CHM Blog

Daily Market Analysis

Treasury rates a little lower this morning, stock indexes before 9:30 am ET weaker. Yesterday crude oil increased almost $7.00/barrel, this morning oil down about a $1.00. No new developments with the Iran attack on Saudi oil fields but France is taking a wait and see stance on where the drone attacks came from. “Up to now France doesn’t have evidence to say that these drones came from one place or another, and I don’t know if anyone has evidence,” according to the French foreign minister. Iran’s supreme leader ruled out talks with Washington after President Trump blamed Tehran for an attack on Saudi oil facilities that knocked out half the kingdom’s output. Saudi King Salman said that Riyadh was capable of dealing with the consequences of attacks on its installations.

The FOMC meeting starts today. How will the FOMC frame its policy statement is the key; there will be a 0.25% cut in the Federal Funds rate. We doubt the Fed can reasonably assess what will happen about more rate cuts with the trade war continuing and will imply future cuts will be dependent on what happens on trade and how the economy progresses. Trade isn’t the only geopolitical wild card: So are the risks from the U.K.’s coming departure from the European Union and an attack on a major Saudi Arabian oil processing center. Investors see a roughly 58% probability the Fed will lower rates at least once more this year after cutting at this meeting, down from 93% on Aug. 20, according to CME Group. New research from Fed staff economists estimated uncertainty over trade policy is likely to reduce U.S. economic output by more than 1% through early 2020. Global manufacturing has stayed soft. The trade war has worsened. And revisions to U.S. economic data suggest the expansion was on a slower track than previously thought.

At 9:15 am ET August industrial production and factory use; production expected +0.2%, as released +0.6%; factory use thought to be 77.6% as reported 77.9%. Manufacturing in August was expected to be +0.1% but increased 0.5%, a plus for that sector that has been weak most of this year.

At 9:30 am ET the DJIA opened -65, NASDAQ +3, S&P -2. 10 yr. 1.84% -1 bp. MBS price -3 bp from yesterday’s close and unchanged from 9:30 yesterday. 3.0 FNMA coupon -2 bp from yesterday’s close and +5 bp from 9:30 yesterday.

At 10:00 am ET a Sept NAHB housing market index thought to be unchanged from August at 66 the index increased to 68 and August was revised to 67.

Our technical outlook and our models continue to be negative. We are not expecting much change today leading Into the FOMC policy statement tomorrow afternoon. In the meantime, interest rates are likely to be little changed. The oil market spike yesterday that pushed the yield curve down 6 bps in yields has not seen any follow-through so far this morning. Crude oil increased $7.00 yesterday, this morning -$3.20 Saudis saying the processing centers that were attacked will be back online in two to three weeks.

PRICES @ 10:00 AM

10 yr. note: 1.82% -3 bp

5 yr. note: 1.67% -3 bp

2 Yr. note: 1.74% -2 bp

30 yr. bond: 2.28% -3 bp

Libor Rates: 1 mo. 2.040%; 3 mo. 2.145%; 6 mo. 2.078%; 1 yr. 2.069% (9/16/19)

30 yr. FNMA 3.5: @9:30 102.22 -3 bp (unch from 9:30 yesterday)

15 yr. FNMA 3.0: @9:30 101.86 -4 bp (unch from 9:30 yesterday)

30 yr. GNMA 3.5: @9:30 103.48 unch (-3 bp from 9:30 yesterday)

Dollar/Yuan: $7.0945 +$0.0272

Dollar/Yen: 108.25 +0.12 yen

Dollar/Euro: $1.1035 +$0.0031

Dollar Index: 98.55 -0.08

Gold: $1508.60 -$2.90

Crude Oil: $59.64 -$3.26

DJIA: 27,008.58 -68.24

NASDAQ: 8148.08 -5.46

S&P 500: 2996.24 -1.72

About Richard Sardella

Richard Sardella has been actively managing and providing services in the mortgage industry for over 27 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.

About This Report And Disclosure Information

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.

Posted in:General
Posted by Richard Sardella MLO.100007700/NMLS 233568 on September 17th, 2019 9:16 AM

 

Rates At a Glance

 

 

Mortgage Rates
Currently Trending

7 Day Mortgage
Rate Forecast

This Week's
Potential Volatility

Neutral

Neutral

High

(by Sigma Research)

 

Realtor Report

 

 

Real estate still rules as safest long-term retirement investment in new survey

When 2,000 Americans are asked their opinion about investing and a large chunk of them agree, it’s something worthy of note. According to a study done by the online magazine Sophisticated Investor, a cyber-publication dedicated to providing insight and analysis on a variety of investment topics to investors worldwide, real estate won out as the safest investment.

The group, aged between 35 and 65+, examined a number of investment options they consider to be the safest for long-term retirement investing, including real estate, stocks & bonds, bank savings accounts, fixed annuities, precious metals and U.S.-backed securities. The survey found that  22.4% of all respondents selected real estate as the safest long-term investment for retirement with a higher percentage resulting from the 45-54-year-old group (25.1%). A press release by Newswire about the study says, “Given the current turbulent state of the financial markets and the global economy, the average American investor seems to be leaning towards more secure long-term investment options for retirement and real estate is currently viewed as the top choice in that regard.”

A spokesperson for Sophisticated Investor goes on to say, “Real Estate has come a long way since the last financial crisis where confidence in this asset class hit rock bottom. The real estate markets have been showing consistent positive results all over the country, and that could explain why Americans have such a positive outlook on this asset class.”

Stocks & bonds came in second at 18% and interestingly enough, when demographic filters were applied to the survey results, factoring young investors, between 35 and 44-years-old,  19.5% indicated this investment option was the safest with an even larger share of them being females. Gold and silver bullion garnered only 10.6%, yet when demographics filters were applied, males were the largest group voting for these metals as the safest long-term investment for retirement. Precious metals are usually considered safest during times of economic crises.

