March 1, 2013 rummy

Italian Uncertainty Helps Mortgage Rates The biggest influence on mortgage rates this week came from the Italian election, which reignited investor concerns about Europe and prompted a flight to safer assets. Fed Chief Bernanke continued to show strong support for the Fed’s bond buying program, which was also positive for mortgage rates. As a result, mortgage rates ended the week lower. Monday’s election in Italy showed very close results between the top three candidates, and it will be very difficult to establish a coalition government when no party has a majority. A long period of negotiations will take place, and…

February 15, 2013 rummy

Retail Sales Increase Improving economic growth in the US was negative for mortgage rates this week. This was mostly offset by weakness in Europe and Japan, however. As a result, mortgage rates ended the week just a little higher. The biggest US economic report released this week was Retail Sales. Since Retail Sales account for roughly 70% of economic activity, this report is closely watched by investors and the Fed. Consumer Spending increased at a 2.2% annual rate during the fourth quarter of 2012, but investors are concerned that it may slow during the first quarter due to a number…

February 1, 2013 rummy

In a week packed with big economic news, investors feared that the trend toward higher mortgage rates seen this month would continue. The risk that the Fed might signal a scaling back of its MBS purchases concerned investors. In the end, though, a neutral Fed statement and an unexpected increase in the Unemployment Rate allowed mortgage rates to reverse early increases and end the week with little change. Wednesday’s Fed statement was very similar to the statement issued after its December meeting. Concerning its MBS purchase program, the intention stayed the same, meaning that the Fed will continue buying MBS…

February 1, 2013 rummy

WASHINGTON – As part of a broad effort to strengthen the Federal Housing Administration’s (FHA) Mutual Mortgage Insurance Fund (MMI Fund), FHA Commissioner Carol Galante announced a series of changes to be issued this week that will allow the agency to better manage risk and further strengthen the health of the MMI Fund. “These are essential and appropriate measures to manage and protect FHA’s single-family insurance programs” said Galante. “In addition to protecting the MMI Fund, these changes will encourage the return of private capital to the housing market, and make sure FHA remains a vital source of affordable and…

January 25, 2013 rummy

The pace of residential real estate sales picked up considerably in 2012 in the fourcounties of the lower Hudson region – Westchester, by the Real Estate Experts (Realtor) firms The Realtors reported a regional sales aggregate of 11,481 residential units consistingof single-family houses, condominiums, cooperatives, and in the case of Westchester,2-4 family buildings as well. This was a 15% increase over 2011’s total of 9,973 sales,and it arrested the steady decrease in annual sales that commenced in 2004 andcontinued through most of the subsequent period to date. Westchester, the most populous of the counties, and historically accounting for abouttwo-thirds of…

January 12, 2013 rummy

Following last week’s burst of major economic headlines, which were mostly negative for mortgage rates, there was very little market moving news this week. Mortgage rates reversed a portion of last week’s increases, ending the week a little lower. After last week’s fiscal cliff deal, Fed meeting, and Employment data, this week’s news had little impact on mortgage rates. Very little economic data came out this week, and the results for the Treasury auctions were close to average. A meeting of the European Central Bank (ECB) produced no surprises. In short, after weeks of high volatility, daily mortgage rate movements…

December 24, 2012 rummy

Today’s Monday Morning Mojo is going to be short and sweet. First, we hope that you and your family have an amazing Christmas tomorrow and that your day is filled with love and lots of fun. If you don’t celebrate Christmas, please enjoy the day off. We also know that there are people in your life that may not be able to be with you because they are far away or have passed away. Be sure to take a minute to remember them tomorrow. Merry Christmas from our family to yours.