Thomas (Tom) W. Harriman
VA License #MLO-5088-VA
FL License #LO13502
NMLS # 98575
Branch NMLS # 71158
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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: Mortgage Rate WatchMortgage rates moved higher today at the fastest pace since July 3rd as bond markets began backing away from more anxious levels associated with last week's geopolitical headlines. Such headlines (Malaysian airliner and Gaza invasion) can motivate investors to seek safe-havens such as Treasuries and MBS (the mortgage-backed securities that influence mortgage rates). Since last week, bond markets have been relatively on edge but never moved any lower than the initial move on Thursday. If there has been one day since then that "undoes" the flight-to-safety, today is the best candidate. This isn't for any particular reason either. Sometimes when it comes to financial market movements, "it's just time." A few caveats here though... First of all, the movement wasn't exceptionally large in a historical...(read more)
Posted To: MBS CommentaryFor the past 4 sessions, bond markets have traded a narrow range near their best levels of the year. This effectively began with the geopolitical risk rally on the 17th. It's not entirely fair to say the narrow trend is over, but if not, it's being stretched to the limit today. Fannie 3.5s are heading out the door just over 3/8ths of a point weaker. This began in the overnight session as European bond markets (using Germany as a benchmark) moved up in yield from their own lowest levels (though in their case, it was all-time lows). Domestic data didn't help as Jobless Claims were much stronger than expected. New Home Sales helped stem the tide of losses by coming in much MUCH weaker than expected. That said, the losses were only really stemmed for Treasuries. MBS maintained a modestly...(read more)
Posted To: MND NewsWireFreddie Mac said today that its Multi-Indicator Market Index or MiMi for May is sending out mixed signals to the housing market. While more markets entered their stable range of housing activity, most markets remained stalled, just as they were in April, due primarily to weak mortgage application activity. MiMi is designed to monitor and measure the stability of the housing market nationally and in the states and 50 top metro markets relative to the long-term stable range in each. The index combines proprietary Freddie Mac data with current local market data on home purchase applications, payment-to-income ratios (changes in home purchasing power based on house prices, mortgage rates and household income), proportion of on-time mortgage payments and the local employment picture. The data is...(read more)
Posted To: MBS CommentaryTypically, negative economic data on the scale of this morning's New Home Sales would be a clearly positive factor for bond prices. Sales fell at their fastest pace since last July and last month's strong report was revised to mediocre levels. In one fell swoop , the entire shape of 2014 New Home Sales went from "gradually improving" to "sideways and maybe slightly weaker." Yet bond markets barely batted an eye at the data! At best, we could say that it helped stem the existing losses and encourage sideways movement, but it certainly didn't prompt any major bounce back. Pervasive weakness had been a problem almost right from the start of the overnight session. After recovering to 'unchanged' by the start of the European session, US Treasuries were almost...(read more)
Posted To: MND NewsWireNew homes sales retreated in June from the very strong performance reported for May; a performance that turns out to have been less strong. A joint release from the Census Bureau and the Department of Housing and Urban Development this morning put June sales of newly constructed single family homes at a seasonally adjusted annual pace of 406,000 units. This represents an 8.1 percent drop from the revised May rate of 442,000. May sales however were originally estimated to be at the rate of 504,000 units which would have been an 18.6 percent increase over April and, the report said, the most rapid increase in 20 years. June sales were also down, by 11.5 percent year over year . Those sales were estimated at 459,000. On an unadjusted basis there were 38,000 new homes sold in June, down from 42...(read more)