Bringing up the rear was U.S. Treasury issued securities at 9% — surprising in that these have long been the bastion of safety and security amid the turbulence of financial markets.

Source: PRNewsire, TBWS

 

This Week's Mortgage Rate Summary

 

 

How Rates Move:

Conventional and Government (FHA and VA) lenders set their rates based on the pricing of Mortgage-Backed Securities (MBS) which are traded in real time, all day in the bond market.  This means rates or loan fees (mortgage pricing) moves throughout the day, being affected by a variety of economic or political events.  When MBS pricing goes up, mortgage rates or pricing generally goes down.  When they fall, mortgage pricing goes up.  Tracking these securities real-time is critical.  For more information about the rate market, contact me directly.  I’m among few mortgage professionals who have access to live trading screens during market hours.

Rates Currently Trending: Neutral

Mortgage rates are trending sideways this morning.  Last week the MBS market worsened by -132 bps.  This was enough to move rates higher last week. We saw high rate volatility throughout the week, especially Friday.

This Week's Rate Forecast: Neutral

Three Things: These are the three areas that have the greatest ability to impact your mortgage rates this week. 1) Central Bank, 2) Trade War and 3) Geopolitical.

1) Central Bank: We will hear from 3 of the world's top 5 largest central banks this week. Our own Federal Reserve will take center stage. Wednesday afternoon, we will get their interest rate decision and policy statement. But we also will get their economic projections ("dot plot chart") and a live press conference with Fed Chair Jerome Powell. The bond market will react to the projected path of interest rates more so than the actual rate cut (if any). We also will get interest rate decisions from the Bank of Japan and the Bank of England.

2) Trade War: The U.S. and China have seen some progress over the past week, and any further movement will get the attention of traders. But Europe is also in focus as the WTO looks like it has ruled in the United States' favor in regards to their claims against AirBus which clears the way for the U.S. to startup $6 to $10B in tariffs against Europe. Also, the Mexico and Canada deal is trying to get through Congress.

3) Geopolitical: Over the weekend, a major Saudi oil facility was attacked by drones. Iran is being accused of initiating the strike. Both the U.S. and Iran have stepped up the "saber-rattling" over military action. Brexit is fast approaching, and the demonstrations in Hong Kong are also on the radar.

This Week's Potential Volatility: High

We saw a lot of rate volatility last week as rates moved higher. Look for continued rate volatility for the reasons denoted above — especially Wednesday with the Fed rate decision and Fed Chair Powell's comments.

Bottom Line:

If you are looking for the risks and benefits of locking your interest rate in today or floating your loan rate, contact your mortgage professional to discuss it with them.

 

About Richard Sardella

 

 

Richard Sardella has been actively managing and providing services in the mortgage industry for over 27 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.

 

About This Report And Disclosure Information

 

 

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.

Posted in:General
Posted by Richard Sardella MLO.100007700/NMLS 233568 on September 16th, 2019 12:02 PM
Daily Market Analysis

The attack on Saudi Arabia that shut 5% of global crude output caused the biggest surge in oil prices since 1991. US officials blamed Iran, and President Donald Trump said Washington was "locked and loaded" to retaliate. Recently Pres. Trump appears to have made a mistake trying to make nice with Iran, and he was told that by John Bolton before he was replaced. Iran continues to push its luck with the US and will not cease as long as it 'isn't afraid to do so. Of course, the initial reaction sent crude prices soaring and interest rates down on safety reactions. There is plenty of oil in the world if needed; the US has huge amounts of oil in the strategic reserve, and our shale oil can be increased. US Energy Secretary Rick Perry pinned the blame squarely on Iran for "an attack on the global economy and the global energy market."

Early trade had the 10 yr note yield down to 1.83% -8 bps from 'Friday's increase of 13 bps, rates driven higher Friday on the increase in retail sales.

At 9:30 am ET the DJIA opened -86, NASDAQ -52, S&P -12. 10 yr at 9:30 1.86% -5 bp. MBS prices +13 bps from 'Friday's close and -9 bps from 9:30 Friday.

While the immediate news is about the Saudi attack, the main business this week is the FOMC meeting that begins tomorrow. Wednesday the policy statement, Powell's press conference and the Fed's quarterly forecast for inflation, unemployment, and growth over the next 24 months. No change in the thinking about a 0.25% rate cut, all about how the Fed frames the future for more cuts. There is an increasing idea that the Fed will cut the Federal Funds rate again at the December FOMC meeting. Inflation views were heightened last Thursday when August CPI core on an annual basis increased 2.4%, the highest in 4 years. That ignited the selling in treasuries pushing interest rates (10 yr) up 17 bps on Thursday and Friday.

GM workers went on strike for the first time in 12 years. The company offered $7 billion investment in eight US plants and more than 5,400 new jobs. That's short of the United Auto Workers union's demands that include wages of almost $30 an hour for entry-level employees within three to four years. The action may cost GM $50 million a day.

President Trump fired John Bolton last week; Trump is trying to ease tensions with Iran while Bolton warned not to cozy up. The chances of the US easing sanctions fell to zero after the secretary of state blamed Tehran for the attack on Saudi 'Arabia's Abqaiq facility. Trump tweeted, "Saudi Arabia oil supply was attacked," he tweeted. "There is reason to believe that we know the culprit, are locked and loaded depending on verification, but are waiting to hear from the Kingdom as to who they believe was the cause of this attack, and under what terms we would proceed!" The President has to do something to respond, and it 'can't be just more sanctions.

The Iran attack will stop the increase in rates for now although there is no change in the bearish rate outlook from a technical perspective; the 10 yr has to break back below 1.70% to change our work.

