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Mark Hemingway's Blog


Mortgage Market Update for July 28th
Updated Jul. 28, 2016
Americans filing for first-time unemployment benefits remained near 43-year lows, though claims did rise in the latest week. Weekly Initial Jobless Claims rose 16,000 to 266,000, above the 260,000 expected. Claims have now remained below 300,000, a threshold associated with a healthy labor market, for 73...
Mortgage Market Update for January 12th
Updated Jan. 15, 2018
Consumer spending ended 2017 on a high note as Americans purchased an array of goods and products. The Commerce Department reported that Retail Sales rose 0.4% in December, in line with estimates, while November was revised higher to 0.9% from 0.8%. Sales rose 4.2% in 2017 compared to the 3.2% increase in 2016. For the...
Mortgage Market Update for January 16th
Updated Jan. 17, 2018
The Dow Jones Industrial Average, NASDAQ and S&P are all higher today in fresh record territory on a strong start to earnings season. Out of the S&P 500 companies that have reported as of last Friday, 69% have outpaced earnings-per-share estimates. The Dow is trading at 26,000 for the first time ever, moving from...
Mortgage Market Update for January 17th
Updated Jan. 18, 2018
Home builder confidence remained at high levels in January after December registered an 18-year high: this signals housing demand should continue to grow in 2018. The National Association of Home Builders reports that its Housing Market Index came in at 72 this month, after the 74 reported in December. A strong...
Mortgage Market Update for January 18th
Updated Jan. 19, 2018
The Commerce Department reported that December Housing Starts fell 8.2% from November, driven lower by a sharp decrease in single-family units. It was the largest percentage drop since November 2006. Housing Starts came in at 1.192 million annualized units, below the 1.280 million expected and fell 6 percent...
Mortgage Market Update for January 22nd
Updated Jan. 22, 2018
The U.S. government shutdown enters its third day as lawmakers failed to come to an agreement on Friday. Hundreds of thousands of government employees will be sent home today or told not to show up for work. As for the military, there will be no lapse in pay unless the shutdown continues past February 1. The Senate will...
Home Sales Report
Updated Jul. 22, 2015
June Existing Home Sales +3.2% from May to annual rate of 5.49M, above the 5.40M expected. Existing Home Sales increased to their highest pace, 5.49M, since February 2007s pace of 5.79 million. The median price for an Existing Home in June rose to $236,400, 6.5% above last year and above the peak price set in July of 2006.
Mortgage Update July 22nd 2015
Updated Jul. 22, 2015
The National Association of REALTORS(R) reported on Wednesday that June Existing Home Sales hit their highest pace in over eight years due to rising demand and limited supply. Sales rose to 5.49 million, above the 5.40 million expected and up 3.2% from May. Year-over-year, sales are up 9.6% and have increased...
Market Conditions
Updated Jul. 23, 2015
Mortgage Bonds continue to hover near the upper end of short term trading range. Carefully floating is recommended. Weekly Initial Jobless Claims drop 26K to 255K, below the 279K expected. The 255K jobless claims lowest since 1973. Despite the 42-yr low in jobless claims, S&P futures near unchanged after a round...
Mortgage News for 7/23/2015
Updated Jul. 24, 2015
The number of Americans filing for first time unemployment benefits fell to a 42-year low in the latest week as the job market continues to strengthen. Weekly Initial Jobless Claims fell by 26,000 to 255,000 and has been running below the 300,000 mark since February, the longest such streak in 15 years. However,...
Daily Market news - Where are rates going?
Updated Jul. 24, 2015
After the recent rally, Mortgage Bonds are drifting lower as the trading week draws to a close. Cautiously floating is recommended. 10-yr T Note yield 2.26% from 2.27% from yesterday's close. But as of mid morning, MBS quickly erase their losses. USD Libor 1-month .19%, 3-month .29%, 6-month .46%, 12-month .80%....
Daily Mortgage Market Update
Updated Jul. 24, 2015
The Commerce Department reported on Friday that June New Home Sales unexpectedly declined by 6.8% from May to an annual rate of 482,000, below the 550,000 expected. The June reading was the slowest pace in seven months. May was revised lower to 517,000 from the original estimate of 546,000. The 482,000 is 18.1% above...
Market News for July 27th
Updated Jul. 27, 2015
After a big rout in the Chinese Stocks markets, global equities are declining. Bond prices are moving higher on the news. Carefully floating is recommended. The Chinese Stock markets head south once again after gaining some ground back in the past week. The Shanghai Composite lost 8.5% overnight, while 1,700...
Daily Mortgage Market Update for July 27th
Updated Jul. 27, 2015
Black Knight Financial Services reported today that home prices in May rose 1.1% from April as the housing sector continues to gradually improve. The current price was pegged at $251,000, which is 5.1% higher than May 2014 and is up 25% from the market bottom. The price peak came in June of 2006 at $268,000. Black...
Market News for July 28th
Updated Jul. 28, 2015
Mortgage Bonds are modestly lower after the recent big move higher in the past few weeks. Carefully floating is recommended. The 2-day Fed meeting kicks off today with the monetary policy statement being released at 2:00pm ET tomorrow afternoon. MBS open lower after the big move higher since July 13. The Fed will be...
Daily Mortgage market Update for July 28th
Updated Jul. 28, 2015
Consumers weren't feeling too confident in July as the weight of the geo-political issues in Greece and the instability in the Chinese Stock markets weighed on their minds. The Conference Board released its July Consumer Confidence Index today, which fell to 90.9, a 10-month low, down from the 101.4...
Market News for July 29th
Updated Jul. 29, 2015
Ahead of today's 2:00pm ET release of the Fed statement, cautiously floating is recommended. However, that can quickly turn to locking. 10-yr T Note yield 2.28%, up from 2.25% at yesterday's close. The MBA reports its Market Composite Index, a measure of total loan application volume, +0.8% in in the...
Daily Mortgage market Update for July 29th
Updated Jul. 29, 2015
The Mortgage Bankers Association (MBA) reported today that total mortgage application volume was little changed in the latest week, while mortgage rates ticked lower. The MBA said its Market Composite Index, a measure of total loan application volume, rose 0.8% for the week ended July 24, 2015. The refinance...
Latest News since Fed Meeting Remarks
Updated Jul. 29, 2015
Weak home and purchase contracts hint at pause in sales activity. $35B 5-yr Note auction garners an "A" rating. Big draw down in oil supplies lifts prices, Stocks. WTI up $1.12 to $49.11/barrel. Fed comments that there will be no change in interest rates and no hint of a rate hike in near future. Conditions will likely...
Market News for July 30th
Updated Jul. 30, 2015
After yesterday's Fed statement that gave no hint of a rate hike, Mortgage Bonds are near unchanged, while Stoks push lower. Floating is recommended. Mortgage Bonds open near unchanged a day after the Fed said that both the job market and housing sector is improving, but gave no hint as to when the Fed Funds...

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