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07-25-2007, 07:16 PM
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Hummer Guru
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Join Date: Dec 2002
Location: Anywhere you're not!
Posts: 5,006
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Mortgage Commentary
Wednesday?s bond market opened down but has since moved into slightly positive territory after this morning?s only news showed weaker than expected results. The stock markets are mixed with the Dow up 9 points and the Nasdaq down 1 point. The bond market is currently up 3/32, which with yesterday?s late strength will likely improve this morning?s mortgage rates by approximately .125 of a discount point.
The National Association of Realtors announced this morning that home resales fell to a four and a half year low last month. The 3.8% drop in sales was much larger than what was expected, indicating that the housing sector is still slowing rapidly. This was the first of two housing sector related reports scheduled for release this week. June?s New Home Sales will be posted tomorrow morning, but since it tracks only the 15% of the home sales that today?s report doesn?t cover, it likely will have less of an impact on rates than today?s data did.
The Fed will release its Beige Book report this afternoon. This report is named simply after the color of its cover, but it is considered to be important to the Fed when determining monetary policy during their FOMC meetings. It details economic activity and conditions by region throughout the U.S. With Fed Chairman Ben Bernanke?s testimony last week, I don?t think we will see any significant surprises in this report, and therefore will likely not cause much movement in mortgage rates this afternoon.
Tomorrow morning?s important economic data will come from the Commerce Department when they will post June?s Durable Goods Orders at 8:30 AM ET. Current forecasts are currently calling for a gain of 2.0% after showing a sizable loss in new orders during May. This data gives us an indication of manufacturing sector strength by tracking orders at U.S. factories for big-ticket items. These are products that are expected to last at least three years. A stronger than expected number may lead to higher mortgage rates tomorrow morning. If it reveals a smaller than expected rise or a decline, mortgage rates should drop tomorrow.
If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Float if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.
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07-25-2007, 07:54 PM
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Hummer Authority
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Join Date: Jul 2006
Location: The user name says it all.
Posts: 1,280
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Re: Mortgage Commentary
Ummm... Whaaaat?
__________________
If life gives you lemons, ask for a more practical fruit.
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07-25-2007, 08:00 PM
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Hummer Messiah
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Join Date: Feb 2003
Location: Federal penitentiary
Posts: 21,046
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Re: Mortgage Commentary
Are you now going to post a regular feces commentary?
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<({O})>
Fishing Again.
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07-25-2007, 08:11 PM
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Hummer Guru
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Join Date: Dec 2002
Location: Anywhere you're not!
Posts: 5,006
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Re: Mortgage Commentary
Easy, Alan. You are way too into the "poop" thing now. People are concerned.
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07-25-2007, 08:44 PM
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Hummer Guru
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Join Date: Jan 2004
Posts: 7,060
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Re: Mortgage Commentary
damn, it looks like the market maybe takin a sh it again.
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TAIL RATED!
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07-25-2007, 09:05 PM
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Hummer Authority
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Join Date: Jul 2006
Location: The user name says it all.
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Re: Mortgage Commentary
Quote:
Originally Posted by Adam in CO
Easy, Alan. You are way too into the "poop" thing now. People are concerned.
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X2
__________________
If life gives you lemons, ask for a more practical fruit.
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07-25-2007, 11:08 PM
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Hummer Messiah
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Join Date: Feb 2003
Location: Federal penitentiary
Posts: 21,046
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Re: Mortgage Commentary
Quote:
Originally Posted by Adam in CO
Easy, Alan. You are way too into the "poop" thing now. People are concerned.
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I don't need to read this crap.
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<({O})>
Fishing Again.
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07-25-2007, 11:17 PM
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Hummer Deity
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Join Date: Feb 2005
Location: In the basement of the Alamo
Posts: 10,855
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Re: Mortgage Commentary
Quote:
Originally Posted by CO Hummer
I don't need to read this crap.
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I know, it's nutty.
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07-25-2007, 11:48 PM
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Hummer Guru
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Join Date: Jan 2004
Posts: 7,060
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Re: Mortgage Commentary
Quote:
Originally Posted by h2co-pilot
I know, it's nutty.
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That was really a corny play on crap.
__________________
TAIL RATED!
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07-25-2007, 11:52 PM
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Re: Mortgage Commentary
Need a pooper scooper for this.
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07-26-2007, 01:52 AM
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Hummer Authority
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Join Date: May 2006
Location: Texas
Posts: 1,132
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Re: Mortgage Commentary
Quote:
Originally Posted by Adam in CO
Easy, Alan. You are way too into the "poop" thing now. People are concerned.
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that was funny though
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07-26-2007, 03:53 PM
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Hummer Authority
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Join Date: Jul 2006
Location: The user name says it all.
Posts: 1,280
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Re: Mortgage Commentary
Quote:
Originally Posted by timgco
That was really a corny play on crap.
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Get your mind out of the toilet.
__________________
If life gives you lemons, ask for a more practical fruit.
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07-26-2007, 06:07 PM
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Re: Mortgage Commentary
And don't forget to flush.
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07-26-2007, 07:58 PM
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Hummer Deity
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Join Date: Feb 2005
Location: In the basement of the Alamo
Posts: 10,855
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Re: Mortgage Commentary
Quote:
Originally Posted by timgco
That was really a corny play on crap.
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I know, I thought of it in a pinch.
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07-26-2007, 08:06 PM
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Hummer Messiah
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Join Date: Feb 2003
Location: Federal penitentiary
Posts: 21,046
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Re: Mortgage Commentary
Quote:
Originally Posted by h2co-pilot
I know, I thought of it in a pinch.
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I'm too grumpy to play this game.
__________________
<({O})>
Fishing Again.
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07-26-2007, 10:19 PM
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Hummer Messiah
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Join Date: Apr 2003
Location: Virginia Beach
Posts: 37,474
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Re: Mortgage Commentary
Quote:
Originally Posted by CO Hummer
I'm too grumpy to play this game.
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Me too. Damn Dirty Sanchez can't cut grass.
__________________
"My reading of history convinces me that most bad government results from too much government."---Thomas Jefferson
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07-27-2007, 12:50 AM
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Hummer Deity
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Join Date: Feb 2005
Location: In the basement of the Alamo
Posts: 10,855
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Re: Mortgage Commentary
Well don't strain yourselves.
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07-27-2007, 08:58 PM
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Re: Mortgage Commentary
Wipe.
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