Thomas (Tom) W. Harriman

Thomas (Tom) W. Harriman
President
VA License #MLO-5088-VA
FL License #LO13502
NMLS # 98575
Branch NMLS # 71158
(click links above to check licenses)

Direct: 757-605-4065
Mobile: 757-647-2637
Fax: 757-605-4209

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


MBS RECAP: Bond Markets Brace For Impact, But Able to Blast Off Instead

Posted To: MBS Commentary

Fannie 3.5 MBS are heading out the door nearly half a point better at 102-09. 10yr yields are down 6bps at 2.498. While they didn't quite make it to the 2.47 technical level, the move from 2.57 yesterday to 2.48 at today's lows is close enough for government work. The other option in the event of a sell-off was to move up to the 2.66 technical level. For a while this morning, it looked like that might be a risk . 10yr yields were as high as 2.5907 before NFP came out weaker than expected. Even after the data helped bond markets recover, they didn't seem all too convinced and twice returned to nearly unchanged levels by 10am. From that point on, however, rates improved steadily and forcefully into the European close. European markets continue to drag US rates lower than they otherwise...(read more)

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Mortgage Rates Recover After Jobs Data

Posted To: Mortgage Rate Watch

Mortgage rates were able to recover some of the ground lost this week after the important Employment Situation Report showed slightly less job creation than expected. Had the report been stronger, rates could have easily continued the week's strong move higher. As it stands, we're settling down very close to Monday's levels, which is a major victory based on the tenor of the past 3 days. The most prevalently-quoted conforming 30yr fixed rate remains at 4.25% , but 4.125% is much more viable than it was yesterday. Today's victory is very important in that it thwarts what could have been a much bigger move higher. While there's never any guarantee that such a move couldn't simply be delayed, we can still glean some reassuring clues from recent activity. Chief among these is the role of European...(read more)

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Housing Market Implications of Adult Children Living With Parents

Posted To: MND NewsWire

Since the start of the housing crisis the experts have noted the tendency young adults to continue to live in their childhood homes . This they say is contributing to the diminished rate of household formation which is, in turn, lowering homeownership rates in the lower age cohorts with the ultimate effect of holding back the housing and construction recoveries. Even when young adults move out of their parents' basement, as the saying goes, they tend to share housing with other young adults. The economists at CoreLogic have coined the name "the Renter Generation" as an alternative designation for the age group more broadly referred to as Millennials, those born between the early 1980s and early 2000s. Fannie Mae focused on the issue in a Commentary piece released on Tuesday, using data collected...(read more)

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Construction Spending Down in June, but up Year-Over-Year

Posted To: MND NewsWire

Construction spending in June fell slightly below that in May the Census Bureau said today. Overall construction put in place during the month was at a seasonally adjusted annual rate of $950.2 billion compared to $967.8 billion in May, a decline of 1.8 percent. The May number is an upward revision of the $956.1 billion originally estimated, a number which was essentially unchanged from April. The June rate was 5.5 percent higher than construction spending in June 2013 which was estimated at a rate of $900.3 billion. At the end of June construction expenditures for the year totaled $445.1 billion, a 7.8 percent increase over the $413.0 billion spent to that date in 2013. Total residential construction spending was at a rate of $361.3 billion compared to $362.1 billion in May and $337.5 billion...(read more)

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MBS MID-DAY: After Morning Indecision, Bond Markets Surge

Posted To: MBS Commentary

MBS and Treasuries started the day in slightly weaker territory after a fairly uneventful overnight session. On NFP day, all eyes are on 8:30am anyway. Payrolls printed moderately weaker than expected (209k vs 233), but with some strength in the internals (also some weakness in the internals! We're looking at you, 'average earnings' at 0.0 vs 0.2 forecast!). The result was a tepid rally for bond markets--one that now only accounts for half of the day's improvement in MBS. The turning point came moments after the stronger-than-expected ISM data. Bond markets moved weaker at first, but both MBS and Treasuries stepped in with supportive buying right at the post-NFP lows (or 'highs' in terms of yield). In other words, bond markets saw the extra weakness as a clear buying...(read more)

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