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 moved sharply higher today, erasing more than half of the improvement seen in the relief rally of the past 3 days. That rally was something of a paradox in that stronger employment data (as seen on Friday) typically pushes rates higher. Rates had been exceptionally weak through the entire month of November and into early December, leaving them in an overly defensive position ahead of a jobs report that wasn't that much better than expected. In such cases where market trading levels are somewhat offsides , it's not uncommon to see a "relief rally" lasting anywhere from a few hours to a few days. The absence of economic data and events during the first three days of the week allowed the positivity to continue unchecked, but the longer a relief rally continues, the more likely it...(read more)
Posted To: MBS CommentaryMBS Live : MBS Afternoon Market Summary After bond markets showed a surprising amount of strength following NFP, we'd discussed to possibility of a more developed bounce back lasting anywhere from 1-3 days and then taking guidance from Retail Sales. Weakness began creeping up in the overnight session, but was fairly manageable for the first two hours of the day. Volatility picked up after 10am, and although we caught a fairly good bounce heading into the noon hour, everything in the PM pointed toward weaker prices. By the end of the day, MBS and Treasuries both jumped on the bandwagon and shed roughly half a point in price. Does this mean we're heading back in the other direction now? It's possible, but tomorrow morning's Retail Sales and other data will probably decide. MBS Pricing Snapshot...(read more)
Posted To: MND NewsWireThe Department of Housing and Urban Development (HUD) has issued its final rule defining a "Qualified Mortgage" (QM) as required by the Dodd-Frank Act. The new rule, HUD says, builds off of the existing QM rule issued by the Consumer Financial Protection Bureau (CFPB) earlier this year. Like the CFPB QM the new HUD, which applies only to loans insured, guaranteed, or administered by HUD/FHA will go into effect on January 10. In order to be a qualified mortgage as defined by HUD as loan must meet the following requirements : Require periodic payments without risky features; Have terms not to exceed 30 years; Limit upfront points and fees to no more than three percent with adjustments to facilitate smaller loans (except for Title I, Title II Manufactured Housing, Section 184,Section 184A loans...(read more)
Posted To: MBS CommentaryMBS Live : MBS Morning Market Summary Treasuries were only moderately weaker overnight despite the potential for a "QE off" move after yesterday's budget deal announcement ("QE off" connotes investors moving out of bonds and even out of stocks to a lesser extent, due to increased chances that Fed accommodation will be declining sooner vs later). That stands to reason somewhat as international markets are less likely to trade US-specific data as the US traders. That logic played out in the early domestic session as Treasuries weakened at a slightly faster pace, moving up to yesterday's highs in 10yr yields. Both stocks and bonds lost ground into the domestic stock market open, but Treasuries and MBS held their ground from the start of the Fed's daily Treasury buying operation. Fannie 4.0s have...(read more)
Posted To: MND NewsWireAfter first delaying action on his nomination for months and then rejecting it in October the Senate finally confirmed Mel Watt as the new director of the Federal Housing Finance Agency (FHFA) . The vote, 57 to 41, came late Tuesday and was the second Obama nomination ratified under new Senate rules which effectively ended the Republican's ability to filibuster executive and judicial presidential appointments. Watt, an 11-term sitting congressman from North Carolina, will replace Edward J. DeMarco who has been acting director of FHFA almost from the beginning of President Obama's first term and someone the administration has long hoped to remove from that position. An earlier nomination of another North Carolinian, its banking commissioner Joseph Smith, was also blocked by Senate Republicans...(read more)