PRICES @ 10:00 AM

10 yr. note: 1.86% -5 bp

5 yr. note: 1.71% -5 bp

2 Yr. note: 1.78% -2 bp

30 yr. bond: 2.33% -5 bp

Libor Rates: 1 mo. 2.024%; 3 mo. 2.139%; 6 mo. 2.070%; 1 yr. 2.049% (9/13/19)

30 yr. FNMA 3.5: @9:30 102.22 +13 bp (-9 bp from 9:30 Friday) 3.0 coupon 100.78 +22 bp (-20 bp from 9:30 Friday)

15 yr. FNMA 3.0: @9:30 101.86 +1 bp (-25 bp from 9:30 Friday)

30 yr. GNMA 3.5: @9:30 103.52 +13 bp (-7 bp from 9:30 Friday)

Dollar/Yuan: $7.0681 -$0.0114

Dollar/Yen: 107.94 -0.15 yen

Dollar/Euro: $1.1015 -$0.0059

Dollar Index: 98.51 +0.26

Gold: $1505.70 +$6.20

Crude Oil: $60.15 +$5.30

DJIA: 27,131.37 -88.15

NASDAQ: 8152.75 -23.96

S&P 500: 30000.40-7.35

About Richard Sardella

Richard Sardella has been actively managing and providing services in the mortgage industry for over 27 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.

About This Report And Disclosure Information

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.

Posted in:General
Posted by Richard Sardella MLO.100007700/NMLS 233568 on September 16th, 2019 9:38 AM
Daily Market Analysis

Before 8:30 am ET this morning the rate markets were generally unchanged. At 8:30 am ET August retail sales were expected to have increased by 0.2%, as released +0.4%. July retail sales were revised from +0.7% to +0.8% most of the August increase was due to auto sales when auto sales are extracted sales were unchanged with forecasts of +0.2%. No matter where the growth comes from, sales are better than market expectations. With the bond market bearish now, the reaction to the headline pushed the 10 yr. from 1.79% to 1.84%.

August import prices were down 0.5% as forecast, yr./yr. import prices -2.0%; export prices fell 0.6% with estimates -0.1%, yr./yr. export prices -1.4%. The trade fights don't appear to be increasing prices as was expected.

More trade news that continues to improve before the sit-downs. China said it is encouraging companies to buy US farm products including soybeans and pork, and will exclude those commodities from additional tariffs. China is running out pork. We have to handicap if there will be a deal of consequence but looks like some limited deal is in the making. A complete trade deal that gets the US and China what each want is becoming unlikely. Both country's economies are weakening as are most other global economies; maybe the US (Trump) and China (Xi) are finally coming around that there will be no winners or losers if both back off a little.

There is no real consensus yet on what the Fed may do through the end of the year. We know a cut of 0.25% is baked in but then what? Looking over the news this morning, lemmings are lining up behind an opinion that there will be another cut at the December meeting. No one likes to be left out when it comes to the Fed so better to get on board any bandwagon than to be walking behind it. The thing is, forecasting the Fed four months out in this uncertain world is an unreliable guess based on fickle and uncertain circumstances now.

The US budget deficit for fiscal 2019 increased to almost $1.07 trillion in August, the highest amount in seven years, according to the Treasury Department. An increase in military spending and higher interest costs on government debt contributed to the gap as revenue fell short of expenses by more than $214B. Still have the final 2019 deficit when Sept data is released.

The discussions about what to do with the GSEs has increased with the Trump administration opening the door to removing them from government conservatorship. "On the one hand, we have the narrative that says that Fannie Mae and Freddie Mac will be allowed to accumulate capital after the punitive payments to the Treasury known as the "sweep" are ended. The GSEs instead will pay a fee to compensate the taxpayer for the use of the sovereign credit support that these entities enjoy under conservatorship. Once these entities have retained or raised sufficient new capital, they will be "released" from government ownership. At least that is the stated plan from Trump White House today. On the other hand, the Trump administration seems determined to scale back the operations of the GSEs, ending the purchase of loans for second homes, cash-out refinancing and even multifamily commercial mortgages. These reductions in the footprint of the GSEs will have the effect of reducing volumes and profitability, making it more difficult to either retain capital or raise new funds from private investors". (National Mortgage News)

At 10:00 am ET the U. of Michigan consumer sentiment index expected at 91.0 from the final July 89.8, the index increased to 92. Also at 10:00 July business inventories were expected +0.3% increased by 0.4%.

PRICES @ 10:00 AM

10 yr. note: 1.83% +5 bp

5 yr. note: 1.69% +4 bp

2 Yr. note: 1.76% +4 bp

30 yr. bond: 2.30% +4 bp

Libor Rates: 1 mo. 2.027%; 3 mo. 2.118%; 6 mo. 2.047%; 1 yr. 2.005% (9/12/19)

30 yr. FNMA 3.5: @9:30 102.31 -8 bp (-27 bp from 9:30 yesterday)

15 yr. FNMA 3.0: @9:30 102.11 unch (-14 bp from 9:30 yesterday)

30 yr. GNMA 3.5: @9:30 103.59 -6 bp (-12 bp from 9:30 yesterday)

Dollar/Yuan: $7.0794 unch

Dollar/Yen: 108.07 -0.03 yen

Dollar/Euro: $1.1066 +$0.0004

Dollar Index: 98.24 -0.07

Gold: $1511.90 +$4.50

Crude Oil: $54.95 -$0.14

DJIA: 27,224.20 +41.75

NASDAQ: 8184.25 -10.22

S&P 500: 3011.64 +2.07

About Richard Sardella

Richard Sardella has been actively managing and providing services in the mortgage industry for over 27 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.

About This Report And Disclosure Information

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.

