Author bio section

I am the author of this blog and also a top-producing Loan Officer and CEO of InstaMortgage Inc, the fastest-growing mortgage company in America. All the advice is based on my experience of helping thousands of homebuyers and homeowners. We are a mortgage company and will help you with all your mortgage needs. Unlike lead generation websites, we do not sell your information to multiple lenders or third-party companies.

The week that was

Freddie Mac‘s Primary Mortgage Market Survey® (PMMS®) for 30-year fixed-rate mortgage (FRM) averaged 5.25 percent with an average 0.7 point for the week ending July 30, 2009, upfrom last week when it averaged 5.20 percent. Last year at this time, the 30-year FRM averaged 6.52 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.75 percent this week, with an average 0.6 point, up slightly from last week when it averaged 4.74 percent. A year ago, the 5-year ARM averaged 6.07 percent.

Note that these rates are for loan amount $417,000 and lower.

The Treasury auctions to borrow $115B went OK with the biggest demand for the 7 yr note, a term not too popular with investors. June home sales were up 11.0% and got a lot of ink, but sales increasing 11.0% frm these very low levels, while a step in the right direction, isn’t likely to light a fire in the housing markets, it must keep going. The DJIA managed another increase, albeit a small one (+78).

The week that will be

Treasury doesn’t have to borrow more money, that occurs again next week. The economic calendar has a number of important items; June personal income and spending, the two ISM surveys (manufacturing and services), weekly jobless claims. Friday is the big one with the July employment statistics; early estimates are for job losses to be down 333K after 467K jobs lost in June, the unemployment rate at 9.6%, up frm 9.5% in June. Undoubtedly there will be some re-thinking the estimates as we approach Friday. On Wednesday the ADP jobs report is estimated at 345K job losses, ADP however does not calculate government jobs. Late Friday afternoon June consumer credit data hits, in normal times it doesn’t generate much attention, these times we pay a lot of attention to it as it provides another peek into consumer spending.

Related Posts

  • 84
    According to DataQuick Bay Area home sales posted a year-over-year gain for the eighth consecutive month in April. Santa Clara county had 1606 sales in April 09 compared to 1440 in April 08 up 11.5%. Alameda county had 1457 sales in April 09 compared to 1240 in April 08, up…
    Tags: $, mortgage, percent, rates, year, sales, loans, santa, clara, county
  • 83
    The week that was: FNMA 4.5% coupon went up 53 bps for the week, improving mortgage rates. August durable goods orders fell 2.4%, largest decline for this series since January. Existing home sales dropped 2.7% in August on a seasonally-adjusted basis the first decline in five months; but the University…
    Tags: week, market, will, mortgage, rates, job, losses, weekly, sales, consumer
  • 81
    The week that was: Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months, according to the National Association of Realtors®. Existing-home sales including single-family, townhomes, condominiums and co-ops jumped 9.4 percent to a seasonally adjusted annual…
    Tags: week, sales, consumer, mortgage, rates, time, buyer, seminar, pending, santa
  • 79
    The week that was: A volatile but good week for the rate markets. Mortgage rates fell to their lowest levels since last April. Treasuries continue in demand from foreign central banks and domestic investors; likely some of the buying is associated with new concerns that the economy isn't on the…
    Tags: week, percent, year, averaged, mortgage, will, frm, $, market, rates
  • 77
    The week that was: A good week for the interest rate markets. Mortgage interest rates declined about 10 basis points. Treasury once again successfully sold $123B of notes in four auctions. Consumer confidence measured by The Conference Board declined more than expected, implying consumers may not be as convinced of…
    Tags: week, will, market, weekly, mortgage, rates, $, sales, time, buyer