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 Day Ahead: Aimless Week, Downbeat Home Sales Forecast, and Technical Silver Lining

Posted To: MBS Commentary

The first two days back from the extended weekend have been surprisingly uneventful, and that's saying something considering they were already likely to be fairly quiet. There hasn't been much by way of potential market movers so far and if yesterday's Existing Home Sales data had a chance, it blew it by coming in right on top of forecasts and with negligible revisions. Today brings the government version with the New Home Sales set for 10am and expected to come in at similarly tepid levels. The only other potential market mover on the calendar is the afternoon's 5yr Treasury Auction at 1pm. Unlike yesterday's 2yr auction, this one is more relevant to the area of the yield curve that speaks to MBS. Moreover, 5's are the 2nd most traded Treasuries next to 10's, so...(read more)

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MBS RECAP: Bond Markets Trickle Back to Positive Territory

Posted To: MBS Commentary

The overarching caveat for any assessment of today's market activity is that the whole thing occurred in a relatively tight range. Sustained highs and lows were in a 4/32nds range in MBS and just over 2bps in 10yr yields. There was little, if any reaction to this morning's economic data or the 2-yr Treasury auction. The biggest movement of the day was completely disconnected from anything overtly observable, including the stock lever. Earlier this morning, it looked as though bonds and stocks might try to reconnect as selling pressure in bonds after 9am gave way to a stronger open for stocks. We were later forced to abandon that consideration as bonds rallied moderately into the noon hour despite an ongoing advance in stocks. The bond market action began looking more like the serendipitous...(read more)

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Mortgage Rates Drift Higher Again

Posted To: Mortgage Rate Watch

Mortgage rates drifted higher for the second straight day despite a relatively flat day for underlying bond markets. Rates pushed into their 2-week highs yesterday, but are still well under the levels seen in the first week of April. Today's weakness didn't have an effect on contract rates, but it did make for slightly higher closing costs. The most prevalently quoted conforming 30yr fixed rate for best-case scenarios ( best-execution ) remains at 4.5% . When adjusted for day-to-day changes in closing costs, today's rates are 0.02% higher. In determining your personal approach to the mortgage rate environment in 2014, the sideways range that we've seen since mid January is the most useful road map. Within that range, the average top-tier mortgage rates have been centered on 4.375 to 4.5% most...(read more)

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Applications, Prices, and Condo Sales Get Second Look

Posted To: MND NewsWire

Recent postings on CoreLogic's Insights Blog have a couple of different views of some of the housing numbers generally taken at face value by those of us who follow them. Mortgage applications, cash sales, and home prices all got a second look and somewhat contrarian look. In a posting titled Cash is all the Rage Thomas Vitlo says that while CoreLogic has consistently highlighted the cash share of home sales it hasn't focused on the share of cash sales in the condo/coop subgroup. What is striking about this data is the high numbers of condos being purchased for cash in select states. Slightly more than 80 percent of condo sales in Nevada and Florida, more than 75 percent in New York and Alabama and nearly 68 percent in Arizona have been all-cash and these five states account for over half of...(read more)

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MBS MID-DAY: Quick Move Back to Unchanged After Weaker Morning

Posted To: MBS Commentary

Stocks and bonds have been in relative lock-step for much of 2014 (stock prices and bond yields moving in same direction, aka 'stock lever'). The correlation had been on hold to a large degree over the past few sessions but made something of a comeback this morning when Treasuries came under selling pressure leading up to the 9:30am cash open for stocks. Even then, we haven't seen enough to assume there's a causal relationship between the two in the short term. Perhaps the biggest reason for this is that markets are still getting back into the swing of things after the lowest volume day of the year yesterday. Big trades are still having an outsized impact on price/yield levels, and the whole affair is taking place in an inconsequentially narrow range very near the center of...(read more)

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