Stephen Todd Gieringer
PA License #MLO-34535
NMLS # 396455
Branch NMLS # 440264
(click links above to check licenses)
3608 St. Lawrence Ave., Ste. 102
Reading, PA 19606
Questions? Call Stephen Todd Gieringer at 610-603-0241.
We are always available to help make sense of the market.
Mortgage News Daily News Feed
Posted To: Mortgage Rate WatchMortgage rates rose sharply for the third time this week, bringing them to levels not seen since January 15th. Today's move followed a stronger-than-expected Employment Situation report. This is the most significant economic report each month and when it's strong, rates tend to suffer. Today was no exception as job creation moved back in line with recent averages, defying the expectation that the historically harsh winter weather would make for downbeat data. Moreover, the report still managed to offer a fairly profound commentary on the effects of winter weather as more than 6 million workers reported missing work last month due to weather. Compared to an average of 70k workers each February who miss a complete week of work due to the weather, today's data showed far more of an effect with...(read more)
Posted To: MBS Commentary8:30-8:32... These were the only two minutes of the day where anything interesting was happening for bond markets. It wasn't the good kind of 'interesting' either as stronger employment data sparked big, fast selling before completely leaving the building for the weekend. After 8:32am, the grind began and MBS never went any lower for the rest of the day. That said, neither MBS or Treasuries really went much of anywhere. To be fair to MBS, they held up a bit better , and are coasting out at 104-05 (Fannie 4.0s) after hitting 104-00 this morning. 10yr yields have been in a 1bp range since 11am. Today's employment data was the first significant eye-opener regarding the impact of the weather on recent economic data. Not only did it confirm the weather had an effect, but it also...(read more)
Posted To: MBS CommentaryNot only was this morning's employment data stronger than expected, but it would probably have been even stronger if not for the weather effect. As preposterous as this sounds to those hoping for lower rates and fed up with what sounds like an "excuse" for recently lackluster data, there are some compelling reasons to give it some consideration. I discussed those earlier this morning: Breaking Down Weather Implications in Stronger Employment Report . Even before that, members of the MBS Live community were already discussing it in real time on the Dashboard, helping get to the heart of the complex underlying data. Matt Hodges, Charlottesville Sales Manager at Presidential Mortgage Group , noted "the extrapolation is that if so many people worked less than their projected...(read more)
Posted To: Pipeline PressDave T. writes, "Rob, I have noticed that the originators attending classes or local association meetings are older, and mostly men over 50 years old and have been in the business in excess of 20 years. Generally, there are just a few younger (less than 35 years old) LOs. What's going on?" I discuss it regularly: a lack of retirees (some can't retire), and a lack of new blood. A 50-year old borrower isn't wild about working with a 24 year old LO who loves to text. (Not all, but most.) And the folks buying houses are usually not in their 20's - they are mostly living with their parents or renting. (Not all, but most.) There are other careers that don't have the recent reputation that residential lending has, many older LOs are very good at what they do, and few go through school with the goal...(read more)
Posted To: MND NewsWireThis morning's Employment Situation Report was stronger than expected. By historical standards, the "beat" isn't especially large (175k vs 149k forecast), but most market participants (at least those expressing opinions) are surprised there was a 'beat' at all. The great debate on the impact of uncommonly cold/snowy winter is at the heart of this expectation. In my conversations, even those who really don't think much of the weather impact are still willing to admit it exists in some small form. The Bureau of Labor Statistics agrees. Buried in the labyrinthine caverns of their data collection lay nuggets we can mine and ultimately refine into a usable conclusion, but this is not for the faint of heart . There are a lot of words and numbers in the rest of this analysis, but the end result will...(read more)