Wed. 9/8/10, day 251 with 114 days remaining in 2010
Quotes below as of 10:00 AM (EDT)
- Freddie Mac 10 day delivery rate : 3.85%
- Long Bond Yield : 3.72%
- Benchmark 10-Year T: 2.64%
-30Y/Fannie yield spread : 13 BP
-10Y/Fannie yield spread : 121 BP
- 30-Day moving average for delivery rate : 3.81%
-
10-Day Delivery rate a month ago today: 3.87%
- 10-Day Delivery rate a year ago today: 4.69%
* * * 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.
Another day and another wild swing for the delivery rate, bond yields and stock prices. This morning the pendulum has swung back after yesterday’s nice gains for credit instruments. The delivery rate this morning is exactly where it was at the same time yesterday. However, that is also 3 BP higher than yesterday’s close. In the Treasury market, the price losses this morning are only half of the gains of yesterday.
There are no econonews releases queued up for release this morning. This afternoon we will get the Beige Book release from the Fed as a prelude to the upcoming FOMC meeting. Did you know that the Beige Book, named for the color of its cover, is always released within two weeks of an upcoming FOMC meeting? Yesterday’s release of the minutes of the last FOMC meeting revealed no surprises. This afternoon will also bring us the stats on consumer credit for July.
This morning’s delivery rate is reflective of the uncertainties surrounding all the global financial markets. So far this morning the delivery rate has not budged from its opening level while Treasuries are wilting a bit more. 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 9/3/10
-Overall Index 888.2: Down 1.5% versus prior week &
Up 37.00% versus the same week a year ago.
-Purchase index 174.1: Up 6.3% versus prior week &
Up 37.07% versus the same week a year ago.
-Refinance index 4,929.3: Down 3.1% versus prior week &
Up 148.64% versus the same week a year ago.
(release date Wed. 9-8-10)
 
Latest Pre-Owned Home Sales reported by
The National Association of Realtors
July’s Annualized Sales Pace 3.83 million homes sold
(Down 27.2% from June’s 5.26 MM pace &
Down 25.5% versus July 2009 pace of 5.14 MM)
- NE Region 960k unit pace (Down 29.5% from 880,000 in
June and Down 30.3% from July 2009)
- Midwest Region 800,000 unit pace (Down 35.0% from 1.23 MM in June and Down 33.3% from July 2009)
- South Region 1.54 MM unit pace (Down 22.6% from 1.99 MM in June and Down 19.8% from July 2009)
- West Region 870,000 unit pace (Down 25.0% from 1.16 MM in June and Down 23.0% from July 2009)
Release Date 8-24-10
 
Latest New Home Sales reported by US Commerce Dept.
June’s Annualized Sales Pace 330,000 homes in contract (not closed) (Down Up 23.6% from May’s revised 267,000 pace &
Down 16.7% from June 2009’s 396,000 unit pace)
NE Region 41,000 unit pace (Up 46.4% from May’s 28,000 pace & Up 17.1% from June 2009’s revised 35,000 pace)
Midwest Region 47,000 unit pace (Up 20.5% from May’s 39,000 & Down 20.3% from June 2009’s revised 59,000 pace)
South Region 185,000 unit pace (Up 33.1% from May’s 139,000 & Down 6.1% from June 2009’s 197,000 pace)
West Region 57,000 unit pace (Down 6.6% from May’s 61,000 & Down 45.7% from June 2009’s 105,000 unit pace)
(release date 7-26-10)
Latest New Housing Starts reported by H.U.D. & Commerce
July’s Annualized Starts: 546,000 units
(Up 1.7% from the revised 537,000 for June
and Down 7.0% from the 587,000 for July 2009)
Release date 8/17/10
New Residential Permits for July were 565,000
Down 3.1% from the revised 583,000 for June
and Down 3.7% from the 587,000 for July 2009
Release date 8/17/10
Latest National Assn. of Home Builders’ Index
Aug 2010 Overall index = 13 (Down from 14)
Present Sales = 14 (Down from 15)
Plans to Buy Within 6 Months = 18 (Down from 21)
Buyer Traffic = 10 (Unchnaged)
Release date 8/16/10
Home Loan Interest Rates Weekly Closing Level
(as defined by the Freddie Mac delivery rate, the largest buyer and owner of fixed rate home loans in the United States.)
Week Ending 9/3/10 = 3.88%
Down from 3.81% from the week ending 8/27/10
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