Kevin Joseph Gorman
VA License #MLO-2938
NMLS # 264807
Branch NMLS # 71158
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200 Golden Oak Court, Ste. 100
Virginia Beach, VA 23452
Questions? Call Kevin Joseph Gorman at 757-605-4182.
We are always available to help make sense of the market.
Mortgage News Daily News Feed
Posted To: MBS CommentaryNext week promises to be big. Even if the events don't 'agree' with each other enough to spark a major rally or sell-off, the potential is there. Due to last week's geopolitical headlines, bond markets arguably made it down to the lower end of the rate range a bit early to set up their chairs for next week's parade of data. That created a risk that they'd wander around a bit in the meantime and possibly even find new seats. In other words, yesterday's weakness ran the risk of starting a small correction ahead of what everyone knows will be a big week in terms of data and events. This was probably a viable possibility heading into today, but bonds got help from several friends . These include a rally in European debt on weak data abroad, weakness in domestic equities...(read more)
Posted To: Mortgage Rate WatchMortgage rates were sideways to marginally lower today. Many lenders released new and improved rate sheets in the afternoon in order for the average to get better than yesterday, but even then, lenders are obviously cautious ahead of next week's big-ticket events. The most prevalently-quoted conforming 30yr fixed rate remained at 4.25% for flawless scenarios, though 4.125% is still a contender--especially among lenders who released rate sheet improvements. It's not uncommon for financial securities (like those that influence mortgage rates) to pull back and consolidate/correct after a winning streak. Yesterday's abrupt move higher threatened to stand as the beginning of just such correction heading into next week. As such, simply being sideways is a victory today! And again, the lenders that...(read more)
Posted To: MND NewsWireIt was a bad day on Wall Street Thursday for housing stocks. In no particular order Census Bureau data was released showing that new home sales had declined by 8.1 percent in June compared to May and that May's numbers weren't nearly as shiny as was first thought. ( Read More: New Home Sales Decline from Downgraded May Numbers ) Then several of the big home builders released quarterly earnings that missed analysts expectations. An already jittery stock market did not take it well. The exchange traded fund that trucks home construction fell to a two month low , losing 3.4 percent of its value as most home builder and home builder-related stocks fell. ITB was down another 0.79 percent in early trading on Friday. Both D.R. Horton and Pulte announced that their earnings fell short . Horton reported...(read more)
Posted To: MBS CommentaryFor more than a week, bond markets have flirted with a break into the best levels of the year. On several occasions 10yr yields have looked all but wed to the idea. Such a wedding would take place with a move through the 2.4's. While that's not something that was exceptionally possible until next week's big-ticket events, a crowd had gathered at the altar. In other words, most of the week's activity has taken place between 2.45 and 2.50. Yesterday's weakness caused some concern that bond markets might be getting cold feet as Treasuries rose to 2.52. That left today as a bit of a wild card that could either reinforce the cold feet or reinforce the potential to break the range. Both German Bunds and US Treasuries had a strong, simultaneous bounce off yesterday's weakest...(read more)
Posted To: Pipeline Press"Rob, you have mentioned before that you are beginning to see some companies' volumes slowing down, and maybe even some lay-offs . Is that still happening?" Yes it is. Established lenders, even those adding production units, are looking at their historical purchase volumes and forecasting things for the 2 nd half of 2014. The longer rates stay here or go up, the more refinances will drop, and practically every lender sees a marked decline in purchase volumes during the autumn and winter. Companies are moving toward a variable cost structure, and yes, unfortunately layoffs can be part of the equation - the latest example being RoundPoint Mortgage eliminating 166 jobs . And Zillow might buy Trulia ? That would cause quite a stir... Do you think GSE reform is still a possibility? Snort. Congress...(read more)