Posted in:General
Posted by Richard Sardella MLO.100007700/NMLS 233568 on September 13th, 2019 8:54 AM
Daily Market Analysis

A strong improvement in interest rates this morning, the ECB lowered its deposit rate from -0.4% to -0.5% and will start open-ended bond purchases to buy debt at 20 billion euros ($22B) a month starting Nov. 1. Banks will get exemptions from the negative rate for some of their deposits. European government bonds rallied on the announcement. ECB added a more definitive outlook for rates, saying they'll stay at present or lower levels until the outlook for inflation "robustly" converges to its goal of just below 2%. It previously expected borrowing costs to stay unchanged until mid-2020. It also scrapped a 10-basis point rate premium previously attached to its long-term loan program. It was a huge turnaround; nine months after it signaled it was done with ever-looser policy. Now inflation is running at barely half the goal, and the manufacturing sector is in a contraction that risks spreading to the rest of the economy.

What the ECB did today wasn't surprise, although the rate markets are feeding on it with the 10 yr note early this morning at 1.68% -6 bps from yesterday MBS prices at 9:00 am ET -19 bps from yesterday's closing levels.

Trade tensions a little more relaxed this morning; last night at 10:00 pm ET President Trump announced he will delay the tariffs he was ready to impose on China for an additional two weeks ahead of new face-to-face trade negotiations that will re-start in early October. Yesterday, China's decision to exempt some U.S. anti-cancer drugs and other goods from its tariffs and announced a delay to scheduled tariff hikes on billions worth of Chinese goods started the feel-good outlook.

August CPI this morning, +0.1% as expected; the core +0.3% was expected +0.2%. Yr/yr CPI +1.7% down from +1.8% in July; core yr/yr +2.4% up from 2.2% in July, the core the highest in 4 years. The core rate is dominated by housing and medical costs, housing rising only 0.1% in the month but medical costs up 0.7% that follows a run of sharp monthly gains, including 0.5% in July. Hospital services jumped 1.4% in the month following July's 0.5% gain with medical commodities also higher, both offsetting flat showings for physician services. Year-on-year, medical care is up 3.5% with housing up 2.8%.

At 9:30 am ET the DJIA opened +70, NASDAQ +41, S&P +9. 10 yr 1.70% -4 bps. MBS prices at 9:30 +13 bps points from yesterday's close and +20 bps from 9:30 yesterday.

At 1:00 pm ET this afternoon Treasury will auction $16B of 30s. Yesterday's 10 yr was OK, not strong or weak.

At 2:00 pm the August Treasury budget expected at -$172.8B; the deficit being revised better from yesterday's forecasts of -$185B.

Europe's economies are weakening. Eurozone's July Industrial Production decreased 0.4% m/m (expected -0.1%; last -1.4%), falling 2.0% yr/yr (expected -1.3%; last -2.4%). Germany's August CPI decreased 0.2% m/m, as expected (last 0.5%) but was up 1.4% yr/yr, as expected (last 1.7%); Germany's ifo Institute lowered its forecast for 2019 German GDP growth to 0.5% from 0.6% and cut the 2020 outlook to 1.2% from 1.7%. The Institute expects that Q3 GDP will show the second consecutive quarter of falling output, followed by a slight recovery in Q4.

The reaction the ECB and the China trade talks dropped the 10 yr note yield to 1.66% (-8 bp from yesterday). By 10:00 am ET the 10 yr at 1.70% -4 bps. Rates spiked on Monday and Tuesday, now settling and looking to the FOMC next week. What will the FOMC say about the increase in core CPI to a 4 yr high? There still are a lonely few out there that think the Fed won't lower the Federal Funds rate but the Fed will do it because overall markets totally expect it.

PRICES @ 10:00 AM

10 yr. note: 1.72% -2 bp

5 yr. note: 1.58% -2 bp

2 Yr. note: 1.66% -2 bp

30 yr. bond: 2.19% -3 bp

Libor Rates: 1 mo. 2.035%; 3 mo. 2.127%; 6 mo. 2.052%; 1 yr. 2.008% (9/11/19)

30 yr. FNMA 3.5: @9:30 102.58 +13 bp (+20 bp frm 9:30 yesterday)

15 yr. FNMA 3.0: @9:30 102.25 +3 bp (+5 bp frm 9:30 yesterday)

30 yr. GNMA 3.5: @9:30 103.70 +9 bp (+15 bp frm 9:30 yesterday)

Dollar/Yuan: $7.0849 -$0.0318

Dollar/Yen: 107.67 -0.16 yen

Dollar/Euro: $1.1035 +$0.0025

Dollar Index: 98.53 -0.11

Gold: $1523.50 +$20.20

Crude Oil: $54.47 -$1.28

DJIA: 27,164.98 +27.94

NASDAQ: 8204.86 +38.18

S&P 500: 3006.53 +5.60

About Richard Sardella

Richard Sardella has been actively managing and providing services in the mortgage industry for over 27 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.

About This Report And Disclosure Information

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.

Posted in:General
Posted by Richard Sardella MLO.100007700/NMLS 233568 on September 12th, 2019 9:00 AM
Daily Market Analysis

Interest rates continued increasing yesterday, this morning in early activity not a lot of change. Stock indexes before the open were a little better.

At 7:00 am ET weekly MBA mortgage applications improved last week; overall +2.0%, purchases +4.0%, refinances +5.0%. Year-on-year, purchase applications are up a strong 9.0% which is favorable for the housing sector.

At 8:30 am ET August PPI +0.1% as expected, the core (ex-food and energy) +0.3% compare to expected +0.2%. Yr./yr. PPI +1.8% and yr./yr. core +2.3%; both a bp higher than estimates. When the core and trade services are taken out +0.4% on forecasts of 0.1%, yr./yr. +1.9% from +1.7% yr./yr. in July. The data a little hotter than what had been expected; tomorrow August CPI.

At 9:30 the DJIA opened -5, NASDAQ +2, S&P unch. 10 yr. 1.74% +1 bp. MBS prices -2 bp from yesterday's close and -2 bps from 9:30 yesterday.

