Posts about Mortgage Market Report as of October 4, 2009

Stimulus Offers NO Homeowner Help! What? Stimulus Offers NO Homeowner Help! What? DIY Mortgage Loan Modification Homeowners BEWARE nyc unemployment : Expected Returns: New York City Unemployment … Nightly Business Report … nyc unemployment The city’s unemployment rate, now 10.3 percent — up from 9.5 percent in July — is higher than the national rate of 9.7 percent and much higher than the 8 percent reported for the rest of the … Nyc Unemployment NYC Unemployment in Double DigitsThat’s because unemployment still appears to be on the rise in New York City, recently hitting 10.3%.

by Don McGowan If house prices fall, it’s not only the people selling the properties that are affected; professions within the conveyancing industry are hit hard as well. With a recent decline in house prices, particularly in the North West of England, the country’s conveyancing solicitors are being forced to tighten their proverbial belts. Property Lawyer Wakefield Property asking prices dipped by 5,000 in the last month, as a recent report showed, and the summer lull has divided homeowners into those who have the luxury of retaining their asking prices, or even increasing them, and those forced to make the drop.

It seems weird to be talking about rising rates when we’ve been in a falling rate environment for a while, but eventually the fact that the government is backing off of their purchase of mortgage backed securities will ease it’s way into the mortgage rate market. Check back on this in 120 to 180 days and I expect we’ll see rates starting to inch closer to the .375% increase that I talked about a couple of weeks ago in the “Why Rates Are Going Up” post.

WE THE PEOPLE, will have to stay diligent in stopping Congress from passing legislation that is Unconstitutional and Unacceptable to the people.   Because the BALANCE OF POWER is skewed, there is very little CHECKS AND BALANCES. The Democrats appear to be greedy for power, they appear to believe that the American people all 350 Million of us are too stupid to handle our own decisions and want the long arm of Government to reach into your homes and take over your decision making, your personal business and all other decision even down to parenting.  This is unacceptable for the MAJORITY OF THE 350 MILLION PEOPLE.   So you HAVE TO DO YOUR PART!

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This morning we had our final revision to the 2nd quarter’s GDP number. Folks always wonder, “Why can’t the statisticians get it right the first time instead of always revising an economic report?” Many of the government’s statistics are revised in the months that follow. Errors in the original number arise from the sampling errors and bias that later prove to be incorrect: initially the government uses a sample to guess at the actual number, but then it turns out that the actual number is different.

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Money Market. Money market is the market for short term financial assets with maturities of one year or less. Treasury bills, commercial bills, commercial paper, certificate of deposit etc. are the short term securities traded in the money market. These instruments being close substitutes for money, the market for their trading is known as money market. Money market is the main source of working capital funds for business and industry. It provides a mechanism for evening out short term surpluses and deficits.

It seems weird to be talking about rising rates when we’ve been in a falling rate environment for a while, but eventually the fact that the government is backing off of their purchase of mortgage backed securities will ease it’s way into the mortgage rate market. Check back on this in 120 to 180 days and I expect we’ll see rates starting to inch closer to the .375% increase that I talked about a couple of weeks ago in the “Why Rates Are Going Up” post.

Ugly, just plain ugly — that’s the best way to describe the September employment report. The economy dropped 263,000 jobs in the month, and 7.2 million now since the start of the recession back in December of 2007. The total number of unemployed rose to 15.1 million, an increase of 7.6 million since the recession began. That brought the unemployment rate up to 9.8%. Silver linings were few and far between in this report. One of the few good news items was that the number of jobs lost in August was revised to 201,000 from 216,000.

Related Posts October 2, 2009 — Market Update – Change of Direction October 2, 2009 — Jobs Report – Option #3 September 3, 2009 — The Jobs Report – What to do with mortgage rates? August 25, 2009 — What is the coincident index? August 6, 2009 — Mortgage Market Update – Why Rates Are Going Up and What Friday’s Jobs Report Will Do ShareThis

After several weeks of economic announcements generally exceeding forecasts, weaker than expected labor and manufacturing data, along with comforting comments from Fed officials about inflation, helped mortgage markets this week. Reacting to the data, investors shifted funds out of the stock market and into bond markets, and mortgage rates ended the week at the lowest levels since May. The Employment report, the biggest economic report of the month, was a little weaker than expected.

by Matthew Eccles Have you ever wondered what exactly is up with free mortgage calculators? This informative report can give you an insight into everything you’ve ever wanted to know about the formulas used to calculate mortgage payments. Mortgage calculators can be a useful tool for comparing loan offers. Some mortgage calculators allow you to enter your current mortgage rate and term length into the calculator along with the rates and terms of prospective lenders.

A quarterly report from the agency that oversees Fannie Mae and Freddie Mac shows delinquencies on mortgages backed by the two rose 21 percent in the second quarter . The Federal Housing Finance Agency says another 80,100 loans became more than 60 days delinquent in May, reaching more than 1.3 million, up from 1.1 million in the first quarter . Curtailment of income continues to be the largest reason for delinquency, the FHFA says, growing from 34 percent in January to 40 percent in May.

Nearly one in three borrowers who applied for a mortgage last year was denied as lenders kept their standards tight while the mortgage crisis accelerated, the government reported Wednesday. In its annual look at mortgage practices among lending institutions, Federal Reserve said the denial rate for all home loans was about 32 percent last year — about the same as in 2007, but up from 29 percent in 2006. The denial rates for blacks and Hispanics were more than twice as high as the rate for white borrowers.

Related Posts October 2, 2009 — Market Update – Change of Direction October 2, 2009 — Jobs Report – Option #3 September 3, 2009 — The Jobs Report – What to do with mortgage rates? August 25, 2009 — What is the coincident index? August 6, 2009 — Mortgage Market Update – Why Rates Are Going Up and What Friday’s Jobs Report Will Do