Thomas (Tom) W. Harriman
VA License #MLO-5088-VA
FL License #LO13502
NMLS # 98575
(click link above to check license)
Branch NMLS # 71158
200 Golden Oak Court, Ste. 100
Virginia Beach, VA 23452
Questions? Call Thomas (Tom) W. Harriman at 757-605-4065.
We are always available to help make sense of the market.
Mortgage News Daily News Feed
Posted To: MBS CommentaryMBS Live : MBS Afternoon Market Summary In sort of an inverted reading of the recent script, bond markets weakened right out of the gate and began improving at 10am (several notable occasions in May have seen the opposite). From there, they kept on improving until hitting highs of the day at 2pm. For MBS it was a 20 tick swing all told, and Fannie 3.0s still hold 19 of those ticks (roughly a .625 move from lows to highs) but compared to yesterday's latest levels, only added about .375. Combine that with the fact that yesterday's latest levels were the worst of the day and it leaves today's highs right in line with yesterday's. Lenders passed on only token improvements in pricing ahead of more potential volatility tomorrow. Markets are eager to hear what Bernanke has to say in the morning when...(read more)
Posted To: Mortgage Rate WatchMortgage rates finally caught a break, moving just slightly lower for only the second time this month. For some, the drop in rates may be too little too late as it still doesn't put much of a dent in the losses suffered in May. Best-execution for Conventional, 30yr Fixed Loans is still between 3.625% and 3.75%, and we noted a few lenders who were priced significantly worse than yesterday despite the majority being moderately improved. The leading candidate for the root cause of all the recent volatility is the general disposition of the Fed toward QE3, the "quantitative easing" programs responsible for the Fed's large-scale asset purchases. To a large, but unknown extent, QE3 is one factor keeping mortgage rates low because it makes for massive, guaranteed buying demand for mortgage-backed...(read more)
Posted To: MND NewsWireRecognizing that real estate investors have played a key role in the state's housing market recovery, the California Association of Realtors® (C.A.R.) recently surveyed its members about their interactions with investor customers and have developed a profile of investors and their behavior. Two-third of investors are following a long term strategy in investing, buying and holding property although three-quarters of intend to hold the property for less than six years . About one-quarter (26 percent) of inventors buy property in order to flip it. Most investors, about 75 percent , are what C.A.R. termed small mom-and-pop type , owning between one and ten investment properties. Fifteen percent own one property, 46 percent own two to five, and 14 percent own six to 10. Owners manage more than...(read more)
Posted To: MBS CommentaryMBS Live : MBS Morning Market Summary Like a jilted lover learning how to trust again, MBS were tentative at first, and Treasuries hesitated at 1.97 as they descended from morning weakness, but both have rallied directionally since then. The possibility and/or hope is that the highest yields and lowest prices this morning, constituted some sort of final push to the furthest reaches of the pre-FOMC range. Big volume came into Treasuries 7 minutes before Fed's Bullard's speech in Frankfurt. Either the clocks in Germany are running 7 minutes fast or dealers saw inventory getting lighter after the Fed's buying operation in 7-10yr maturities. Supply/Demand imbalances can often have an effect on Treasuries during and after the Fed's scheduled Treasury buying from 10:15-11:00am. Whatever the case...(read more)
Posted To: Pipeline PressIf you're like me and rest your weary eyes each night by reading the Fair Housing Act of 1968, then you don't need to be told that the act " prohibits discrimination in the sale, rental, or financing of dwellings and in other housing-related activities on the basis of race, color, religion, sex, disability, familial status, or national origin" . It would also come as no surprise to you that the good people over at HUD are chartered with the authority and responsibility for interpreting and enforcing the Fair Housing Act, with the power to make rules for implementation. The Act does not specify a standard for proving a discriminatory effect ( disparate impact ) violation. Notwithstanding this statutory omission, HUD and the eleven federal appellate courts that have ruled on this issue agree...(read more)