Wed. 6/19/13, day 170 with 195 days remaining in 2013
Quotes below as of 10:00 AM (EDT)
- Freddie Mac 10 day delivery rate : 3.51%
- Long Bond Yield : 3.33%
- Benchmark 10-Year T: 2.18%
-30Y/Fannie yield spread : + 18 BP
-10Y/Fannie yield spread : +133 BP
- 30-Day moving average for delivery rate : 3.44%
10-Day Delivery rate a month ago today: 3.21%
- 10-Day Delivery rate a year ago today: 2.88%
* * * 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.
It would appear as though our financial markets are being gripped by a combination of fear, anxiety and concern. All eyes are looking ahead to the press release at the conclusion of the FOMC meetings currently underway in our nation’s capitol. We will walk down the concerns in today’s daily newsletter.
This morning we heard that new mortgage loan applications for the week ending 6/14 was down about 3.3% after rising by 5.0% for the week ending 6/7. Refinance apps were 69% of all apps submitted. Yes, it is an econonews-lite day today. Tomorrow we’ll get to see pro-owned home sales for May, May leading economic indicators and initial claims for jobless benefits. It should be an interest data dump day.
The delivery rate (DR-the basis for most fixed rate home loans) opened the trading session at 3.51% this morning. What is really driving the mortgage-backed securities market, which is what drives the DR (and home loan rates), and where are they likely to head from here? You can either read about it this morning in our Daily Edition of Economic Insights 2013, or wait until after the fact to find out, so… Stay tuned.
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There are no changes for
2013 conforming loan limits.
You can download a complete listing of all counties in the USA for their 'High Balance' conforming loan limits by clicking here. Fannie & Freddie no longer go up to $725,750 in higher priced markets.
The delivery rate & MBS Pricing for 1-month
Mortgage Bankers Association weekly new home loan
applications indices for the week ending 6/14/13
-Overall Index ~471.4: Down 3.3% versus W/E 6/7 &
Down 32.40% versus the same week a year ago.
-Purchase index: Down "about" 3% versus prior week.
-Refinance index :Down"about" 3% versus prior week.
(release date Wed. 6-19-13)
We must say "about" because the Mortgage Bankers Assn has chosen to shield the actual numbers from everyone for some obscure and likely ridiculous reason. They began to obfuscate the hard data for Purchase and Refinance activity beginning in May 2012.
LATEST PRE-OWNED HOME SALES:
April’s Annualized Sales Pace 4.92 million homes sold (Up 0.6% from Mar 4.94 MM pace & Up 9.7% versus Mar 2012 pace of 4.53 MM)
NE Region 640,000 unit pace (Up 1.6% from Mar's 630,000 pace & Up 4.9% from April 2012’s pace)
Midwest Region 1.12 MM unit pace (Down 3.4% from Mar's 1.16 MM & Up 9.8% from April 2012’s pace)
South Region 2.01 MM unit pace (Up 2.0% from Mar's 1.97 MM & Up 14.9% from April 2012’s pace)
West Region 1.20 MM unit pace (Up 1.7% from Mar's pace of 1.18 MM & Up 4.3% from April 2012’s pace)
Release Date 5-22-13
LATEST NEW HOME SALES:
April’s Annualized Sales Pace 454,000 homes in contract (not closed) (Up 2.3% from Mar revised 444,000 pace & Up 29.0% from April 2012’s 352,000 pace)
NE Region 30,000 unit pace (Down 16.7% from Mar 34,000 pace & Up 3.4% from April 2012’s pace)
Midwest Region 59,000 unit pace (Down 4.8% from Mar 51,000 & Up 18.0% from April 2012’s pace)
South Region 242,000 unit pace (Up 3.0% from Mar 235,000 & Up 37.5% from April 2012’s pace)
West Region 123,000 unit pace (Up 10.8% from Mar 111,000 & Up 26.8% from April 2012’s pace)
(release date 5-23-13)
LATEST NEW HOUSING STARTS
May’s Annualized Starts: 914,000 units
(Up 6.8% from the revised 856,000 for April
and Up 28.6% from the 711,000 for May 2012)
Release date 6/18/13
NEW BUILDING PERMITS for May were 974,000
Down 3.1% from the revised 1,005,000 for April
and Up 20.8% from the 806,000 for May 2012
Release date 6/18/13
NAHB HOME BUILDERS' INDEX:
June 2013 Overall index = 52 (Up from 44 in May)
- Present Sales = 56 (Up from 48 in May)
- Plans to Buy in 6 Mos = 61 (Up from 52 in May)
- Buyer Traffic = 40 (Up from 33 in May)
Release date 6/17/13
Home Loan Interest Rates WEEKLY CLOSING LEVEL:
(as defined by the Fannie Mae & /or Freddie Mac delivery rates.)
Week Ending 6/14/13 = 3.47%; Down 8 BP
from 3.55% for the week ending 6/7/13