Tue. 3/9/10, day 68 with 297 days remaining in 2010
Quotes below as of 10:00 AM (EDT)
- Freddie Mac 10 day delivery rate : 4.55%
- Long Bond Yield : 4.66%
- Benchmark 10-Year T: 3.69%
-30Y/Fannie yield spread : -11 BP
-10Y/Fannie yield spread : 86 BP
- 30-Day moving average for delivery rate : 4.61%
-
10-Day Delivery rate a month ago today: 4.56%
- 10-Day Delivery rate a year ago today: 4.53%
* * * Precisely what the "Delivery Rate" is (besides the basis of most fixed rate loans) can be learned in our Glossary of Terms Used. * * *
Good Morning Lenders. The text that follows is only a partial 'thumbnail’ of what appears in our publication Daily Economic Insights. Please see the instructions below if you would like a free trial subscription.
We are in the throws of a very interesting week in the credit markets. To say we are a bit surprised that they delivery rate is currently 11 BP below the long bond yield would be an understatement. We are navigating through uncharted waters these days.
This morning the credit markets are being buoyed by offshore events and a very important and inadequately covered pronouncement from Asia overnight. We will jump all over this rather stunning event in today’s daily newsletter. Bonds have trimmed their early morning rally as stocks covered early morning losses and moved modestly into positive territory. It is a very light econonews day.
The delivery rate was 4 BP below yesterday’s closing level at 4.55% at out usual 10:00 AM EST price check. This is 5 BP lower than this time yesterday morning. Tomorrow we get a look at the new mortgage loan application flow for last week and it should be rather interesting. Where is the delivery rate (and the credit markets) likely to head from here? You can either read about it this morning in our Daily Edition of Economic Insights 2010, or wait until after the fact to find out, so… Stay tuned.
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Mortgage Bankers Association weekly new home loan
applications indices for the week ending 2/26/10
-Overall Index : UP 14.6% versus prior week &
Down 38.07% versus the same week a year ago.
-Purchase index : UP 9.0% versus prior week &
Down 18.01% versus the same week a year ago.
-Refinance index : UP 17.2% versus prior week &
Down 47.13% versus the same week a year ago.
(release date Wed. 3-3-10)
 
Latest Pre-Owned Home Sales reported by
The National Association of Realtors
January’s Annualized Sales Pace 4.43 million homes sold
(Down 6.9% from December’s 4.76 MM pace &
Up 8.6% versus January 2009 pace of 4.08 MM)
- NE Region 600,000 unit pace (Down 9.1% from 660,000 in December and Up 20.0% from January 2009)
- Midwest Region 980,000 unit pace (Down 6.7% from 1.05 MM in December and Up 5.4% from January 2009)
- South Region 1.69 MM unit pace (Down 7.1%from 1.82 MM in December and Up 9.0% from January 2009)
- West Region 1.16 MM unit pace (Down 5.7% from 1.23 MM in December and Up 5.5% from January 2009)
Release Date 2-26-10
 
Latest New Home Sales reported by US Commerce Dept.
January’s Annualized Sales Pace 309,000 homes in contract (not closed)
(Down 11.2% from December’s revised 348,000 pace &
Down 6.1% from January 2009’s 329,000 unit pace)
NE Region 24,000 unit pace (Down 35.1% from December’s 37,000 pace & Foen 20.0% from January 2009’s revised 30,000 pace)
Midwest Region 49,000 unit pace (Up 2.1% from December’s 48,000 & Down 7.5% from January 2009’s revised 53,000 pace)
South Region 162,000 unit pace (Down 9.5% from December’s 179,000 & Down 10.5% from January 2009’s 181,000 pace)
West Region 74,000 unit pace (Down 11.9% from December’s 84,000 & Up 13.8% from January 2009’s 65,000 unit pace)
(release date 2-24-10)
Latest New Housing Starts reported by H.U.D. & Commerce
January’s Annualized Starts: 591,000 units
(Up 2.8% from the revised 575,000 for December
and Up 21.1% from the 488,000 for January 2009)
Release date 2/17/10
New Residential Permits for January were 621,000
Down 4.9% from the revised 653,000 for December
and Up 16.9% from the 531,000 for January 2009
Release date 2/17/10
Latest National Assn. of Home Builders’ Index
February 2010 Overall index = 17 (Up form 15)
Present Sales = 17 (Up from 15)
Plans to Buy Within 6 Months = 27 (Up from 26)
Buyer Traffic = 12 (Unchanged)
Release date 2/17/10
Home Loan Interest Rates Weekly Closing Level
(as defined by the Fannie Mae delivery rate, the largest buyer and owner of fixed rate home loans in the United States.)
Week Ending 3/5/10 = 4.58%
Up from 4.56% from the week ending 2/26/10
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