Thomas (Tom) W. Harriman
VA License #MLO-5088-VA
FL License #LO13502
NMLS # 98575
Branch NMLS # 71158
(click links above to check licenses)
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 again today , bringing them just shy of the highest rates of the past several months seen last Wednesday. The most prevalently quoted rate is still 4.625% for ideal, conforming 30yr Fixed scenarios ( best-execution ), meaning today's deterioration is seen in the form of higher closing costs or decreased lender credit. Freddie Mac's popular Primary Mortgage Market Survey today reported lower rates, week-over-week. While this is certainly possible considering the survey's Mon-Wed response time frame, it is no longer Mon-Wed. Rates were already on the rise yesterday, and in terms analogous to Freddie's, we're only 0.01% off the highest day of rates since September 17th. Discussing reasons for today's losses would be to make much ado about (almost) nothing. Markets have...(read more)
Posted To: MBS CommentaryMBS Live : MBS Afternoon Market Summary Bond markets moved back and forth within fairly narrow ranges today, although most of that sideways movement took place at weaker levels. This was more of an issue for Treasuries, where 10yr yields spent no time in yesterday's range. MBS, on the other hand, did manage to brush up against yesterday's lows on a few occasions. Even then, it was mostly a down day. The morning data didn't help--particularly the stronger-than-expected Retail Sales numbers. Markets were more willing to trade that versus the recently volatile Jobless Claims data. The 30yr auction was slightly weak, but the relief at being done with supply outweighed that and modest positivity continued past 2pm. At that point, participation started to suffer, and the illiquid environment favored...(read more)
Posted To: MND NewsWireBoth very small mortgages and some "streamlined" refinancings will exempted from certain of the appraisal requirements for higher-priced mortgages (the agencies use the term "higher-priced" as opposed to the original term "higher risk") set to go into effect in January. In a joint release six federal regulators said that the exemptions are intended to save borrowers time and money while still ensuring that the loans are financially sound. Under the Dodd-Frank Act higher-priced loans, those with interest rates above a certain threshold, are required have a written appraisal based on a physical inspection of the homes' interior. The new regulations will exempt loans, either for refinancing or home purchase, with a principal balance under $25,000 from this requirement. The dollar amount of this...(read more)
Posted To: MBS CommentaryMBS Live : MBS Morning Market Summary The Jobless Claims is one of the cornerstones of the economic data environment. It prints every week, same time, dame day. It's relatively easy to understand in that it's simply a tally of those filing for first time unemployment benefits from the previous week, and it's had a decent track record of acting as a market mover. All those facts belie the current phenomenon where the Claims data is mostly disregarded by market participants. This is partly a normal change as we head into the end of the year, but the series has also suffered other recent setbacks surrounding the government shutdown and other volatility-inducing state-specific issues (like computer upgrades in California that threw the numbers off for several weeks. While the report is seasonally...(read more)
Posted To: MND NewsWireThe Mortgage Bankers Association (MBA) said today that applications for the purchase of newly constructed homes declined in November by about 18 percent from October levels. The change does not include any adjustment for seasonal variations. MBA's data comes from its Builder Application Survey conducted among mortgage subsidiaries of home builders across the country. Using survey data as well as assumptions regarding market coverage MBS projects that sales of new homes were at a seasonally adjusted rate of 455,000 units in November. On an unadjusted basis there were an estimated 32,000 sales. Last month MBA reported an 11 percent decline in new home purchase applications in October and that new home sales were at an annual rate of 509,000 and about 40,000 units had sold during the month. Of...(read more)