At 1:00 pm ET this afternoon Treasury will auction $24B of 10 yr. notes; the demand will be interesting with the recent rapid increase of yield on the 10. Last Friday the 10 yr. rate was 1.55%, this morning 1.74% in just two sessions. We warned last week that rates were about to increase; after it put in a double bottom at 1.366% set in July 2016 and then broke above 1.60%, it was no surprise that many of the long note positions would be closed sending the rate higher on heavy selling. Our work is suggesting the 10 yr. has a strong potential to run up to 1.80% to test a major technical support level.

The news over the weekend that US/China trade discussions would resume in Oct and the need for safety has ebbed for the moment. The Fed will lower rates next week, that is completely discounted in market thinking. There is concern though the Fed may not be too enthusiastic for a steady rate decrease. There are a few FOMC members that have voiced opposition to a cut next week that weakens the idea of a series of cuts. It depends on the US and global growth outlooks whether after years of low global inflation can be reversed and a meaningful trade deal with China; all of which are questionable currently. On the Fed; Pres. Trump called the Fed a bunch of "boneheads" in his most recent rant.

Some positive news in the trade battle; China announced its first batch of tariff exemptions that will apply to US goods including some anti-cancer drugs and lubricants, as well as the animal feed ingredients whey and fish meal. Sounds rather minor but a baby step is better than no step. It's not a big thing in comparison to over 5,000 types of US products that are already subject to China's additional tariffs.

Tomorrow the ECB meeting; after two days of strong selling, today should be rather quiet ahead of it.

PRICES @ 10:00 AM

10 yr. note: 1.73% unch

5 yr. note: 1.59% unch

2 Yr. note: 1.66% -2 bp

30 yr. bond: 2.21% unch

Libor Rates: 1 mo. 2.038%; 3 mo. 2.131%; 6 mo. 2.035%; 1 yr. 1.970% (9/10/19)

30 yr. FNMA 3.5: @9:30 102.39 -2 bp (-2 bp from 9:30 yesterday)

15 yr. FNMA 3.0: @9:30 102.20 -6 bp (-7 bp from 9:30 yesterday)

30 yr. GNMA 3.5: @9:30 103.55 +5 bp (-3 bp from 9:30 yesterday)

Dollar/Yuan: $7.1169 +$0.0043

Dollar/Yen: 107.74 +0.20 yen

Dollar/Euro: $1.0999 -$0.0045

Dollar Index: 98.68 +0.35

Gold: $1498.20 -$1.00

Crude Oil: $57.60 +$0.20

DJIA: 26,922.93 +13.50

NASDAQ: 8112.40 +28.25

S&P 500: 2983.73 +4.34

About Richard Sardella

Richard Sardella has been actively managing and providing services in the mortgage industry for over 27 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.

About This Report And Disclosure Information

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.

Posted in:General
Posted by Richard Sardella MLO.100007700/NMLS 233568 on September 11th, 2019 8:58 AM
Daily Market Analysis

Treasury markets opened basically unchanged from yesterday, stock indexes before the 9:30 am ET open about unchanged after a quiet session yesterday.

Early this morning the August NFTB small business optimism index slipped a little, from 107.7 to 103.1 (forecast was 103.5). It isn't one of the first tier data points and the slippage due to the trade war.

This afternoon Treasury will kick off this week's borrowing with $38B of 3s; tomorrow it is a 10 yr and Thursday a 30 yr. The 3 yr isn't as interesting as the 10 and 30 that demand will be critical coming a week before the FOMC. Thursday the ECB and Bank of Japan meetings. The ECB is widely expected to lower interest rates deeper into negative territory and re-start QEs. This will be the last meeting for Mario Draghi, the ECB's new leader Christine Lagarde former head of the IMF. Bond gains have faltered and the euro has staged a recovery from the weakest since 2017 this month after opposition from some officials raised doubts over the size and timing of any new asset purchases. Money markets are still betting on a 15-basis-point interest rate cut, a bigger drop than the 10 basis points forecast by economists. The ECB has tried for years to get inflation moving but with no success, this time will be another failure at least initially.

Global bond yields rose today, amid growing caution over the extent to which the ECB will add stimulus to boost its economy this week and rising hopes that Berlin could loosen its purse strings. The German 30 yr bond went positive today to 0.8%, two weeks ago it traded -0.9%. The more important 10 yr bund is still -0.56%.

Central banks the rest of the week and next are the focus now. The Fed will lower the Federal Funds rate by 0.25%. It has completely factored in current prices of treasuries and equity markets. There are a few FOMC members and other Fed officials that are outwardly questioning that another cut now is necessary. One argument for not cutting is based on the belief that the Fed should not use bullets now and save them for later if needed. Nevertheless, there will be a cut because if for no other reason markets expect it and the Fed shies away from disappointing markets and the ensuing volatility associated with a move not anticipated.

At 9:30 am ET the DJIA opened -44, NASDAQ -41, S&P -10. 10 yr note 1.65% +2 bps. MBS prices -5 bps from yesterday's close and -12 bps from 9:30 yesterday.

At 10:00 am ET the JOLTS job openings, expected at 7.311 mil from 7.348 mil in June. Doesn't matter though, we all know jobs are plentiful. Job openings reported at 7.217 mil.

At 1:00 pm ET $38B of 3s will be sold.

Trade is still the elephant; will China and the US make a deal? Both countries are slowing economically. China's economy is weaker than the US, and that may help to get some kind of a deal. The US faces an election next year, and President Trump is losing support quickly, another force that may help negotiations. Here we have two political parties in China there is just one party; Chinese officials don't worry about being voted out. New trade meetings are scheduled for next month, a long time in these days of angst. China's August CPI increased 0.7% m/m (expected 0.5%; last 0.4%), rising 2.8% yr/yr (expected 2.6%; last 2.8%). August PPI decreased 0.8% yr/yr (expected -0.9%; last -0.3%).

The 10 yr now trading above its 20 and 40-day moving averages; it broke above the month-long range that had held at 1.60%, and the momentum oscillators are now neutral. Not likely we will see any significant improvement now until at least next Wednesday at the conclusion of the FOMC meeting when the policy statement and Powell's press conference.

