Treasuries are up even more this morning after the durable goods report showed that July orders increased less than forecasted. This is yet another sign the U.S. economy is slowing down. The MBA reported that total mortgage applications rose by almost 5%. Also, the July new home sales report is expected to be unchanged while the FHFA house price index is expected to show a small increase.

Social Bookmarking

Related posts:

1. Quicken Loans Capital Markets Update – High Durable Goods Orders Show Factories Included in Economic Recovery …
2. Quicken Loans Capital Markets Update – Pending Home Sales Show Slight Gain …
3. Quicken Loans Capital Markets Update – New Homes Sales Report Exceeds Expectations …

For more details click here

Last week, the number of Americans applying for mortgages posted an impressive 13 percent gain when compared to the week prior, according to a report released today by the Mortgage Bankers Association (MBA). Refinance applications led the way surging more than 17 percent higher than the week before, while purchase applications were slightly down.  

 According to Quicken Loans Chief Economist Bob Walters, consumers who could benefit from a refinance should act soon, as rates will not likely stay at historically low levels for a prolonged period.

 “With rates hitting yet another new low, many consumers were drawn into the market.  What’s surprising is that there are so many folks who have not already taken advantage of today’s rates.  It is fairly safe to say these opportunities will not present themselves again in our lifetime,” Walters said.

Social Bookmarking

Related posts:

1. Refinances Soar on Historically Low Rates …
2. Mortgage Applications Off 0.3% …
3. Mortgage Applications Dip …

For more details click here

The Fed bought its first $2.5 billion of Treasuries yesterday after announcing that it would begin purchasing government debt using funds from maturing mortgage bonds that it holds. The expectation is that the Fed will continue to purchase Treasuries through mid-September. In economic news this morning, the MBA mortgage application index report showed that applications rose 13% last week, with refinance activity leading the number at an increase of 17%.

Social Bookmarking

Related posts:

1. Mortgage Applications Continue Their Rally Due to Very Low Mortgage Rates …
2. Homeowners Continue to Refinance Out of ARMs …
3. Homeowners Advised to Continue Refinancing to Fixed Rates …

For more details click here

This morning we had the MBA mortgage application report which showed that applications rose 1.3% last week, with the purchase applications component coming in slightly higher at 1.5%. Also, later this morning the July ISM non-manufacturing index is expected to drop for the 2nd month in a row from – .8 points to 53. Readings above 50 signal expansion.

Social Bookmarking

Related posts:

1. Capital Markets Update – Drop in Jobless Claims Causes Bonds & Treasuries to Sell Off …
2. Drop in Long-Term Rates Causes Increase in Refinancing …
3. Mortgage Applications Surge With Large Drop In Mortgage Rates …

For more details click here

Last week, the number of Americans applying for mortgages increased 19.5% when compared to the week prior, according to a report released today by the Mortgage Bankers Association (MBA). The study showed refinance applications rose 8.6 percent, and applications from those seeking to purchase a home increased 15.3 percent.

According to Quicken Loans Chief Economist Bob Walters, consumers are noticing low rates and taking action.

 “Mortgage activity, much like the weather around the country has remained hot.  Low rates are driving consumers into the market, and for good reason.  Folks who refinanced not more than a year ago are now looking at a scenario where it may make sense to again refinance.  The rates out there are simply that good.”

Social Bookmarking

Related posts:

1. Mortgage Applications Increase Due to Great Bargains on Homes and Low Rates …
2. Low Mortgage Rates Spur Mortgage Applications 32.2 Percent …
3. Low Mortgage Rates Lead to a 64% Surge in the Number of Homeowners Refinancing a Mortgage …

For more details click here

The market is relatively flat this morning ahead of Bernanke’s testimony to the Senate Banking Committee today. It is expected that Bernanke will be reiterating that rates will remain low for a while. In terms of economic releases, MBA’s mortgage application index came in higher at 7.6%, being that record low rates have boosted refinancing.

Social Bookmarking

Related posts:

1. Housing Market Shows Promise Though Mortgage Activity Slows …
2. May Existing Home Sales Reach Second Highest Level On Record …
3. How the Job Market Affects Mortgage Rates …

For more details click here

The morning, retail sales came in down .5% versus the expectations of .3% which is pushing the bond market up slightly from yesterday’s close. The MBA mortgage applications report showed that demand for loans to purchase US homes sunk to a 13-year low last week. In the afternoon, the market will be focusing on the minutes from the last FOMC meeting where many expect to find that Fed officials have lowered their economic growth outlook. Also, the Treasury is scheduled to auction $13 billion in 30-year bonds.

Social Bookmarking

Related posts:

1. Capital Markets Update – FOMC Meeting Triggers Sell-Off in Bond Market …
2. Quicken Loans Capital Markets Update – High Durable Goods Orders Show Factories Included in Economic Recovery …
3. Quicken Loans Capital Markets Update – Predicted Increase in Home Sales Suggests Economic Recovery …

For more details click here

The MBA Mortgage application index rose last week by 6.7% with refinances jumping 9.2% and purchases falling. Record low rates are encouraging refinance activity as more and more households are looking to lower payments.

Social Bookmarking

Related posts:

1. Due to Low Mortgage Interest Rates, Homeowners Continue to Apply for Mortgages in Record Numbers …
2. Long-Term Rates Still Low…Refinance Now …
3. Low Mortgage Rates Lead to a 64% Surge in the Number of Homeowners Refinancing a Mortgage …

For more details click here

There are no signficant economic releases scheduled for today. MBA mortgage applications came in higher this week at a positive 13.6%. Earnings reports continue to come in very strong, particularly for banks. 10% of the S&P 500 companies have now reported results (not including those after the close yesterday) and 84% have surpassed analyst estimates.

Social Bookmarking

Related posts:

1. Capital Markets Update – Full week of Economic & Earnings Releases Ahead …
2. Home Purchases Strong; Rates Pause from Increases …
3. April Home Sales Up; Strong Year Ahead …

More Info Here

Bonds are priced higher again this morning as investors are optimistic that our subdued inflation levels will help keep rates low for the near future.

Yesterday’s Fed meeting minutes were pretty much a non-event and contained no surprises.  The Fed continues to show concern about the health of both our labor and housing markets.

In today’s economic news, the MBA mortgage applications report has already been released and showed an applications drop of 11.0%.  The bigger market mover will be the $21 billion auction of 10-year notes.

Social Bookmarking

Related posts:

1. Quicken Loans Capital Markets Update – High Durable Goods Orders Show Factories Included in Economic Recovery …
2. Quicken Loans Capital Markets Update – Mortgage Applications Rise, Consumer Credit Expected to Fall …
3. Mortgage Applications Show Another Strong Week …

More Info Here