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Michigan Mortgage Rate Update

Aug 15, 2013 by

Here is the Michigan Mortgage Rate Update for Thursday, August 15, 2013.

OUCH!!!!! Very bad night last night.

Mortgage Backed Securities (MBS) gaped DOWN while we were all sleeping:

8-15-2013 4-47-40 PM 1

 

 

 

 

 

 

 

 

 

 

 

This caused a -57 basis point drop in MBS levels. The Dow Jones opened over -200 points down and didn’t recover closing at -226 for the day.

Talk of  Federal Reserve tapering support, an improvement of jobless claims and a jump in new housing starts has spooked all the markets.

Here is what Mortgage Backed Securities did today:

8-15-2013 4-48-02 PM 2

 

 

 

 

 

 

 

 

 

 

 

You can see they barely recovered during the day gaining +22 bps to offset the overnight losses.

We’ve broken through the floor and now have to build in some support levels to get back to where we were yesterday.

 

 

 

 

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Michigan Mortgage Rate Update

Aug 13, 2013 by

Here is the Michigan Mortgage Rate Update for Tuesday, August 13.

I’m going to provide two charts today. The first is a 90-day look at Mortgage Backed Securities (MBS):

8-13-2013 5-30-00 PM2

 

 

 

 

 

 

 

 

 

 

 

 

You can see that we have been stuck in a trading channel (outlined by the red lines) since June 19.

We can’t seem to get any traction to get through the ceiling (which would make mortgage rates lower)

or enough bad news to fall through the floor (which would make mortgage rates rise.)

Below is the daily Mortgage Backed Securities chart:

 

8-13-2013 5-29-10 PM

 

 

 

 

 

 

 

 

 

 

 

 

This shows that them market appears to have received some positive Retail sales numbers and

that threw the Mortgage Backed Securities (MBS) into a tizzy for the remainder of the day where

we ended off -28 basis points for the day.

We’ll look to see if there is any support tomorrow.

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Michigan Mortgage Rate Update

Aug 1, 2013 by

Here is the Michigan Mortgage Rate Update for Thursday, August 1, 2013

It was not a great day for Mortgage Bonds. The S&P crossed 1,700 for the first time ever and the Dow closing at a new record high,

Mortgage Backed Securities were down -68 basis points for the day. That significant and unless things turn around over night,

we will feel it with higher rates tomorrow.

8-1-2013 5-07-09 PM

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Michigan Mortgage Rate Update

Jun 20, 2013 by

Michigan Mortgage Rate Update

Here is the Michigan Mortgage Rate Update for Thursday, June 20.

It’s not a pretty day following Ben Bernanke’s remarks after yesterday’s Fed meeting.

Chairman Bernanke told the world that the Fed is prepared, at SOME POINT in the future, to pair down the bond purchase program that has been in place the past few years.

The purpose of the bond buying program was to prop up our battered economy.

Bernanke’s words yesterday caused the Dow to lose -353 points or-2.34% today and we are approaching a - 5% loss over the past two days.  

There was nowhere to hide as everything else – bonds, oil, gold, treasuries were also clobbered.

Mortgage Backed Securities (MBS) ended the day off -25 basis points from yesterday’s close and the chart we’ve prepared shows that were are not at mortgage rate highs not seen since March 15, 2012.

6-20-2013 5-47-25 PM

 

 

 

 

 

 

 

 

 

 

 

 

Since the pain is universally felt between the safe-harbor bonds and riskier stocks, there is nowhere to hide just yet. We had hoped that Mortgage Backed Securities had put in a floor earlier this week but that was a mirage.

All we can do is look to the markets tomorrow for some kind of guidance.

Buckle up. It’s going to be a rough ride.

 

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Michigan Mortgage Rate Update

Jun 18, 2013 by

Michigan Mortgage Rate Update

Here is the Michigan Mortgage Rate Update for June 18, 2013.

Mortgage Backed Securities (MBS) closed up +25 basis point but ended up even with last Friday’s close 0f 100.09.

All eyes are on the Feds “words” following the conclusion of the Federal Reserve meeting tomorrow at 2:15pm est.

Both the stock market and MBS market closed up in anticipation of Ben Bernanke going public tomorrow and clarifying that the Fed’s monetary policy will not curtail bond purchases until there is more evidence of sustainable growth in the U.S. economy.

Recent reports of more jobs and better manufacturing numbers are not enough to signal that we are on solid ground. The Dow has lost about 500 points and mortgage rates are up about a half point in the past month.

Both of these numbers signal the still weak economy.

Here is today’s closing  MBS chart:

6-18-2013 4-04-23 PM

 

 

 

 

 

 

 

 

 

 

 

 

We’ll tune in at 2:15 pm tomorrow and see what unfolds.

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Jun 13, 2013 by

Here is today’s closing Michigan Mortgage Rate Update for Thursday, June 13, 2013.

The mortgage backed securities (MBS) putting in a pretty good performance today by gaining +53 basis points.

This marks the third day of gains and we hope this puts in the support levels the market desperately  needed.

The market was helped by the Fed and Ben Bernanke signaling that they don’t expect a rapid withdrawal from the Federal Reserve’s bond-buying program.

This news seems contrary to what the Fed was telegraphing but the reality is that the economy is not strong enough now for a rapid climb in interest rates.

It is expected that Bernanke will address these issues next Wednesday upon the conclusion of the Fed’s next meeting.

Here is the chart for today:

: 6-13-2013 5-35-12 PM

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