Treasuries were slightly weaker overnight, resulting in lower opening levels in MBS. Both were weaker still after the 8:30am economic data. Although the Jobless Claims headline came in higher than expected, ongoing claims fell and the Durable Goods data was stronger than expected. 10yr yields crested 2.73 shortly thereafter and Fannie 4.0s moved down to 104-04. They'd been at 2.685 and 104-11 late yesterday respectively. Then came the mystery rally. Bond markets reversed course and moved rapidly into stronger territory as stocks sold off just as abruptly. The pace of the movement in European markets suggests the trading could be Ukraine-related and that's CLEARLY the route that media outlets have taken. Indeed geopolitical risk is an...(read more)
Posted To: MND NewsWireSales of residential properties were marginally higher in March than in February and the median price of both distressed and non-distressed properties also increased slightly RealtyTrac said today. Sales of single-family homes, condominiums, and townhomes were at an annual rate of 5,253,464 units in March, up 0.4 percent from February. The sales pace was 8 percent higher than in March 2013. The median price of all residential properties was $164,500, a 1 percent increase from the previous month and 10 percent above the median price one year earlier. RealtyTrac said this was the 24 th consecutive month that median house prices posted annual growth and the 10 percent March to March change was the largest of those increases. "The housing market showed signs of coming out of hibernation in March...(read more)