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SHORT-TERM TREND (5 days or less). Tilted slightly in favor of lower rates and higher investor prices.
LONG-TERM TREND (6 days or more) Favors lower rates and higher investor prices. |
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Commentary: Uncle Sam will be thrashing around in the credit market later today looking to sell a $37 billion stack of 5-year Treasury notes.
The majority of analysts believe it is likely the demand for this security will be strong enough to head-off any panicky selling in the Treasury and mortgage-backed securities markets. Five days ago the yield on the 5-year note was trading in the low 1.60s -- and as I write -- it is trading in the mid-1.70s. The upward adjustment in the yield of the 5-year notes over the past few days is likely enough to draw solid bids from both domestic and global investors this afternoon. If so, this event will probably have little discernible impact on the direction of mortgage interest rates today. Once the final gavel falls on today’s 5-year Treasury note sale at 1:00 p.m. ET -- I’ll post the auction results as quickly as possible thereafter on my website.
Earlier this morning the Commerce Department reported new orders for durable goods (items manufactured to last three years or more) fell for the second straight month in June. Analysts said the 1.0% drop in orders offered further evidence economic growth cooled in the second quarter – a fact most mortgage investors have already priced into the mortgage market.
In a separate report, the Mortgage Bankers of America said demand for loans to buy homes rose for the second straight week to the highest level since the end of June, but continue to hover near 13-year lows. The MBA said home purchase loan demand increased 2.0% last week, but rising mortgage rates drove refinance requests 5.9% lower. The average contract rate for a 30-year fixed mortgages finished the week at 4.69%, up by 10 basis points from the prior week, up by 2 basis points from a month ago, and down by 67 basis points from year-ago levels. Refinance applications accounted for 78% of all applications and 77.8% of perspective loan volume. |
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Commentary and Chart Courtesy of Larry Baer and Market Alert
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14777 Wunderlich 107
Houston
,
Texas 77069
$55,500
Agent: KEVIN REYTNOLDS 281-370-5100
RE/MAX INTEGRITY
Date listed on this site: 7/29/2010
Loan Officer: Jim Norris (Lic #2525)
View Web Site View Flyer
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3007 PARK SPRINGS LN
SUGAR LAND
,
Texas 77479
$164,999
Agent: Demetri Moore, MBA 281-221-1845
Remax Southwest
Date listed on this site: 7/29/2010
Loan Officer: Jim Norris (Lic #2525)
View Web Site View Flyer
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19807 RIVER BREEZE DR
TOMBALL
,
Texas 77375
$124,000
Agent: KEVIN REYTNOLDS 281-370-5100
RE/MAX INTEGRITY
Date listed on this site: 7/29/2010
Loan Officer: Jim Norris (Lic #2525)
View Web Site View Flyer
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867 E Riverside DR
Grapevine
,
Texas 76051
$165,200
Agent: Wayne Beard 2147946730
Keller Williams
Date listed on this site: 7/29/2010
Loan Officer: Jim Norris (Lic #2525)
View Web Site View Flyer
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1813 Day DR
Carrollton
,
Texas 75010
$209,900
Agent: Mathews Skariah 972-625-3700
Keller Williams Northwest
Date listed on this site: 7/29/2010
Loan Officer: Jim Norris (Lic #2525)
View Web Site View Flyer
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9801 Walnut ST
Dallas
,
Texas 75243
$45,000
Agent: Rita Barnhart (214) 778-1781
Century 21 The Castle Company
Date listed on this site: 7/29/2010
Loan Officer: Jim Norris (Lic #2525)
View Web Site View Flyer
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1304 Lake Trail CT
Wylie
,
Texas 75098
$195,000
Agent: Rita Barnhart (214) 778-1781
Century 21 The Castle Company
Date listed on this site: 7/29/2010
Loan Officer: Jim Norris (Lic #2525)
View Web Site View Flyer
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6012 Parksedge LN
Dallas
,
Texas 75252
$400,000
Agent: RAYMOND KIRA (972) 867-5472
William Davis Realty
Date listed on this site: 7/29/2010
Loan Officer: Dallas Loan Officer (Lic #2525)
View Web Site View Flyer
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