No market-moving events so far today and likely there won't be unless we get an unexpected tweet.

PRICES @ 10:00 AM

10 yr. note: 1.64% +1 bp

5 yr. note: 1.51% +2 bp

2 Yr. note: 1.60% unch

30 yr. bond: 2.12% +1 bp

Libor Rates: 1 mo. 2.049%; 3 mo. 2.138%; 6 mo. 2.035%; 1 yr. 1.948% (9/9/19)

30 yr. FNMA 3.5: @9:30 102.45 -5 bp (-12 bp from 9:30 yesterday)

15 yr. FNMA 3.0: @9:30 102.33 unch (-13 bp from 9:30 yesterday)

30 yr. GNMA 3.5: @9:30 103.63 -9 bp (-14 bp from 9:30 yesterday)

Dollar/Yuan: $7.1099 -$0.0121

Dollar/Yen: 107.20 -0.04 yen

Dollar/Euro: $1.1038 -$0.0008

Dollar Index: 98.39 +0.10

Gold: $1506.10 -$5.00

Crude Oil: $58.14 +$0.29

DJIA: 26,765.93 -69.58

NASDAQ: 8017.33 -70.10

S&P 500: 2961.14 -17.29

About Richard Sardella

Richard Sardella has been actively managing and providing services in the mortgage industry for over 27 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.

About This Report And Disclosure Information

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.

Posted in:General
Posted by Richard Sardella MLO.100007700/NMLS 233568 on September 10th, 2019 8:53 AM
Rates At a Glance
Mortgage Rates
Currently Trending
7 Day Mortgage
Rate Forecast
This Week's
Potential Volatility

Neutral

Neutral

High
(by Sigma Research)
Realtor Report

Low rates may spur further home price growth as we move into 2020

If you’ve been waiting around to buy a home thinking prices would start stabilizing or getting reduced, think again. A new CoreLogic report is saying annual home-price growth will increase by 5.4% by July of 2020, representing a shift in the market.

What might cause this shift? Low interest rates. The S&P CoreLogic Case-Shiller index for home prices, a widely-cited barometer for the national housing market, evidently registered the slowest pace of home price growth since 2012 in June. A year earlier, home prices were rising at an annual rate of 6.3%. To boot, some major housing markets, such as New York, Miami, and Seattle, actually experienced a decline in home prices either on a monthly or annual basis. But home-price growth had become weaker as would-be buyers were priced out of these and other markets.

Now the index is registering a 3.6% uptick year-over-year in July, noting some parts of the country where prices had fallen, namely Connecticut and South Dakota. But that’s pretty much it, according to an article by Realtor’s Jacob Passy.

Recent home sales data now says sales activity has modestly picked up as consumers seek to grab on to low mortgage rates, which have fallen throughout much of 2019. Technically speaking, loan rates generally track the path of the 10-year Treasury note, so whenever you want to check trends, go there. Treasury yields have fallen in recent months amid compounding concerns related to trade tensions and the state of the global economy.

Passy quotes CoreLogic’s chief economist Frank Nothaft, who says, “With the for-sale inventory remaining low in many markets, the pick-up in buying has nudged price growth up. If low interest rates and rising income continue, then we expect home-price growth will strengthen over the coming year.”

As for how much growth in home prices may occur, this is no exact science. Passy says CoreLogic estimated that the real-estate markets in nearly one in four metropolitan areas were undervalued (at least 10% below what it determines to be the sustainable level where supply and demand are balanced).

Meanwhile, another 40% of markets were correctly predicted, meaning that roughly a third of markets nationwide are overvalued — and that could mean that price growth could slow or prices could fall if enough buyers are priced out of the market again.

Source: Realtor, TBWS

This Week's Mortgage Rate Summary

How Rates Move:

Conventional and Government (FHA and VA) lenders set their rates based on the pricing of Mortgage Backed Securities (MBS) which are traded in real time, all day in the bond market.  This means rates or loan fees (mortgage pricing) moves throughout the day, being affected by a variety of economic or political events.  When MBS pricing goes up, mortgage rates or pricing generally goes down.  When they fall, mortgage pricing goes up.  Tracking these securities real-time is critical.  For more information about the rate market, contact me directly.  I’m among few mortgage professionals who have access to live trading screens during market hours.

Rates Currently Trending: Neutral

Mortgage rates are trending sideways so far today. Last week the MBS market worsened by -5bps.  This caused rates to move sides once again. Rates continue to trend sideways at historically low levels.

This Week's Rate Forecast: Neutral

Three Things: These are the three areas that have the greatest ability to impact mortgage rates this week: 1) Central Bank, 2) Geopolitical/trade and 3) Domestic.

1) Central Bank: The European Central Bank will give us their latest interest rate decision and policy statement on Thursday. Of note is that it is ECB Chair Mario's Draghi's Swan Song as this is his last press conference as head of the ECB. The markets are expecting a small (10BPS) rate cut, maybe more which would push the EU into Japan's world of negative interest rates (which has never worked out for Japan). Plus, there's the real possibility of an additional round of QE in the $30B per month range as Draghi sets the table for the next ECB Chair. Germany is also in focus as there is growing speculation that they will inject some stimulus into their economy via government spending.

2) Geopolitical/Trade: Brexit - A vote in the House of Commons to hold an election will likely get defeated on Monday, with the opposition parties trying to force Johnson into asking the EU for an extension. Parliament is also expected to be "suspended" later in the day until October 15th. After some news reports out of China last week that appeared to show both sides coming back to the table, the market will be paying keen attention to see if that narrative moves forward or if we go back to the "see-saw" pattern than has played out so many times in this saga.

3) Domestic: Overall, the economic data since the last FOMC meeting has continued to show growth. This week is the final round of data before next week's meeting. If the data continues to be strong, it will cause some bond traders to hedge towards no rate decrease at the worst and at best, a 1/4 point decrease. If this last round of data is soft though, it will give some ammunition to the 1/2 point rate cut camp. The big reports this week are Core CPI YOY which is expected to increase to 2.3% (not rate friendly) and Retail Sales which has surprised to the upside in the last two releases.

Treasury Auctions this Week:

  • 09/10 3 year note
  • 09/11 10 year note
  • 09/12 30 year bond

This Week's Potential Volatility: High

Rates are likely to move sideways for the day and until Thursday while markets wait for the ECB action. That could inject some volatility into the markets. Once again, markets will also be paying close attention to the China trade war. Any new developments there could certainly move markets.

Bottom Line:

If you are looking for the risks and benefits of locking your interest rate in today or floating your loan rate, contact your mortgage professional to discuss it with them.

About Richard Sardella

Richard Sardella has been actively managing and providing services in the mortgage industry for over 27 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.

About This Report And Disclosure Information

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.

Posted in:General
Posted by Richard Sardella MLO.100007700/NMLS 233568 on September 9th, 2019 12:11 PM
Daily Market Analysis

Last Friday the 10 yr. note tested what we see as critical support at 1.60%, this morning and overnight it continued to run up to it two times. At 8:30 am ET this morning it hit1.59%. Stock indexes before the 9:30 am ET open a little better. By 9:30, the 10 yr. has moved higher to 1.62%; the entire yield curve is increasing in rates.

UK Prime Minister Boris Johnson is pressing ahead with his hard-line plan to leave the European Union "do or die" by Oct. 31. His spokesman announced Parliament will be suspended at the end of Monday's business, sparking anger from opposition politicians. It is going to be a long day in the UK; two applications for emergency debates today. A debate to ensure the law barring a no-deal Brexit is respected by the prime minister after Johnson's insistence he will not extend negotiations with the EU and the other wanting the government to publish its assessment of no-deal preparedness.

This week begins two weeks of central bank meetings. It's going to be very interesting to see what the ECB will do with its anticipated rate cut and possibly re-starting QEs. Next week the Bank of Japan also thinking about more negative rates with another cut to even more negative rates just like the ECB. The elephant though is the FOMC meeting on the 17th and 18th, a 0.25% cut will happen but the policy statement and Jerome Powell's press conference is what the markets are waiting for. Also next week the Swiss National Bank will step in with what may also be a cut in rates.

Weakness in global economies continues to increase. China's economy is a lot worse than the 'official' data from the government suggests. The US holding on according to Powell's speech last Friday in Zurich. Holding on but increasingly subject to further slippage. All the talk that the US won't weaken just because the global economies are declining is becoming harder to defend. In China, private analysts and economists are refuting the government data as unreliable and weaker than the government has been saying for years. One private analysis on manufacturing growth was +2.7% in 2018 compared to China's read of 5.0%, in 2019 the Eaton Corp is estimating manufacturing growth at 2.5% about half of what the Chinese government is forecasting. There is little reason to continue believing the US will hold on, our manufacturing data is slowing quickly over the last six months, and job losses are growing. What it means is that central banks, including the Fed, will be forced to continue to lower rates…as long as inflation doesn't get a grip. And increasingly more optimistic of a trade deal between the US and China.

Traders see a 91.2% chance of a quarter percentage point cut in the Fed's September policy meeting, up from 90% on Friday, according to CME's FedWatch.

The only data today; July consumer credit; overall thought to be +$16B but we only have an interest in the revolving credit number (credit card use).

Treasury will sell $78B of notes and bonds this week; Wednesday 10 yr. note and Thursday 30 yr. bond. Debt owed by governments, businesses, and households around the globe is up nearly 50% since before the financial crisis to $246.6 trillion at the beginning of March, according to the Institute of International Finance, an association of global financial firms. Increasing debt is causing issues with repo markets as the demand for government notes and bonds is starting to infect swaps, repos, and demand for 30 yr. bonds. Treasury has to decide whether to increase the money supply that has been stagnating for a few years.

Technically our work is now neutral after holding positive biases for the last month. Not yet turning negative but unless the 10 yr. backs down it outlook is cloudy now. There are huge numbers of stops resting at these levels that if triggered, will push the 10 yr. toward 1.80% with the next technical support at 1.70%. Two weeks ago our models were pointing to 1.30% as the low; it hit 1.36% times in overnight trade, a double bottom that in our models a close above 1.60% will project to 1.80%.

This Week's Calendar:

Monday,

3:00 pm July consumer credit (+$16B)

Tuesday,

6:00 am NFIB Small business optimism index (103.3 from 104.7)

10:00 am July JOLTS job openings (7.311m from 7.348m)

1:00 PM $38B 3 yr. note auction

Wednesday,

7:00 am weekly MBA mortgage applications

8:30 am August PPI (+0.1%,yr/yr. +1.8%; core PPI +.2%, yr./yr. +2.2%)

1:00 pm $24B 10 yr. note auction

Thursday,

8:30 am weekly jobless claims (215K -2K)

  • August CPI (+0.1%, yr./yr. +1.8%; core CPI +0.2%, yr./yr. +2.3%)

1:00 pm $16B 30 yr. bond auction

2:00 pm August Treasury budget balance

Friday,

8:30 am August retail sales (+0.3%, less autos +0.2%, less autos and gas +0.4%, control group +0.5%)

  • August import and export prices (imports -0.4%, exports -0.1%

10:00 am Sept preliminary U. of Michigan consumer sentiment index (90.7 from 89.8)

  • July business inventories (+0.2%)

PRICES @ 10:00 AM

10 yr. note: 1.62% +7 bp

5 yr. note: 1.48% -6 bp

2 Yr. note: 1.56% +4 bp

30 yr. bond: 2.10% +8 bp

Libor Rates: 1 mo. 2.049%; 3 mo. 2.134%; 6 mo. 2.034%; 1 yr. 1.949% (9/6/19)

30 yr. FNMA 3.5: @9:30 102.56 -11 bp (-14 bp from 9:30 Friday)

15 yr. FNMA 3.0: @9:30 102.46 -8 bp (-8 bp from 9:30 Friday)

30 yr. GNMA 3.5: @9:30 103.77 -9 bp (-20 bp from 9:30 Friday)

Dollar/Yuan: $7.1223 +$0.0066

Dollar/Yen: 107.01 +0.09 yen

Dollar/Euro: $1.1053 +$0.0022

Dollar Index: 98.25 -0.15

Gold: $1517.50 +$2.00

Crude Oil: $57.39 +$0.89

DJIA: 26,835.01 +37.55

NASDAQ: 8101.35 -1.73

S&P 500: 2981.99 +3.28

About Richard Sardella

Richard Sardella has been actively managing and providing services in the mortgage industry for over 27 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.

About This Report And Disclosure Information

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.

Posted in:General
Posted by Richard Sardella MLO.100007700/NMLS 233568 on September 9th, 2019 9:09 AM
Daily Market Analysis

Prior to the 8:30 am ET release of August employment data the 10 yr. yield at 1.60% +3 bps from yesterday’s 11 bp increase; MBS prices before employment down 8 bps from yesterday.

August employment data weaker than most were expecting; the unemployment rate at 3.7% unchanged as expected. Non-farm jobs estimated at +163K were +130K, July jobs revised from 164K to 159K. Private jobs +96K on estimates of 150K and July revised from 148K to 131K. Average hourly earnings +0.4% higher than 03% forecasts; yr./yr. earnings +3.2%. Manufacturing jobs continue to decline; +3K on forecasts of 8K and July manufacturing jobs down from 16K to 4K. The labor participation rate better than thought at 63.2%, the only positive in the headlines, the best since 2014. Although jobs were less than expect the increase in average hourly earnings will give the Fed FOMC meeting something to think about on the 17th. Stagflation is an initial reaction to a widely mixed August employment report that builds up cases for both a rate cut at the mid-month FOMC and no action at all. Earnings have now posted three straight high readings.

The initial reaction in the bond market improved a little from 1.60% to 1.57%. Our regular readers know that we hold 1.60% as critical, as long as 1.60% holds our work will remain positive, although it is becoming testy. At 12:30 pm ET this afternoon, Jerome Powell will deliver an address on “Economic Outlook and Monetary Policy.”

The news that the U.S. and China will be holding high-level, face-to-face negotiations in the coming weeks has predictably cheered financial markets wary of the growing economic fallout of the trade war. However, that reflects how eager investors have been to seize on even the faintest positive signal rather than any material change in the talks. The coming dialogue is still talk about more talks. The two sides got close to wrapping up a 150-page deal in late April before negotiations collapsed in May due to a mixture of Chinese backsliding and the Trump administration’s refusal to commit to lifting any tariffs as part of a pact. But that was effectively the last time the two sides batted around issues of substance. (Bloomberg).

The Fed issued a paper on the effects of the trade war, saying the results are almost a trillion dollars of economic growth has been lost, and it is lowering GDP growth by 1.0%.

Eurozone's Q2 GDP increased 0.2% q/q, as expected (last 0.4%), growing 1.2% yr./yr. (expected 1.1%; last 1.3%). Q2 Employment increased 0.2% q/q, as expected (last 0.4%), rising 1.2% yr./yr. (expected 1.1%; last 1.4%). Germany's July Industrial Production fell 0.6% m/m (expected 0.4%; last -1.1%).

The European Central Bank is all but certain to approve new stimulus measures on Sept. 12 to boost an ailing economy, but the composition of its package is far from clear as a rift has opened between hawkish northern European policymakers and doves from the south. There appears to be a consensus among policymakers to make this move, but the size of the cut is uncertain. Markets are looking for a cut to -0.6% from -0.4%.

China’s central bank, feeling the economic pain, said it will cut the amount of cash banks must hold as reserves to the lowest level since 2007, injecting liquidity into an economy facing both a domestic slowdown and trade-war headwinds.

At 9:30 the DJIA opened +51, NASDAQ +8, S&P +3. 10 yr. at 9:30 1.56% -1 bp. MBS prices +5 bps from yesterday’s close and -5 bps from 9:30 yesterday.

The August household survey +590K jobs. The Fed will lower the Federal Funds rate at the FOMC meeting; markets are completely expecting it, and the Fed does not like to disappoint.

PRICES @ 10:00 AM

10 yr. note: 1.56% -1 bp

5 yr. note: 1.43% unch

2 Yr. note: 1.53% -1 bp

30 yr. bond: 2.03% -2 bp

Libor Rates: 1 mo. 2.042%; 3 mo. 2.102%; 6 mo. 1.988%; 1 yr. 1.891% (9/5/19)

30 yr. FNMA 3.5: @9:30 102.70 +5 bp (-5 bp from 9:30 yesterday)

15 yr. FNMA 3.0: @9:30 102.54 unch (-4 bp from 9:30 yesterday)

30 yr. GNMA 3.5: @9:30 103.97 +3 bp (-7 bp from 9:30 yesterday)

Dollar/Yuan: $7.1178 -$0.0308

Dollar/Yen: 106.67 -0.27 yen

Dollar/Euro: $1.1053 +$0.0017

Dollar Index: 98.24 -0.18

Gold: $1533.10 +$7.60

Crude Oil: $55.23 -$1.07

DJIA: 26,766.09 +36.94

NASDAQ: 8108.09 -8.74

S&P 500: 2977.47 +1.47

About Richard Sardella

Richard Sardella has been actively managing and providing services in the mortgage industry for over 27 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.

About This Report And Disclosure Information

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.

Posted in:General
Posted by Richard Sardella MLO.100007700/NMLS 233568 on September 6th, 2019 9:17 AM

Archives:

Categories:

My Favorite Blogs:

Sites That Link to This Blog: